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Economics 12 Notes Chapters 6-10 with Graphs & Examples $8.06   Add to cart
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Economics 12 Notes Chapters 6-10 with Graphs & Examples
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  • Course
  • Economics
  • Institution
  • 12th Grade

Full notes of chapters 6-10 of Grade 12 economics with graphs, images, and examples + definitions of important terms. Course taken in British Columbia but with widely used curriculum applicable in other provinces. Material has parallels with university economics courses and can be used as an introd...

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Last document update: 2 months ago

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Document information

  • September 3, 2024
  • September 3, 2024
  • 38
  • 2023/2024
  • Class notes
  • Evie foster
  • Only covers modules 6-10 of 10

Subjects

  • economics
  • macroeconomics
  • trade
  • supply demand
  • monetary policy
  • fiscal policy
  • microeconomics
  • consumer
  • elasticity
  • income
  • graphs
  • accounting
  • marketing
  • production
  • cost
  • market
  • market str
  • notes
  • summary
  • profit

Written for

  • Secondary school
  • 12th Grade
  • Economics
  • 1
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Module 6 : Macroeconomics – Measurement, Growth &
Trade

6.1 Introduction

Major economic goals
1. Economic growth
2. Full employment
3. Economic efficiency
4. Price stability
5. Balanced trade

GDP Measurement

Circular flow model: diagram of how households and firms exchange factors of
production in domestic economy
Aggregate expenditures = aggregate income




National income method
Using GDP – value of all final goods/services produced
• Sum of incomes received for factors of production
• Adjusted by
o Adding indirect taxes
o Subtracting subsidies
o Adding depreciation (Capital Cost Allowance)
Personal income: income received by households before taxes
Disposable income: income after taxes
1. Consumption
2. Saving
GDP = (C+I+G+(X-M))
Consumption: includes all goods & services
• Nondurable goods: tangible items consumed in a short period of time
• Durable goods: longer-lasting consumer goods

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