University of St Andrews

Key information

SCOTCAT credits : 20

ECTS credits : 10

Level : SCQF level 7

Semester: 2

Availability restrictions: There are no availability restrictions on first-year, visiting, and upskilling students. The module is available to other students studying in second year and above (including direct entrants to second year), but only up to a limit of 480 students in total enrolled on the module. If spaces are available at the end of the main advising period (after Wednesday in Orientation Week), a random ballot will be held for students in second year and above who have enrolled on the module. Any student who is unsuccessful in the ballot will be contacted and asked to choose an alternative module.

Planned timetable: 2.00 pm Mon, Tue, Thu

This module is designed to equip you with a fundamental knowledge of macroeconomics. On completing this module you should understand the basic subject matter and framework of macroeconomic analysis, and you should be able to use simple models to analyse such issues as the determinants of economic growth, unemployment, inflation and business cycles.

Relationship to other modules

Anti-requisite(s): You cannot take this module if you take EC1004

Learning and teaching methods and delivery

Weekly contact: 20 hours of lectures over 10 weeks, 1-hour tutorial (x 10 weeks).

Scheduled learning hours: 35

Guided independent study hours: 165

Assessment pattern

As used by St Andrews: 2-hour Written Examination = 50%, Coursework = 50%

As defined by QAA
Written examinations : 100%
Practical examinations : 0%
Coursework: 0%

Re-assessment: 3-hour Written Examination = 100%

Personnel

Module coordinator: Dr V Prasad
Module teaching staff: Vivek Prasad
Module coordinator email vivek.prasad@st-andrews.ac.uk

Intended learning outcomes

• Know how the main macroeconomic variables (output, economic growth, inflation, unemployment) are defined and measured
• Know how the economy-wide market for labour determines wages, employment, and the distribution of income
• Know how credit, money, and banks expand opportunities for mutual gain, and the factors that limit their capacity to accomplish this
• Know how economies fluctuate between booms and recessions
• Know how governments can moderate costly fluctuations in employment and income
• Know how the rate of unemployment and the level of output in the economy affect inflation, the challenges this poses to policymakers, and how this knowledge can support effective policies to stabilize employment and incomes
• Know how long-term trends and differences in living standards and unemployment between countries are the result of technological progress, institutions, and policies