Edexcel A-Level Economics AS 2.3.1 1a Rate of Change of Real Gross Domestic Product Gdp As a Measure of Economic Growth and Topic Practice

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Pearson Edexcel IAL Economics

Unit 1: Markets in Action

1.3.1 - Introductory concepts

1.3.2 - Consumer behaviour and demand

1.3.4 - Price determination

1.3.5 - Market failure

1.3.6 - Government intervention in markets

Unit 2: Macroeconomic Performance and Policy

2.3.1 - Measures of economic performance

2.3.1.1a - rate of change of real Gross Domestic Product (GDP) as a measure of economic growth and

2.3.1.1b - Gross National Income (GNI) as an alternative measure of national income

2.3.1.1c - distinction between the following measures of GDP/GNI: • real and nominal • total and

2.3.1.1d - Comparison of GDP/GNI rates of growth between countries and over time

2.3.1.1e - concept of Purchasing Power Parities (PPPs) in making international comparisons of real

2.3.1.1f - distinction between positive economic growth rates and negative economic growth rates

2.3.1.1g - concept of 'recession' as two consecutive quarters of negative economic growth

2.3.1.1h - limitations of using GDP/GNI to compare living standards between countries and over time

2.3.1.1i - National happiness and wellbeing: • indicators of national happiness and wellbeing •

2.3.1.2a - concepts of inflation, deflation and disinflation

2.3.1.2b - Calculating inflation using a consumer price index (CPI), including role of weighted

2.3.1.2c - Limitations of the CPI as a measure of the rate of inflation

2.3.1.2d - producer (wholesale) price index as an indicator of future trends in the rate of

2.3.1.2e - Causes of inflation: • demand-pull • cost-push • excessive growth of money supply

2.3.1.2f - Causes of deflation: • falling aggregate demand (AD) • increase in aggregate supply

2.3.1.2g - Effects of inflation and deflation on: (continued) • Consumers • the government • firms

2.3.1.3a - unemployment is measured, using the International Labour unemployment Organization

2.3.1.3b - causes of unemployment: • frictional • seasonal • structural • demand deficiency • real

2.3.1.3c - effects of unemployment on: • consumers • firms • workers • public finances • resource

2.3.1.3d - distinction between unemployment and underemployment

2.3.1.3e - significance of changes in rates of employment, unemployment and economic inactivity

2.3.1.3f - significance of net migration for employment and unemployment

2.3.1.4a - Components of the balance of payments, with particular payments reference to the

2.3.1.4b - distinction between deficits and surpluses in the trade in goods and services balance

2.3.1.4c - distinction between balance of payments deficits and surpluses on the current account

2.3.2 - Aggregate demand (AD)

2.3.3 - Aggregate supply (AS)

2.3.4 - National income

2.3.5 - Economic growth

2.3.6 - Macroeconomic objectives and policies

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