MACROeconomics 15 Minute Review

Mr. Clifford provides a comprehensive review of macroeconomics, covering key concepts such as scarcity, economic systems, GDP, aggregate demand and supply, fiscal and monetary policy, money and banking, and trade and foreign exchange. The video explains the circular flow model, types of unemployment, inflation, the business cycle, and the Phillips curve. It also discusses fiscal and monetary policies, including their effects on the economy, and explores the balance of payments and currency appreciation and depreciation.

What is the definition of scarcity in economics?

Explain the concept of the production possibilities curve.

What are the three types of economic systems?

Describe the concept of comparative advantage.

What is GDP and how is it measured?

What are the different types of unemployment?

What is crowding out in the context of fiscal policy?

Explain the difference between nominal and real interest rates.

What is the balance of payments and its components?

How do interest rates affect foreign exchange rates?