Economic Indicators
Economic Indicators
With regards to prices, candidates should be able to:
- describe how a consumer prices index/retail prices index is calculated
- discuss the causes and consequences of inflation
- discuss the causes and consequences of deflation.
With regards to employment, candidates should be able to:
- describe the changing patterns and levels of employment
- discuss the causes and consequences of unemployment.
With regards to output, candidates should be able to:
- define Gross Domestic Product (GDP)
- describe and have a general understanding of the causes and consequences of economic growth define the term recession
- describe and evaluate measures and indicators of comparative living standards, such as GDP per head, Human Development Index (HDI).
