ProgrammesModule: Micro and Macro Economics
Course Title: Micro and Macro Economics
Course Code: UU-ECO-1010-MW
Programme: Bachelor of Science (BSc) in Accounting - MW
An introduction to the basic tools of Microeconomics and Macroeconomics. Microeconomics is the study of parts of the economy like individuals, firms and industries. Students will examine problems that arise within these sectors of economy and how these problems can be solved. Macroeconomics aspect of the economy focuses on the economy as a whole, looking at goals such as the growth of a country regarding the standards of living, unemployment and inflation. Also Macroeconomics are divided into main types of policies: the monetary and fiscal policies, which are the main interest of study during this module
This module aims at equipping students with the concept of demand and supply, decision making process regarding the optimal level of output and helping them with an economic way of thinking. Further to this, the module also aims at equipping students with the main macroeconomics variables, aggregate demand – aggregate supply model, the balance of payment and exchange rates, fiscal and monetary policy tools and helping them identify the fiscal and monetary policy tools
Module Learning Outcomes
After completing the module students should be able to:
- Apply graphical analysis on economic issues.
- Identify how equilibrium price is determined in a free market through the interaction of supply and demand.
- Apply concepts of demand and supply analysis relevant to the business environment.
- Analyze market examples and applications to simulate realistic business experience.
- Discuss the dynamics of income distribution and resource allocation.
- Explain the importance of the regulatory role of the government.
- Measure economic variables (GNP and its components, inflation, unemployment, money supply, balance of payments, exchange rates).
- Analyze the aggregate demand – aggregate supply model, the concept of the multiplier and the business cycle.
- Identify the tools of monetary and fiscal policies, understand their effect on the economy and appreciate the significant role of the Central Bank.
- Explain the importance balance of payments, international trade and how the value of foreign exchange is determined.
Prerequisites: UU-BA-IND100, UU-FNT-103