EC5205 - Economic Growth and Labour Market

Credit points:	03
Year:	2010
Student Contribution Band:	Band 3
Administered by:	School of Business

This subject focuses on Medium to Long Term Issues relevant to macro economics. (Macroeconomics is the branch of economics that focuses on issues pertinent to entire economies; such as inflation, unemployment, interest rates, exchange rates, economic growth, monetary and fiscal policy.) It investigats details associated with aggregate supply, the dynamic interation between aggregate demand and aggregate supply and economic growth. Topics covered in this subject include inflation, unemployment, expectations formation, hysteresis, real business cycles, price and wage 'stickiness', labour supply, labour demand, aggregate production functions and economic growth.

Learning Outcomes

• Students completing this subject will have an increased understanding of macroeconomic data, concepts, models and analysis. More specifically, they will be able to:;
• Understand a range of different models that seek to explain and/or describe key macroeconomic relationships in the medium to long-run, with a particular emphasis on factors affecting the supply-side of the economy;
• Understand some of the key assumpsions, problems, strengths and limitations of the relevant models;
• Construct, manipulate and explain a range of simple diagrams associated with the relevant models;
• Use the models to analyse real and hypothetical 'shocks' and/or policy changes, making predictions about the possible impact of the changes on different parts of the economy, and derive solutions to problems posed in these circumstances.

Graduate Qualities

• The ability to think critically, to analyse and evaluate claims, evidence and arguments;
• The ability to adapt knowledge to new situations;
• The ability to define and to solve problems in at least one discipline area;
• The ability to communicate effectively with a range of audiences;
• The ability to speak and write logically, clearly and creatively;
• The ability to calculate, produce, interpret and communicate numerical information;
• The ability to select and use appropriate IT tools;
• The ability to access and employ online technologies effectively;
• A coherent and disciplined body of skills, knowledge, values and professional ethics in at least one discipline area;
• The ability to use a variety of media and methods to retrieve, analyse, evaluate, organise and present information;
• The ability to learn independently and in a self-directed manner;
• A commitment to lifelong learning and intellectual development.

Assumed Knowledge:	Introductory subjects in Economics and Statistics
Inadmissible Subject Combinations:	BX3023 and EC2001 and EC3412

Availabilities
Townsville, Internal, Study Period 1
Census Date 25-Mar-2010
Coord/Lect:	Dr Riccardo Welters.
Contact hours:	26 hours lectures 12 hours tutorials
Assessment:	end of semester exam (50%); presentations (10%); essays (40%).

Note: Minor variations might occur due to the continuous Subject quality improvement process, and in case of minor variation(s) in assessment details, the Subject Outline represents the latest official information.