This module will cover the core principles of macroeconomics; including the measurement of key macroeconomic variables and limitations to existing practices. Students will consider competing theories related to the macro economy in the short and long run and their overall consequences for the business environment. This will be underpinned by existing evidence on past and current levels of macroeconomic indicators in the UK, Europe and the rest of the world. Indicative topics are:
• The Macro economy – as a system: the circular flow (including injections and withdrawals), national income measurement, economic growth and
international comparisons
• Macroeconomic variables: GDP, unemployment, inflation, money supply and balance of payments
• The open macro economy; including imports and exports; the role of exchange rates and trade theory.
• Macroeconomic theories: including the classical approach, the Keynesian demand management approach and monetarism
• Macroeconomic policies: demand versus supply side economic management
Private study hours: 117
Total contact hours: 33
Total study hours: 150
Main assessment methods
VLE Test 1 (20%)
VLE Test 2 (20%)
Individual Essay, 2000 words (60%)
Reassessment methods
100% Coursework - Essay, 2000 words
See the library reading list for this module (Medway)
The intended subject specific learning outcomes.
On successfully completing the module students will be able to:
1. Demonstrate knowledge of the core principles of macroeconomics and a critical understanding of their development, including an appreciation of competing theoretical perspectives.
2. Evaluate the effect of the prevailing macroeconomic environment on business decisions, behaviour and performance and offer critical interpretation on how competing theories may interpret the outcomes differently.
3. Interpret macroeconomic data by applying statistical techniques to develop well-structured lines of economic argument, offering critical comment on the arguments of others.
4. Demonstrate knowledge and critical understanding of the economic global context facing businesses.
The intended generic learning outcomes.
On successfully completing the module students will be able to:
1. Retrieve information from a variety of sources and undertake basic statistical analysis.
2. Undertake independent and self-managed learning.
3. Draw on social science concepts and theories in decision-making situations.
4. Demonstrate ability to communicate information, ideas and solutions effectively.
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