Part 1 – Section A.6. Issues in macroeconomics

[Hameed]

CMA1.A6.a. identify the controversies surrounding the issues of inflation, unemployment, and economic growth

CMA1.A6.b. define the rate of inflation

CMA1.A6.c. distinguish nominal from real income

CMA1.A6.d. list the macroeconomic effects of inflation

CMA1.A6.e. define demand-pull inflation and cost-push inflation

CMA1.A6.f. define the unemployment rate

CMA1.A6.g. identify and define the different types of unemployment, including frictional unemployment, structural unemployment, and cyclical unemployment

CMA1.A6.h. explain full employment, including the concepts of the natural rate of unemployment and the economy’s potential output

CMA1.A6.i. describe the macroeconomic effects of unemployment

CMA1.A6.j. interpret the graphical representation of the trade-off between inflation and unemployment

CMA1.A6.k. demonstrate an understanding of aggregate demand and aggregate supply both in the short run and long run, including the graphical representation of both

CMA1.A6.l. define economic growth and explain why it is an economic goal

CMA1.A6.m. interpret the production possibilities curve

CMA1.A6.n. demonstrate an understanding of demand-side and supply-side policies as used to increase economic growth and identify the limitations of each

CMA1.A6.o. determine the impact of demand-side and supply-side policies on a firm

CMA1.A6.p. determine the impact of inflation on the demand for and price of a firm’s output

CMA1.A6.q. determine the impact of inflation on the supply and cost of a firm’s factors of production

[SOBHY230]

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