Distinction between growth in nominal GDP and real GDP - Differentiating between nominal GDP and real GDP growth.

Causes of economic growth - Analyzing factors that contribute to economic growth.

Consequences of economic growth - Discussing the potential consequences of economic growth.

Meaning of unemployment - Defining unemployment as the situation where people who are actively seeking work cannot find jobs.

Measures of unemployment, with reference to possible difficulties in measurement - Explaining different measures of unemployment and potential challenges in accurate measurement.

Causes and types of unemployment: - frictional, structural, cyclical, seasonal and technological

Consequences of unemployment - Analyzing the negative consequences of unemployment.

Definition of inflation, deflation and disinflation - Defining inflation, deflation, and disinflation.

Measurement of changes in the price level: - consumer price index (CPI) - possible difficulties in measurement

Distinction between money values (nominal) and real data - Differentiating between nominal and real values.

Causes of inflation: - cost-push and demand-pull inflation

Consequences of inflation - Discussing the potential consequences of inflation.