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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