2.3.1 - Measures of economic performance

The rate of change of real Gross Domestic Product (GDP) as a measure of economic growth and living standards.

Use a - rate of change of real gross domestic product (gdp) as a measure of economic growth and to connect the rule to the data and decision in the question.

This matters because a - rate of change of real gross domestic product (gdp) as a measure of economic growth and determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply a - rate of change of real gross domestic product (gdp) as a measure of economic growth and to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: a - rate of change of real Gross Domestic Product (GDP) as a measure of economic growth and is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

Gross National Income (GNI) as an alternative measure of national income.

Use b - gross national income (gni) as an alternative measure of national income to connect the rule to the data and decision in the question.

This matters because b - gross national income (gni) as an alternative measure of national income determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply b - gross national income (gni) as an alternative measure of national income to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: b - Gross National Income (GNI) as an alternative measure of national income is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

The distinction between the following measures of GDP/GNI:; real and nominal; total and per capita; value and volume.

Use c - distinction between the following measures of gdp/gni: • real and nominal • total and to connect the rule to the data and decision in the question.

This matters because c - distinction between the following measures of gdp/gni: • real and nominal • total and determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply c - distinction between the following measures of gdp/gni: • real and nominal • total and to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: c - distinction between the following measures of GDP/GNI: • real and nominal • total and is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

Comparison of GDP/GNI rates of growth between countries and over time.

Use d - comparison of gdp/gni rates of growth between countries and over time to connect the rule to the data and decision in the question.

This matters because d - comparison of gdp/gni rates of growth between countries and over time determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply d - comparison of gdp/gni rates of growth between countries and over time to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: d - Comparison of GDP/GNI rates of growth between countries and over time is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

The concept of Purchasing Power Parities (PPPs) in making international comparisons of real GDP/GNI.

Use e - concept of purchasing power parities (ppps) in making international comparisons of real to connect the rule to the data and decision in the question.

This matters because e - concept of purchasing power parities (ppps) in making international comparisons of real determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply e - concept of purchasing power parities (ppps) in making international comparisons of real to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: e - concept of Purchasing Power Parities (PPPs) in making international comparisons of real is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

The distinction between positive economic growth rates and negative economic growth rates.

Use f - distinction between positive economic growth rates and negative economic growth rates to connect the rule to the data and decision in the question.

This matters because f - distinction between positive economic growth rates and negative economic growth rates determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply f - distinction between positive economic growth rates and negative economic growth rates to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: f - distinction between positive economic growth rates and negative economic growth rates is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

The concept of 'recession' as two consecutive quarters of negative economic growth.

Use g - concept of 'recession' as two consecutive quarters of negative economic growth to connect the rule to the data and decision in the question.

This matters because g - concept of 'recession' as two consecutive quarters of negative economic growth determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply g - concept of 'recession' as two consecutive quarters of negative economic growth to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: g - concept of 'recession' as two consecutive quarters of negative economic growth is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

The limitations of using GDP/GNI to compare living standards between countries and over time.

Use h - limitations of using gdp/gni to compare living standards between countries and over time to connect the rule to the data and decision in the question.

This matters because h - limitations of using gdp/gni to compare living standards between countries and over time determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply h - limitations of using gdp/gni to compare living standards between countries and over time to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: h - limitations of using GDP/GNI to compare living standards between countries and over time is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

National happiness and wellbeing:; indicators of national happiness and wellbeing; the relationship between real incomes and subjective happiness.

Use i - national happiness and wellbeing: • indicators of national happiness and wellbeing • to connect the rule to the data and decision in the question.

This matters because i - national happiness and wellbeing: • indicators of national happiness and wellbeing • determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply i - national happiness and wellbeing: • indicators of national happiness and wellbeing • to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: i - National happiness and wellbeing: • indicators of national happiness and wellbeing • is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

The concepts of inflation, deflation and disinflation.

Use a - concepts of inflation, deflation and disinflation to connect the rule to the data and decision in the question.

This matters because a - concepts of inflation, deflation and disinflation determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply a - concepts of inflation, deflation and disinflation to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: a - concepts of inflation, deflation and disinflation is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

Calculating inflation using a consumer price index (CPI), including role of weighted basket of goods and services.

Use b - calculating inflation using a consumer price index (cpi), including role of weighted to connect the rule to the data and decision in the question.

This matters because b - calculating inflation using a consumer price index (cpi), including role of weighted determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply b - calculating inflation using a consumer price index (cpi), including role of weighted to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: b - Calculating inflation using a consumer price index (CPI), including role of weighted is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

Limitations of the CPI as a measure of the rate of inflation.

Use c - limitations of the cpi as a measure of the rate of inflation to connect the rule to the data and decision in the question.

This matters because c - limitations of the cpi as a measure of the rate of inflation determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply c - limitations of the cpi as a measure of the rate of inflation to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: c - Limitations of the CPI as a measure of the rate of inflation is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

The producer (wholesale) price index as an indicator of future trends in the rate of inflation.

Use d - producer (wholesale) price index as an indicator of future trends in the rate of to connect the rule to the data and decision in the question.

