Jaisul Naik

* Aggregate supply is the volume of goods and services produced in the economy at each price level. * In the short-run, at least one factor of production is fixed. * In the long-run, all factors

* Aggregate demand is the total planned spending in the economy at every price level. * A change in any of the following factors or sub-factors will lead to a shift in AD. * AD = C

2.1.1 Economic Growth * Macroeconomics is about the UK economy as a whole. * The 4 main macroeconomic objectives are economic growth, stable prices (2% inflation), low unemployment (below 4.5%) and a

1.1.1 The Nature of Economics * Economists need to make assumptions and develop models to make decisions. * Ceteris paribus: hold everything else constant. * Economists cannot conduct scientific experiments. 1.1.2 Positive