Principles of MacroeconomicsModule Details

Rationale  

The Principles of Macroeconomics course is essential to the programme as it provides students with knowledge and understanding of fiscal and monetary policy tools, as well as the impact of government interventions on economic performance, considering both short- and long-run effects and business cycles. The course introduces students to essential macroeconomic concepts such as GDP, inflation, unemployment, Aggregate Demand-Aggregate Supply model, balance of payments, and exchange rates. 

The aim of this course is to provide students with a foundational understanding of key macroeconomic concepts such as GDP, inflation, and unemployment. Through exploration of fiscal and monetary policy tools, students develop analytical skills to evaluate government interventions and their impact on economic stability and growth.

Learning Outcomes

At the end of the course students will be expected to:
(i)    Demonstrate a comprehensive understanding of macroeconomy, including economic variables, the aggregate demand-aggregate supply model, and the business cycle.
(ii)   Apply scientific knowledge and economic models to the analysis of economic situations, utilising graphical analysis to interpret various economic models.
(iii)  Measure economic variables such as GNP components, inflation, unemployment, money supply, balance of payments, and exchange rates, while also understanding the significance of the balance of payments and international trade.
(iv)  Evaluate monetary and fiscal policy tools, including the role of the Central Bank, while gaining an understanding of the global macroeconomic environment and important economic concepts such as demand, supply, and market equilibrium.