EC1506: THE GLOBAL ECONOMY (2020-2021)

Last modified: 05 Aug 2021 13:04

Course Overview

This course is an introductory course in macroeconomics where we study the behaviour of the economy as a whole. Whereas microeconomics focuses on individual markets, macroeconomics addresses the “big issues” such as unemployment, inflation, economic growth, and financial crises. Macroeconomics is a lively subject, full of discussion and debate, as economists and policymakers take different views on macroeconomic issues, their causes and appropriate policy responses. Issues such as: Is the economy growing? What causes unemployment and how can we reduce it? How can we avoid recessions? When is inflation a problem? Are banks lending too much?

Course Details

Study Type	Undergraduate	Level	1
Term	Second Term	Credit Points	15 credits (7.5 ECTS credits)
Campus	Aberdeen	Sustained Study	No
Co-ordinators	Dr Mauro Papi

Qualification Prerequisites

Either Programme Level 1 or Programme Level 2

What courses & programmes must have been taken before this course?

Any Undergraduate Programme

What other courses must be taken with this course?

None.

What courses cannot be taken with this course?

None.

Are there a limited number of places available?

Course Description

What are the causes of the current financial crisis and what can governments across the globe do about it? Why is it that certain countries have experienced rapid growth in incomes over the past century whereas others are stuck in severe poverty? Why do some nations have high rates of inflation and others stable prices or deflation? Why is unemployment low in some countries but very high in others? Why do all countries experience periods of economic recession and depression and how can government reduce the size of the associated fluctuations in incomes and employment?

This module, which looks at the behaviour of the economy as a whole, tries to answer these and other questions. This course introduces students to macroeconomic theory and policy. This will enable students to understand the determinants of the level of national income, the overall growth rate of the economy, unemployment and the rate of inflation as well as the role of government in influencing these variables.

Contact Teaching Time

Information on contact teaching time is available from the course guide.

Teaching Breakdown

More Information about Week Numbers

Details, including assessments, may be subject to change until 30 August 2024 for 1st term courses and 20 December 2024 for 2nd term courses.

Summative Assessments

5x 22-question online tests (20% each) comprising MCQ, true/false questions, and problem set questions.

Resit (for students who took the course in Academic Year 2020/21):

1x 66-question online test (100%) comprising MCQ, true/false questions, and problem-set questions.

Resit (for students who took the course in Academic Year 2019/20 or for C8 students):

1x 66-question online test (100%) comprising MCQ, true/false questions, and problem-set questions (in weeks 39/40).

Formative Assessment

There are no assessments for this course.

Course Learning Outcomes

Knowledge Level	Thinking Skill	Outcome

Factual	Remember	ILO’s for this course are available in the course guide.