1
Q
What is microeconomics?
A
Individual markets within an economy
2
Q
What is macroeconomics?
A
Study of an economy as a whole
3
Q
What are the requirements for a good economy?
A
High output of goods
Efficient allocation of resources
Stable prices
Exports = Imports
4
Q
What is GDP?
A
Gross Domestic Product (national measure of output)
5
Q
What is economic growth?
A
Increase in the output of an economy
6
Q
Why is unemployment a problem?
A
high unemployment –> low economic growth rate
7
Q
What is inflation?
A
Increase of the average price of an economy
8
Q
What is the problem with inflation?
A
Confusion about the value of money
You can buy less with the same amount of money
A Level Economics
flashcards
Decks in class (36)
# Cards
-
Chapter 16
-
Chapter 25
-
Chapter 311
-
Chapter 414
-
Chapter 59
-
Chapter 79
-
Chapter 88
-
Chapter 99
-
Chapter 106
-
Chapter 117
-
Chapter 123
-
Chapter 135
-
Chapter 148
-
Chapter 152
-
Chapter 164
-
Chapter 179
-
Chapter 184
-
Chapter 194
-
Chapter 2010
-
Chapter 218
-
Chapter 228
-
C22 Measuring economic growth7
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C23 Aggregate Demand7
-
C24,C25 Consumption and Investment16
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C26 Government Expenditure7
-
C27 Aggregate Supply7
-
C28,C29,C30 ,Equillibrium and National Output,National Income,The multiplier12
-
C31 - C33 Economics Growth13
-
C34 Inflation16
-
C35 Unemployment19
-
C36 Balance of Payments11
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C37 Macro economics objectives11
-
C38 Demand side policies36
-
C39 Supply Side Polices20
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C40 Possible Macro Economic Objectives and Conflicts9
-
Chapter 482
