Economic Indicators

With regards to prices, candidates should be able to:

• describe how a consumer prices index/retail prices index is calculated
• discuss the causes and consequences of inflation
• discuss the causes and consequences of deflation.

With regards to employment, candidates should be able to:

• describe the changing patterns and levels of employment
• discuss the causes and consequences of unemployment.

With regards to output, candidates should be able to:

• define Gross Domestic Product (GDP)
• describe and have a general understanding of the causes and consequences of economic growth define the term recession
• describe and evaluate measures and indicators of comparative living standards, such as GDP per head, Human Development Index (HDI).