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A model showing possible combinations of two goods that can be produced using current resources

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Model showing the cycle the economy goes through over time - includes growth, peak, recession and trough stages

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Shows how the five main sectors of the economy are interdependent through both real flows and money flows

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Shows the quantities of a good or service that will be produced at given prices

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Monetary policy is the control of the quantity of money available in an economy and the channels by which new money is supplied

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without a paid job but available to work

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an increase in the amount of goods and services produced per head of the population over a period of time

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a persistent increase in the general price level

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not being in paid employment or self-employment but currently available for work during the reference period

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nominal - gdp at current market prices
real - inflated/deflated to measure at constant prices

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- At any point some workers are in between jobs
- This may be voluntary/ involuntary - haven't chosen to be unemployed
e.g. Seasonal, bad weather, first job, inevitable

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Equlibrium where supply and demand curves meet

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Equlibrium where supply and demand curves meet

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Resources are things used to satisfy needs and wants

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Resources are things used to satisfy needs and wants

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Capital resources
labour resources
enterprise

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things used to satisfy needs
- natural
- capital
- enterprise
- labour

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Human, Capital and Natural

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the total market value of all final goods and services produced in the ecomony n a specific period

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Lowering interest rates

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Persistent increase in the general price level

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Persistent increase in the general price level

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elected efficiency - resources most wanted by society
productive efficiency - using the least costly production techniques

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GDP per Capita - GDP divided by population

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GDP per Capita - GDP divided by population

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consumer surplus and producer surplus

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- Geographic location of labor - difference between where people live and where the job exists
- mismatch of skills - Trained in something that there are not many job available for
- People unwanted in the workplace
- causes serious economic problem if people are unemployed for a long period of time

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under employment not having enough paid work or not doing work that makes full use of skills and abilities 

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under employment not having enough paid work or not doing work that makes full use of skills and abilities 

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money supply

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features
- acceptable
-  legal tender
- relatively scarce
- durable
- recognisable
- portable
- divisible

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the exchange of goods and services between countries.

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- Main factor causing changes in supply is price

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- medium of exchange
- unit of account
- store of value

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household - higher standard of living
government - higher taxation revenue
firm - higher revenue, higher sales
financial - increased savings from households means more funds are available to lend