Summary of content

The primary objective of this module is to develop an understanding of macroeconomic theory and principles to a level that enables students to understand how the functions of a modern day economy. This ranges from the determination of GDP, money market mechanisms, levels of inflation, unemployment leading to understanding macroeconomic theories and principles. The module analyses the decision making of governments and central authorities in creating and implementing economic policy and strategies in their attempts to direct the economy through core economic principles. The module takes a focus on global monetary and financial systems that influence and inform modern economic policy. The aim is to equip students with a set of analytical tools and concepts from economic theory and simple quantitative methods that can be applied and further developed at subsequent levels to facilitate students’ understanding of other Business disciplines and/or underpin further study of Economics’ modules. Furthermore, the module will link the established economic theory to the UN SDGs (2030) and relate to the key issues regarding societal issues, climate change, income inequality, depletion of natural resources, fair working conditions and pollution.

The module has four main elements:

• Demonstrate a substantive working knowledge of macroeconomic principles and be able to use these to explain and interpret contemporary macroeconomic issues.
• Use a conceptual model of the economy to formulate views and opinions on current macroeconomic problems and policies with fundamental understanding of economic schools of thought
• Demonstrate a critical understanding of the rationale for government intervention and decision making in directing the economy.
• Quantitative methods: Descriptive statistics, graphing, tabulation and correlation

Module structure

Assessment methods