AF4040 - Introduction to Macroeconomics

What will I learn on this module?

This module will introduce you to macroeconomic key-concepts and conventional macroeconomic thinking so that you can understand how these have an impact on individual nations and the global economy. You will be exposed to foundational concepts, such as the role of aggregate supply and demand, measures of economic growth, fiscal and monetary policy and economic schools of thought. By completing this module, you should have an awareness and understanding of everyday macroeconomic events.

The topics covered will include:
• Foundational Principles of Macroeconomics;
• Macroeconomic Measurement: Environmental and Social Dimensions;
• Economic Growth/Decline in the Short, Medium and Long Run;
• Employment, Unemployment and Economic Growth;
• Introduction to Monetary and Fiscal Policies;
• Aggregate Expenditure, Aggregate Demand and Aggregate Supply;
• The IS/LM Framework;
• Overview of Principal Schools of Economic Thought.

How will I learn on this module?

You will be supported by a teaching and learning plan (TLP), which outlines the formal sessions, together with tutor-directed study and independent reading. The module will be taught through lectures (24 hours) and tutorials (12 hours). The lectures are the primary medium used to deliver students the basic knowledge and the subject material required to meet module learning outcomes.

Tutorials will be used to deepen understanding and knowledge of the material addressed during lectures, and will provide an opportunity for you and the teaching team to interact and discuss the material with other students. The emphasis will be on high levels of participation both individually and within small groups or teams. You are expected to engage in activities that will increase your ability to apply the key concepts
and principles on practical events in the macroeconomics field.

How will I be supported academically on this module?

The module teaching team, will deliver the content, will answer your questions about the material presented and discussed during sessions, and will assist you in preparing your assignments. Core and supplementary readings will also be disseminated through the e-Learning portal. You are encouraged to make use of consultation times to discuss learning materials. Additional notes will also made available on the -
Learning portal and will serve as an aide to the prescribed textbooks. Relevant material will be provided in advance to each sessions; it is expected that you prepare each sessions appropriately.

What will I be expected to read on this module?

All modules at Northumbria include a range of reading materials that students are expected to engage with. The reading list for this module can be found at:
(Reading List service online guide for academic staff this containing contact details for the Reading List team –

What will I be expected to achieve?

Knowledge & Understanding:
• You will gain knowledge and understanding of economic concepts, principles and tools. (MLO1)
• You will understand the application of relevant economic principles and reasoning to a variety of applied topics. (MLO2)

Intellectual / Professional skills & abilities:
• You will develop generic analytical skills which will be of value in employment or self-employment. (MLO3)

Personal Values Attributes (Global / Cultural
awareness, Ethics, Curiosity) (PVA):
• You will develop an appreciation of the economic and welfare dimensions of wider social, political and environmental issues. (MLO4)

How will I be assessed?

Formative Assessment:
Formative assessment will take place through directed questions during seminars. There will be a discussion of substantive areas in the seminars after each lecture so that you can obtain direct feedback on any questions you may have on the module content and the assigned tasks.

Summative Assessment:
The module is assessed by:

1. A 45 minute MCQ test comprising of 20 questions (40% weight) in Week 9 testing your grasp of fundamental concepts. (MLO1; MLO2; MLO3; MLO4)

2. A 2 hour written exam (60% weight), comprising three questions, two of which must be answered, requiring critical analysis and application theory. The exam covers content from course materials and requires a thorough understanding of macroeconomics theories and themes treated during the
module, as well as ability to apply theoretical frameworks to real-world scenarios. (MLO1; MLO2; MLO3; MLO4)





Module abstract

This module explores how macroeconomic events and crises in one country can have a huge impact on people’s lives around the world. It will give you a strong grounding in macroeconomic theory, introducing you to key concepts and conventional thinking, enabling you to understand how macroeconomic issues affect individual nations and the global economy. You’ll explore the impact of economic growth and decline, the role of aggregate supply and demand, the effects of employment and unemployment on the labour market, and the mechanisms behind fiscal and monetary policies. You’ll gain a deep awareness and understanding of how macroeconomic issues affect everyday events, ideal for further study or future work in this area.

Course info

UCAS Code L101

Credits 20

Level of Study Undergraduate

Mode of Study 3 years Full Time or 4 years with a placement (sandwich)/study abroad

Department Newcastle Business School

Location City Campus, Northumbria University

City Newcastle

Start September 2024 or September 2025

Fee Information

Module Information

All information is accurate at the time of sharing. 

Full time Courses are primarily delivered via on-campus face to face learning but could include elements of online learning. Most courses run as planned and as promoted on our website and via our marketing materials, but if there are any substantial changes (as determined by the Competition and Markets Authority) to a course or there is the potential that course may be withdrawn, we will notify all affected applicants as soon as possible with advice and guidance regarding their options. It is also important to be aware that optional modules listed on course pages may be subject to change depending on uptake numbers each year.  

Contact time is subject to increase or decrease in line with possible restrictions imposed by the government or the University in the interest of maintaining the health and safety and wellbeing of students, staff, and visitors if this is deemed necessary in future.


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