Module Overview

Fundamentals of Economics: Macro Economics

Module Aim: - To provide learners with a basic understanding of fundamental macroeconomic concepts

Module Code

BSST H1021

ECTS Credits


*Curricular information is subject to change

Market failure issues

Efficiency, externalities, public goodsGovernment economic policy objectives

National income accounting

Circular flow of income modelsNational income figures and their interpretationThe nations standard of living

National income determination

Open and closed economyComponents of aggregate demandThe multiplierCalculations

Introduction to aggregate supply and demand

Business cycleLong run and short run analysis

IS-LM framework in the closed economy

Derivation, slope and position of curvesInternal balanceKeynesian and monetarist approachesEffectiveness of fiscal and monetary policy

Money and Banking

Functions and types of moneyMoney creation by the commercial banksRole and functions of the central bank

Inflation and unemployment

Quantity theory of moneyCauses and types of inflationCauses and types of unemploymentShort and long-run Philips curve

Module Content & Assessment
Assessment Breakdown %
Formal Examination70
Other Assessment(s)30