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Economic Issues Topic 3 Notes

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HSC economics topic 3 detailed summary notes, specifying differences between AD & GDP, relationship between Keynesian Cross model, AD/AS model and Philips curve.

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33 Pages Complete Study Notes < 1 Year old
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Topics this document covers:
Economics Economy Macroeconomics Keynesian economics AD–AS model Aggregate supply Aggregate demand Labour economics Unemployment Full employment Inflation Economic growth
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:
Economics Economy Macroeconomics Keynesian economics AD–AS model Aggregate supply Aggregate demand Labour economics Unemployment Full employment Inflation Economic growth
Sample Text:
National Income: total income received by all households in payment for the services of factors of production during a fixed period. Real GDP: GDP adjusted for changes in the level of inflation against a base year. CPI: index that summarises the weighted average prices of a basket of popular consumer goods and services. Real GDP = Nominal GDP × Base Current CPI (100) CPI Economic growth: increase in an economy’s productive capacity over time. Economic growth or rate of economic growth is measured in terms of the annual or quarterly % change in real GDP. Economic growth % = real GDP current real GDP year (previous −real GDP year) (previous year) Basic National Accounting Identity: the value of GDP and national income will a...
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