ECON08005 2016 Macroeconomics 1 for Bachelor of Business L8
This module will explore the management of the macroeconomy and how policy decisions can be made to achieve desirable economic goals. A review of introductory macroeconomic theory and the principles of economics will give the student an understanding of the context in which the policy issues arise. Students will develop an understanding of national and international macroeconomic issues and how they are managed and/or mismanaged.
Learning Outcomes
On completion of this module the learner will/should be able to;
Understand the principles of economics and their relevance to macroeconomic policy.
Classify economies according to their type of economic systems and construct an argument as to what type of economic system is most socially and economically desirable.
Measure and analyse economic growth and decline cycles and determine the causes of booms and recessions.
Evaluate the benefits of international trade and analyse the effect of protectionism on the international trading system.
Interpret fiscal policy and examine the effect that taxation and government expenditure have on the public finances.
Teaching and Learning Strategies
Students will attend formal lectures and tutorials, in addition to self directed learning from relevant sources.
Module Assessment Strategies
The student will be required to write an essay demonstrating their understanding of key macroeconomic issues.
The final examination will assess the student's level of macroeconomic knowledge, their ability to apply it to the real work and their ability to understand the uses and limitations of macroeconomic policies.
Repeat Assessments
Examination.
Indicative Syllabus
Topic 1: Introduction to Macroeconomics
- Ten principles of economics
- Topics of interest to macroeconomists
- How macroeconomists think
Topic 2: Economic Systems
- Capitalism, command and mixed economic systems
- Classifying economic systems
- Transition economies
- Role and limitations of government in macroeconomic management
Topic 3: Economic Growth & Recession
- Measuring economic performance (real Vs nominal measures)
- Exploring trends in economic performance
- Causes and consequences of recession
- Fiscal stimulus Vs Laissez-faire economics
Topic 4: International Trade
- Absolute and comparative advantage
- Protectionist policies and their impact
- Free trade areas, customs unions, economic and monetary union
- Impact of international trade on global development
- Anti-international trade arguments
Topic 5: Fiscal Policy
- Nature and tools of fiscal policy
- Public finances and budgetary decisions
- Uses and limitations of fiscal policy
- Implementing Irish fiscal policies within and EU framework
Coursework & Assessment Breakdown
Coursework Assessment
Title | Type | Form | Percent | Week | Learning Outcomes Assessed | |
---|---|---|---|---|---|---|
1 | Project Students will be required to construct an essay either on an individual or group basis. | Continuous Assessment | Essay | 30 % | Week 8 | 1,2,3 |
End of Semester / Year Assessment
Title | Type | Form | Percent | Week | Learning Outcomes Assessed | |
---|---|---|---|---|---|---|
1 | Final Exam written examination | Final Exam | Closed Book Exam | 70 % | End of Term | 1,2,3,4,5 |
Full Time Mode Workload
Type | Location | Description | Hours | Frequency | Avg Workload |
---|---|---|---|---|---|
Lecture | Lecture Theatre | Lecture | 2 | Weekly | 2.00 |
Tutorial | Not Specified | Tutorial | 1 | Weekly | 1.00 |
Independent Learning | UNKNOWN | Independent Learning | 4 | Weekly | 4.00 |
Module Resources
Cleaver, T. (2013) Understanding the World Economy 4th Edition New York: Routledge
McDowell, M. et al Principles of Economics European Edition Berkshire: McGraw Hill Education
www.finfacts.ie
www.economist.ie
www.imf.org
www.worldbank.org
None.
None.