Introductory Macroeconomics

 

Module Code ECNU112
Semester Spring
Prerequisite N/A
Level 10
Credit Value 20
Module Co-ordinator Alie Hilda de Vries
Assessment

Grades will be awarded for each of two coursework components, the two class tests. A coursework average grade will be computed using the following weights: both class tests are worth 50%       

  • If you gain an overall coursework average of at least 65%, you will be exempt from the examination. Your final grade will be your overall coursework grade.
  • If you do not meet the above condition for an exemption, you should take the examination. Your module grade will be computed by weighting the components of assessment as follows: two class tests 20% each and the exam 60%.

MODULE INTRODUCTION, AIMS AND OBJECTIVES

The introductory macroeconomics module ECNU112 provides a broad introduction to the concepts, theories and models of the economy, which are the foundation blocks of macroeconomics. The aim is that students are able to discuss functioning of the macroeconomics and the main fiscal and monetary policy options.

LEARNING OUTCOMES AND SKILLS DEVELOPED

Knowledge and understanding of:

  •  the key issues in macroeconomics;
  • the measurement of National Income, inflation and economic welfare;
  • the nature and determinants of economic growth;
  • the policies which governments might implement to improve the economic growth performance;
  • the problem of unemployment and the concept of the natural unemployment rate;
  • how government might seek to reduce unemployment in the long run;
  • inflation;
  • why governments allow inflation to occur;
  • the sources and costs of inflation;
  • the social and economic costs of unemployment;
  • how financial markets work;
  • the various factors which can affect the level of interest rates in both the short run and the long run;
  • the difference between the aggregate supply curve in the short run and the long run;
  • how the aggregate demand/aggregate supply model explains short run business fluctuations;
  • fiscal policy;
  • how monetary policy can be employed to stabilise the business cycle and/or control inflation;
  • the definition of money, the operations of banks and other financial intermediaries;
  • the role of the central bank, money supply and demand, and monetary policy;
  • foreign exchange markets.

RECOMMENDED READING LIST

The core text book for this module is (which is the same as the text book for ECNU111):

ECONOMICS by N. Gregory Mankiw and Mark P. Taylor, ISBN 978-1-4080-9379-5

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