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Parent Programme
Bachelor of Business (Level 7 NFQ)
MODULE NFQ
Level 6
MODULE CREDIT UNITS
ECTS: 5
MODULE TITLE
Macroeconomics
Reference Code: BB7 616
STAGE
Year 2
Spring Semester 2
12 Weeks Full-Time X 3.15 Hours per week
12 Weeks Part-Time X 1.75 Hours per week

Macroeconomics Module

Principles of Macroeconomics

The indicative syllabus of this module is outlined in the units below:

Principles of Macroeconomics

  • The core assumptions made by economists; the economic way of thinking. 

National Income

  • Define GDP; Components of GDP;
  • Real vs. Nominal GDP;
  • The GDP Deflator; GDP and Economic Well-Being. 

Productivity and Growth

  • The importance of productivity;
  • Determinants of Productivity;
  • Economic Growth and Public Policy. 

National Income

  • Financial Institutions;
  • Types of Savings;
  • Savings and Investment;
  • Coordinating Savings and Investment;
  • Effect of government policy on Savings and Investment.  

International Trade

  • Importance of International Trade;
  • Law of Absolute & Comparative Advantage;
  • Trade tariffs;
  • Is International Trade fair?

Money Growth

  • The value of money;
  • The quantity theory of money;
  • Real vs. Nominal variables;
  • The Neutrality of Money;
  • The Velocity of Money. International Financial Institutions
    • (e.g. Central Bank of Ireland, Bank of England, Federal Reserve, European Central Bank).

Money and Inflation

  • Functions of Money;
  • Hyperinflation;
  • The Inflation Tax.

Unemployment

  • Labour Market flows;
  • Types of Unemployment;
  • Impact of Supply-side economics on Unemployment;
  • Hysteresis; The Social Cost of Unemployment.

Exchange Rate & Balance of Payments

  • The foreign exchange market;
  • Exchange rate regimes;
  • Intervention in the forex market;
  • The accounts of the balance of payments;
  • Balassa Samuelson effect.

Aggregate Demand & Supply

Aggregate Demand

  • Consumption function;
  • Savings function;
  • Aggregate demand schedule;
  • Effects of a change in aggregate demand;
  • The paradox of thrift. 

Aggregate Supply

  • The classical aggregate supply schedule;
  • Equilibrium - supply and demand shocks;
  • The adjustment process.

Minimum Intended Learning Outcomes (MIMLOs)

Upon successful completion of this module, the learner should be able to:
LO 1
Explain GDP and GNP and how they are used to measure economic activity in a given year.
LO 2
Describe the pertinent macroeconomic indicators and how they are determined.
LO 3
Illustrate macroeconomic indicators graphically.
LO 4
Explain the economic implication of a change in a macroeconomic indicator.
LO 5
Discuss the different fiscal and monetary policies that can be used to achieve a desired change in a macroeconomic indicator.

Assessment

MIMLOs
Assessment
Percentage
1, 2, 3
CA
60%
1, 2, 3, 4, 5
Final Written Examination
40%

Reassessment Opportunity

Where the combined marks of the assessment and examination do not reach the pass mark the learner will be required to repeat the element of assessment that they failed. Reassessment materials will be published on Moodle after the Examination Board and will be aligned to the MIMLOs and learners will be capped at 40% unless there are personal mitigating circumstances.

Aims & Objectives

The aim of this module is to equip the learner with an understanding of how an economy is measured, and the ability to graphically represent the macroeconomic models. The learner will gain an understanding of the reasons for movements in macroeconomic indicator, and the broader economic logic for fiscal and monetary policy decisions.

  • Understand how an economy is measured.
  • Graphically represent the macroeconomic models.
  • Understand the economic logic for fiscal and monetary policy decisions.
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