This matters because d - producer (wholesale) price index as an indicator of future trends in the rate of determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply d - producer (wholesale) price index as an indicator of future trends in the rate of to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: d - producer (wholesale) price index as an indicator of future trends in the rate of is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

Causes of inflation:; demand-pull; cost-push; excessive growth of money supply.

Use e - causes of inflation: • demand-pull • cost-push • excessive growth of money supply to connect the rule to the data and decision in the question.

This matters because e - causes of inflation: • demand-pull • cost-push • excessive growth of money supply determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply e - causes of inflation: • demand-pull • cost-push • excessive growth of money supply to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: e - Causes of inflation: • demand-pull • cost-push • excessive growth of money supply is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

Causes of deflation:; falling aggregate demand (AD); increase in aggregate supply (AS); fall in the money supply.

Use f - causes of deflation: • falling aggregate demand (ad) • increase in aggregate supply to connect the rule to the data and decision in the question.

This matters because f - causes of deflation: • falling aggregate demand (ad) • increase in aggregate supply determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply f - causes of deflation: • falling aggregate demand (ad) • increase in aggregate supply to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: f - Causes of deflation: • falling aggregate demand (AD) • increase in aggregate supply is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

Effects of inflation and deflation on: (continued); Consumers; the government; firms; workers; income distribution; investment; competitiveness; the current account of the balance of payments.

Use g - effects of inflation and deflation on: (continued) • consumers • the government • firms to connect the rule to the data and decision in the question.

This matters because g - effects of inflation and deflation on: (continued) • consumers • the government • firms determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply g - effects of inflation and deflation on: (continued) • consumers • the government • firms to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: g - Effects of inflation and deflation on: (continued) • Consumers • the government • firms is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

How unemployment is measured, using the International Labour unemployment Organization (ILO) definition.

Use a - unemployment is measured, using the international labour unemployment organization to connect the rule to the data and decision in the question.

This matters because a - unemployment is measured, using the international labour unemployment organization determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply a - unemployment is measured, using the international labour unemployment organization to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: a - unemployment is measured, using the International Labour unemployment Organization is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

The causes of unemployment:; frictional; seasonal; structural; demand deficiency; real wage inflexibility.

Use b - causes of unemployment: • frictional • seasonal • structural • demand deficiency • real to connect the rule to the data and decision in the question.

This matters because b - causes of unemployment: • frictional • seasonal • structural • demand deficiency • real determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply b - causes of unemployment: • frictional • seasonal • structural • demand deficiency • real to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: b - causes of unemployment: • frictional • seasonal • structural • demand deficiency • real is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

The effects of unemployment on:; consumers; firms; workers; public finances; resource utilisation and production possibility frontier; society.

Use c - effects of unemployment on: • consumers • firms • workers • public finances • resource to connect the rule to the data and decision in the question.

This matters because c - effects of unemployment on: • consumers • firms • workers • public finances • resource determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply c - effects of unemployment on: • consumers • firms • workers • public finances • resource to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: c - effects of unemployment on: • consumers • firms • workers • public finances • resource is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

The distinction between unemployment and underemployment.

Use d - distinction between unemployment and underemployment to connect the rule to the data and decision in the question.

This matters because d - distinction between unemployment and underemployment determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply d - distinction between unemployment and underemployment to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: d - distinction between unemployment and underemployment is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

The significance of changes in rates of employment, unemployment and economic inactivity.

Use e - significance of changes in rates of employment, unemployment and economic inactivity to connect the rule to the data and decision in the question.

This matters because e - significance of changes in rates of employment, unemployment and economic inactivity determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply e - significance of changes in rates of employment, unemployment and economic inactivity to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: e - significance of changes in rates of employment, unemployment and economic inactivity is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

The significance of net migration for employment and unemployment.

Use f - significance of net migration for employment and unemployment to connect the rule to the data and decision in the question.

This matters because f - significance of net migration for employment and unemployment determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply f - significance of net migration for employment and unemployment to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: f - significance of net migration for employment and unemployment is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

Components of the balance of payments, with particular payments reference to the current account.

Use a - components of the balance of payments, with particular payments reference to the to connect the rule to the data and decision in the question.

This matters because a - components of the balance of payments, with particular payments reference to the determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply a - components of the balance of payments, with particular payments reference to the to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: a - Components of the balance of payments, with particular payments reference to the is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

The distinction between deficits and surpluses in the trade in goods and services balance.

Use b - distinction between deficits and surpluses in the trade in goods and services balance to connect the rule to the data and decision in the question.

This matters because b - distinction between deficits and surpluses in the trade in goods and services balance determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply b - distinction between deficits and surpluses in the trade in goods and services balance to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: b - distinction between deficits and surpluses in the trade in goods and services balance is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.

The distinction between balance of payments deficits and surpluses on the current account.

Use c - distinction between balance of payments deficits and surpluses on the current account to connect the rule to the data and decision in the question.

This matters because c - distinction between balance of payments deficits and surpluses on the current account determines what can be inferred or chosen; begin with the stated conditions and keep the conclusion tied to the evidence.

Example: apply c - distinction between balance of payments deficits and surpluses on the current account to one small, clearly defined case, show the key step or comparison, and explain the result in words.

Boundary: c - distinction between balance of payments deficits and surpluses on the current account is not a universal recommendation. Check the syllabus scope, assumptions, units and the limits of the evidence before generalising.