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23001 Principles of Macroeconomics

Warning: The information on this page is indicative. The subject outline for a particular session, location and mode of offering is the authoritative source of all information about the subject for that offering. Required texts, recommended texts and references in particular are likely to change. Students will be provided with a subject outline once they enrol in the subject.

Subject handbook information prior to 2019 is available in the Archives.

UTS: Business: Economics
Credit points: 6 cp

Subject level:

Undergraduate

Result type: Grade and marks

There are course requisites for this subject. See access conditions.

Description

The subject introduces students to the power of economic tools and the importance of economic ideas and provides students with an understanding of important concepts and analyses necessary for students in an introductory economics course. The subject material addresses current economic issues, such as how government conducts fiscal and monetary policy and which forces affect the long-run economic growth of a country and the cyclical swings in economic activity. The subject also equips students with the basic quantitative skills needed to examine these questions.

Subject learning objectives (SLOs)

Upon successful completion of this subject students should be able to:
1. Understand the main macroeconomic indicators
2. Use macroeconomic models to explain long-term trends and short-term fluctuations of GDP and employment
3. Critically evaluate government and central bank policies
4. Reflect on the responsibilities of economists and their role in society

Contribution to the development of graduate attributes

The subject contributes to the Bachelor of Economics learning goals. It introduces students to the power of economic tools and the importance of economic ideas and provides students with an understanding of important concepts and analyses necessary for students in an introductory economics course. The subject material addresses current economic issues, such as how government conducts fiscal and monetary policy and which forces affect the long-run economic growth of a country and the cyclical swings in economic activity. The subject also equips students with the basic quantitative skills needed to examine these questions.

This subject contributes to the development of the following graduate attributes:

  • Business knowledge and concepts
  • Critical thinking, creativity and analytical skills
  • Communication and interpersonal skills
  • Attitudes and values
  • Business practice oriented skills

This subject also contributes specifically to introduce the following Program Learning Objectives:

  • 1.1: Identify economic concepts appropriate to the analysis of specified economic problems in society and explain the nature and potential use of these concepts
  • 2.2: Locate relevant data and apply appropriate econometric techniques to quantify the size of economic relationships in specified markets and economies
  • 3.1: Produce high quality written texts that clearly articulate the application and justification of economic concepts and frameworks to particular problems to propose insightful solutions
  • 3.3: Undertake a team based project to solve a complex economic problem
  • 4.2: Analyse and discuss the intended and unintended effects of economic decisions on social welfare, equity and the environment
  • 5.1: Combine economic analysis and econometric techniques to address typical complex problems faced by economists in diverse work environments

Teaching and learning strategies

A combination of lectures, tutorials and self-managed learning materials from the web are used to develop foundation skills in macroeconomic analysis. Real world examples and policy problems are used to illustrate economic techniques and the relevance of economics to society.

Content (topics)

  • Measuring macroeconomic variables
  • Short-run macroeconomic fluctuations: the Keynesian model
  • Fiscal policy
  • Monetary policy
  • The aggregate demand-aggregate supply model
  • Long-run growth
  • Open-economy macroeconomics

Assessment

Assessment task 1: Assignment (Individual)

Objective(s):

This addresses subject learning objective(s):

1

Weight: 20%

Assessment task 2: Assignment (Group)

Objective(s):

This addresses subject learning objective(s):

2 and 3

Weight: 30%
Length:

The paper should be no more than 2,500 words.

Assessment task 3: Final Examination (Individual)

Objective(s):

This addresses subject learning objective(s):

1, 2, 3 and 4

Weight: 50%
Length:

The Final Examination is two (2) hours in duration with 10 minutes reading time.

Minimum requirements

Students must achieve at least 50% of the subject’s total marks.

Required texts

Ben Bernanke, Nilss Olekalns & Robert Frank (2014), Principles of Macroeconomics, 4th Edition, Sydney: Mc Graw Hill.