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Overview

This module adds to the knowledge acquired through Microeconomics to provide you with the appropriate foundation in economic theory and its impact on the policies of national governments in a global environment. Through the module you will become familiar with aspects of the UK economy and government policy, and learn about key macroeconomic indicators such as GDP per capita, price indices and balance of payments. You’ll also learn about fiscal and monetary policy aims; the desire for growth; and the relationship between policy and rates of inflation, deflation and unemployment. The module will help you to appreciate the ways in which national economic goals are affected by broader international groupings, and the impact of the development of a global market.

Main topics covered include: - the development and main features of the UK economy - the UK government’s current policies in the wake of international crises in the financial sector and the burden of government indebtedness - external influences on government policy - key economic indicators and their significance in shaping government policy (GDP, RPI, levels of inflation and unemployment, balance of payments) - the drive for economic growth and the role played by fiscal and monetary, demand and supply-side policies - constraints on government freedom of action and interaction with other economies in a global context.

Assessment Strategy

Threshold (40-49% / D- to D+): Student has made sufficient progress in the study of this module to achieve the lowest level of pass allowing for progression onto an undergraduate degree.

Satisfactory (50 – 59% / C- to C+): Student demonstrates reasonably comprehensive coverage of learning outcomes, indicating generally accurate understanding, based on lecture material and some core readings. Some gaps in knowledge and/or understanding evident.

Good (60-69% / B- to B+): Student has displayed a sound basic knowledge and understanding of much of the material studied in this module and achieved a high enough grade to indicate a clear ability to cope with the demands of an undergraduate level degree.

Excellent (70% + / A- to A*): Student has engaged consistently well with all aspects of the module and strong achievement in assessments indicates the ability to perform effectively at undergraduate degree level.

Learning Outcomes

• Describe and explain the constraints upon a national government’s freedom of action through membership of regional or global organisations such as the EU, G8, WTO

• Describe and explain the main features of the UK economy and of the UK government’s current economic policies

• Describe the key economic theories and concepts studied using the appropriate terminology

• Explain the operation of the key macroeconomic indicators in informing and shaping government policies at a national level