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BEC 270 Course Outline

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20 views3 pages

BEC 270 Course Outline

Uploaded by

Peter Mutakila
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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SCHOOL OF BUSINESS

DEPARTMENT OF ECONOMICS

BEC 270: Principles of Macroeconomics


Lecturer: Ms. Mwila Bowa ([email protected])

Description of the Course


Macroeconomics is the branch of economics that studies the behavior and
performance of an economy as a whole. It focuses on the aggregate changes in the
economy such as unemployment, growth rate, gross domestic product and inflation.

Rationale
Macroeconomics helps us understand the functioning of a modern economic system
as well as helping us analyse the performance of an economy. It describes how the
economy as a whole functions and how the level of national income and employment
is determined on the basis of aggregate demand and aggregate supply.

Aim
This course is designed to introduce students to the study of macroeconomics. The
course essentially deals with the concepts of national income determination, money
and banking, public finance and international trade. Examples and applications must
be drawn from Zambia.

Learning Outcomes
By the end of this course students are expected to:
i. demonstrate an understanding of the nature and methodology of
macroeconomics;
ii. show knowledge of the concepts of national income determination, money
and banking, public finance, and international trade; and
iii. demonstrate the foundation necessary for the study of intermediate
macroeconomics.

Course Content
1. Study and Methodology of Macroeconomics
 Basic Definitions, Economics. Microeconomics vs macroeconomics
 Normative and positive approach
 Concerns of Macroeconomics
2. National Income Accounting
 Concepts of national income
 Measuring economic activities
 Circular flow of income
 Determinants of national income, Expenditure-Output Model (Keynesian cross
model).
3. Unemployment
 Definition
 Measuring unemployment Types and causes; NAIRU
 Costs of unemployment
 Remedies of unemployment
4. Government Sector
 Public Finance.
 The budget and debt management.
 Fiscal Policy.
5. The Monetary Sector
 What is money?
 The banking system and the Central Bank.
 Monetary Policy.
6. Inflation
 Definitions
 Causes and cures
 Benefits and Costs of inflation
 Real vs. Nominal- price indices
 Calculation of Inflation; GDP Deflator and Consumer Price Index
7. External Sector
 International Trade: absolute advantage; Comparative advantage,
Protectionism
 International Finance, Balance of Payments and Exchange Rates.

Method of Teaching
 3 lectures hours per week
 1 Tutorial hours per week

Assessment
 Continuous Assessment 50%
o Assignments 20%
o Tests 30%
 Final Examination 50%
Prescribed Readings
i. Begg. D., S. Fischer and R. Dornbusch. Economics. (7 Edition). London:
MaGraw-Hill, 2003

Recommended Readings
i. Hardwick, P. B. Khan and J. Langmead. Introduction to Modern Economics.
London: Longman, 2006.
ii. Dimand, Robert W. (2008). Macroeconomics, origins and history of. The New
Palgrave Dictionary of Economics, 2nd Edition.
iii. Sullivan, Arthur, Steven M. Sheffrin (2003) Economics: Principles in action.
Upper Saddle River, New Jersey 07458: Pearson Prentice Hall.

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