Taxation: - types of taxes: direct/indirect, progressive/regressive/proportional - rates of tax: marginal and average rates of taxation (mrt, art) - reasons for taxation

Government spending: - types of spending: capital (investment) and current - reasons for government spending

Distinction between expansionary and contractionary fiscal policy - Differentiating between expansionary and contractionary fiscal policy.

AD/AS analysis of the impact of expansionary and contractionary fiscal policy on the equilibrium level of national income and the level of real output, the price level and employment - Analyzing the impact of fiscal policy on macroeconomic variables using the AD/AS model.

Definition of monetary policy - Defining monetary policy as the use of interest rates and other tools by a central bank to control the money supply.

Tools of monetary policy: - interest rates, money supply and credit regulations

Distinction between expansionary and contractionary monetary policy - Differentiating between expansionary and contractionary monetary policy.

AD/AS analysis of the impact of expansionary and contractionary monetary policy on the equilibrium national income and the level of real output, the price level and employment - Analyzing the impact of monetary policy on macroeconomic variables using the AD/AS model.

Meaning of supply-side policy, in terms of its effect on LRAS curves - Defining supply-side policy as policies aimed at increasing LRAS and economic growth potential.

Objectives of supply-side policy: - increasing productivity and productive capacity

Tools of supply-side policy, for example training, infrastructure development, support for technological improvement - Identifying tools used in supply-side policy.

AD/AS analysis of the impact of supply-side policy on the equilibrium national income and the level of real output, the price level and employment - Analyzing the impact of supply-side policy on macroeconomic variables using the AD/AS model.