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Unit of study_

ECON1002: Introductory Macroeconomics

Introductory Macroeconomics addresses the analysis of the level of employment and economic activity in the economy as a whole. Introductory Macroeconomics examines the main factors that determine the overall levels of production and employment in the economy, including the influence of government policy and international trade. This analysis enables an exploration of money, interest rates and financial markets, and a deeper examination of inflation, unemployment and economic policy. It is assumed that students undertaking this unit will have a prior knowledge of mathematics.

Code ECON1002
Academic unit Economics
Credit points 6
Assumed knowledge:
Minimum result of Band 4 in HSC Mathematics Advanced (or equivalent); or Band E3 in HSC Mathematics Extension 1 or 2 (or equivalent)

At the completion of this unit, you should be able to:

  • LO1. interpret the meaning and measurement of macroeconomic aggregates such as GDP, unemployment and inflation
  • LO2. understand how the economy behaves in the short-run using the Keynesian model
  • LO3. analyse critically short-run macroeconomic policies
  • LO4. describe the role of money and the financial system in the macroeconomy
  • LO5. explain what determines unemployment and inflation
  • LO6. understand and explain macroeconomic policies that improve standards of living
  • LO7. analyse the factors influencing the balance of payments and the exchange rate
  • LO8. understand a day-by-day macroeconomic issue and critically evaluate current macroeconomic policies.