Class notes

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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Uploaded on September 3, 2024
File latest updated on September 3, 2024
Number of pages 38
Written in 2023/2024
Type Class notes
Professor(s) Evie foster
Contains Only covers modules 6-10 of 10

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

Institution Secondary school
Education 12th Grade
Course Economics
School year 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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