Learning outcomes

At the end of this Unit students will be able to

With regards to prices

• describe how the retail price index is calculated;
• discuss the causes and consequences of inflation.

With regards to employment

• describe the changing patterns and levels of employment;
• discuss the causes and consequences of unemployment.

With regards to output

• define Gross Domestic Product (GDP);
• describe simple measures and indicators of comparative living standards, such as GDP per head, Human Development Index (HDI).