economics mnemonics Flashcards
1
Q
determinants of PED
A
S-substitutes
P-percentage of income
L-luxury or necessity
A-addiction
T-time lag
2
Q
what are the components of the price mechanism
A
S-signalling
I -incentive
R-rationing
A-allocation
3
Q
what are the reasons for government failure
A
B-bureaucratic inefficiencies
I -information gap
R-regulatory capture
P-policy conflict
4
Q
what are the factors of demand
A
P-population
A-advertising
S-substitutes
I -income
F-fashion
I -interest rates
C-complements
5
Q
what are the functions of money
A
M-medium of exchange
U-unit of account
D-deference of payment
S-store of value
