ILO:

a) Distinction between automatic stabilisers and discretionary fiscal policy
b) Distinction between a fiscal deficit and the national debt
c) Distinction between structural and cyclical deficits
d) Factors influencing the size of fiscal deficits
e) Factors influencing the size of national debts
f) The significance of the size of fiscal deficits and national debts

Automatic stabilisers v Discretionary fiscal policy

Explain the difference and importance of an automatic stabiliser compared to discretionary fiscal policy.
'We just about exist' - Families relying on Universal Credit plead to keep extra help | ITV News
Coronavirus: Successful Eat Out to Help Out scheme ends

Fiscal deficit & national debt

Explain the difference between a fiscal deficit and national debt.
UK public debt - How did it reach £2 trillion?
How Will the U.K. Pay Off Its Vast Debt?

Structural & Cyclical deficit

Explain what is meant by a cyclical deficit?
POLITICAL THEORY - John Maynard Keynes
Explain the risks of a structural deficit?
UK National Debt: A Historical Perspective - Martin Slater

Revision videos

Ensure you understand the key terms; discretionary, automatic, cyclical & structural deficit.
Fiscal Policy - Discretionary and Automatic Fiscal Policy | Economics Revisio
Cyclical and structural budget deficits

Factors influencing the size of fiscal deficits

Explain how the state of the economy impacts the Government's budget? (5 marks)​
COVID-19: What's the true economic cost of the pandemic?
Explain how Government priorities will influence the budget deficit? (5 marks)
Austerity: is it really over for the UK?
Explain how changes in the housing market  will influence the budget deficit? (5 marks)
​
Why are houses so expensive?
The 25 mark essay allows you to use a country of your choice. Research the factors that influence national debt in a country of your choice?
Greece Austerity: Was it Worth it?
Related articles:
Relative global debt

Significance of national debt

Explain how national debt will influence the following factors and its importance:

​> Interest rates (crowding out effect)

> Debt servicing

> Inter-generational equity

> The rate of inflation

> The country’s credit rating

> FDI
Explain how debt impacts each bullet point based on the video below:
Public Debt: how much is too much? | The Economist
Assess how borrowing impacts development in LDC? 12
African foreign debt burden up to 16-year high | Money Talks
Assess the risks of the USA's level of national debt. (12)
Does U.S. debt matter? | CNBC Explains

Revision webinars

Budget Deficit - Advantages and Disadvantages I A Level and IB Economics​
Coronavirus Crisis: Keynesian insights​
Fiscal Policy: The Budget Deficit
​
Greek Economy - Deficit, Debt and Austerity