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English 17 Public

Economics AS level revision

Study Slideshow

Investment sign (1 char)

Government spending sign (1 char)

Exports sign (1 char)

Saving sign (1 char)

Taxation sign (1 char)

Imports sign (1 char)

A simplified circular flow model

List all injections.

investment, government spending, exports

List all leakages

Import, taxation, saving

Equilibrium income in a two-sector economy

A rise in investment in a two-sector economy

Equilibrium income in a four-sector economy

Impact of a rise in taxation on equilibrium income in a four-sector economy

What is the Gini coefficient?

It is a numerical measure of the extent of income inequality in an economy.

Give economic reason for inequality of income or wealth

poor infrastructure, poor vocational training, lack of employment opportunities, low rate of savings

What are the methods of measuring GDP?

output method, income method, expenditure method.