Course Title: Macroeconomics 1
Part A: Course Overview
Course Title: Macroeconomics 1
Credit Points: 12
650T Vocational Business Education
|Sem 1 2012,
Sem 2 2012,
Sem 1 2013,
Sem 2 2013,
Sem 1 2014,
Sem 2 2014,
Sem 1 2015,
Sem 2 2015,
Sem 1 2016,
Sem 2 2016,
Sem 1 2017,
Sem 2 2017,
Sem 1 2018,
Sem 2 2018,
Sem 1 2019
Course Coordinator: Clem Simonetto
Course Coordinator Phone: +61 3 9925 5426
Course Coordinator Email: firstname.lastname@example.org
Pre-requisite Courses and Assumed Knowledge and Capabilities
Macroeconomic events and policies affect the daily lives of almost everyone, especially business managers. Whether your company in the future offers financial services, produces consumer goods, or is at the cutting edge of fast-breaking technology, it is not immune to events that unfold in the economy as a whole. As various measures are implemented to improve economic performance by the government, business managers must alter their own business strategies. A study of macroeconomics can provide useful answers to these challenges. More specifically, this course provides an introduction to the economic analysis of key macroeconomic variables such as output, employment, inflation, interest rates and exchange rates. It first builds a foundation to understand how the labour, money, and goods and services markets are interacted, interconnected and are influenced by changes in prices, inflation rates and interest rates. The basic framework is then used to examine how the policies set by the central bank and the government affect the economy in the short-run and long-run time horizon.
At the end of the course, you will be able to critically evaluate the government policy responses to manage the macro economy. This forms the essential knowledge base as business managers to survive in the changing business environment.
Objectives/Learning Outcomes/Capability Development
On successful completion of this course you will be able to:
- Describe the operation of the Australian economy to apply in various contemporary macroeconomic issues.
- Read and critically evaluate current economic news articles as they relate to the Macroeconomy.
- Assess how government policies and changing macroeconomic conditions affect societal welfare.
- Demonstrate an understanding of recent economic events and their impact on current policy initiatives on the Australian economy
- Interpret charts, graphs, and tables and use the information to make informed judgments
- Work and learn independently and work as a team
- Communicate macroeconomics concepts and issues effective in a variety of business contexts.
- Evaluate business outcomes based on the costs and benefits involved
Overview of Learning Activities
The purpose of lectures is to provide a logical structure for the topics that make up the course; to emphasize the important concepts, models and methods of each topic, and to provide relevant examples to which the concepts and methods are applied. The organization of the course parallels the text, and consequently each lecture will explicate the key concept covered in the corresponding chapter of the text.
Tutorials are an important component of your learning in this course. The purpose of tutorials is to provide an opportunity for small group discussion of the issues to which economic concepts and methods developed in the lectures can be applied. The Tutorial Program contains problems and questions that review and build on the lecture material. The tutorial questions provide a means for discussion of applications and examples of economic concepts and models introduced in lectures. Students should attempt the set of weekly exercises before each tutorial and be prepared to contribute to tutorial discussion. The communication and presentation skills developed in tutorials by regularly and actively participating in discussions are considered to be most important in the real business world and are highly regarded by employers and professional bodies. Tutorials require students to analyse the ideas covered in lectures and then apply them to specific contemporary macroeconomic issues. The summative component of tutorials will relate to current macroeconomic policy in a way that will encourage independent and critical styles of thinking.
In the assignment students are expected to apply the theoretical framework of economics covered in the course to the analysis of current macroeconomic policy in Australia. The aim is to develop students’ literacy and problem-solving skills especially as these apply to economics and business as well as problem-solving skills.
Overview of Learning Resources
Various learning resources are available online through myRMIT/Canvas. In addition to topic notes; assessment details and a study schedule you may also be provided with links to relevant online information; readings; audio and video clips and communication tools to facilitate collaboration with your peers and to share information.
Resources are also available online through RMIT Library databases and other facilities. If you require assistance with the RMIT library facilities contact the Business Liaison Librarian for your school. Contact details for Business Liaison Librarians are located online on the RMIT Library website.
Additional resources and/or sources to assist your learning will be identified by your course coordinator will be made available to you as required during the teaching period.
Overview of Assessment
The assessment tasks, their weighting and the course learning outcomes to which they are aligned are as follows:
Assessment Task 1: 10%
Linked CLOs: 1, 5, 6
Assessment Task 2: 40%
Linked CLOs: 1, 2, 3, 4, 5, 6, 7, 8
Final Examination: 50%
Linked CLOs: 3, 5, 6
Feedback will be provided throughout the semester in class and/or in online forums through individual and group feedback on practical exercises and by individual consultation.