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By:
Aaron Mensah
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Decks in this class (62)
Key terms
Indicators and objectives,
Living standards standard of living,
Living costs cost of living
18
cards
Key terms pt2
Productivity,
Inflation,
Cpi
16
cards
Key terms pt3
Leakages,
Injections,
National income multiplier effect
17
cards
Key terms pt4
Lras,
Usual causes of lras shifts,
Output gaps
10
cards
Indicators and objectives
Economic growth,
How is economic growth measured,
Unemployment
11
cards
Indicators and objectives pt2
Inflation,
Deflation,
Cpi
15
cards
Index Numbers
Index numbers,
Base year,
Percentage change in index numbers
5
cards
Circular flow of income
National income accounts,
3 ways of calculating gdp,
Output
12
cards
Circular flow of income pt 2
Imports m,
Exports x,
Social transfers
11
cards
Determinants of aggregate Demand
Aggregate demand,
Aggregate demand formula,
Consumption c
13
cards
The aggregate demand curve
What is the ad curve,
How does ad curve,
Price level
7
cards
SRAS
Aggregate supply,
Short vs long run,
Short run
12
cards
LRAS
Lras,
The lras graph,
Axis
9
cards
AD-AS Model
Assumptions,
Macroeconomic equilibrium,
Changes
7
cards
Chain of reasoning
Aggregate demand events,
Sras events,
Lras events
10
cards
Economic growth
Economic growth,
Gdp,
Measures of gdp
10
cards
Economic growth pt2
Rate of economic growth,
Formula of rate of economic growth,
Trend rate of economic growth
11
cards
The economic cycle
The economic cycle,
Trend growth rate,
Output gaps
7
cards
The economic cycle pt2
Phase 1 recovery,
Phase 2 boom,
Phase 3 recession
7
cards
Unemployment
Total population,
Labour force,
Economically inactive
15
cards
Unemployment pt2
Why does the government care who ...,
Labour and demand,
Types of unemployment
10
cards
Unemployment pt 3
Cyclical unemployment,
Seasonal unemployment,
Frictional unemployment
9
cards
Inflation
Inflation,
How is inflation measured,
Rpi
10
cards
Inflation pt2
Closer look at deflation,
Benefits of deflation,
Issues with deflation
6
cards
Balance of payments
Balance of payments,
Balance of payments accounts,
Current account
8
cards
Current account
Current acount,
Trade in goods,
Trade in services
8
cards
Current account pt 2
Exports to economic growth chain ...,
Imports to inflation rate chain o...,
Link between aggregate demand and...
9
cards
Possible conflicts between objectives
Meaning of possible conflicts bet...,
How to graphically show conflicts...,
Economic growth vs inflation
6
cards
Monetary policy
Exchange rates,
Exchange rates notes,
Strong pound appreciated
8
cards
Monetary policy pt2
Interest rates,
Monetary policy notes,
Contractionary monetary policy ch...
5
cards
Fiscal policy
What is fiscal policy,
Fiscal policy notes,
Government spending
8
cards
Fiscal policy pt2
Types of taxes,
Direct taxes,
Indirect taxes
8
cards
Supply side policies
Supply side policies,
Aim,
Supply side policy notes
11
cards
Links within the chain of reasoning
Link between ad and pl,
Link between ad and rno,
Link between sras and rno
6
cards
Multiple choice question corrections
A fall in the exchange rate,
A rise in the exchange rate,
Multiplier formula
8
cards
Multiple choice questions corrections pt2
Injections,
Leakages,
Increase in aggregate demand diagram
12
cards
Corrections
Interest rates,
Why are there decreased loans,
What policies can the government ...
11
cards
Decision making and Utility theory
Rational behaviour,
Market demand and individual dema...,
Utility
8
cards
Decision making and Utility theory pt2
The margin and optimisation,
Mu p,
Mu
7
cards
Uses of national income data and Living standards
What is used to measure the level...,
Ppp,
Ppp example
10
cards
Uses of national income data and living standards pt 2
Big mac index,
Disposable income,
Limitations of data on income per...
10
cards
Human development index
Human development index,
3 dimensions of human development...,
Health
7
cards
Keynesian curve
What is the keynesian theory,
Expansionary fiscal policy,
3 parts of the keynesian curve
9
cards
Economic cycles
Boom,
Slowdown,
Recession
11
cards
Economic cycle pt2
What causes an economic recovery,
Demand side shocks,
Supply side shocks
5
cards
Macroeconomic equilibrium
Macroeconomic equilibrium,
An increase in ad or as,
An increase or decrease
8
cards
Economic growth
Benefits of sustained economic gr...,
Costs of sustained economic growth,
Benefits of sustained economic gr...
10
cards
Circular economy
Sustainable growth,
Policies to promote sustainable g...,
Key principles of the circular ec...
8
cards
Inflation
Demand theories of inflation,
The quantity theory of money,
Qtm summary
12
cards
Inflation pt2
Log run phillips curve,
Long run phillips curve description,
Factors affecting long run philli...
7
cards
Unemployment
Full unemployment,
The real wage theory of unemployment,
Free market vs reality
7
cards
The Phillips curve
What is the phillips curve,
High unemployment,
A fall in unemployment
10
cards
Phillips curve pt 2
Non accelerating inflation rate o...,
Factors affecting nairu,
Stagflation
5
cards
Financial markets and Financial assets
Functions of money,
Money as a medium of exchange,
Money of a store of wealth
12
cards
Financial markets and Financial assets pt2
Narrow money,
Broad money,
Liquidity
10
cards
Financial markets and Financial assets pt3
Money markets,
Foreign exchange markets,
Capital markets
7
cards
Perfect competition
Key assumptions and characteristics,
Price and output in perfect compe...,
Adjustment to the long rum
7
cards
Imperfect competition
Imperfect competition suppliers,
Imperfect competition consumers,
Imperfect competition barriers to...
5
cards
Investment and commercial banks
Gilts,
Shares vs bonds,
Advantages of a portfolio
10
cards
Investment and commercial banks pt2
Moral hazard,
Systematic risk,
The balance sheet of a retail bank
12
cards
Regulation and Monetary Policy
Bank of england functions,
Quantitative easing,
How does qe stimulate economic gr...
13
cards
Regulation and Monetary Policy pt2
Liquidity ratio,
Capital ratio,
Lending long and borrowing short
9
cards
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Macroeconomics
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