Revise AQA macroeconomics with interactive flashcards written to the AQA (7136) specification — the objectives AQA names, its index-number and national-income measurement toolkit, and AD/AS analysis in AQA's own framing. Flip each card to check yourself, rate how well you knew it, and the deck brings back the cards you found hard. Every card links to the revision notes page that teaches it, and the deck is growing.
102 cards · 25 topics · AQA Macroeconomics
State the four main objectives of government macroeconomic policy in the AQA specification.
Economic growth; price stability (low and stable inflation — the UK's 2% CPI target); minimising unemployment; and a stable balance of payments on current account.
AQA also expects awareness of further objectives — balancing the government budget, a more equitable distribution of income, and environmental protection — and that the importance attached to each objective changes over time.
State the formulas for the unemployment rate and the employment rate.
The unemployment rate is the percentage of the labour force unemployed and actively seeking work. The employment rate is the percentage of the working-age population in work.
The denominators differ — someone economically inactive is in neither numerator, so the two rates can move independently.
Draw the circular flow of income for a simple two-agent economy.
Households and firms are linked by two pairs of flows. Real flows: households provide the factors of production — land, labour, capital, enterprise — and firms provide goods and services.
Money flows: firms pay income — rent, wages, interest, profit — and households return it as consumer expenditure, which becomes firms' revenue. The same flow measured at any point gives income = output = expenditure.
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