ECONOMICS
Topic 4: Economic Policies and Management
Apply economic skills
- explain, using economic theory, the general effects of macroeconomic and microeconomic policies on an economy.
Students learn about:
Microeconomic policies
- rationale for microeconomic policies including shifts in aggregate supply, efficiency
- effects of microeconomic policies on individual product and factor markets, individual industries and the economy.
Limitations of economic policies
- Policy responses and their effects in dealing with the economic objectives:
- economic growth and quality of life
- full employment
- price stability
- distribution of income.