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O/L Unit 6: Economic indicators

Topic #
• Describe how the retail price index and consumer price index is calculated
Inflation and deflation
• Describe the causes of inflation
• Describe the consequences of inflation
• Describe the causes of deflation
• Describe the consequences of deflation
• Describe the changing patterns of employment
• Describe the changing levels of employment
• Discuss the causes of unemployment
• Discuss the consequences of unemployment
• Define Gross Domestic Product (GDP)
• Describe and have a general understanding of the causes of economic growth
• Describe and have a general understanding of the
consequences of economic growth
• Define the term recession
Living standards
Describe and evaluate simple measures and indicators of comparative living standards, such as:
• GDP per head
• Human Development Index (HDI)

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