Unit 3 AOS 2.docx - Key knowledge The nature and purpose of economic activity the difference between material and non-material living standards factors

Unit 3 AOS 2.docx - Key knowledge The nature and purpose of...

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Key knowledge The nature and purpose of economic activity •the difference between material and non-material living standards• factors that may influence living standards including access to goods and services, environmental quality, physical and mental health, life expectancy, crime rates and literacy rates • the circular flow model of income including the role of households, businesses, government, financial institutions and the external sector in an open contemporary macroeconomy • the nature and causes of the business cycle • the meaning and importance of aggregate demand and the factors that may influence the level of aggregate demand in the economy: changes in the general level of prices, disposable income, interest rates, consumer confidence, business confidence, the exchange rate and ratesof economic growth overseas • the aggregate demand curve • the meaning and importance of aggregate supply and the factors that may influence the level

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