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Economics Notes For Semester 1 Examination

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Role of Consumers and businesses Labour Markets and Industrial Relations Half of year 11 content covered in these study notes.

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43 Pages Complete Study Notes > 2 Years old
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Topics this document covers:
Economy Economics Demand Consumer theory Market Elasticity Economics laws Supply and demand Factor market Aggregate demand Price elasticity of demand Supply
This is a Complete Set of Study Notes

Complete Study Notes typically cover at least half a semester’s content or several topics in greater depth. They are typically greater than 20 pages in length and go into more detail when covering topics.

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Topics this document covers:
Economy Economics Demand Consumer theory Market Elasticity Economics laws Supply and demand Factor market Aggregate demand Price elasticity of demand Supply
Sample Text:
GOV attempts to smooth fluctuation by counter cyclical or stabilization policies. Name two strategies a government could introduce to increase the level of economic activity: 1. Increase Spending G>T to form a stimulus to stop the contraction (spend on infrastructure to increase capacity) 2. Spend in Welfare → influence domestic demand Disequilibrium may occur if S does not equal I, outline the impact on the economy: • Less demand for firms→ less employees → less Y • Less Y= Less C In Each stage, production, income, employment and the quality of life may all be affected: Upswing: expenditure, output, income and employment levels rise. High levels of tax collections to GOV may finance increase spending on infrastructure, community services, welfare and environmental quality → raisi...
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