ECN120 Macroeconomics I - Markets, Economic Development, and Welfare

Credits (ECTS):5

Course responsible:Eirik Romstad

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


  • 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


  • 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
  • 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.

    Towards the end of the course groups of 3-5 students prepare an 8-10 min presentation on a given topic related to the course contents. This activity is mandatory and approved is required t be allowed to take the exam. Students present for the course responsible person. Presentations are followed by a short academic discussions with the course responsible person. A pass on this activity is required to be allowed to take the exam. In the event of a "fail" on this activity, the groups gets one chance to improve their presentation and discussion to get a "pass".

  • 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.

  • Written home-take exam in examination period, 3,5 hours (100%).
  • External examiner will control the quality of syllabus, questions for the final examination, and principles for the assessment of the examination answers.
  • Groups consisting of 3-5 students give an 8-10 minutes prepared presentation to the course responsible person on a given topic related to the course. Presentations are followed op by a brief discussion with the course responsible person. A "approved" on the presentation and discussion is required to be allowed to take the exam. In case of a "not approved", the group gets one try to improve their presentation and the ensuing discussion to "approved".

    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.

  • 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.
  • Two double lectures (course intr + course summary

    8 gatherings (main points from handouts presentet on topic for gathering + discussion on selected questions related to the topic for the gathering). One 2 hours gathering per week in ordinary teaching weeks (see below).

    8 exercise sessions (work + run through of exercises and earlier exam questionns related to topic for gaterings). One 2 hours exercise session per week in ordinary teaching weeks (see below).

    1 presentation and ensuing discussion with course responsible person.

    Teaching starts in week 36 (intro.lecture). Ordinary teaching (2 hours of gatherings/lectures + 2 hours exercises) in week 37-38, 41-46. Summary lecture in week 47.

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