EC114-Introductory Macroeconomics

Module Provider: School of Politics, Economics and International Relations
Number of credits: 20 [10 ECTS credits]
Terms in which taught: Spring term module
Non-modular pre-requisites: GCSE Maths grade B
Modules excluded: EC103 Economics for Construction and Engineering IC103 Introductory Economics for Business and Finance AP1EE1 Economics 2 AP1EE3 Economics 1
Module version for: 2016/7

Module Convenor: Dr James Reade


Summary module description:
This module is intended to introduce students to the major ideas and principles underlying macroeconomics.

The primary focus of this module is to introduce students to the major concepts - growth, inflation, unemployment and interest rates - and the interrelationships between these macroeconomic variables. In addition students will also obtain a better understanding of 1) determination of national income, 2) aggregate demand and the impact of fiscal policy, 3) money and the role of monetary policy in a closed economy 4) aggregate supply and 5) unemployment, inflation and the Phillips curve.

Assessable learning outcomes:
Students should be able to describe the four major concepts in macroeconomics. In addition they should have a basic understanding of how they are related and also the role for fiscal and monetary policy in shaping macroeconomic outcomes. Finally, they should be able to use the above to carry out basic analysis of practical and policy issues related to the macroeconomy.

Additional outcomes:
Students will be required to complete coursework such as problem sets, tests, etc. In the process of completing these types of assignments, they must learn the skills required to apply theoretical knowledge to real world situations.

Outline content:
Basic topics include: understanding the determinants of national income and aggregate demand; understanding the determinants of short run and long run aggregate supply; understanding what constitutes equilibrium in the goods and money markets; the role of monetary and fiscal policy in impacting equilibrium; and understanding the relationship between inflation and unemployment.

Brief description of teaching and learning methods:
Detailed guidance on the topics covered will be provided in the lectures. Weekly classes will cover regular exercise material based on lecture topics and will provide time for students to ask questions about the lecture material. Students are required to do exercises corresponding to each topic, to read a significant amount of related information, and to undertake research using the library, internet, etc.

Contact hours:
  Autumn Spring Summer
Lectures 30 1
Tutorials 9
Guided independent study 121 39
Total hours by term 160.00 40.00
Total hours for module 200.00

Summative Assessment Methods:
Method Percentage
Written exam 60
Written assignment including essay 20
Class test administered by School 20

Other information on summative assessment:

One assignment will be set counting for the 20% of the final mark for the module. A series of short in-class (undertaken during lecture time) tests will count for 20% of the final mark.

Formative assessment methods:
Coursework will be set for most of the weekly classes, at which attendance is compulsory.

Penalties for late submission:
The Module Convenor will apply the following penalties for work submitted late, in accordance with the University policy.

  • where the piece of work is submitted up to one calendar week after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for the piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of five working days;
  • where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

  • The University policy statement on penalties for late submission can be found at:
    You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

    Length of examination:
    One 2 hour unseen written paper.
    Part 1 examinations are held in the Summer term.

    Requirements for a pass:
    A minimum mark of 40%.

    Reassessment arrangements:
    Re-examination for Part 1 modules takes place in August/September of the same year. Reassessment is by examination only (coursework will not be included in the re-assessment).

    Additional Costs (specified where applicable):
    1) Required text books:
    2) Specialist equipment or materials:
    3) Specialist clothing, footwear or headgear:
    4) Printing and binding: There may be optional costs associated with photocopying or printing sources listed on the reading list relating to this module. Please note that the Library charges approximately 5p per photocopy.
    5) Computers and devices with a particular specification:
    6) Travel, accommodation and subsistence:

    Last updated: 21 December 2016

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