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Basic Concepts-Central Ideas (demo)
Basic Concepts-Resources (FOP) (demo)
Business- Sectors of the Economy
Circular Flow Model- Basic ideas
Circular Flow Model-Full Model
Consumer/Producer Surplus-Basics
Consumer/Producer Surplus-Price Controls
Consumer/Producer Surplus-Subsidy
Consumer/Producer Surplus-Tax
Consumer/Producer Surplus-Trade
Contestable Markets
Costs-Accounting & Economic
Costs-Basic Concepts
Costs-Break-Even/Shut-Down/Diminishing Returns
Costs-Cost Curve Relationships
Costs-Economies of Scale
Demand-Basics Concepts
Demand-Conditions/Shifts
Economic Growth-Different Measures
Elasticity-Calculations (Ep, Es, Ey & Ex)
Elasticity-Cross (CED)
Elasticity-Demand, Basics
Elasticity-Demand, Calculations/Uses
Elasticity-Income (YED)
Elasticity-Supply, Basics
Elasticity-Supply, Calculations
Game Theory
Imperfect Competition-Features
Imperfect Competition-Monopoly
Imperfect Competition-MR=MC (Equilibrium )
Imperfect Competition-Revenue Curves
Indifference Curves
Inflation-Real Values
Labour Market-Perfect/Imperfect
Market Equilibrium-Basics
Market Equilibrium-Price/Output changes (Advanced)
Market Failure-Consumption Externalities
Market Failure-Production Externalities
Natural Monopoly
Oligopoly and Differing Objectives of a Firm
Perfect Competition-Features
Perfect Competition-Long Run
Perfect Competition-MR=MC (Equilibrium)
Perfect Competition-Revenue Curves
Price Competition & Non-Price Competition
Price Controls-Maximum Price (demo)
Price Controls-Minimum Price
Private Goods and Public Goods
Production & the Production Process
Production Possibility Curve-Basics
Production Possibility Curve-Shifts/Uses
Sales Tax and the Market
Sales Tax Incidence
Subsidy and the Market
Subsidy Incidence
Supply-Basics Concepts
Supply-Conditions/Shifts
Trade-Comparative Advantage
Utility-Deriving demand
Utility-Equi-marginal rule
Each Glossary Term relates to a parent topic above.
Absolute advantage
Accounting Costs
Accounting Profit
Advantage of a subsidy
Advantages & disadvantages of batch production
Advantages & disadvantages of flow (mass) production
Advantages & disadvantages of job production
Advantages of a maximum price
Advantages of price competition/non price competition
Allocative Efficiency
Allocative efficiency and a PPC
Applying the equi-marginal rule
Assumptions made about a PPC
Assumptions-contestable market
Average cost pricing for a natural monopoly
Average cost pricing in imperfect competition
Average Fixed Costs (AFC)
Average Total Costs (ATC or AC)
Average Variable Costs (AVC)
Barriers to contestable markets
Barriers to entry-monopoly power
Batch production
Best measure used to determine future output
Best measure used to determine quality of life
Black market & a maximum price
Bowed Production Possibility Curve
Break-Even
Calculating cross elasticity of demand
Calculating income elasticity of demand
Calculating price elasticity of demand
Calculating supply elasticity
Calculating the value of consumer surplus
Calculating the value of producer surplus
Calculations & a maximum price
Calculations & a minimum price
Capital Intensive
Capital Resources
Ceiling Price
Ceteris Paribus
Changes in price and output
Characteristics of an oligopoly market
Charging for a Public Good
Choice
Collective Good
Collusion
Commercial economies
Comparative advantage
Comparing a value over a number of years
Comparing a value within a year
Complements
Complements and CED
Concentration ratio
Constant Values
Consumer
Consumer Demand
Consumer equilibrium (maximising utility)- a single good
Consumer equilibrium (maximising utility)-two or more goods
Consumer Surplus (CS)
Consumer Surplus-basics
Consumer Surplus-Free Trade
Consumer Surplus-Maximum Price
Consumer Surplus-Minimum Price
Consumer Surplus-Protectionism
Consumer Surplus-Subsidy
Consumer Surplus-Tax
Consumption spending-the two sector model
Contestable markets
Controlling a monopoly
Cost to Government of a Subsidy
Costs directly related to production
Costs independent of output
Costs of Production
Covert (formal) collusion
Cross Elasticity of Demand
Current Values
Deadweight loss for a natural monopoly
Deadweight Loss-Free Trade
Deadweight Loss-Maximum Price
Deadweight Loss-Minimum Price
Deadweight Loss-Protectionism
Deadweight Loss-Subsidy
Deadweight Loss-Tax
Deadweight Loss/Allocative Efficiency
Decrease in quantity demanded
Decrease in quantity supplied
Decreasing returns to a factor
Demand
Demand curve and a range of elasticities
Demand elasticity
Demand schedule
Demerit Good
Derived demand
Deriving a demand schedule using utility
