Econs Acronyms (micro)

Question 1

What is SNIT/THIS ( Non-price determinants of Price elasticity of Demand)

Answer 1

Time period, Habit forming goods/Addictive Goods/Necessities, Proportion of Income spent, Degree and availability of substitutes

Question 2

What is EGYPTS? (Non-price determinants of Demand)

Answer 2

Expectations of price and income/ Ease of borrowing, Government policies, Income, Price of related goods + Population size, Taste and preference, Seasonal Factors

Question 3

What is WETPIG? (Non-price determinants of Supply)

Answer 3

Weather and seasonal factor, Expectations of producers, Technology, Price of related goods (Joint/Competitive supply), Input prices, Government policies

Question 4

What is SORT? (Determinants of Price elasticity of Supply)

Answer 4

Cost and period of Storage, Spare capacity Obtainable, Mobility, Availability & Sustainability of Resources (Factors of production/inputs), Time period and complexity of production

Question 5

What is FORMT? (Sources of Internal EOS)

Answer 5

1.Financial
2.Organisational
3.Risk-bearing
4.Managerial
5.Technical