Describe the terminology of macroeconomics including GDP, GNP, national income, business cycles, monetary policy, fiscal policy, inflation, unemployment

Describe the terminology of macroeconomics including GDP, GNP, national income, business cycles,
monetary policy, fiscal policy, inflation, unemployment

Economics
Course Learning Outcomes:
-Describe the terminology of macroeconomics including GDP, GNP, national income, business cycles,
monetary policy, fiscal policy, inflation, unemployment
-Apply the concepts of choice and opportunity cost to basic situations involving scarcity and choice.
-Analyse and distinguish the concept of aggregate demand, aggregate supply and macroeconomic
equilibrium
-Discuss and describe the concepts, tools, and implementation of monetary and fiscal policies.
-Comprehend the relevance and importance of circular flow of the economy

Q.1 =   Using the data below:

A= Find out the Quantity demanded by the second and third consumers, and the market demand
B= Draw the Demand Curve for each Buyers and the market demand

P    QD1    QD2    QD3    QDM
5    60
10    50
15    40
20    30
25    20
30    10
35    5

Q.2 =   Using the data below:

A= Find out the Quantity produced by the second and third producer, and the marketsupply

B= Draw the Supply Curve for each producer and the market supply.

P    QS1    QS2    QS3    QSM
5    5
10    10
15    20
20    30
25    40
30    50
35    60

Q.3 = Using the data from Q.1 & Q.2 above:

Draw the market demand and the market supply curves and show the equilibrium between
the demand and supply .
Q. 4 = Show with the help of diagrams the effects of the changes either in demand or in supply

on the market equilibrium ,MENTION THE REASONS AND THE RESULT:

1) – A change in demand and supply moves in the same direction (increases OR decreases)

2) – A change in demand and supply moves in the opposite direction
(Increases&Decreases)

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