AS-AD Models/National Income Determination
H2 Economics Only
The derivation of national income comes about at the point where aggregate demand meets aggregate supply on the AS-AD model. Students are therefore expected to understand the graphical representation of the AS-AD model as well as the various scenarios that arise when aggregate demand is more or less than aggregate supply.
Economics Tuition: Using the Production Possibility Curve, explain how an increase in government spending contributes to economic growth
Economic growth refers to the growth of production, seen in terms of actual and potential production capacity. Actual economic growth, also known as short term growth, is commonly measured in terms of a percentage change in the real Gross Domestic Product (GDP). The...read more