Economics Key Abbreviations Flashcards
1
Q
What are the factors affecting demand ?
A
- Population
- Advertisement
- Substitutes
- Interest rates
- Fashion & Trends
- Income tax
- Complements
2
Q
What are the factors affecting supply ?
A
- Subsidies
- Indirect tax
- New technology
- Cost of production
- External Shocks
3
Q
What is the abbreviation for a weaker pound in exchange rates ?
A
- Weaker
- Pound
- Imports
- Dearer
- Exports
- Cheaper
4
Q
What is the abbreviation for a stronger currency in exchange rates?
A
- Stronger
- Pound
- Imports
- Cheaper
- Exports
- Dearer
5
Q
What are the factors of production ?
A
- Capital-Interest
- Enterprise-Profits
- Land-Rent
- Labour-Wages
6
Q
What is the supply of £ affected by ?
A
- B - Banks outside
- I - Investing elsewhere
- T - Tourism elsewhere
- I - Imports elsewhere
7
Q
What are factors which affect the demand for the £ ?
A
- B - Banks internally
- I - Investing in the UK increases interest rates
- T - Tourism in the UK
- E - Exports wanted by foreigners
8
Q
What factors affect the supply of labour ?
A
- P - Population
- I - Income tax
- N - National minimum wage
- T - Trade union power
9
Q
What is the formula for PES ?
A
%∆QD / %Price
10
Q
What is the formula for PED?
A
%∆QD / %Price
11
Q
What are the stages of quantitative easing ?
A
- BoE makes money
- BoE buys bonds from financial institutions (gov)
- Bond yield goes down
- Forces people to invest elsewhere
- More money in economy
- More people spending = more economic growth
- BoE destroys the money
