100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
OCR Microeconomics 1 Page revision summary $6.52   Add to cart
Quickly navigate to
Preview
  2.  
  3. OCR
  4.  
  5. Economics
  6.  
  7. Microeconomics

Summary

OCR Microeconomics 1 Page revision summary

 11 views  0 purchase
  • Course
  • Microeconomics
  • Institution
  • OCR

A 1 page summary of the elements in the OCR microeconomics modules. Includes key definitions and key diagrams. Page was made as part of my own revision for the Microeconomics exam.

Preview 1 out of 1  pages

Document information

  • December 22, 2022
  • 1
  • 2018/2019
  • Summary

Subjects

  • microeconomics
  • revision summary
  • key diagrams

Written for

  • A/AS Level
  • OCR
  • Economics
  • Microeconomics
All documents for this subject (5)

Seller

avatar-seller
amandahughes

Content preview

MICROECONOMICS: The study of the Markets: Supply and Demand:
behaviour of consumers and producers
operating in the individual markets of an When the demand for a good/resource meets the supply and production
economy capability of that good, the market reaches equilibrium.

Positive Economic Statement:
an objective statement that can be Changes in one of either the supply or demand of that good, without a
tested against facts to be declared either change in the other will lead to price changes and either a deficit or
true or false surplus of that good.

Negative Economic Statement:
a subjective opinion, or value judgement,
that cannot be declared either true or
false.

Scarcity and choice: Scarcity is a
situation which arises because people
have unlimited wants in the face of
limited resources. This forces people to
make choices on what goods they
consume. This decision is known as
OPPTERTUNITY COST.


Opportunity cost:
In decision making, the value of the next
best alternative foregone. I.e., the cost
of the next best alternative good that a Key Diagrams:
consumer could have bought.




Factors of Production (FOP):
Resources used in the production
process; inputs into production including
labour, capital, land and
entrepreneurship


Opportunity cost and the production
possibility curve (PPC): This is the
maximum combination of goods that can
be produced with a given set of
resources (FOP)

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller amandahughes. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $6.52. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

80796 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$6.52
  • (0)
  Add to cart