NMEC102 Economic Principles 2-JANJUN2022

Macroeconomics deals with a systematic analysis of the relationships among the major economic aggregates (such as the household, the business sectors, international sector and the government), which constitute the macro-economy. This is a concentrated introductory course providing a general understanding of basic macro-economic concepts. Specifically, it acquaints the beginning student with an appreciation of the functions of economic systems, including various approaches to the organization of production and allocation of resources, and of policies to achieve national economic goals. These include the determination of national income, inflation, recession, unemployment, taxation, labor unions, environmental pollution, energy and economic growth.

In this respect, macroeconomics studies the functioning of the economy at an aggregate level. The main topics covered include the measurement of economic performance; the determination of aggregate prices, incomes, output and unemployment, the various tools that governments can use to stabilize or improve the performance of the economy and the factors influencing economic growth and international trade. The aim of this course is therefore to provide students with a good grounding in the core of macroeconomic theory and its policy implications