Authorised by Academic Registrar, April 1996
Objectives Building on knowledge gained in introduction to economics, various economic models are used to provide an understanding of the macroeconomy. Students gain an insight into the product, money, labour and foreign exchange markets, and develop skills in the application of economic principles to wider social issues. The knowledge and understanding gained will provide students with an essential awareness of the Australian economy and its operation in an international environment, and is the basis for more advanced studies in economics.
Synopsis The course covers the important components of the product market - consumption, savings and the IS curve, and the money market - the LM curve and the level of aggregate demand. It also deals with the labour market, the concept of full employment, the role of full employment, the role of macroeconomic policy, inflation, and the international market through an open economy.
Assessment Two assignments (each 2500 words): 30% + Examination (3 hours): 70%