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409087
Microeconomics
Descrição
A Levels Economics (Microeconomics) Mapa Mental sobre Microeconomics, criado por lucyhacking em 02-12-2013.
Sem etiquetas
economics
microeconomics
economics
microeconomics
a levels
Mapa Mental por
lucyhacking
, atualizado more than 1 year ago
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Criado por
lucyhacking
mais de 10 anos atrás
305
9
0
Resumo de Recurso
Microeconomics
Production Possibility frontier
Shows the maximum quantities of different combinations of output of 2 products
Shift to the right
More resources or economic growth
Technological change-advances
Demand
Demand curve
Shows relationship between price and quantity
Price(Y) Quantity(X)
Market demand curve linear=straight line
Movement along the demand curve= response to a change in price of product
Determinants by demand
Consumer income
Real disposable income=income after taxes have been deducted, state benefits added and taken account changes in price leve
Normal goods=income increases, demand increases
Inferior goods=income increases, demand decreases
Income + demand inverse
Price of other products
Substitutes
Competing goods
Faces competition
Complements
Goods=joint demand
Tastes&fashion
Fashion trend=more demand
Inverse relationship between price and quantity
Lower price=more demand
Higher price=less demand
Supply
Supply curve
Relationship between price and quantity supplied
Determinants of supply
Price increases=Quantity supplied increases
Market price of a product falls=decrease in quantity=less likely to make a profit
Market equilibrium
Changes in demand/supply
Factors of production
Consumer/Producer surplus
Consumer surplus=Demand
Extra amount a consumer is willing to pay for a product above the price that is actually paid
Producer surplus=Supply
Difference between the price a producer is willing to accept and what is actually paid
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