walao i cant believe this.i mugged like damn hard for the past week already.quite hard. i hope i pass physics.and econs.and math.and gp. and chem. anyway was mugging econs.hahaha i think the best way to memorise stuff, as recommended by the legendary darren brown is to chain them together!
for determinants of demand: See I See and TP PC, Oh! (simply means u look and look and ur pc teleported itself) See I = CI = Consumer Income See = CE = Consumer expectations and = N = Number of consumers TP = Tastes and preferences P = Price of related goods C = Composition of population Oh = O = Others!
for determinants of supply: Related COP technology subsidized and taxed by producers and other sellers.
Related = Price of related goods COP = Cost of production techonology = state of technology subsidized and tax = subsidies and tax producers = number of producers others = others sellers = sellers price expectations
PED: The time natural substitutes sit on the bench is proportionate to their habit to sit on it. Time = Time period after change Natural = Nature of goods (inferior/normal) Substitutes = Number of substitutes Proportionate = Proportion of income Habit = Habit/Addiction
YED: When u have income, u have the natural desire to look at rich and poor people.
Natural = Nature of product Desire = Amt of goods at which desire is satisfied Rich and poor = Income of consumer (YED of basic goods more elastic for poor)
PES: Firm time management reduces spare time accumulation of substitutes.
Firm = number of firms Time = Time of production period Spare = Existence of spare capacity Accumulation = Ease of product accumulation Substitutes = Ease of substitution of factors of production
and erm, theres this one on the existence of small and large firms in an industry: Individuals go to 7-11 for a lucky draw, saw a flat chested woman and then there was an economic downturn. Ran out of money, so borrowed from FFA but still damn humji to start business.
Individuals = Individuality and variety 7-11 = Convinience Lucky draw = means things like lucky draws draw people to small firms (e.g minimarts) Flat = Flat LRAC, price decrease is almost negligible as output increases Economic downturn = small firms less vulnerable to downturn FFA = lack of capital, banks unable to give loans to small firms. capital from friends, family, associates. HUMJI = lack of entrepreneurship spirit.
