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Creado por gen lebus
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National Income
GDP
Trade deficit
Balance of payments
Economic growth
Inflations
Index numbers and formula.
The circular flow of income
The actual circular flow
If injections are bigger than withdrawals.
If leakages exceed injections
Macroeconomic equilibrium
Macroeconomic disequilibrium.
Limitations of using GDP to measure standard of living
Other ways of measuring standard of living (apart from GDP)
There are three ways of measuring GDP
Nominal GDP
Real GDP
GNP
Net
Net income
Remittances
PPP
Purchasing Power Parity
Features of PPP
Productive efficiency
Allocative Efficiency
Inside the PPF
Points outside the PPF
PPF
AD
The real balace effect
Aggregate supply
Short Run
SRAS
Long run
LRAS
SRAS
Keynesian economic
Fuundemental determinants of LRAS
MPC
MPS
MPC/MPS
The multiplier effect
The accelerator effect
Economic cycle
BOOM
Slowdown
RECESSION
Slump
RECOVERY
Output gaps
Negative output gap
Positive output gap
The multiplier effect will be high when...
(4 things)
Time Lag
The multiplier effect will be lower when...
Unemployment
Economically active
Econmically inactive
There are two ways to measure unemployment
Why is unemployment bad?
What is supply side unemployment?
What is demand side unemployment
Frictional unemployment
Structural Unemployment
Deman deficient unemployment
Seasonal unemployment
Real wage unemployment
Social Cost of unemployment
Youth unemployment
Labour scarring effect of unemployment
Advantages of unemployment
How to reduce DD unemployment
Policies to reduce seasonal unemployment
Policies to reduce real wage unemployment
Policies to reduce structural unemployment.
Policies to reduce frictional unemployment
Barriers to lowering unemployment
Which are the best policies?
Economic growth
Short term Economic Growth
Long term Economic Growth
Key drivers of Economic Growth
What happens when macroeconomic equilibrium in on LRAS?
Advantages of Economic Growth
Costs of Economic Growth
Limitations of Economic Growth
Inflation
How do we measure inflation (the % change in prices)
Limitations of CPI
What is RPI?
Causes of Inflation
What is demand pull inflation?
What is Cost push inflation?
Effects of inflation
Inflation and Unemployment
What is deflation?
What causes deflation?
Consequences of deflation
Poolicies to tackle inflation and deflation
What is the balance of payments?
What are inflows
What are outflows
What makes up the balance of payments?
What is the current account?
What does the capital account measure?
The current account
What is a current account deficit and surplus?
What causes a current account deficit?
The UK deficit
Does a deficit matter?
Policies to reduce the deficit
What are macroeconomic policies?
What are demand side policies?
What are the two main macroeconomic policies?
What is the fiscal policy?
What is the monetarist policy?
What are supply side policies?
What are the balance of payments?
What are inflows?
What are outflows?
What is the current account?
What is a current account deficit?
What causes a current account deficit?
What do we, as an economy need to do with services?
What are the problems of the UK deficit?
Does a deficit matter (BOP)?
Short term effects of a BOP deficit
Long term effects of a BOP deficit
Demand Side Policies to reduce a BOP deficit
Supply Side Policies to reduce deficit
What are the key roles of the fiscal policy?
Why is tax a good thing?
Direct Tax
Indirect Tax
Progressive tax
Proportional tax
Regressive Tax
What is an expansionary policy