Economics Mnemonics

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Last updated 7:47 AM on 9/24/26
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6 Terms

1
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Factors Influencing PED

SPANDIT


Substitutes

Peak & off-peak demand

Addictiveness

Necessity

Durability

Income proportion

Time

2
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Factors Affecting YED

LINT


Level of economic development/living standards

Income level of consumers

Necessity vs luxury

Time period

3
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Factors Affecting XED

CA


Closeness/strength of relationship between goods

Availability of substitutes

4
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Factors Influencing PES

TS3 FM


Time scale

Spare capacity

Stock level

Storability

Flexibility of FOP

Market barriers of entry

5
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Determinants of AD

IICEGEFT


Interest rates

Income & wealth

Confidence (consumer & business)

Expectations

Government spending

Exchange rate

Foreign income/demand

Taxation

6
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Consequences of Inflation

FLIPDUC


Fiscal drag

Labour market

International competitiveness

Purchasing power

Decisions (investment & business)

Unexpected inflation

Costs