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Macro Economics: Course outline (ECO-301)

Course description

Students examine how the economy behaves at the aggregate level and how national income is measured and determined. Topics include an overview of macroeconomics; measuring gross domestic product, inflation and unemployment; demand including the multiplier process; supply, business cycles, long-term growth; money, banking and monetary policy; inflation; interest rates; stagflation; deficits and fiscal policy; exchange rates and balance of payments; exchange rate policy; purchasing power and interest rate parity.


Knowledge and Understanding:

This course aims to develop an understanding of those social institutions such as property rights, firms and markets, that are the economic framework within which individuals, responding to incentives, make choices in their own self-interest and how these choices can also serve the social interest.

Communication Skills

This course aims to develop students’ abilities to construct and sustain an argument using the phrases and concepts that economists use in their deliberations. A theoretical framework is developed in which students acquire an understanding of how economic agents interact and by doing so develop the literacy and verbal communication skills necessary for presenting arguments of an economic nature.

Learning outcome

On successful completion of this course, students will be able to:
•    Relate basic macroeconomic theory and principles to current macroeconomic issues.
•    Apply basic macroeconomic theory to analyse macroeconomic policies.
•    Construct and present an argument by applying theoretical concepts that economists use in their deliberations.

Course content

Week 1: Fundamentals: Scarcity and choices; Micro and Macro, Positive and Normative economics, Economic way of thinking;

Week 2: National Income

Week 3: Concepts, Measurement, Shortcomings

Week 4: Consumption Saving

Week 5: Investment

Week 6: Multiplier

Week 7: Business cycles

Week 8: Inflation

Week 9: Causes and correctives

Week 10: Unemployment

Week 11: Firm: Business organizations

Week 12: AD/AS

Week 13: Fiscal policy.

Week 15: Trade BOP

Week 16: Exchange rate

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