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Lecture 4 (Exam (Micro/Macro, learn graphs, 2 "long" questions,…
Lecture 4
Exam
Micro/Macro
learn graphs
2 "long" questions, 5 sub partes
answer 2 out of 3 essay questions.
GDP
measuring
Product method
Incomes
Expenditure
GDP: What is produced in the country
GNP: What is earned by people in UK
Limitations
wealth distribtion
unpaid labour
Inflation
types
cost push inflation
demand pull inflation
Real Salary = (nominal salary) x (100/price index)
deflation
Core and headline inflation
core is targeted
Unemployment
Types
Fricitional
Structural
Cyclical
Classical
Systematic