F582 - The National and International Economy

AD/AS and Their Interaction
1. Components of Aggregate Demand (AD)
  1. Net Income (X - M)
  2. Investment Expenditure (I)
  3. Government Expenditure (G)
  4. Consumer Expenditure (C)
  5. AD = C + G + I + (X - M)
2. Factors That Influence Aggregate Supply (AS)
  1. Factors of Production
    1. Land
      1. Rent
    2. Labour
      1. Wages
    3. Capital
      1. Interest
    4. Enterprise
      1. Profit
3. Macroeconomic Equilibrium
  1. Reasons for changes
  2. Effects of change
    1. Inflation
    2. GDP
    3. Economic Growth
    4. Unemloyment
    5. Balance of Payments
  3. The Multiplier Process
    1. Circular Flow of Income
      1. Four-sector Model
  4. The Business Cycle
    1. Slump/ Boom
    2. Recession/ Recovery
Economic Indicators
1. Key Indicators
  1. GDP
  2. Economic Growth
  3. Inflation
  4. Unemployment
  5. Balance of Payments
  6. Methods of Measuring
2. Income Redistribution
3. Government Policy Objectives
  1. Four Key Objectives
    1. Low and stable inflation
    2. Low unemployment
    3. Positive economic growth
    4. Balance of Payments equilibrium
  2. Two Minor Objectives
    1. A fair income distribution
    2. Economic stability
4. Conflicts in Macroeconomic Policies
  1. Causes
  2. Consequences
Macroeconomic Policy and the International Economy
1. Fiscal Policy
2. Monetary Policy
3. Supply-side policy
4. Causes and consequences
  1. Inflation
  2. Unemployment
  3. Economic Growth
  4. Current account surpluses and deficit
5. Effects and Effectiveness on Four Key Objectives
  1. Fiscal
  2. Monetary
  3. Supply-side
6. Conflicts between policy objectives
  1. Reasons for
  2. Consequences
7. Methods of Protectionism
8. International Trade
  1. Disadvantages
  2. Advantages

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F582 - The National and International Economy

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