1 april 2019
Learning objective: Understanding the concept of economic profit
Ning Ding
Draw a diagrim for a firm in perfect competition showing an economic loss Explain and show how economic loss in the long run cannot be maintained
Learning objective: Draw a diagram for a firm in perfect competition showing an economic profit Explain and show how economic profit in the long run is competed away
Learning objectives: Describe the main features of a monopolistic market. Understand the diagram for a monopoly. Explain why economic profit in the long run is maintained.
Learning objectives Distinguish between GDP and real GDP. Explain the effect of a change in real GDP on output.
Learning objectives: Define inflation. Explain how inflation is measured. Calculate the annual inflation from given indices.
Learning objectives: Explain the circular flow of income Define GDP Describe the relationship between GDP and the circular flow of income
Learning objective: Explain the effect of changes in the labour market on the real wage rate and quantity of labour in hours.
Learning objective: Using an appropriate diagram analyze the effect on the labour market.
Learning objectives: – Draw the diagram for the labour market – Explain the term ‘derived’ demand – Explain the relationship between real wages and quantity of labour in hours.