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

  • Knowledge about the purpose of economic theory and methods
  • Knowledge about and the implications of central terms in macro economics
  • Know advantages and disadvantages with GDP/capita as a welfare measure
  • Knowledge about the general attributes of markets and market equilibria
  • Foundational knowledge about the five markets in macro economics: commodity markets, labor markets, capital markets, money markets, and currency markets

  • Knowledge of 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
  • Able to conduct a knowledge based discussion of central macro economic issues with economists and persons without such economic theory and methods

  • Learning activities

    On-campus teaching without streaming.Lectures, exercise sessions, independent study, term paper (in groups).

  • Teaching support

    Exercises with teaching assistants for working on exercises and discussing questions related to the topic of the previous lecture. Q&A with the course coordinator. Feedback on term paper from teaching assistants.

  • Syllabus

    Information about textbook will be available approximately three weeks prior to the beginning of the course. Additional reading/teaching materials will be available on the course web page as the semester progresses.

  • 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 Karakterregel: Letter grades Hjelpemiddelkode: B1 Calculator handed out, no other aids

  • About use of AI

    Mandatory activity:

    K2 - Specified use of AI in accordance with the guidelines for the use of artificial intelligence (AI) at NMBU. AI may be used in the following way for mandatory activities in this subject: AI can be used as assistance in working on exercises and term paper, but should not be used to fully generate answers and presentations.

    Assessment:

    K1 - Use of AI is not allowed. See the guidelines for the use of artificial intelligence (AI) at NMBU.

    Descriptions of AI-category codes.

  • 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

    Semester paper.

    Approved mandatory activity from the last time the course was given is not valid when retaking the course.

  • 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 about 2 hours with exercises sessions/discussion per week.

  • Admission requirements

    Minimum requirements for entrance to higher education in Norway (generell studiekompetanse).