a) Define macro-economic policy and explain its objectives.
b) Explain the main determinants of the level of business activity in the economy and how variations in the level of business activity affect individuals, households and businesses.
c) Explain the impact of economic issues on the individual, the household and the business:
i) Inflation
ii) Unemployment
iii) Stagnation
iv) International payments disequilibrium.
d) Describe the main types of economic policy that may be implemented by government and supra-national bodies to maximise economic welfare.
e) Recognise the impact of fiscal and monetary policy measures on the individual, the household and businesses.