Economics QA and Mneumonics PDF

Economics Q&A
By Zubair Junjunia
How Markets Work
PRODUCING PAPER IS SO INCREDIBLY PAINFUL
Price
Preferences
Income available
Price of Substitute/Complementary Goods
Interest rates
Population
How Markets Work
PEOPLE CAN GET BRAIN TUMOR
Prices of other goods/service
Cost of factors of production
Global factors
Business optimism
Technology advancement
How Markets Work
SPIN
Number of Substitutes
Period of time
Proportion of Income spent
Necessity of product
How Markets Work
SOME ANIMALS FEATURE SMALL TALONS
Supply available to meet demand
Availability of resources
Factor substitution availability
Spare production capacity availability
Time
How Markets Work
HUMANS USUALLY ENCOUNTER MANY POISONOUS PESTS
Harmful goods may be produced (e.g. drugs)
Unemployment may become capital intensive
Environmental damages
Monopolies dominate price
Only Profitable goods produced
Public goods not provided
How Markets Work
INCORRECT SUBSTITUTION CAN CAUSE ERRORS
Incentive to produce goods consumers want (based solely on consumer demand)
Incentive to acquire new Skills
Encourages producers to Conserve resources
Competition makes business more effective
Economic freedom
Money and Finance
SUMS
Store of value
Unit of account
Medium of exchange
Standard for deferred payment
Money and Finance
PADSS
Portability
Acceptability
Divisibility
Scarcity
Stability
Money and Finance
LOUSY OLYMPIANS CREATED MONSTERS
Loans
Overdraft
Credit cards
Mortgages
Money and Finance
LEOPARD PATTERNED SUITCASES SHOULD BE MUTILATED
Lender of last resort
Printing notes and minting coins
Setting interest rates
Supervising monetary policy
Banker for commercial banks and government
Manage international financial system
Role of Trade Unions
NEGLECTING DEVELOPMENT IS COMMON IN DICTATORS
Negotiating wages and other non-wage benefits
Defending employee rights and jobs
Improve pay and other benefits
Improving working Conditions
Increase worker participation in business decisions
Develop skills of union members
CING
Craft unions
Industrial unions
Non-manual unions/Professional unions
General unions
ONLY WORKERS GET SALARIES
Overtime ban
Work to rule
Go slow
Strike
MY BROTHER KILLS INSECTS
Maintain employment/enhance job security
Bring about minimum working standard
Keep pay higher
Improvement in health and society
WHO WANTS FREE LAMPS?
Workers made redundant
Workers will need to pay union membership fees
Fashions change very quickly
Lack of flexibility in working practices
Growth of Firms
OMAN
Organization
Market share
Amount of capital employed
Number of employees
Economies of Scale
FILL THE REMAINING MUGS
Financial economies
Technical economies
Risk-bearing economies
Marketing economies
Economies of Scale
MAL
Management diseconomies
Agglomeration diseconomies
Labor diseconomies
Competition
MANY ACTORS INVEST IN STOCKS
Maximize profits
Achieve product superiority
Increase number of customers
Increase sales revenue
Expand Share of total market sales
Competition
COMPUTER SOMETIMES HAVE LOW RAM
Offer less Consumer choice
Supply less and charge higher prices
Higher production costs
Lower quality products
Restrict competition using barrier
Competition
PLEASE EXCLAIM MY PUBLIC PRESENCE
Penetration pricing
Expansion pricing
Market skimming
Price leadership
Predatory pricing
Competition
LACE
Large customer base
Advance product or patented processes
Costs saving from large scale production
Equipment cant afford
Competition
PSR
Predatory pricing strategies used
Preventing suppliers from selling materials
Forcing retailers to stock only their products
Competition
BRING FIRST PERSON SHOOTER
Fines on firms who abuse power
Forcing oligopolies and monopolies to break up
Setting maximum price levels
Public ownership of monopolies
Role of Government
POLITE STUDENTS CAPTURE SUCCESSES
Produce essential goods and services
Supply merit goods
Supply public goods
Control monopolies
Role of Government
LAZY HOMEOWNERS EAT BURGERS
Low and stable rate of inflation
High and stable level of employment
Encourage economic growth
Encourage trade and secure favorable balance of international transactions
Role of Government
EVERY COMPANY SHOULD DELIVER FREE TASTY LUNCHES
Education and training
Competition policy
Subsidies/grants
Deregulation
Free trade agreement
Tax incentives subsidies
Labor market regulations
Taxation
ROWDY DUCKS DRIVE FERRARIS
Redistribute income from rich to poor
Discourage certain activities
Discourage import of goods
Finance public expenditure
Taxation
POOR PEOPLE CANT CONSUME TEA
Personal income tax
Payroll taxes
Corporation taxes
Capital games tax
Transfer tax
Taxation
TEACHERS ARE USUALLY ECCENTRIC
Ad valorem taxes
Tariffs
Excise duty
User charges
Taxation
BAIL
Balance between interest of firms and consumers
Allows government to regulate firms
Improve efficiency and redistribute income
Limit affect of externalities
Taxation
PEEP
Provide support for industries in decline
Encourage production of goods of natural importance
Encourage development of new products and industries
Protect domestic industries against foreign competition
Taxation
MILLIONAIRES FUND CORRUPT POLITICIANS
Maintain a public service
For safety
Control monopolies
Protect employment
Taxation
JOURNALISTS CAN REVEAL SECRETS
Joint ventures with private firms
Contracting out
Removing barriers to competition
Sale of public sector assets
Employment and
Unemployment
RC-BIRD
Reduces purchasing power
Causes unemployment
Boosts tax revenues
Increases government spending
Reduces real value of loans and savings
Decrease in company profits
Employment and
Unemployment
FFEET
Firms make less revenues
Firms produce less as less demanded
Employers hire few workers
Expectation of prices to fall, people stop spending
Things become cheaper
Employment and
Unemployment
F-BIRD
Firms make less profit
Bankruptcy
Incomes fall in households
Reduce workforce
Deep recession
Employment and
Unemployment
CAR SECURITY FEATURES SENSORS
Cyclical
Structural
Frictional
Seasonal
Employment and
Unemployment
LDD
Loss of income
Deskill of unemployment
Depressed and ill; strain on family
Employment and
Unemployment
FTW
Fewer goods and services produced
Tax revenues lower
Welfare payments rise
Employment and
Unemployment
FT FRED
Food aid
Technological aid
Financial aid
Removing barriers to overseas trade
Economic advice
Debt relief