Deriving a Firm's Supply Curve from the Marginal Cost Curve
Determinants of Demand
Determinants of Supply
Diminishing returns and marginal costs
Disdvantage of a subsidy
Diseconomies of Scale
Distinguishing between price & cost
Division of Labour (DOL)
Downward-sloping average cost curve for a natural monopoly
Duopoly
Economic concepts illustrated by a PPC
Economic Costs
Economic Goods
Economic Growth
Economic Profit
Economies of Scale
Elastic Demand
Elastic demand and incidence of a subsidy on buyers & sellers
Elastic demand and incidence of a tax on buyers & sellers
Elastic supply
Elasticity and the slope of a demand curve
Elasticity and the slope of a supply curve
Elasticity of supply-Long Run Time Period
Elasticity of supply-Momentary Time Period
Elasticity of supply-Short Run Time Period
Entrepreneur
Entry limit pricing
Equi-marginal Rule
Equilibrium
Equilibrium for imperfect competition
Equilibrium output for a natural monopoly
Examples of fixed costs
Examples of variable costs
Excess Demand
Excess Supply
Excludable by price
Explicit Costs
Externalities of Consumption
Externalities of Production
Factors of Production
Factors that determine supply elasticity
Features of a demand schedule
Features of products that are elastic in nature
Features of products that are inelastic in nature
Features or characteristics of a natural monopoly
Financial economies
Financial Intermediaries
Firms Sector
Fixed Costs (FC)
Floor Price
Flow (mass) production
Foreign Sector
Free Goods
Free-Rider Problem
Game Theory
Game Theory and Auctions
Game Theory-The Play Safe Option
Game Theory–Collusion
Goods
Government ownership of a natural monopoly
Government Sector
Government Tax Revenue
Hit and run entry
Homogeneous Product
Household Sector
Household-the two sector model
How to calculate the value of consumer spending
How to construct a demand schedule
How to derive market demand
How to derive market supply
How to illustrate a per unit sales tax
How to illustrate a per unit subsidy
How to illustrate a price change on a demand curve
How to illustrate a price change on a supply curve
Human Resources
Impact of a subsidy on consumers
Impact of a subsidy on producers
Impact of an indirect tax on consumers
Impact of an indirect tax on producers
Imperfectly Competitive Labour Market
Implicit Costs
Improving productivity
Improving productivity-Division of labour
Improving productivity-Specialisation
Incidence of a Sales Tax
Incidence of a Subsidy
Income Effects with Indifference Curves
Income elasticity and the importance of the coefficient
Income elasticity of demand
Increase in quantity demanded
Increase in quantity supplied
Increasing returns to a factor
Indifference Curves
Indifference Curves-Budget Lines
Indirect Tax
Individual demand
Inelastic Demand
Inelastic demand and incidence of a subsidy on buyers & sellers
Inelastic demand and incidence of a tax on buyers & sellers
Inelastic supply
Inferior Goods and YED
Injections
Interdependence-the two sector model
Interest
Interest-reward for capital resources
Investment-the two sector model
Job production
Kinked demand curve phenomenon
Labour Intensive
Law of Demand
Law of Diminishing Marginal Utility
Law of Diminishing Returns
Law of Supply
Leakages
Limited Means
Loss leader
Luxuries and YED
Managerial economies
Marginal analysis for a monopoly
Marginal analysis for a natural monopoly
Marginal analysis for perfect competition
Marginal cost for a natural monopoly
Marginal cost of labour (MCL)
Marginal cost pricing for a natural monopoly
Marginal cost pricing perfect competition
Marginal Costs (MC)
Marginal physical product of labour (MPPL)
Marginal product of labour
Marginal revenue product of labour (MRPL)
Marginal Utility
Mark-up pricing in imperfect competition
Market Demand
Market Supply
Marketing costs-contestable markets
Maximum Price Control
Merit Good
Mid-point method to calculate cross elasticity of demand
Mid-point method to calculate income elasticity of demand
Mid-point method to calculate price elasticity of demand
Mid-point method to calculate price elasticity of supply
Minimum Price Control
Money flows-two sector model
Monopolist Competition
Monopoly (Monopolist)
Monopsony
Movements along a Demand Curve
Movements along a Supply Curve
MR greater than MC (missing out on marginal profits) for imperfect competition
MR greater than MC (missing out on marginal profits) for perfect competition
MR less than MC (making marginal losses) for imperfect competition
MR less than MC (making marginal losses) for perfect competition
MUa/Price A =MUb/Price B
Nash Equilibrium
Natural Monopoly
Natural Resources
Necessities and YED
