A hat tip to a fellow presenter on our revision workshops in London whose acronym to remember some of the effects of monopoly power in markets struck a chord with me

SPEW

Service - does the lack of competition affect the quality of service to consumers?
Prices - how high are prices compared to competitive / contestable market
Efficiency - productive, allocative and dynamic
Welfare - what are the overall welfare outcomes? Is there a net loss of welfare in markets dominated by businesses with monopoly power?

Are there anymore useful revision acronyms out there that you use? Please share them via the blog!

 

Featured
Exam coaching workshops

A2 Macro Exam Coaching & Revision Workshops

Intensive revision & exam technique preparation for A2 Economics exams in June 2015.

Learn more ›