Module Aim: - To provide learners with a basic understanding of fundamental macroeconomic concepts
•Market failure issues
Efficiency, externalities, public goods Government economic policy objectives
•National income accounting
Circular flow of income models National income figures and their interpretation The nations standard of living
•National income determination
Open and closed economy Components of aggregate demand The multiplier Calculations
•Introduction to aggregate supply and demand
Business cycle Long run and short run analysis
•IS-LM framework in the closed economy
Derivation, slope and position of curves Internal balance Keynesian and monetarist approaches Effectiveness of fiscal and monetary policy
•Money and Banking
Functions and types of money Money creation by the commercial banks Role and functions of the central bank
•Inflation and unemployment
Quantity theory of money Causes and types of inflation Causes and types of unemployment Short and long-run Philips curve
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Other Assessment(s) | 30 |
| Formal Examination | 70 |