CAPE ECON Study Guide 1.docx
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CAPE ECON Study Guide 1.docx
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CAPEECONStudyGuide1
ForSelf-StudyandDistanceLearning
Thismaterialhasbeendevelopedfor
TheCaribbeanExaminationsCouncil®(CXC)
Copyright©2009CXC
Preparedby:
RogerHosein
Withcontributionsfrom:
SaceNarineandRebeccaGookool
TABLEOFCONTENTS
StudyGuides
Titles
Page
1
MODELSOFTHEMACROECONOMY(NATIONALINCOMEACCOUNTING)
1
2
MODELSOFTHEMACROECONOMY(CLASSICALMODELSOFTHEMACROECONOMY)
24
3
MACROECONOMICPROBLEMSANDPOLICIES(UNEMPLOYMENTANDINFLATION)
73
4
MACROECONOMICPROBLEMSANDPOLICIES(MONETARYANDFISCALTHEORIESANDPOLICIES)
96
5
GROWTH,SUSTAINABLEDEVELOPMENTANDGLOBALRELATIONS
137
INTRODUCTION
Purpose
TheCaribbeanExaminationsCouncil(CXC),hasdevelopedSelf-StudyGuidesforanumberofCaribbeanSecondaryEducationCertificate(CSEC)andCaribbeanAdvancedProficiencyExamination(CAPE)subjects.ThemainpurposeoftheGuidesistoprovidebothin-schoolandout-of-schoolcandidateswithresourcematerialswhichshouldhelptheminpreparingforCXCexaminations.EachStudyGuideisstudentcenteredanditslanguageisstudentfriendly.
TheEconomicsUnit2courseisdesignedforpersonsovertheageofsixteenwhowishtofurthertheirstudies.Thecourseisequallyusefultopersonswhoarepursuingpart-timestudyandthoseenrolledfull-timeinaneducationalinstitution.
Youmayhavecompletedfiveyearsofsecondaryeducation,oryoumaybeamaturestudentwithworkexperience.Thecourseisbasedontheassumptionthatyouarealreadyabletodothefollowing:
1.interpret,accurately,materialintendedfortheinformedlay-person;
2.expresspersonalopinionsandfactualinformation,clearly,demonstratinglogicalsequencingandappropriateEnglishregistersuptotheleveloftheCSECGeneralProficiencyoritsequivalent.
CourseAims
Thecourseaimstoenablestudentsto:
1.promoteunderstandingofthebasicprinciplesandconceptsofeconomicswhichareacceptedinlargemeasurebyeconomistswhilerecognisingthatthefieldischangingcontinuously;
2.developanappreciationofthevariousmethodsusedbyeconomistsinanalysingeconomicproblems;
3.developanunderstandingoftheglobaleconomyandoftherelationshipsbetweenrichandpoornationswithrespecttointernationaltradeandfinanceandthemostimportantinternationalfinancialinstitutions;
4.encouragestudentstoapplyeconomicprinciples,theoriesandtoolstoeverydayeconomicproblems,forexample,inflation,unemployment,environmentaldegradation,sustainabledevelopmentandexchangerateinstabilityandtocontributemeaningfullytoanydialogueontheseissues;
5.encouragestudentstoapplyeconomictheorytothecriticalissueswhichaffectthesmallopenCaribbean-typeeconomy;
6.encouragestudentstoevaluatecontentiouseconomicissuessothatdecision-makingmaybeinformedbylogicalandcriticalthinking;
7.sensitizestudentstotheneedforethicalbehaviourintheconductofeconomictransactions.
CourseStructure
ThecourseconsistsoffiveStudyGuides,whichareallbasedontheCAPEEconomicsUnit2Syllabus.EachStudyGuideaddressestheskillsandcontentofaspecificModuleoftheSyllabus.TheModuleonwhichtheStudyGuideisbasedisalwaysindicatedatthebeginningoftheStudyGuide.However,thesequenceoftheStudyGuidesdoesnotmirrorthatofthesyllabusModulessincethesyllabusModulesarenotboundbyarigidsequence.Thesequenceoftopicsinthiscourseisdesignedtofacilitatestudybyleadingyouthroughtopicsinawaywhichwillenableyoutobuildonpreviouslylearntskills.
WhatResourcesWillYouNeed?
RememberthattheseStudyGuideswillnotbeallthatyouneedtocompletethesyllabusandprepareforyourexamination.Youareexpectedtomakeuseoftheresourceslistedattheendofthecoursebookaswellasengageinotherwide,generalreading,whichwillimproveyourgeneralknowledge,vocabularyandstructuralcompetence.
Youwillalsoneedbasicstudyequipment,forexample,paper,pens,pencils,andhighlightersformarkingimportantpartsofthetext.Agooddictionaryandathesaurusarealsoessentialtothisprogramme.
ManagingYourTime
Remembertoputasidespecialtimeeachdayforgeneralreadinginadditiontoyourstudytime.
StudyGuideStructure
EachStudyGuideisdividedintoeightsectionstofacilitateyourstudy,asindicatedbelow:
(i)
Introduction
ThisplaceswhatyouareabouttostudyinthecontextofyoureverydaylifeandrelatesittowhatyouhavedoneinpreviousStudyGuides.
(ii)
Content
ThisliststhetopicsthataretobecoveredintheStudyGuides.
(iii)
Objectives
ThesehelpyoutoidentifythespecificskillsthatyoushouldhaveacquiredbytheendoftheStudyGuide.YoushouldreadthesecarefullytoacquaintyourselfwithwhatyouaremeanttobelearningduringtheStudyGuide.
