Revision: Handy Mnemonics
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We are on the search for handy revision Mnemonics for use with economics - can people recommend ones that they find useful?
SPEW (Monopoly)
Service - does the lack of competition affect the quality of service to consumers?
Prices - how high are prices compared to competitive / contestable market
Efficiency - productive, allocative and dynamic
Welfare - what are the overall welfare outcomes? Is there a net loss of welfare in markets dominated by businesses with monopoly power?
SPICED (Currency)
Strong
Pound
Imports
Cheaper
Exports
Dearer
BRITS (elasticity of supply)
BRITS
1. Barriers to entry – e.g. Patents or high cost of advertising could make it hard for new firms to enter the market
2. Raw materials – If raw materials are readily available, it will be relatively easy to expand production
3. Inventory – Businesses with plenty of stock can increase supply easily.
4. Time – Many agricultural products take time to make so supply is fixed in the short term.
5. Spare Capacity – If businesses are not running to full capacity they are more able to increase supply. The supply of goods and services is often most elastic in a recession when there is plenty of spare labour and capital resource
Anymore out there that have worked for you and your students?
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