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Macroeconomics unit What you should know by now
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You should be able to : Define the following: Gross Domestic Product (GDP) & the 4 components Unemployment Consumer Price Index (CPI) Economic Growth Inflation Stagflation Aggregate Demand Aggregate Supply
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Understand & explain: Overall levels of income, employment & prices are determined by spending decisions of C+I+G+NX Explain: How are economic growth, inflation & unemployment calculated Identify: 3 types of unemployment Define: 4 stages of the business cycle Recession, depression
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