Principles of Economics (Macroeconomics)

Module title	Principles of Economics (Macroeconomics)
Module code	INT1014
Academic year	2021/2
Credits	15
Module staff	Clive William Duncan (Convenor)

Duration: Term	1	2	3
Duration: Weeks		12

Number students taking module (anticipated)	200

Description - summary of the module content

Module description

Economics offers powerful insights into the world in which we live. This introductory economics course aims to provide an essential, simple, useable body of economic theory which will provide the basis for further study and equip students with a real understanding of the role of economics in business, public and private decision making. Students will be taught how to apply the theory to analysis of the real world.

This module taken with INT1013 Microeconomics is the equivalent of BEE 1029.

No prior knowledge of economics is needed for this module

Module aims - intentions of the module

The aim of this module is to provide an essential, simple, useable body of economic theory, which will both provide the basis for further study and equip students with a real understanding of the role of economics in business, public and private decision making. The students will go on to apply the theory to analysis of the real world.

Intended Learning Outcomes (ILOs)

ILO: Module-specific skills

On successfully completing the module you will be able to...

1. Apply the economic way of thinking to enable them to understand macroeconomic problems
2. Develop an understanding relating to the links between government policies and Macroeconomics, and how these political approaches impact upon the Macroeconomy, with specific focus upon Keynesian approach and Neo-classical approaches
3. Demonstrate understanding of the role played by labour and capital markets
4. Construct macroeconomic models and make use of them in analysis of current issues
5. Demonstrate understanding of macroeconomic issues that are given priority by modern governments

ILO: Discipline-specific skills

On successfully completing the module you will be able to...

6. Analyse and resolve macroeconomic problems
7. Identify the types of issues that economics can help address

ILO: Personal and key skills

On successfully completing the module you will be able to...

8. Judge and assess policy issues related to market economies

Syllabus plan

The National Economy
Macroeconomic Issues and Analysis
Roots of Modern Macroeconomics
Short-run Macroeconomic Equilibrium
Money & Interest Rates
Relationship between Money and Goods Markets
Fiscal & Monetary Policy
Supply-side Policies

Learning and teaching

Learning activities and teaching methods (given in hours of study time)

Scheduled Learning and Teaching Activities	Guided independent study	Placement / study abroad
60	90	0

Details of learning activities and teaching methods

Category	Hours of study time	Description
Scheduled learning and teaching activities (synchronous)	20	Lecture and workshops
Scheduled learning and teaching activities (synchronous)	20	Seminars - these will be teacher led. You should prepare for each seminar based on the related lecture
Formative assessed activities (asynchronous)	20	Working on case studies, worksheets, problem solving activities
Guided Independent study	90	Reading and research; group work and research; practice of techniques; web-based activities.

Assessment

Formative assessment

Form of assessment	Size of the assessment (eg length / duration)	ILOs assessed	Feedback method
Class tests; practice questions	1-2 hours	1-8	Written and verbal

Summative assessment (% of credit)

Coursework	Written exams	Practical exams
40	60	0

Details of summative assessment

Form of assessment	% of credit	Size of the assessment (eg length / duration)	ILOs assessed	Feedback method
Written Examination (open book)	60	2 hours	1-8	Performance Outcome
Group presentation	40	5 minutes per student	1-8	Verbal and Written

Re-assessment

Details of re-assessment (where required by referral or deferral)

Original form of assessment	Form of re-assessment	ILOs re-assessed	Timescale for re-assessment
Written examination (open book)	Written examination (open book), 2 hours	1-8	During next examination period

Re-assessment notes

Deferral – if you miss an assessment for reasons judged legitimate by the Mitigation Committee, the applicable assessment will normally be deferred. See ‘Details of reassessment’ for the form that assessment usually takes. When deferral occurs there is ordinarily no change to the overall weighting of that assessment.

Referral – if you have failed the module overall (i.e. a final overall module mark of less than 40%) you will be required to take a re-sit exam. Only your performance in this exam will count towards your final module grade. A grade of 40% will be awarded if the examination is passed.

Resources

Indicative learning resources - Basic reading

Sloman, J. Garratt, D and Guest, J: Economics (10th Ed.) updated for 2020/21: Pearson Education.

Indicative learning resources - Web based and electronic resources

http://vle.exeter.ac.uk/course/view.php?id=4499

Module has an active ELE page

Indicative learning resources - Other resources

Dombusch, R. Fischer, S. and Startz, R: Economics (13th Ed.) 2017: McGraw-Hill.

Key words search

Economics; Major Macroeconomic Objectives, Circular flow; Injections & Withdrawals, Measuring National Income, Short-term Economic Growth and the Business Cycle, Balance of Payments and Exchange Rates, Aggregate Supply, Aggregate Demand and the level of Prices, Cost Push/Demand Pull Inflation, The Keynesian Approach, The Monetarist Approach, The Financial System, Deriving Equilibrium National Income

Credit value	15
Module ECTS	7.5
Module pre-requisites	none
Module co-requisites	none
NQF level (module)	4
Available as distance learning?	Yes
Origin date	16/05/2018
Last revision date	05/08/2021