Foundations of Macroeconomics (9519.1)

The purpose of this unit is to provide students with a fundamental understanding of the principles of macroeconomics. Macroeconomics is the study how a country¿s economy works and the theories and models used to determine the best choices to improve the overall wellbeing of a nation.

Learning outcomes

On successful completion of this unit, students will be able to:
1. Discuss key macroeconomic concerns, including national income accounting, saving and investment, and market forces;

2. Describe the determinants of total output and the ways to measure nominal Gross Domestic Product (GDP) as well as real GDP;
3. Compare and contrast definitions of total employment and unemployment, the three forms of unemployment, and inflation;
4. Explain the model of aggregate demand and aggregate supply;
5. Analyse the government's role in the economy examining how it uses its fiscal policy and monetary policy to influence macroeconomic variables enabling macro and micro economic stability;
6. Describe the mechanics of money supply in detail;
7. Identify and analyse major theories of economic growth;
8. Analyse various strategies for developing of less-developed nations; and
9. Present the concepts behind international trade.

Graduate attributes

1. UC graduates are professional - communicate effectively
1. UC graduates are professional - display initiative and drive, and use their organisation skills to plan and manage their workload
1. UC graduates are professional - employ up-to-date and relevant knowledge and skills
1. UC graduates are professional - use creativity, critical thinking, analysis and research skills to solve theoretical and real-world problems
3. UC graduates are lifelong learners - adapt to complexity, ambiguity and change by being flexible and keen to engage with new ideas

Prerequisites

9518 Foundations of Microeconomics OR 6355 Introduction to Economics

Corequisites

None

Incompatible units

None

Equivalent units

No

Assumed knowledge

None