Micro economics

Factors that shift supply

P - productivity

I - indirect taxes *

N - number of firms

T - technology

S - subsidies *

W - weather

C - costs of production

Factors shifting demand

P - population

I - income

R - related goods (price of)

A - advertisement *

T - tastes and fashion *

E - expectations

S - seasons

Factors determining PES

S - stock levels

S - Spare capacity

M - mobility of factors

Factors determining PED

S - substitutability

N - necessities or luxuries

I - proportion of income

T - time

Elasticity XED

Party (+)

Season (sub)

Near (-)

Christmas (compliment)

Functions of money

S - store of value

U - unit of account

M - medium of exchange

S - standard of deferred payment

Price mechanism

S - signalling

I - incentive

R - rationing