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Principles of Macroeconomics: Course Descriptor

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COURSE BASICS

Course Code ECONO2013


Credit Hours 3
Lectures [No. of Lec(s) Per Week] 2 Duration 1:30 Hours
Lab Sessions

Course Descriptor
PRINCIPLES OF MACROECONOMICS

COURSE DISTRIBUTION
Program(s) Attached To BBA
Core / Elective Core
Course Pre-requisites None

COURSE DESCRIPTION
Macroeconomics is by definition a branch of economics which investigates the relationship among
Macroeconomics variables, such as national product, total employment, the monetary aggregate, the
general price and the like. It is contrasted with Microeconomics which describes optimizing decisions of
individual economic agents and the way they are balanced with each other in a vast number of markets for
goods and services.

COURSE OBJECTIVES
The aim of this course is to introduce business students to the basic principles of macroeconomics.
Emphasis is placed on basic principles involved in the determination of the level of national output, the
aggregate price level, and the supply of money, national income and its determination, consumption,
savings and investments, demand and supply of money, aggregate demand and supply, price fluctuations,
employment and international trade. Alternative explanations of key macroeconomic problems and
relevant economic policies are compared. The theoretical concepts are illustrated from a range of Pakistani
and international applications.

LEARNING OUTCOMES
By the end of this course it is expected that the student will:
1. Know the basic principles of Macroeconomics.
2. Have some knowledge of competing theories.
3. Be familiar with key Macroeconomic variables and the measurement of such variables.
4. Be able to recognize the relationships among the following variables: national income,
unemployment, budget deficit, money supply, interest rate, inflation rate, exchange rate and trade
deficit.
5. Be able to understand a simple Macroeconomics model based on aggregate demand and aggregate
supply.
6. Be able to understand the implications of international trade and capital movements for
Macroeconomic aggregates in a small open economy.
7. Be able to understand how
government policies affect
Macroeconomic outcomes and the current debated about the choice of appropriate policies.

BBA PROGRAM OBJECTIVES

1. Equip students with a variety of organizing, planning, controlling, team-building and communicating skills necessary to effectively
manage and lead organizations in diverse and dynamic environments
2. Provide students with an understanding of contemporary social, economic and political realities which impact the business
environment in Pakistan as well as globally
3. Nurture problem analysis and decision making skills required for handling challenges faced by modern businesses. Students will be
imparted sustaining potential through development of management knowledge and skills
4. Maintain an industry driven blend between theory and practical application in teaching
5. Integrate knowledge of the functional areas of business and funnel into a coherent strategic whole to enable students see
management problems in a holistic perspective
6. Ability to design and propose effective policies for value creation through core business processes of any organization
7. Encourage ‘out of box’ thinking and novel solution finding for conventional and non-conventional problems in management
domain
8. Demonstrate an awareness of the ethical considerations and social responsibilities in the conduct of business. Graduates will be
able to evaluate community responsibilities in organizations and society and propose innovative solutions to complex issues faced
by organizations in the pretext of local value system
9. Improve interpersonal skills required for effective teamwork and developing cordial work environments. Nourish leadership and
initiative taking capabilities coupled with written and oral competencies to enrich managerial effectiveness.
10. Equip students with quantitative and qualitative tools to identify potential business opportunities and successfully materialize new
entrepreneurial ventures.

Map if course objectives or outcomes specifically relate to any program objectives (along with corresponding assessment item):

PROGRAM OBJECTIVES (COURSE) LEARNING OUTCOMES COURSE ASSESSMENT ITEM


PO2 LO1, 2 Quiz, Assignments
PO3 LO1,3 Mid-term Exam
PO4 LO4 Final-term Exam
PO5 LO5 Project Presentation
PO9 LO6 Class Participation
PO10 LO7

ASSESSMENT STRUCTURE
Assessment Items Percentage
Quiz(s) 10%
Assignments(s) 10%
Class Participation 05%
Midterm Examination 30%
Final Examination 40%
Project/Presentation 05%
Other(s)

Any specific teaching/learning strategies:


COURSE CONTENT AND DELIVERY PLAN
Lecture Topics Application (Learning Outcomes achieved through this topic)
A first look at Macroeconomics: LO1
1 Review of basic macroeconomic
concepts and their measurement
National Income Accounts: LO2

2
How to measure GDP growth?
Difference between Real versus
Nominal GDP
Measuring the cost of living: What LO3

3
is CPI and how it is measured?
Comparison of CPI and GDP
deflator.
Economic Growth and LO3,4
Productivity: Determinants of
4 productivity and growth
Differences between growth and
development.
Economic Growth and LO3,4
Productivity: Determinants of
5 productivity and growth.
Differences between growth and
development.
Labor Markets and Unemployment: LO4
Introduction to different labor
6 market indicators.
What are different types of
unemployment rate?
Saving Investment and Financial LO4
System: Introduction to Financial
7
Institutions, market for loanable
funds. Analysis of different policy
actions on market for loanable
funds.
Saving Investment and Financial LO4
System: Introduction to Financial
8 Institutions, market for loanable
funds. Analysis of basic tools of
finance.
9 Money and Banking: Introduction LO5
to different kinds of money and
functions of money.
Central bank
and Monetary Control: Role of LO5
Central bank and Money Supply.
10
Analysis of different tools of
monetary control.

Money Growth and Inflation: What LO5


11
is Quantity Theory of Money?
Introduction to concepts of money
neutrality and Fisher Effect.
Inflation: Introduction to concept of LO5
12
inflation and deflation. Different
types of inflation and costs of
inflation.
The Open Economy: Introduction LO5
to the concept of International
13 flows of goods and financial
resources. Familiarity with Balance
of Payment Accounting.
Exchange Rates: Introduction to LO6
various exchange rates systems.
Knowledge of basic concepts i.e.
14
nominal versus real exchange rate,
appreciation and depreciation and
purchasing power parity.
Calculation of the real Exchange
Rate.
Business Cycles: Introduction to LO6

15
business cycles and their phases.
Theoretical analysis of business
cycles.
Aggregate Demand and Aggregate LO5,6
Supply: Introduction and evaluation
16
of aggregate supply and aggregate
demand concepts.
Analysis of factors responsible for
shifts in AD & AS.
Fiscal Policy, Monetary Policy and LO7
Aggregate Demand: What are the
17
Implications of expansionary fiscal
and monetary policies for aggregate
demand? Introduction to crowding
out effect and automatic stabilizers.
LEARNING RESOURCES
Books:

Principles of Macroeconomics(6thEdition) by N.G Mankiw (PME)


Macroeconomics (6 thEdition) by Abel and Bernanke (A&B)

Macroeconomics (7 th Edition) by Mankiw (ME)

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