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Vidushmonkey1000

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Created by: pemmb

Question	Answer
Determinants of Demand	PASIFIC Population Advertisement Substitutes Income Fashion and trends Interest Rates Complements
Determinants of Supply	PINTS WC Productivity (Labour/Capital) Indirect Tax No. Firms Technology Subsidy Weather Costs of production (oil, wages)
Price Elasticity of Demand	SPLAT Substitutes Percentage of income Luxury/Normal Addiction / habit forming Time
Price Elasticity of Supply	PSSST Production Lag Stock Substitutabilaty of FoPs Spare Capacity Time
Total Renue	Elastic Only; Itchy Skin Elastic PED, opposite. P down TR up Inelastic Same. P up TR up
Types of National economy measures	Nominal GDP: The value of all goods and services produced in an economy. 2.56tn Real GDP: Inflation adjusted GNP: Labour and land of citizens inc. overseas GNI: Income of all citizens of a country. Inc. taxes/subsidies
Full employment income	The total income at the natural rate of unemployment.
Savings/investment case study	Savings=investment as banks invest money, which is generally not stagnant. UK has low MPS so low investment, while Japan has high MPS so high investment which means LRAS can grow more continuously.
Aggregate demand	Total demand for a country's goods and services at a given price level in a given time period. SPENDING not quantity C+I+G+(X-M)
Consumption (Determinants)	Just over 65% UK AD. Discretionary after tax and rent etc. Interest rates (Monetary Policy Committee) Eval - anticpated future i/r. Confidence (American<should be). Wealth a/depreciation.
Investment	17%. 25% this from gov investment. Retained profits. Expectations/confidence. Demand for exports. i/r & credit access. Corporate tax, subsidy and policy. %return expected must be > i/r. Predicted consumption. Accelerator
Gov spending	20%, more since Cov and labour. £1.222tn. Doesn't include social protection or investment, with which it would be 45%. Provision of public goods. Health isnt but is made accessible. Very large debt - £100bn repayment. Current and capital expenditure
(X-M)	-2%. For Netherlands each individually greater than 100%.
Accelerator	I depends on AD and is a component of AD creating something of a positive feedback loop. This makes I fairly volatile bc the loop is bidirectional.
Price mechanism acronym	ARSI: Allocate scarce resources, Ration scarce resources (demand side), Signal the change, Incentivise based on profits (suppliers).
Producer and consumer surpluss	Triangles on the diagram which represent the number of consumers/producers who are interacting with the market at a lower/higher price respectively than they were willing. Society surplus is their sum.
Economies of scale	Really Fun Mums Try Making Pies
RFMTMP	Risk bearing Financial loans Managerial Technological Marketing Purchasing bulk
Diseconomies of scale	CCC Control Coordination Communication
Monopoly power	BAND Barriers to entry Advertising No. Firms Differentiation of product