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LP00034: Macroeconomics

Follow this link for further information on academic years Academic Year: 2013/4
Further information on owning departmentsOwning Department/School: School of Management (administered by the Learning Partnerships Office)
Further information on credits Credits: 12
Further information on unit levels Level: Foundation (FHEQ level 3)
Further information on teaching periods Period: Semester 2 at Chichester College
Semester 2 at City of Bath College
Semester 2 at Wiltshire College
Further information on unit assessment Assessment: CW 30%, EX 70%
Further information on supplementary assessment Supplementary Assessment: Like-for-like reassessment (where allowed by programme regulations)
Further information on requisites Requisites: Before taking this unit you must take LP00033
Further information on descriptions 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.
Further information on programme availabilityProgramme availability:

LP00034 is Optional on the following programmes:

Programmes administered by the Learning Partnerships Office
  • UMMN-DFB03 : University of Bath International Foundation Year (Full-time at City of Bath College) - Year 1
  • UMMN-SFB03 : University of Bath International Foundation Year (Full-time at Chichester College) - Year 1
  • UMMN-WFB03 : University of Bath International Foundation Year (Full-time at Wiltshire College) - Year 1

Notes:
* This unit catalogue is applicable for the 2013/4 academic year only. Students continuing their studies into 2014/15 and beyond should not assume that this unit will be available in future years in the format displayed here for 2013/14.
* Programmes and units are subject to change at any time, in accordance with normal University procedures.
* Availability of units will be subject to constraints such as staff availability, minimum and maximum group sizes, and timetabling factors as well as a student's ability to meet any pre-requisite rules.