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ECN120 Macroeconomics I - Markets, Economic Development, and Welfare

Credits (ECTS):5

Course responsible:Joachim Minge Thøgersen

Campus / Online:Taught campus Ås

Teaching language:Norsk

Course frequency:Annually

Nominal workload:125 hours

Teaching and exam period:This course starts in Autumn parallel. This course has teaching/evaluation in Autumn parallel.

About this course

Part 1: Basic economic terminology and theory that enables more focused analyses in parts 2 and 3. Part 2: The economy in the long and intermediate term: Economic growth, development and well-being. Part 3: The economy in the short term: Corrective and stabilizing economic policies.

Learning outcome

Knowledge

  • The purpose of economic theory and methods
  • Knowledge about and the implications of central terms in macro economics
  • Advantages and disadvantages with GDP/capita as a welare measure. Alternate welfare measures
  • General attributes of markets and market equilibria
  • The five markets in macro economics: commodity markets, labor markets, capital markets, money markets, and currency markets

  • Basic models in macro economics, and how they work

    • Policy measures for long term economic development and welfare
    • Policy measures to deal with short term economic fluctuations. The scope for finance and monetary policies

Skills

  • Link central terms, knowledge about markets, and basic models to analyze impacts on an economy in the long term (development and welfare), and short term economic fluctuations
  • Ability to choose suitable economic policy measures for various macro economic scenarios
  • Use and understand the expected impacts of different basic economic policy measures

General competence

  • Knowledge based understanding of economic development in Norway and internationally
  • Present applied macro economic issues
  • Able to conduct a knowledge based discussion of central macro economic issues with economists and persons without such economic theory and methods
  • Learning activities

    The course uses "flipped classroom", i.e., preparation materials and reading guide for the gatherings and exercise sessions are available on the course web page. To achieve learning objectives it is strongly recommended that students prepare for each gathering and exercise session in advance of the session. Gatherings and exercise sessions are thematically organized. Exercises (with proposed solutions) are available on the course web page. The exercise sessions provide opportunities to work on exercises and the solutions to the exercises are discussed.

    For each class and exercise session there are some announced central discussion topics/questions. Groups discuss these questions. One randomly chosen group presents their findings in front of the class with ensuing comments from the other groups and course responsible/teaching assistants.

  • Teaching support

    The course web page contains pointers to background materials and news events that are related to the course contents, and make up an important source for student learning. It is recommended that students form self organized groups, for example 3-4 persons, and work together on the theoretical materials and exercises. Working on exercises and active participation is important for meeting the learning objectives.

    The course web also contains a Q&A section that provides answers to the most common questions students ask. This will be expanded as new questions are asked. The course responsible person can be contacted by email or drop-in. For longer academic conversations, it is recommended to schedule a meeting with the course responsible.

  • Recommended prerequisites
    None. This is an introductory course in Macroeconomics, and the course is set up so that knowledge acquired during the course will suffice to be able to follow the course.
  • Assessment method
    Written exam on campus in the examination period, 3,5 hours (100%).

    One written exam

    Grading: Letter grades

    Permitted aids: B1 Calculator handed out, no other aids

  • Examiner scheme
    External examiner will control the quality of syllabus, questions for the final examination, and principles for the assessment of the examination answers.
  • Mandatory activity

    One written assignment that must be approved in order to take the exam.

    Mandatory participation on 4 of the 6 first exercise sessions.

    The mandatory activity is valid until the next time the course is given and the ensuing continuation exam.

  • Notes
    The course is a standard introductory course in macroeconomics, and equivalent courses are given at the universities and regional colleges in Norway, as well as at universities abroad.
  • Teaching hours
    2 hours of lectures and 2 hours with exercises sessions/discussion per week.
  • Admission requirements
    Minimum requirements for entrance to higher education in Norway (generell studiekompetanse).