What are leakages and give examples?

What are injections and give examples?

What is monetary policy?

What is fiscal policy?

What do fiscal and monetary policies have in common ?

Deficit budget?

Budget surplus

Balanced budget:

What happens in budget surplus?

What happens in budget deficit

List examples of recent Fiscal policies

What happens to interest rates in recession?

What are the 2 ways low interest rates encourage spending?

What happens to interest rates in boom?

What is the GFC ?

Why did the GFC happen?

How did this affect the US ?

How were we affected ?

GDP

What is the governments involvement in the economy?

Draw the economic flow chart model :

Define Economic growth

Define GDP per capita:

What percentage should economic growth be?

A sustainable Economic Growth:

Why economic growth may be considered
A good measure of living standards?

What is meant by living standards?

Define the two living standards?

Define unemployment :

Explain two main types of unemployment

Explain the difference between monetary and fiscal policies

What is real GDP

GDP percentage:

What is inflation

How is inflation measured,

Different types of unemployment?

Direct impacts

Indirect impacts

Major trading partners

Biggest goods exported and Imported

What's a labour force

Why does an economy need to grow every year

What are the limitations to GDP

Effects of unemployment