Economics and finance
GDP: Measuring national income
Circular flow of income and expenditure. Gross domestic product.
Inflation - measuring the cost of living
Inflation and deflation. CPI-U. Real and nominal return. Phillips Curve.
Aggregate demand and aggregate supply
Aggregate demand and aggregate supply. Keynesian thinking. Demand-pull and cost-push inflation. Fiscal and monetary policy.
The monetary system
Fractional reserve banking and the money supply.
Income and expenditure: Keynesian cross and IS-LM model
Consumption function. Marginal propensity to consume and multiplier. Keynesian Cross and IS-LM model.
Foreign exchange and trade
Balance of payments. Current account. Capital account. Currency reserves and speculative attacks.