Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Edmund Phelps wikipedia , lookup
Balance of payments wikipedia , lookup
Non-monetary economy wikipedia , lookup
Full employment wikipedia , lookup
Monetary policy wikipedia , lookup
Economics of fascism wikipedia , lookup
Balance of trade wikipedia , lookup
Transformation in economics wikipedia , lookup
Early 1980s recession wikipedia , lookup
AS Macro-Economics Revision Checklist and Self Review Syllabus Content Notes Micro Economics What are the main government objectives? What are they important? What can't you always achieve them all at the same time? Why do different governments give different importance to different objectives? What are three ways of measuring national income. What are the injections The Circular flow of and withdrawals? What is a macro economic equilibrium? What do we mean 2 income by "full employment income"? How do changes in injections and withdrawals affect the economy? What is the multiplier? What are index numbers and how are they calculated? Why are they used? 3 Index Numbers What is a basket of goods? What is the average family? What are GDP, real GDP, GDP per capita, CPI, RPI, unemployment, Macro economic productivity, the balance of payments. Why should you be cautious about 4 indicators using data? What is Aggregate demand? What is Aggregate Supply? What is macroAS/AD analysis in economic equilibrium on a short run AS/ AD diagram? How does it change is 5 the short run either AD or AS shifts either left or right? How can global events affect UK AD / SRAS? What is macro-economic equilibrium on a long run AS/ AD diagram? How AS/AD analysis in does it change is either AD or AS shifts either left or right? How can global 6 the long run events affect UK AD / LRAS? What are the effects on the real economy of shifts of and movements along the AD curve in terms of inflation, output, unemployment & the balance of 7 payments? What are the effects on the real economy of shifts of and movements along the AS curve in terms of inflation, output, unemployment & the balance of 8 payments? 1 Objectives of government policy 9 Aggregate demand What is the meaning of the equation: Y = C+I+G+(X-m). and its components 10 The multiplier What is the multiplier effect? How does it increase aggregate demand? What determines the size of the multiplier? Can you calculate by comparing the initial change in national income and the resulting change in AD? 11 Consumption What is consumption? What are savings? What are the savings ratio, average & marginal propensity to save and the average & marginal propensity to consume? What determines consumption and savings? 12 Investment What is investment? How is investment different to saving? What are the determinants of investment? What is the Marginal Efficiency of Capital? What is the accelerator? What are the types of government expenditure and what determines their size? How much choice does the government have over its spending in the short run / long run? How does the difference between imports and exports affect AD? What Exports & Imports determines the level of exports / imports? Why is international trade important to the UK economy? What are the The Balance of components of the current account of the balance of payments? What things Payments affect the balance of payments on current account? What are primary income and secondary income? What are: the balance of payments, balance of trade, visible trade, invisible trade? What is aggregate supply? What is short run aggregate supply? What Short run Aggregate determines Aggregate Supply? What is the difference between a shift of Supply SRAS and a movement along it? What is the difference between the short run and the long run AS curves? Long run Aggregate What determines long run AS curve? What are the implications for economic Supply policy of the difference between long run and short run AS curves? What other concept does LRAS measure? What are sticky wages? How is the Keynesian LRAS different to the Classical Keynesian V LRAS? Classical LRAS What is economic growth? How can it be shown on PPBs & using AS / AD diagrams? What is the difference between short run and long run economic Economic Growth growth and how can they be shown on a diagram. What things determines the economic growth of an economy? What is the economic cycle? What does it look like in a diagram? What are: recessions, booms, slumps, growth. What is happening to the main economic The economic cycle indicators at each stage of the economic cycle? What does the recent data about the growth of the economy show? 1 13 Government 14 15 16 17 18 19 20 21 1 2 Self Review AS Macro-Economics Revision Checklist and Self Review 22 What are positive and negative output gaps? What are the implications for the economic indicators of each type of output gap? 23 What is the difference between unemployment and employment? Why are they important? Why does an increase in employment not always mean that unemployment goes down? How do changes in each influence AD & AS and how can AD & AS influence them? What types of unemployment are there? How is unemployment shown on a PPB diagram? Why would you use different policies to get rid of different types of unemployment? Employment & Unemployment What are inflation & deflation? What is the difference between deflation and disinflation? What are demand pull and cost push inflation? How can world 24 Inflation & deflation commodity prices affect inflation? How can changes in other economies affect UK inflation? 25 The exchange rate What is the exchange rate? What is an appreciation / depreciation? How does the exchange rate affect import and export prices and therefore the volume and value of imports and exports in both the short run and long run? How does the Ped for imports affects the balance of payments? 26 Fiscal policy What is fiscal policy? What types of fiscal policy are there? How does it influence AD & therefore the level of economic activity, including inflation, employment & the balance of trade? What is the difference between a loose (inflationary) policy and a tight (deflationary) policy? What is the difference between direct and indirect taxes? What are the difference between progressive, proportional and regressive taxes? How does the budget balance affect the total national debt? 27 Monetary policy What is monetary policy? What are the government's objectives for monetary policy? What is the role of the monetary policy committee? What is the interest rate transmission mechanism? How does monetary policy influence AD & AS & therefore the level of economic activity, including inflation, employment & the balance of trade? What is the difference between a loose (inflationary) policy and a tight (deflationary) policy? What are supply side policies? How are they different to supply side improvements? How does it affect both LRAS & AD? How does it affect the 28 Supply side policies trend rate of growth (long run economic growth), short run economic growth, unemployment, inflation & balance of payments? 29 In essays always focus on the question for every point 30 In essays write points in PEEL paragraphs 31 In essays Use "link backs" in your PEEL paragraphs 32 In essays Use "connectives" to link sentences in your PEEL paragraphs 33 In essays weigh up alternatives to help make a decision in the conclusion 34 In essays Can use a diagram to help make a point, properly explaining and what the diagram shows 35 In essays can use information from the text & data to help answer the question 36 Using data can compare the beginning & the end, quoting data and the units of the data 37 Index numbers can calculate and interpret an index number 38 Percentages can calculate a percentage change 39 Using data Can you compare the beginning & the end, quoting data and the units of the data? 40 Using data Do you understand how to calculate, use and understand ratios and fractions? 41 Using data Do you understand and the terms mean, median? 42 In essays Do you always focus on the question for every point? 43 In essays Do you write points in PEEL paragraphs? 44 In essays Do you use "link backs" in your PEEL paragraphs? 45 In essays Do you use "connectives" to link sentences in your PEEL paragraphs? 46 In essays Do you weigh up alternatives to help make a decision in the conclusion? Can you use a diagram to help make a point, properly explaining and what the diagram shows? 47 In essays 48 In essays Can you use information from the text & data to help answer the question? 2