Macroeconomics in the Global Economy

Course code ECON1002
Available in 2017
2017 Course Timetables

Description

The state of the macroeconomy is a major influence on employment opportunities, business profits and investment returns, which impacts directly on the economic and social welfare of a nation's citizens. This course outlines key principles of macroeconomics within the context of an open economy and provides a framework for understanding the interaction between its key stakeholders. Students explore the transmission mechanisms through which global economic shocks impact on nations and their regions. Macroeconomics provides models to demonstrate how government policy influences key economic areas; including productivity, national output, unemployment, inflation and household debt.Students will be introduced to different perspectives in the debate over the role of government management in the economy. They will learn to synthesize different options and to think critically.

Availability

Callaghan

  • Semester 1 - 2017

UoN Singapore

  • Trimester 2 - 2017 (Singapore)

Newcastle City Precinct

  • Semester 2 - 2017

Ourimbah

  • Semester 2 - 2017

Learning Outcomes

On successful completion of the course students will be able to:

1. Utilise basic macroeconomic concepts and theoretical principles to understand the evolution of the macroeconomy and how it impacts on both the welfare of households and the sustainability of business organisations.

2. Review economic data which are pertinent to contemporary macroeconomic debates and use numerical and graphical techniques to analyse these data.

3. Demonstrate that macroeconomics is a contested discipline with different intellectual perspectives on the most appropriate way to manage the macroeconomy.

4. Adopt critical and adaptive thinking to assess current media and government reports about macroeconomic analysis and policy, with particular reference to the Global economic events and shocks.

5. Interpret and effectively communicate economic processes and policies to suit the context and audience.

6. Demonstrate that a solid understanding of Macroeconomics is important for a well-rounded education in the Business and Commerce disciplines, since it underpins well informed business decisions.

Content

Lectures may include, but are not restricted to, the following topics:

  1. Key macroeconomic concepts
  2. GDP and the circular flow of income.
  3. The determination of economic activity
  4. Monetary policy, banking and interest rates.
  5. Fiscal policy, deficits and public/household debt crises.
  6. Theories of inflation.
  7. Exchange rates and international trade.
  8. Contemporary macroeconomic policy debates.

Assessment Items

Tutorial / Laboratory Exercises: Workshop Discussion Questions

Tutorial / Laboratory Exercises: Group Multiple Choice Activity

In Term Test: Mid Semester Test

Formal Examination: Final Examination

Contact Hours

Callaghan, Ourimbah, Newcastle City Precinct and UoN Singapore

Workshop

Face to Face On Campus 2 hour(s) per Week for Full Term

Students are expected to complete 4 hours of guided learning via online preparation, lectures, interactive workshops, tutorials, discussion groups or self-directed learning and an additional 6 hours of independent study per week.