Macro Notes Mind Map

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Macro notes
Bhuvan Pasyavula
Mind Map by Bhuvan Pasyavula, updated more than 1 year ago
Bhuvan Pasyavula
Created by Bhuvan Pasyavula over 7 years ago
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Resource summary

Macro Notes Mind Map
  1. Circular Flow of Income:
    1. Closed Economy:
      1. No government, No savings, No international trade
        1. Agents:
          1. Firms, Households
        2. Open Economy
          1. Has a government, Has savings, Has international trade, Has injections and leakages.
        3. Factors of Production.
          1. Labour, Capital, Land, entrepreneurs.
          2. Economic cycle:
            1. Boom, Downturn, Recession, Recovery.
              1. recession is when the GDP falls in two consecutive quarters.
            2. Inflation
              1. Demand Pull inflation
                1. Aggregate demand is greater than aggregate supply.
                2. Cost push inflation
                  1. COP increases and firms pass this increase to consumers.
                  2. General and sustained increase in price level.
                  3. Injections
                    1. Exports, Gov spending, Investments.
                    2. Leakages
                      1. Imports, Tax, Savings.
                      2. Unemployment
                        1. Number of unemployed people actively seeking a job.
                        2. National income
                          1. Real Value
                            1. Takes into account inflation
                            2. Nominal value
                              1. Does not take into account inflation.
                            3. Aggregate demand.
                              1. AD= C+I+G+(X-M)
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