PRINCIPLES OF MACROECONOMICS - 2018/9

Module code: ECO1019

Module Overview

The module introduces the main concepts of macroeconomic analysis, starting from microeconomic behaviour of consumers and firms

Module provider

Economics

Module Leader

JENSEN M Prof (Economics)

Number of Credits: 15

ECTS Credits: 7.5

Framework: FHEQ Level 4

JACs code: L130

Module cap (Maximum number of students): N/A

Module Availability

Semester 2

Prerequisites / Co-requisites

None

Module content

Indicative content includes:


Macroeconomic data
How countries grow
Consumers’ and firms’ behaviour
Competitive equilibrium
Consumption, savings, investment and government deficits
Business cycle analysis
Labour markets and unemployment
Money, inflation and banking

Assessment pattern

Assessment type Unit of assessment Weighting
School-timetabled exam/test TEST – MULTIPLE CHOICE (45 MINUTES) 30
Examination 2 HOUR EXAMINATION – MULTIPLE CHOICE QUESTIONS AND EXERCISES 70

Alternative Assessment

Not applicable.

Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate

Their understanding of basic macroeconomic principles and analytical skills, and how these principles affect and allow to explain important issues such as economic growth, business cycles fluctuations, inflation and unemployment.

Thus the summative assessment for this module consists of:


A test and a final exam.
Test taken in the second half of the module consists of multiple choice questions and it is worth 30% of final module mark. It lasts 45 minutes.
Final exam of two hours, which consists of multiple choice questions covering all 11 weeks and three exercises to be chosen among a pool of four.
The multiple choice test allow students to demonstrate the depth of their understanding of the macroeconomic principles studied in the module. The questions are designed to ensure that students can demonstrate both their knowledge of the topics and their skills in applying them to the analysis of specific economic situations.
The exercises in the final exam allow students to apply their knowledge of the studied principles and models in a quantitative context. They require analytical and quantitative skills to explain derived results.


Formative assessment and feedback

Students receive verbal feedback during lectures (in which multiple questions and real-world examples of the use of economics are discussed) and tutorials. In addition to this, they receive guideline solutions to tutorial questions, against which they can compare their own results. Before the test, some sample questions will be made available for students to familiarise themselves with . After the test feedback will be provided both individually on the scripts, and in lectures through detailed explanations on the most complicated questions. The revision lecture is devoted to highlight the main topics covered, putting emphasis on those for which the coursework test showed substantial need for more explanations. An exam-like set of exercises is also provided to students around week 9. Office hours are devoted to more targeted, individually-based feedback on specific problems. An online forum provides answers to individual questions that are then available to all students.

Module aims

  • Introduce students to the key analytical tools used in macroeconomics
  • Help students analyse real-world macroeconomic phenomena with scientific method

Learning outcomes

Attributes Developed
001 Have a sound grasp of how macroeconomic analysis is based on microeconomic behavior and aggregation KCT
002 Understand the relation between different aggregate markets (labour, credit, money, etc.) and their interaction in determining the dynamics of the economy, both in the long run and in the short run KCT
003 Become familiar with macroeconomic data and their analysis KCPT

Attributes Developed

C - Cognitive/analytical

K - Subject knowledge

T - Transferable skills

P - Professional/Practical skills

Overall student workload

Independent Study Hours: 123

Lecture Hours: 22

Tutorial Hours: 5

Methods of Teaching / Learning

The learning and teaching strategy is designed to:


make students familiar with basic quantitative skills used in macroeconomic analysis
enhance skills in relating real-world phenomena with macroeconomic models
enhance skills in discussing and reasoning about macroeconomic problems by using a conceptually rigorous analytical framework


The learning and teaching methods include:


2 hour lecture per week x 11 weeks
1 hour feedback session per week x 5 weeks
123 hours of self-study, assisted through guidance for reading, internet search, and discussion forums on SurreyLearn

Indicated Lecture Hours (which may also include seminars, tutorials, workshops and other contact time) are approximate and may include in-class tests where one or more of these are an assessment on the module. In-class tests are scheduled/organised separately to taught content and will be published on to student personal timetables, where they apply to taken modules, as soon as they are finalised by central administration. This will usually be after the initial publication of the teaching timetable for the relevant semester.

Reading list

Reading list for PRINCIPLES OF MACROECONOMICS : http://aspire.surrey.ac.uk/modules/eco1019

Programmes this module appears in

Programme Semester Classification Qualifying conditions
Business Economics BSc (Hons) 2 Compulsory A weighted aggregate mark of 40% is required to pass the module
Economics BSc (Hons) 2 Compulsory A weighted aggregate mark of 40% is required to pass the module
Economics and Finance BSc (Hons) 2 Compulsory A weighted aggregate mark of 40% is required to pass the module
Economics and Mathematics BSc (Hons) 2 Compulsory A weighted aggregate mark of 40% is required to pass the module
Financial Mathematics BSc (Hons) 2 Compulsory A weighted aggregate mark of 40% is required to pass the module
Politics and Economics BSc (Hons) 2 Compulsory A weighted aggregate mark of 40% is required to pass the module

Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2018/9 academic year.