The UK Economy: Performance and Policies

Economic Growth

• [ ] Real and nominal GDP
• [ ] GDP and GNI
• [ ] Understanding of Purchasing Power Parities
• [ ] Limitations of GDP when measuring living standards
• [ ] Economic well-being and happiness

Inflation

• [ ] Process of calculating the rate of inflation using CPI
• [ ] Limitations of CPI as a measure of inflation
• [ ] Causes of inflation (demand-pull, cost-push, money supply)
• [ ] Effects of inflation on consumers, firms, the government and workers
• [ ] Disinflation and deflation (causes, effects, policies)

Unemployment

• [ ] Measures of unemployment
• [ ] Under-employment
• [ ] Economic inactivity
• [ ] Causes of unemployment
• [ ] Significance of migration and skills for employment & unemployment
• [ ] Effects of unemployment on consumers, firms, workers, the government and society