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Economic Issues Topic

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Solid notes that can be used for studying economics in year 12. Learning content is important but remember it's important to practice past papers!

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26 Pages Complete Study Notes > 2 Years old
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Topics this document covers:
Economy Economics Macroeconomics Unemployment Aggregate demand Full employment Inflation Labour economics NAIRU Economic equilibrium Natural rate of unemployment Minimum wage
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Topics this document covers:
Economy Economics Macroeconomics Unemployment Aggregate demand Full employment Inflation Labour economics NAIRU Economic equilibrium Natural rate of unemployment Minimum wage
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EXTERNAL STABILITY 5. DISTRIBUTION OF INCOME AND WEALTH 6. ENVIRONMENTAL SUSTAINABILITY Economic Growth Economic Growth: refers to an increase in the volume of goods and services that an economy produces over a period of time. - Real GDP: refers to the measurement of economic growth adjusted for inflation. - Nominal GDP: refers to the measurement of economic growth NOT adjusted for inflation. KEYNES’ MODEL FOR ECONOMIC GROWTH Aggregate supply (Y): refers to the total productive capacity of an economy during a given period of time (i.e. the potential output when all factors of production are fully utilised). Aggregate demand (AD): refers to the total demand for goods and services within the economy. Traditionally it was thought that the most important factor determining economic growth was the ability for firms to create goods and services (that is, aggregate suppl...
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