Th1.2: Factors influencing PED Flashcards by Verity Russell | Brainscape

Q

What is the word to remember the factors that influence PED?

A

NASBIT

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Q

What does N stand for?

A

necessity or luxury

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Q

What does A stand for?

A

addiction or habit

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Q

What does S stand for?

A

substitutes

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Q

What does B stand for?

A

brand loyalty

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Q

What does I stand for?

A

proportion of income

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Q

What does T stand for?

A

time

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Q

i or e? Necessity

A

inelastic

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Q

i or e? Addiction

A

inelastic

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Q

i or e? Many substitutes

A

elastic

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Q

i or e? Not strong loyalty

A

elastic

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Q

i or e? Smaller proportion of income

A

inelastic

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Q

i or e? long run

A

elastic

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Q

What does EOIS stand for?

A

elastic opposite, inelastic same

decrease price, increase total rev = elastic

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