Macroeconomics

The tools every macro answer relies on.

1. 1.1Scarcity, choice and economic systemsThe basic economic problem and how economies organise.DefineExplainNot started
2. 1.2Opportunity cost and production possibility curvesTrade-offs at household and national level.DrawAnalyseNot started
3. 1.3Demand, supply and price determinationEquilibrium and the effect of shifts and price controls.DrawAnalyseNot started
4. 1.4ElasticityResponsiveness of demand and supply, and why it matters for policy.CalculateNot started
5. 1.5Labour and financial marketsWages, saving and borrowing in market terms.AnalyseNot started

The four headline indicators and what they hide.

1. 2.1National income, GDP and living standardsMeasuring output, real vs nominal, and the limits of GDP.CalculateEvaluateNot started
2. 2.2Economic growthProductivity, capital deepening and convergence.ExplainAnalyseNot started
3. 2.3Employment and unemploymentTypes and causes of unemployment and their consequences.ExplainEvaluateNot started
4. 2.4Inflation and deflationMeasuring price changes, causes and who loses.CalculateEvaluateNot started

Aggregate demand, aggregate supply and competing schools.

1. 3.1The aggregate demand and aggregate supply modelBuilding and shifting the AD/AS diagram.DrawAnalyseNot started
2. 3.2The Keynesian viewSticky wages, multipliers and demand management.ExplainEvaluateNot started
3. 3.3The neoclassical viewPotential output, long-run adjustment and policy limits.EvaluateNot started

The levers governments and central banks pull.

1. 4.1Money and bankingFunctions of money, banks and money creation.DefineExplainNot started
2. 4.2Monetary policy and bank regulationInterest rates, transmission and regulation.AnalyseEvaluateNot started
3. 4.3Government budgets and fiscal policyTaxation, spending, deficits and automatic stabilisers.CalculateEvaluateNot started
4. 4.4Government borrowing and supply-side effectsCrowding out, investment and long-run capacity.AnalyseEvaluateNot started
5. 4.5Policy aims and conflicts around the worldBalancing growth, jobs, prices and the external balance.EvaluateNot started

Exchange rates, capital flows and the current account.

1. 5.1Trade flows and the current accountReading the balance of payments and what deficits mean.CalculateAnalyseNot started
2. 5.2Exchange rates and capital flowsAppreciation, depreciation and their effect on trade.DrawAnalyseNot started

Specialisation, protection and the development gap.

1. 6.1Specialisation and international tradeComparative advantage and the gains from exchange.CalculateAnalyseNot started
2. 6.2Globalisation, protectionism and developmentTariffs, trade agreements and uneven development.EvaluateNot started