Learning Outcomes

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Explain the Fundamental Concepts of Macroeconomics and the Structure of the National Economy
Explains and calculates inflation
Explains and calculates the unemployment rate
Explain the relationships that exist among key macroeconomic variables
Show the importance of Measurement for the National Economy
Explain the Goods and Services Market
Define the components of aggregate demand
Explain the determination of output in the short run
Derive the IS curve
Evaluate the determinants of the slope of IS curve
Identify what causes the IS curve to shift
Explain the money market equilibrium
Derive the LM curve
Explain the implementation of the monetary policy
Identify factors that shift the LM curve
Establish simultaneous equilibrium in the goods and money markets
Explain how changes in fiscal policy affect the general equilibrium
Explain how changes in monetary policy affect the general equilibrium
Assess the effectiveness of fiscal and monetary policy changes on income and output
Explain how the government may use policy mixes in order to meet policy goals
Recognise basic concepts of the labor market
Explain how the labor market works and the relationship between employment and wage
Explain why unemployment exists and explain how institutions, firms and the government affects the labor market
Discuss the relationship between unemployment and inflation
Explain the AD-AS Model
Define the concept of aggregate demand and elaborate on the factors that change it
Define the concept of aggregate supply
Explain how the equilibrium levels of price and aggregate output in an economy are determined
Describe how government policy changes have an affect on the short-run and mediumrun equilibria in an economy
Explain Openness in Goods and Financial Markets, and Policy in the Open Economy
Explain the concept of trade balance and elaborate on its determinants
Explain how equilibrium is attained in international financial markets
Examine the components of Balance of Payments and construct the BP-curve
Determine the general equilibrium in a small open economy
Explain Economic Growth
Provide a brief explanation of economic growth and how it is measured
Show a clear understanding of the literature on exogenous and endogenous growth models
Explain the key differences between exogenous and endogenous growth models