supply and demand acronyms Flashcards

shifts + price elasticity (27 cards)

1
Q

what is the acronym for shifts in demand

A

All Fashionable People Shop In Primark

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2
Q

what is the acronym for factors which influence PED

A

NASBIT

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3
Q

what is the acronym for shifts in supply

A

Tongue Will Never Confuse Pum

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4
Q

what is the acronym for factors which influence PES

A

See That ASS

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5
Q

what does the N in NASBIT stand for

A

Necessity, this influences PED

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6
Q

what does ‘addiction and habit’ influence

A

PED, NASBIT

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7
Q

what does the S in NASBIT stand for

A

substitutes, availability of substitutes. NASBIT is for PED

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8
Q

what does the B in NASBIT stand for

A

brand loyalty, PED

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9
Q

what does the I in NASBIT stand for

A

Income, proportion of income. this influences PED

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10
Q

what does ‘time period’ influence

A

PED, NASBIT

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11
Q

what do the 2 ‘S’s in TEASS stand for

A

spare capacity, stockpiles and perishability. PES

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12
Q

what does the T in TEASS stand for

A

time period, PES

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13
Q

what does the A in TEASS stand for

A

availability of FoP, PES

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14
Q

what does the E in TEASS stand for

A

state of economy, PES

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15
Q

what does technology influence

A

shifts in supply, Tongue Will Never Confuse Pum

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16
Q

what does the “W” in the shifts in supply acronym stand for

A

Weather, in the acronym Tongue Will Never Confuse Pum

17
Q

what does ‘number of suppliers’ affect

A

shifts in supply, tongue will Never confuse pum

18
Q

what does the “C” in tongue will never Confuse pum stand for

A

costs, affecting shifts in supply

19
Q

what does the P in the shifts in supply acronym stand for

A

productivity, tongue will never confuse pum

20
Q

what is the other name for things that affect a shift in demand or supply

A

the conditions of demand or the conditions of supply

21
Q

what do the 2 ‘P’s in the conditions of demand acronym stand for

A

population and age structure, price of other goods

22
Q

what does income affect

A

shifts in demand, all fashionable people shop In primark

23
Q

what does the ‘A’ in All fashionable people shop in primark stand for

24
Q

what does the ‘F’ in the shifts in demand acronym stand for.

hint: it’s also the T in timers.

A

fashion and trends, all Fashionable people shop in primark

25
what do 'seasons' affect
shifts in demand, all fashionable people Shop in Primark
26
which two things have the phrases as their acronyms
the shifters / conditions of supply and demand. Primark, Tongue
27
which two things have just short words as their acronyms
PES and PED - TEASS and NASBIT, respectively