Unit 2 Exam Revisions

Distinguish between Microeconomics and Macroeconomics

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Describe two examples of the investment component of GDP

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Identify the GDP formula.

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Explain how the money flow from government to firm in the circular flow model?

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Money flows from households to foreign economies when households pay for exports

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Explain the likely effect of Country A's consumption, government spending and exports component of GDP if the trading partners are having a recession.

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List the three limitations of GDP as a measurement of economic well-being.

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Distinguish between comparative advantage and absolute advantage.

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Calculate the inflation rate for the year 2024/25.

List 3 negative consequences of high inflation.

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