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F581 - Markets in Action

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Economics (Micro-economics) Mind Map on F581 - Markets in Action, created by Azra Kucukkaramu on 19/04/2013.
Azra Kucukkaramu
Mind Map by Azra Kucukkaramu, updated more than 1 year ago
Azra Kucukkaramu
Created by Azra Kucukkaramu over 11 years ago
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Resource summary

F581 - Markets in Action
  1. Competitive Markets
    1. Demand
      1. Determinants of demand
        1. Normal goods
          1. Inferior goods
            1. Substitutes
              1. Complements
              2. Movements
                1. Shifts
                2. Supply
                  1. Determinants of supply
                    1. Movements
                      1. Shifts
                      2. Market Equilibrium
                        1. How prices are determined
                        2. Elasticities
                          1. PED
                            1. YED
                              1. XED
                                1. PES
                              2. Managing scarce resources
                                1. The Economic Problem
                                  1. What to produce
                                    1. How to produce
                                      1. For whom to produce
                                      2. Economic resources
                                        1. The factors of production
                                        2. Specialisation
                                          1. Division of labour
                                            1. Exchange
                                            2. The role of markets in allocating scarce resources
                                              1. Opportunity cost
                                                1. Production Possibility Curve (PPC)
                                              2. Market Failure and Government Intervention
                                                1. Types of Efficiency
                                                  1. Allocative
                                                    1. Pareto
                                                      1. Productive
                                                      2. Externalities
                                                        1. Social Costs
                                                          1. Private Costs
                                                            1. External Costs
                                                            2. Social Benefits
                                                              1. Private Benefits
                                                                1. Private Costs
                                                                2. Negative Externalities
                                                                  1. Positive Externalities
                                                                  2. Methods of Government Intervention
                                                                    1. Effectiveness in correcting Market Failure
                                                                    2. Merit and Demerit Goods
                                                                      1. Public, Private and Quasi-Public Goods
                                                                        1. Meanings
                                                                          1. Differences
                                                                            1. Examples
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