(iv)
Activities
Instructionsareprovidedatthestartofeachactivity.Readallinstructionscarefullybeforeyouattempttheactivity.Someactivitiesrequireyoutothinkaboutsomethingbeforeyoureadanyfurther.Youshouldtakethenecessarytimetodoso.Thethinkingactivityisdesignedtohelpyoufocusyourthoughtsinthedirectionwhichwillfacilitateyourabilitytocompletetheactivitiesthatfollow.
(v)
Feedback
Eachactivityhasafeedbacksectionthatallowsyoutodeterminehowwellyouhavedoneintheactivity.Ifyouhavenotcompletedtheactivitysuccessfully,youshouldre-readtheprecedingexamplesorinformationcarefully.
(vi)
Examples
Thesearemeanttoguideyoutoanunderstandingoftheconceptbeingtaught.Allexamplesshouldbereadcarefullybeforeyouattemptanyactivitiesthatfollow.
(vii)
EndTest
ThiscomesattheendofeachStudyGuideandisdesignedtoensurethatyouhaveacquiredthoseskillsidentifiedintheobjectives.ThereisafeedbacksectionfollowingtheEndTestwhichallowsyoutomeasuretheaccuracyofyouranswerstothetestsothatyouwillknowwhetherornotyouhaveacquiredthecompetencies.IftherearequestionsintheEndTestthatyouhavenotansweredsatisfactorily,ensurethatyoureturntotherelevantsectionoftheStudyGuideandreviewthoseareasuntilyouaresatisfiedthatyouhaveunderstoodtheconcept.
(viii)
KeyPoints
Thesesummarizeimportantconceptsthatyouneedtorememberandpayspecialattentiontoasyouworkthroughthecourse.
Assignments
Courseassignmentsareincludedinordertoallowyoutocheckyourprogressthroughthecourse.Theassignmentsenableyoutodetermineyourareasofweaknessandtocheckyourunderstandingoftheconcepts.
Examinations
Youmustensurethatyouhaveaccesstotheversionofthesyllabusthatoutlinesthestructureoftheexaminationfortheyearinwhichyouintendtowriteit.
STUDYGUIDE1
MODELSOFTHEMACROECONOMY
(NATIONALINCOMEACCOUNTING)
INTRODUCTION
WelcometotheCAPEEconomicsUnit2StudyGuide.WhiletheUnit1StudyGuidedealtwithmicro-economics,thisStudyGuidefocusesonmacro-economicissues.
Doyouknowthedifferencebetweenmicroandmacroeconomics?
TheWikipediaencyclopediastatesthatmicro-economicsis“thebranchofeconomicsthatstudieshowindividuals,householdsandfirmsmakedecisionstoallocatelimitedresources.”Macroeconomics,ontheotherhand,isthe‘thebranchofeconomicsthatdealswiththeperformance,structureandbehaviourofanationaloraregionaleconomyasawhole.”
ThisStudyGuidethereforeisdesignedtogiveyouathoroughunderstandingoftheprinciplesofeconomicsthatapplytoyourlocalandregionaleconomicsystemasawhole.LetusbeginbyexamininghowanationdealswithissuessurroundingNationalIncomeAccounting.
GENERALOBJECTIVE
OncompletionofthisStudyGuide,youshouldappreciatethenotionofNationalIncomeAccountingandtheimportanceoftheseaccountsformacroeconomictheoryandpolicy.
SPECIFICOBJECTIVES
Youshouldbeableto:
1.explainthecircularflowofincome;
2.usekeytermsassociatedwithNationalIncomeAccounting;
3.assessthedifferentwaysofderivingNationalIncomeAccounts;
4.interpretNationalIncomestatistics;
5.useNationalIncomeAccountstoanalyzetheperformanceonaneconomyasawhole;
6.deriverealGDPfromnominalGDP;
7.evaluatethelimitationsofGDP.
CONTENT
∙EconomicagentsintheCircularFlowofIncomeModel.
∙KeytermsassociatedwiththeCircularFlowofIncomeModel.
∙GrossDomesticProduct(GDP),GrossNationalProduct(GNP)andothermeasures.
∙CalculationofGDP,GNPandtheircomponents(personalincome,disposableincome),NetNationalIncome(NNI),andpercapitaincome;avoidanceofdoublecounting.
∙Totalmeasuresof:
(a)GDPatmarketprices;
(b)GDPatfactorcosts.
∙UseofNationalincomeaccounts.
∙CalculationofrealandnominalGDPusingthepricedeflator.
∙LimitsofNationalIncomeAccountsasameasureofwell-being.
NATIONALINCOMEACCOUNTING
ECONOMICAGENTSINTHECIRCULARFLOWOFINCOMEMODEL
A.TwoSectorEconomyModel
Thecircularflowofincomeinmacroeconomicsreferstotheflowofincomesandexpendituresamongtheprincipaleconomicagentsinaneconomy.Inatwo-sectoreconomy,theeconomicagentsarehouseholdsandfirmswhilstinafour-sectoreconomytherearetwoadditionalplayers;thegovernmentandtheinternationalsector.
Oneofthebasicassumptionsofthismodelisthathouseholdsownallthefactorsofproduction,whilstfirmsundertaketheproductionofallgoodsandservices.Theotherfundamentalassumptionsarethatallincomesreceivedbyhouseholdsareeitherspentorsaved,andonlyfirmsundertakeinvestment.Savingsisawithdrawa
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