Revision: Handy Mnemonics

Simple Evaluation tip. Put your in GOD
Government Failure
Opportunity Cost
Distributional Issues

BOGOF -sales promotion
buy
one
get
ine
free

PLASTIC
Some of the major factors which cause a demand curve to shift:-
Population, laws, advertising, substitutes, tastes and fashion, income and complements.

How about factors determing PES: SEATS

Storaga
Ease of factor Substitution
Agricultural or Manufactured
Time
Spare Capacity

Factors affecting Demand - PICS

Preferences
Income
Complements
Substitutes

Factors affecting PED - HITS (or any other configuration.....)

Habit-forming
Income (proportion of)
Time period
Substitutes

How about the PIGS (European economies that are proving problematic at the moment)

Portugal
Ireland
Greece
Spain

As well as the BRICs who are going to take over the world
Brazil
Russia
India
China

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