Classic effects

Question 1

Classic micro effects (15)

Answer 1

• Price
• Quantity/Quality
• Elasticity
• Demand/Supply
• Costs of production
• Consumer/producer surplus
• Revenue/Proft
• Gov revenue/cost
• Stakeholder
• Market failures
• Government failure
• Competition/market structures
• Efficiency/productivity
• Wages/employment
• Equity/inequity

Question 2

Classic macro effects (12)

Answer 2

• AD/AS
• Growth
• Unemployment
• Inflation/deflation
• Trade (current account)
• Income inequality
• Gov. Finances
• Multiplier
• International competitiveness
• Exchange rate change
• Protectionist measures
• Living Standards/poverty