ECON1002
10 units
1000 level
Course handbook
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.
Availability2024 Course Timetables
Singapore PSB
- Trimester 1 - 2024 (Singapore)
Newcastle City Precinct
- Semester 1 - 2024
- Semester 2 - 2024
Ourimbah
- Semester 2 - 2024
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:
- Key macroeconomic concepts
- GDP and the circular flow of income.
- The determination of economic activity
- Monetary policy, banking and interest rates.
- Fiscal policy, deficits and public/household debt crises.
- Theories of inflation.
- Exchange rates and international trade.
- Contemporary macroeconomic policy debates.
Assessment items
Quiz: Individual Online Quizzes
In Term Test: Mid Semester Test
Formal Examination: Final Examination
Contact hours
Trimester 1 - 2024 (Singapore) - Singapore PSB
Lecture-1
- Face to Face On Campus 2 hour(s) per week(s) for 13 week(s) starting in week 1
- 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.
Tutorial-1
- Face to Face On Campus 1 hour(s) per week(s) for 13 week(s) starting in week 1
Semester 1 - 2024 - Newcastle City Precinct
Lecture-1
- Face to Face On Campus 2 hour(s) per week(s) for 13 week(s) starting in week 1
- 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.
Tutorial-1
- Face to Face On Campus 1 hour(s) per week(s) for 13 week(s) starting in week 1
Semester 2 - 2024 - Ourimbah
Lecture-1
- Face to Face On Campus 2 hour(s) per week(s) for 13 week(s) starting in week 1
- 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.
Tutorial-1
- Face to Face On Campus 1 hour(s) per week(s) for 13 week(s) starting in week 1
Semester 2 - 2024 - Newcastle City Precinct
Lecture-1
- Face to Face On Campus 2 hour(s) per week(s) for 13 week(s) starting in week 1
- 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.
Tutorial-1
- Face to Face On Campus 1 hour(s) per week(s) for 13 week(s) starting in week 1
Course outline
- ECON1002 - Semester 1, 2024 (Ncle) (PDF, 273.1 KB)
- ECON1002 - Trimester 1, 2024 (Naihes) (PDF, 249.3 KB)
The University of Newcastle acknowledges the traditional custodians of the lands within our footprint areas: Awabakal, Darkinjung, Biripai, Worimi, Wonnarua, and Eora Nations. We also pay respect to the wisdom of our Elders past and present.