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Flashcards

F583

. . A level Economics A-Level Inglês 37 flashcards

Flashcards do conjunto (37)

  1. 1Define: Derived DemandDemand for one item depending on the demand for another item
  2. 2Factors that determine a firms demand for labourDemand for Product
    Productivity
    Wage Rate
    Complementary Labour Costs
    Price of other factors of production that can be substituted for labour
    MRP
  3. 3Define: MRPThe Quantity of any factors of production employed will be determined where the marginal cost of employing one more unit equals the MRP of that factor
  4. 4Problems with MRPMakes assumptions such as:
    Labour is homogeneous
    Productivity can be easily measured
    Firms have no buying power when demanding labour
    Supply of labour has perfect mobility
    Difficult to measure MRP of some workers
  5. 5Factors that Determine the Elasticity of Demand for labourEoD for firms product
    Proportion of wages to total cost
    Time period
    Ease to which labour can be substituted
    EoS of complementary factors
  6. 6Characteristics of Flexible Labour MarketsOccupational/functional flexibility
    Contractual Flexibility
    Wage Flexibility
    Geographical Flexibility
  7. 7Define: Substitution effectAs wages rise the opportunity cost of choosing leisure over work is increasing. As such workers are more likely to substitute leisure for work
  8. 8Define: Income effectAfter a certain point, and higher income the fewer hours people work.
    Work is arguably an inferior good (decreases in demand as consumer income rises)
  9. 9Define: Transfer EarningsWhat a worker could earn in their next best paid employment.(If wage falls below this level they will change occupation)
  10. 10Define: Economic RentThe Surplus paid to a Factor of Production above what is needed to keep them in the current occupation.
  11. 11Define Unit Labour CostsThe Labour Cost per unit of output
    Total Labour Cost/Total Output
  12. 12Define: ProductivityThe Average output per unit of a factor of production.
    Output per worker per hour
  13. 13Define: leisureAn experience that occurs outside working hours in the time where people are free to select what they do; once all maintenance tasks have been completed.
  14. 14Define: MonopsonistA single buyer of labour
  15. 15Define: Bilateral MonopolyA market with a single buyer and seller
  16. 16Define: Economic InactiveWorking age people who are neither in employed nor unemployed so are not part of the labour force
  17. 17Influences on the demand for leisurePrice and Income
    Price of complementary
    Price of substitute
    Taste/Trend/Advertising
    Exchange rate
    Personal (Age/Gender)
    Time and major events
  18. 18Define: Market Concentration Ratioshows the % share of the market using a given number of firms
  19. 19Define: FirmAn organisation that makes decisions about prices and outputs
  20. 20ProfitRevenue - Cost
  21. 21Define: Short RunThe period of time when at least one factor of production is fixed
  22. 22Define: Variable CostsCosts that change with output
  23. 23Define: Long RunThe period of time when all factors of production aren't fixed
  24. 24Define: Economies of ScaleA reduction in LRAC resulting from an increase in scale of production
  25. 25Define: Disceconomies of ScaleA increase in LRAC resulting from an increase in scale of production
  26. 26Define: Constant returns to scaleLRAC remains the same when scale of production increases
  27. 27Define: Min efficient scalinglowest level of output at which full advantage can be taken of economies
  28. 28Examples of Economies of ScaleBulk Buying
    Selling
    Technical
    Managerial
    Financial
    Risk Bearing
  29. 29Examples of Dis-economies of ScaleLack of Motivation
    Poor Co-ordination
    Poor Communication
  30. 30Define: Price TakerA firm that has no influence on price
  31. 31Define: Price MakerA firm that influences price when it changes its outputs
  32. 32MC=MRProfit maximising level of output
  33. 33Legal MonopolyOne firm has 25% market share
  34. 34Pure MonopolyOne firm has 100% market share
  35. 35Characteristic of MonpolyPrice Maker
    Huge Barriers
    Less (not) efficient
    LR abnormal profits
    1 large firm
  36. 36Characteristics of OligopolySmall amount of large firms
    Game theory
    none price competition
    differentiated product
    advertising/marketing
    high barriers
    fairly efficient
    Price Taker
  37. 37Characteristics of Monopolistic CompetitionLarge number of small firms
    high degree Competition
    Small barriers
    Product Differentiation
    Non price Competition
    Price Maker
    SR profit maximisers
    Very efficient

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A-Level A level Economics (F583) FlashCards sobre F583, criado por . . em 16-04-2016.
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