Benefits of international trade, including: increased competition, lower prices, greater choice, acquisition of resources, more foreign exchange earnings, access to larger markets, economies of scale, more efficient resource allocation, more efficient production
HL/SL packet HL only - Comparative Advantage
Goals of supply-side policies
Market based policies, including:
Supply side effects of fiscal policies Effectiveness of supply-side policies
Link to packet Link to Appendix 1/2 - for evaluation
Link to packet
Link to packet
Fiscal policy
Link to packet Link to HL only content Simulation: The Fiscal Ship Article: IMF openly criticises UK government tax plans
Monetary policy - control of money supply and interest rates by the central bank
Goals of monetary policy
Tools of monetary policy (HL only)
Link to HL packet SL packet
Diagram: AD increases showing increases in real output Diagram: LRAS increases showing increases in full employment output
Link to packet 3.3 Macroeconomic objectives - potential conflicts (1) ... low unemployment vs low inflation9/18/2023
Link to HL packet
Tasks: (use presentation, textbook, Kognity)
Define the term unemployment.
Measurement of unemployment and the unemployment rate. Calculate the unemployment rate from a set of data. Difficulties in measuring unemployment. Causes of unemployment
Costs of unemployment - personal costs, social costs, economic costs Link to packet Case study: South Korea EU unemployment data as at 31 August 2023 |