Negative cross elasticity of demand
Negative Externality of Consumption
Negative Externality of Production
Negative utility-indifference curve
Net Social Welfare
Neutral good-indifference curve
No barriers to entry
Nominal GDP
Non Zero Sum Game
Non-excludable by price
Non-Price Competition
Non-Renewable Resources
Non-rival
Normal goods and inferior goods
Normal Goods and YED
Normal Profit
Objectives of an oligopoly-sales revenue maximisation
Objectives of an oligopoly-sales volume maximisation
Objectives of an oligopoly-satisficing
Objectives of an oligopoly-survival
Oligopoly
Opportunity Cost
Optimum purchase rule
Patents-contestable markets
Percentage method to calculate cross elasticity of demand
Percentage method to calculate income elasticity of demand
Percentage method to calculate price elasticity of demand
Percentage method to calculate price elasticity of supply
Perfect Competition
Perfect complement-indifference curve
Perfect knowledge perfect competition
Perfect substitutes-indifference curve
Perfectly Competitive Labour Market
Perfectly Competitive Labour Market
Perfectly inelastic supply
Policies concerning a natural monopoly
Policies for negative externalities of consumption
Policies for negative externalities of production
Policies for positive externalities of consumption
Policies for positive externalities of production
Polluter-Pays Principle
Positive cross elasticity of demand
Positive Externality of Consumption
Positive Externality of Production
PPC illustrating an increase in productive capacity
PPC illustrating an increase in real GDP
PPC-Choice
PPC-Opportunity cost
PPC-Scarcity
PPC-Slope
Predatory Pricing-contestable markets
Price at which a firm will break even
Price at which a firm will shut-down
Price Competition
Price control for a monopoly
Price elasticity of demand
Price elasticity of supply
Price equals Marginal Utility (P=MU)
Price per unit a firm receives with a sales tax
Price per unit a firm receives with a subsidy
Price Taker
Price Wars
Pricing in imperfect competition
Primary Sector
Private Good
Producer
Producer Surplus (PS)
Producer Surplus-basics
Producer Surplus-Free Trade
Producer Surplus-Maximum Price
Producer Surplus-Minimum Price
Producer Surplus-Protectionism
Producer Surplus-Subsidy
Producer Surplus-Tax
Producer-the two sector model
Product Differentiation
Production
Production efficiency and a PPC
Production Possibility Curve
Productive Capacity
Productivity
Profit
Profit maximising rule for imperfect competition
Profit maximising rule for perfect competition
Profit-reward for entrepreneurship
Property Rights
Public Good
Real flows-two sector model
Real GDP
Real Income
Real Values
Reason for a bowed PPC
Reason for a straight line PPC
Reasons for a maximum price
Reasons for a minimum price
Reasons for an increase in productive capacity
Reasons for diseconomies of scale
Reasons for economies of scale
Related Goods
Renewable Resources
Rent
Rent-reward for natural resources
Resources
Revenue (TR/AR/MR) imperfect competiton
Revenue (TR/AR/MR) perfect competition
Revenue method to calculate price elasticity of demand
Risk bearing economies
Rival (or depletable)
Savings-the two sector model
Scarcity
Secondary Sector
Service
Shape of a PPC
Shifts of the Demand Curve
Shifts of the Supply Curve
Shortage
Shut-Down
Single or dominant buyer of labour
Specialisation
Straight Line Production Possibility Curve
Strategies that a firm can use to increase its market share or increase sales
Subnormal Profit
Subsidy
Substitutes
Substitutes and CED
Substitution Effects with Indifference Curves
Sunk Costs-contestable markets
Supernormal Profit
Supply
Supply curve and a range of elasticities
Supply elasticity
Supply in the Long-Run
Supply in the Short-Run
Supply Over Time
Supply schedule
Surplus
Tacit (informal) collusion
Technical economies
Technical Optimum
Tertiary Sector
The basic economic problem
The internet and contestability
The real cost of a decision
The reason for diminishing returns
Total Costs (TC)
Total Utility
Trade Unions and Wage Determination
Unitary Demand
Using utility to determine the order of purchases
Utility
Utils
Variable Costs (VC)
Wages
Wages-reward for human resources
Wants
When is supply elasticity higher/lower
When will a firm break even
When will a firm shut-down
Where will a market clear
Why a firms experiences diminishing returns in the short run
Why can individuals not have everything they want
Why diminishing returns causes a firm's marginal costs to increase
Why is demand limited and wants unlimited
X inefficiency
Zero Sum Game
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