IB ECONOMICS ch 13&14

What are the five variables of macroeconomics?

Name and describe the three methods for measuring national income.

Define and explain the significance of the following

What’s the difference between “nominal” and “real” GDP/GNI?

Why is GDP or GNI often described as “per capita?”

Why do people gather GNI information? (five reasons)

What are five things that do NOT get recorded in GDP/GNI? Give examples for each.

Describe the business cycle

What are three alternative measures of economic well-being?

Define “Aggregate Demand” (AD)

An AD curve looks and acts just like a regular microeconomics demand curve, but there are some important differences to be aware of. What are the differences in how the X and Y axis are labeled?

Why is there a Y on the X axis?????? What does it mean?

What are the four components of AD?

What six things that contribute to changes in consumption? Summarize each one with a sentence. (There are only 5 in the book, you will need to get the sixth from class)

How are changes in investment similar to changes in consumption? Explain

How do changes in government spending impact AD

What are five things that can impact the level of imports and exports?