James Cook University Subject Handbook - 2023

EC1020 - Foundations in Macroeconomics

Subject Description

Macroeconomics studies the behaviour of the whole economy. This subject provides an introduction to the analysis of key macroeconomic variables used by governments to assess the performance of the economy. The course covers the models and theories used to explain the trends in economic output and the role of government policies in shaping the outcome of the economy. Topics include national income, unemployment, monetary and fiscal policies, role of the banking system and inflation. Students will be able to appreciate how the whole economy functions and gain understanding of the relationships among sectors of the economy

Learning Outcomes

• demonstrate an understanding of macroeconomic variables such as inflation, unemployment, production and growth, interest rates
• gain insights into the workings of the banking system and the monetary system
• understand and interpret macroeconomic data
• distinguish between monetary and fiscal policy models
• critically evaluate and analyse government policies to counter economic swings
• explain, interpret and analyse current economic issues

Subject Assessment

• Written > Examination (centrally administered) - (40%) - Individual
• Written > Test/Quiz 1 - (30%) - Individual
• Written > Essay (including multi-draft) 1 - (30%) - Individual

Note that 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.

Availabilities