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Economics
Microeconomic decision makers
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Created by
JIYA VORA
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Cards (18)
Characteristics of money
durable
portable
divisible
Homogenous
recognisable
Functions of money:
Medium
of
exchange
store
of
value
unit of
account
means for
deffered
payments
Influences on spending:
Wealth
Rate
of
interest
Distribution
of
income
Confidence
influence on borrowing:
rate of
interest
confidence
Availability of
loans
and
overdrafts
Total Variable Cost=
Total
Cost- Total
Fixed Cost
Average Cost=
Total
Cost/
Output
Average Fixed Cost=
Total Fixed
Cost/
Output
Average Variable Cost=
Total Variable
Cost/
Output
Average Revenue=
Total Revenue
/
Quantity Sold
Total Profit=
Average Revenue-Average Cost
Influences on saving:
Income
Wealth
Rate
of
interest
Wage factors:
Wage
overtime
pay
bonus
commission
non wage factors:
job
satisfaction
working
conditions
working
hours
holidays
wage determinants:
Demand
and
supply
Relative
bargaining
power
Government
policies
public
opinions
discrimination
Factors Affecting strength of a trade union:
High level
of
economic activity
High number of
workers
High level of
skills
Favourable
government
legislations
Types of internal economies of scale:
buying
selling
risk
bearing
labour
financial
managerial
Demand for factors of production:
What factors of production are
employed
Combining
factors of production
altering
factors of production
characteristics of a monopoly:
100
% of the market
high
barriers to
entry
/
exit
price
maker
