3.1
Measuring economic activity and illustrating its variations
National income accounting, GDP and GNI, real and per-capita measures, PPP, business cycles, economic well-being
3.2
Variations in economic activity — aggregate demand and aggregate supply
Aggregate demand, Short-run aggregate supply, LRAS, Keynesian AS, Macroeconomic equilibrium, Output gaps
3.3
Macroeconomic objectives
Economic growth, Unemployment, Inflation and deflation, Government debt, Conflicting objectives
3.4
Economics of inequality and poverty
Equality and equity, Lorenz curves, Gini coefficient, poverty measurement, causes and impacts of inequality, redistributive taxation, non-tax policies
3.5
Demand management (demand-side policies) — monetary policy
Central banks, interest rates, money creation, policy transmission, macroeconomic stabilization
3.6
Demand management — fiscal policy
Government revenue and expenditure, Fiscal objectives, Demand management, Keynesian multiplier, Policy effectiveness, Crowding out, Automatic stabilizers
3.7
Supply-side policies
Productive capacity, Market-based reform, Government investment, AD/AS analysis, Policy effectiveness
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