Candidates must be able to demonstrate apt knowledge of the following topics in government & the macro-economy.

Topic Candidates should be able to:
The role of government • the role of government
The macroeconomic aims of
• the macroeconomic aims of government
• possible conflicts between macroeconomic aims
Fiscal policy • definition of the budget
• reasons for government spending
• reasons for taxation
• classification of taxes
• principles of taxation
• impact of taxation
• definition of fiscal policy
• fiscal policy measures
• effects of fiscal policy on government macroeconomic aims
Monetary policy • definition of money supply and monetary policy
• monetary policy measures
• effects of monetary policy on government macroeconomic aims
Supply-side policy • definition of supply-side policy
• supply-side policy measures
• effects of supply￾side policy measures on government macroeconomic aims
Economic growth • definition of economic growth
• measurement of economic growth
• causes and consequences of recession
• causes of economic growth
• consequences of economic growth
• policies to promote economic growth
Employment and Unemployment • definition of employment, unemployment and full employment
• changing patterns and level of employment
• measurement of unemployment
• causes/types of unemployment
• consequences of unemployment
• policies to reduce unemployment
Inflation and Deflation • definition of inflation and deflation
• measurement of inflation and deflation
• causes of inflation and deflation
• consequences of inflation and deflation
• policies to control inflation and deflation

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