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Economics > Acronyms > Flashcards

Acronyms Flashcards

1
Q

Demand- PASIFIC

A

Population
Advertising
Substitutes
Incomes
Fashion+Trends
Interest rates
Complementary goods

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2
Q

Supply- PINTSWC- Cost of production

A

Productivity
Indirect Taxes (tax on production)
No. Of firms (more=increase)
Technology
Subsidies (£ government, increase supply)
Weather
Cost of production

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3
Q

Price mechanism- ARSI

A
  1. Allocates scarce resources
    3.Rations excess demand/supply
    1.Signals that price is too high/low
    2.Incentivises to change price and increase profit.
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Economics (6 decks)

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