Micro mnemonics
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Determinants of Demand | show 🗑
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| Determinants of Supply | show 🗑
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| Price Elasticity of Demand | show 🗑
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| Price Elasticity of Supply | show 🗑
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| show | Elastic Only; Itchy Skin
Elastic PED, opposite. P down TR up
Inelastic Same. P up TR up
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| Types of National economy measures | show 🗑
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| show | The total income at the natural rate of unemployment.
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| show | Savings=investment as banks invest money, which is generally not stagnant. UK has low MPS so low investment, while Japan has high MPS so high investment which means LRAS can grow more continuously.
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| Aggregate demand | show 🗑
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| show | Just over 65% UK AD. Discretionary after tax and rent etc. Interest rates (Monetary Policy Committee) Eval - anticpated future i/r. Confidence (American<should be). Wealth a/depreciation.
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| Investment | show 🗑
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| Gov spending | show 🗑
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| show | -2%. For Netherlands each individually greater than 100%.
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| show | I depends on AD and is a component of AD creating something of a positive feedback loop. This makes I fairly volatile bc the loop is bidirectional.
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| show | ARSI: Allocate scarce resources, Ration scarce resources (demand side), Signal the change, Incentivise based on profits (suppliers).
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| Producer and consumer surpluss | show 🗑
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| show | Really Fun Mums Try Making Pies
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| RFMTMP | show 🗑
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| Diseconomies of scale | show 🗑
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| show | BAND
Barriers to entry
Advertising
No. Firms
Differentiation of product
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Created by:
pemmb