ECS2602 Macroeconomics (ECS2602)

ECS2602 - PAST EXAM PACK SOLUTIONS & BRIEF NOTES

Balance of Payments Issued by a Country: Deficit or Surplus? Introduction to Balance of Payments What is a Deficit or Surplus? Causes of Deficits and Surpluses Balancing a Country's Balance of Payments Impact of Balance of Payments Deficits and Surpluses on the Economy Conclusion

Economic Recession Definition Examples Causes of Recession Impact of Recession The measures/solutions to the economic downturn

Fiscal Policy vs. Monetary Policy Definitions Expansionary vs Contractionary for both fiscal and monetary policy Fiscal policies are used by policymakers to influence economic demand Examples of monetary policy instruments Fiscal policy strengths and weaknesses Monetary policy strengths and weaknesses

- What is the Production Possibility Frontier? - How to determine the PPOF? - Uses and Applications - Drawbacks of the PPOF Takeaway: The PPOF is a production function that determines the maximum physical output that can be achieved given all other inputs. The PPOF can be applied in many different settings including manufacturing, finance, and social sciences. The PPOF is the limitation of resources and must be considered before setting goals and objectives.

They are all caused by scarcity, because the people concerned cannot consume as much as they would like.

What is the role of government in a mixed economy?

ECS2602 - PAST EXAM PACK SOLUTIONS & BRIEF NOTES - 2022

ECS2602 - PAST EXAM PACK SOLUTIONS & BRIEF NOTES - 2022