This module introduces basic macroeconomic framework where students will use learn to use aggregate demand/supply, and Keynesian expenditure analysis to understand and interpret macroeconomic phenomena such as real GDP, potential output, business cycles, interest rates, and how federal government policies impact upon such macroeconomic indicators. Topics include:
• Introduction to Macroeconomics
• The Macroeconomic Environment of Business – The National Income
• Aggregate Demand and Aggregate Supply
• The Keynesian Income and Expenditure Model: Simple economy
• The Keynesian Income and Expenditure Model: Open economy
• Demand – side Policy: Fiscal Policy
• Financial Markets and the Banking System: Money Supply and Money Demand
• Demand-side Policy: Monetary Policy and Interest Rates: Implications for Business
• Supply-side Policies
• Unemployment & Inflation
• The International Business Environment: Balance of Payments and Exchange Rates
• International Trade: globalisation; balance of payments

Action Learning. Learning is achieved by engaging students in activities that have elements of problem solving combined with intentional learning.

Authentic Learning. Students will be presented with activities that are framed around "real life" contexts in which students will find learning more meaningful and motivating. Thus they will be more engaged in the process of acquiring knowledge..

Assessment strategy will be both formative and summative. Formative assessment strategies are used to test the current level of understanding and progress and to provide feedback to teacher and learner and to guide the next phase of learning. Types of formative assessments for this course will be discussions on tutorial questions, short quizzes and assignments. Summative assessment is used both in the mid and at the end of the programme formally to assess a learner’s skill, knowledge and understanding gained in this course.

Group Assignment (1500 words) 50% meeting learning outcomes 1,3, and 5

Final Examination (duration 1 Hour ) This will be a closed book exam. 50% meeting learning outcomes 1,2,3, 4 and 5

BUV VLE

Parkin, M (2012). Economics, (10th ed. Global ed). Pearson

Additional texts:

Sloman, J. and Wride A. (2009). Economics, (7th ed.), Prentice Hall
McTaggart D, Findlay C & Parkin M (2007). Economics, (5th ed.). Addison Wesley.
Bredon, G ((2007). Study Guide to Accompany Macroeconomics, (8th ed). McGraw-Hill.

1. Compare the various macroeconomic tools of analysis and analytical frameworks and their use within the real business environment and current events by drawing on web resources and newspaper articles.
Knowledge and Understanding
Learning

2. Infer how the major macroeconomic variables (such as national output, expenditure and income) and problems (such as inflation and unemployment) within the macro economy are measured and the extent of their causality and correlations.
Knowledge and Understanding
Application

3. Recommend various macroeconomic theories and models that can be applied in the contemporary macroeconomic scenario.
Analysis
Problem solving

4. Demonstrate structuring, communicating and defending analysis orally, visually and in writing.
Reflection and communication