This module is not currently running in 2021 to 2022.
This module will cover the basic principles of macroeconomics; such as the definition and measurement of key macroeconomic variables. Students will consider competing theories related to the macro economy in the short and long run. 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.
• 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 an introduction to trade.
• Macroeconomic theories: including the classical approach, the Keynesian demand management approach and monetarism
• Macroeconomic policies: demand versus supply side economic management
One hour lecture and one hour seminar per week with additional workshops
TOTAL: 150 hours
MCQ test 20%
Coursework essay 20%
Examination 60%
Lipsey, R. and Chrystal, A. (2015) Economics. 13th ed. Oxford: OUP
Mankiw, N. G., Taylor, M.P. and Ashwin, A. (2013) Business Economics. Andover: Cengage Learning
Mulhearn, C. and Vane, H. R. (2015) Economics for Business. 3rd ed. New York: Palgrave Macmillan
Sloman, J., Garrett, D., Guest, J. and Jones, E. (2016) Economics for Business. 7th ed. Harlow: Pearson
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:
8.1 Demonstrate knowledge of the underlying economic concepts, competing theories and basic principles of macroeconomics.
8.2 Evaluate the effect of the changing/prevailing macroeconomic environment on business decisions, behaviour and performance.
8.3 Interpret macroeconomic data and develop well-structured lines of economic argument, offering critical comment on the arguments of others.
8.4 Demonstrate knowledge of the importance of economics in understanding current business issues in the UK, Europe and global economies.
The intended generic learning outcomes.
On successfully completing the module students will be able to:
9.1 Retrieve information from a variety of sources.
9.2 Undertake independent and self-managed learning.
9.3 Draw on social science concepts and theories in decision-making situations.
9.4 Demonstrate ability to communicate information, ideas and solutions effectively..
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