Micro
Topic Examples
Specialisation and the iPhone requires around 180 components to make
division of labour which are manufactured across the world (e.g.
Germany, Mongolia, Japan).
Free market Singapore, Switzerland, Ireland.
Mixed economy USA, England, China, France.
Command economy Former Soviet Union, North Korea.
PED PED of apples is –1.5. Cigarettes have a PED of –0.7.
PES The PES of salmon is 1.4.
YED The YED of bus rides is negative.
XED Beef +0.28
Indirect taxes VAT of 20% in the UK.
Subsidies The UK Basic Payment Scheme (BPS) gives rural
grants and payments to support the agricultural
industry.
Alternative views of Tesco stopped putting confectionary by the tills
consumer behaviour
Externalities 35% of children have been exposed to secondhand
smoke
Energy production has the largest carbon footprint
Public goods National defense, law enforcement, access to clean
air/water.
Information gaps Uncertain quality of secondhand cars
Government Minimum price of 50p per unit of alcohol was set in
intervention into Wales and Scotland.
market failure
2021 IMF proposed international carbon price floor
(ICPF)
Govt. failure EU Common Agricultural Policy. Set target
minimum prices on foods, with EU buying surpluses.
At height, 70% of EU budget diverted to buying food
which wasn’t needed. Farmers are reliant on
subsidies.
Horizontal integration Acquisition of Instagram by Facebook in 2012 for $1
billion. Social media industry.
Vertical integration Netflix is shifting from licensing shows and movies
from major studios to producing its own original
content.
Mergers 2005 – Google purchased Android for $50 million.
Gave Google the mobile operating system to
compete with Apple and Microsoft. Google now owns
over 2% of the market share for mobile phones.
Disney acquired Pixar in 2006 for $7.4 billion,
Topic Examples
Specialisation and the iPhone requires around 180 components to make
division of labour which are manufactured across the world (e.g.
Germany, Mongolia, Japan).
Free market Singapore, Switzerland, Ireland.
Mixed economy USA, England, China, France.
Command economy Former Soviet Union, North Korea.
PED PED of apples is –1.5. Cigarettes have a PED of –0.7.
PES The PES of salmon is 1.4.
YED The YED of bus rides is negative.
XED Beef +0.28
Indirect taxes VAT of 20% in the UK.
Subsidies The UK Basic Payment Scheme (BPS) gives rural
grants and payments to support the agricultural
industry.
Alternative views of Tesco stopped putting confectionary by the tills
consumer behaviour
Externalities 35% of children have been exposed to secondhand
smoke
Energy production has the largest carbon footprint
Public goods National defense, law enforcement, access to clean
air/water.
Information gaps Uncertain quality of secondhand cars
Government Minimum price of 50p per unit of alcohol was set in
intervention into Wales and Scotland.
market failure
2021 IMF proposed international carbon price floor
(ICPF)
Govt. failure EU Common Agricultural Policy. Set target
minimum prices on foods, with EU buying surpluses.
At height, 70% of EU budget diverted to buying food
which wasn’t needed. Farmers are reliant on
subsidies.
Horizontal integration Acquisition of Instagram by Facebook in 2012 for $1
billion. Social media industry.
Vertical integration Netflix is shifting from licensing shows and movies
from major studios to producing its own original
content.
Mergers 2005 – Google purchased Android for $50 million.
Gave Google the mobile operating system to
compete with Apple and Microsoft. Google now owns
over 2% of the market share for mobile phones.
Disney acquired Pixar in 2006 for $7.4 billion,
