ECN1200 Work Sheet 2

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Worksheet 2
ECN 1200 – Introductory Microeconomics
Semester II, 2018/2019
Things to be covered in week 2 tutorial session.
1) What is the Business Cycle
2) What are the phases of the Business Cycle
3) How is unemployment linked to the Business cycle
4) What is the difference between a Recession and a Depression
5) Distinguish between Actual Growth and Potential Growth
6) How do we calculate Economic growth
7) What is the Circular Flow of Income?
8) What are the assumptions that governs the basic CF model?
9) What sectors should be included in this model for Macroeconomics?
10) What are injections and Withdrawals?
11) What are the markets that help us understand how Households,
Businesses, the Government and the Rest of the world interact with each
other?
Use the Table Below to Calculate Economic growth using GDP and GDP per
capita
Year
2015
2016
2017
2018
GDP ($Million)
150
500
550
900
Population
100,000
150,000
160,000
200,000
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