Supply and Demand Acronyms

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4 Terms

1
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What is PIRATE?

Factors that influence demand.

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PIRATE

Population size and demographics

Income

Related goods (Subtitutes - competitive demand - and Complements - joint demand)

Advertising

Tastes and preferences

Expectation of future changes

3
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What is CARPETS?

Factors that influence supply.

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CARPETS

Competition conditions (no. of firms)

Anticipation of future prices

Related goods (price and profitability)

Production costs

Environmental conditions

Technological changes

Subsidies/indirect taxes by governments