Learning Partnerships, Unit Catalogue 2011/12 |
|
 Credits:
| 12 |
| Level:
| Foundation (FHEQ level 3) |
| Period: |
Semester 2 at Chichester College Semester 2 at City of Bath College Semester 2 at Greenwich Community College Semester 2 at Wiltshire College |
| Assessment:
| CW 30%, EX 70% |
| Supplementary Assessment: | Like-for-like reassessment (where allowed by programme regulations) |
| Requisites:
| Before taking this unit you must take AS00033 |
| Description:
| Aims: This unit aims to ensure that students have a foundation of underpinning knowledge and skills in macroeconomics. The unit will draw upon core aspects of the A Level syllabus and will achieve an equivalent depth and standard in these aspects. The unit will seek to ensure students develop and enhance other core competencies like, research skills, problem solving skills and effective communication skills/ICT. Learning Outcomes: On successful completion of this unit, students will be able to: * Explain the economic linkages between households and firms, and injections and withdrawls from this. * Understand the determinants of Aggregate Demand and Aggregate supply and how these determine the national income. * Be able to explain the multiplier and discuss the significance for fiscal policy. * Analyse the possibility of an inverse relationship between inflation and unemployment and considering whether it exists in practice. * Evaluate the government's policies to control the economy through fiscal, monetary and supply side policy * Be able to explain the various accounts of the Balance of Payments and discuss what factors influence the demand for exports and imports (e.g. the real exchange rate, foreign income, domestic income). Skills: Economic problem solving and mathematical equations (assessed through assessments) and key transferable skills. Content: * The circular flow of income - inner flow, injections and withdrawls * The Business Cycle - Stages, actual and potential growth * Aggregate demand - components, movements and shifts * Aggregate Supply - components, movements and shifts * Economic growth - AD and AS models and business cycle * Inflation - Causes of Inflation - Demand pull and cost push and effects * Unemployment - definitions and measures types - equilibrium and non equilibrium and effects; * Balance of Payments - net exports * Keynesian analysis including income and expenditure graphs * The multiplier effect - definition, calculation and links to circular flow and income and expenditure graph * Keynesian analysis of unemployment and inflation - 'full employment' (Yf), inflationary and deflationary gaps. * Phillips curve - inflation and unemployment at the same time * Keynesian analysis of the business cycle; accelerator theory, fluctuations in stock levels, analysis of business cycle * Fiscal Policy * The financial system in the UK * Monetary Policy * Supply side Policies * International Trade * Balance of Payments and exchange rates. |
| Programme availability: |
AS00034 is Optional on the following programmes:Learning Partnerships
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