Course review
Review each learning objective in this topic, then open its concept explanation or question set.
Learning objective
• Supply-side policies aim to increase productive capacity and long-term growth • Goals include competition, efficiency, labour market flexibility, lower inflation, international competitiveness, and incentives for innovation
Start with the concept explanation, then practise to create mastery evidence.
Learning objective
• Competition policies include deregulation, privatization, trade liberalization, and anti-monopoly regulation • Labour market policies include reducing union power, reducing unemployment benefits, and abolishing minimum wages • Incentive policies include personal income tax cuts, business tax cuts, and capital gains tax cuts • Diagram: AD/AS and LRAS showing effects of supply-side policies • Diagram: minimum wage
Start with the concept explanation, then practise to create mastery evidence.
Learning objective
• Interventionist policies include education, training, health care, research and development, infrastructure, and industrial policies • These policies target quality and quantity of factors of production
Start with the concept explanation, then practise to create mastery evidence.
Learning objective
• Supply-side policies can have demand-side effects • Fiscal policies can have supply-side effects
Start with the concept explanation, then practise to create mastery evidence.
Learning objective
• Market-based constraints include equity issues, time lags, vested interests, and environmental impact • Interventionist constraints include costs and time lags • Market-based strengths include improved resource allocation and no direct burden on the government budget • Interventionist strengths include direct support for sectors important for growth • Evaluation considers growth, unemployment, and price stability
Start with the concept explanation, then practise to create mastery evidence.