Questions:
1. What are five macroeconomic goals?
2. Draw the Circular Flow of Income, including the five sectors of firms, households, financial sector, government and overseas sector.
3. Identify and outline one alternative measure of social welfare. How is it different to GDP?
4. What is the Business Cycle? Draw it and outline 2 of its major causes.
5. List and describe the components of Aggregate Demand.
6. Use the aggregate expenditure diagram to demonstrate macroeconomic equilibrium.
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