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MACROECONOMICS by Mind Map: MACROECONOMICS
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MACROECONOMICS

Chapter 4 - Inflation

A general and sustained rise in the general price level over time

Demand pull

Cost push

Problems?

Main Causes

Cures

Factors effecting inflation

Deflation is a sustained reduction in the general level of prices

Chapter 5 - The Current Account

SPICED

WPIDEC

Balance of payments

The current account is the sum of the balance of trade (exports minus imports of goods and services), net factor income (such as interest and dividends) and net transfer payments (such as foreign aid).

Exchange rate

Chapter 6 - AD / AS

AD = C + I + G + (X-M)

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Chapter 1 - Macroeconomics

Scarce Resources - Factors of Production, used to make output

Supply Side

Chapter 2 - Economic Growth

National Output = National Expenditure = National Income

Long Term Economic Growth = An increase in the potential level of real output the economy can produce over a given period of time

Short Term Economic Growth = The percentage change in real GDP

GDP/GDP Growth

Demand side / Supply side policies

AD/AS

Chapter 3 - Unemployment

In the population of working age, out of work and actively seeking employment

Claimant Count & Labour Survey

Causes, Types and Solutions

General Solutions

Consequences of Unemployment

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