Course Description:
This course will provide an analysis of the economy as a whole including measurement and determination of Aggregate Demand and Aggregate Supply, national income, inflation, and unemployment. Learners will explore fundamental economic ideas and the operation of the economy on a national scale. Production, distribution, and consumption of goods and services, the exchange process, the role of government, the national income and its distribution, GDP, consumption function, savings function, investment spending, the multiplier principle, and the influence of government spending on income and output. This course takes both a short and long-term view of the economy and aims to help learners understand how modern macroeconomics applies to business cycles, economic growth, unemployment, and money. The course evaluates the scope for policy interventions to improve macroeconomic performance.
Course Objectives:
- Become familiar with the range of perspectives and approaches found in macroeconomics
- Demonstrate an understanding of the basic analytical concepts that are essential for understanding the global macroeconomy
- Define and measure national income and rates of unemployment and inflation
- Identify the phases of the business cycle and the problems caused by cyclical fluctuations in the market economy
- Define money and the money supply
- Construct the aggregate demand and aggregate supply model of the macroeconomy and use it to illustrate macroeconomic problems and potential monetary and fiscal policy solutions
- Explain the mechanics and institutions of international trade and their impact on the macroeconomy
- Define economic growth and identify sources of economic growth