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Economics Q&A

How Markets Work

PRODUCING PAPER IS SO INCREDIBLY PAINFUL

Price of Substitute/Complementary Goods

How Markets Work

PEOPLE CAN GET BRAIN TUMOR

Prices of other goods/service

Cost of factors of production

How Markets Work

Proportion of Income spent

How Markets Work

SOME ANIMALS FEATURE SMALL TALONS

Supply available to meet demand

Factor substitution availability

Spare production capacity availability

How Markets Work

HUMANS USUALLY ENCOUNTER MANY POISONOUS PESTS

Harmful goods may be produced (e.g. drugs)

Unemployment may become capital intensive

Monopolies dominate price

Only Profitable goods produced

Public goods not provided

How Markets Work

INCORRECT SUBSTITUTION CAN CAUSE ERRORS

Incentive to produce goods consumers want (based solely on consumer demand)

Incentive to acquire new Skills

Encourages producers to Conserve resources

Competition makes business more effective

Money and Finance

Standard for deferred payment

Money and Finance

Money and Finance

LOUSY OLYMPIANS CREATED MONSTERS

Money and Finance

LEOPARD PATTERNED SUITCASES SHOULD BE MUTILATED

Lender of last resort

Printing notes and minting coins

Setting interest rates

Supervising monetary policy

Banker for commercial banks and government

Manage international financial system

Role of Trade Unions

NEGLECTING DEVELOPMENT IS COMMON IN DICTATORS

Negotiating wages and other non-wage benefits

Defending employee rights and jobs

Improve pay and other benefits

Improving working Conditions

Increase worker participation in business decisions

Develop skills of union members

Role of Trade Unions

Non-manual unions/Professional unions

Role of Trade Unions

ONLY WORKERS GET SALARIES

Role of Trade Unions

MY BROTHER KILLS INSECTS

Maintain employment/enhance job security

Bring about minimum working standard

Keep pay higher

Improvement in health and society