Circular flow of income, Always in equilibrium, In equilibrium when I+G+X=M+S+T, PPF showing LR growth, Axis labels can be Good A and Good B, SR growth is from a point within the curve towards the boundary, PPF showing unemployment, There is cyclical unemployment when there is a negative output gap , Cyclical is the only type of unemployment, Increased exports on Keynesian diagram, Keynesians say unemployment persists because of sticky wages , The classical LRAS is U shaped, Increased investment, Investment is money spent on capital, Higher interest rates will increase investment, Effect of higher oil prices on UK, The oil price is currently low, The oil price is determined by supply and demand, Economic cycle diagram , A recession in the UK is when there are two consecutive quarters of growth, A boom is at the lowest point in the economic cycle.

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