1 min read
Edexcel A-Level Economics Notes | 2.6
* The four main macroeconomic objectives are economic growth, low unemployment, stable inflation rate, and a balance of payments on the current account.
* Other objectives: balanced budget, less environmental damage and less income inequality.
1 min read
Edexcel A-Level Economics Notes | 2.5
* Economic growth: an increase in real GDP.
* Actual growth: an increase in real GDP.
* Potential growth: an increase in capacity (right shift in LRAS or the PPF).
* Export-led growth leads to (X-M) increasing,
3 min read
Edexcel A-Level Economics Notes | 3.5
* Labour market: a place where employers and employees meet to exchange labour for wage.
* Demand for labour: the number of workers that firms are willing and able to hire at each wage rate.