Introduction to Macroeconomics
Topic 1: Introduction to Economics
- Definition, Scope, and Significance of Economics
- Microeconomics and Macroeconomics
- Key Economic Concepts: Resources, Goods, Services, Value, Utility, and Welfare
Topic 2: Macroeconomics: An Overview
- Macroeconomics vs. Microeconomics
- Key Concepts: Gross Domestic Product (GDP), GDP per Capita, GDP Deflator, Consumer Price Index (CPI)
- Role of Inflation and Unemployment in Macroeconomics
Topic 3: National Income Accounting and Employment Concepts
- Measuring National Income: Gross Value Added (GVA) and Net Value Added (NVA)
- GDP Measurement Methods: Product Approach, Expenditure Approach, Income Approach
- Employment, Disguised Unemployment, Seasonal, Cyclical, and Structural Unemployment
Topic 4: Inflation
- Meaning and Types of Inflation: Demand-Pull, Cost-Push, Built-in, Inflationary Gap
- Effects of Inflation: Economic, Social, and Political Aspects
- Policies to Control Inflation: Monetary, Fiscal, and Income Policies
Topic 5: Money and Banking
- Function of Money: Medium of Exchange, Store of Value, Unit of Account
- Demand for Money: Transactions, Precautionary, and Speculative Motives
- Money Supply: M1, M2, and M3
Topic 6: The Financial System
- Types of Financial Markets: Money Market, Capital Market, Forex Market
- Importance of Financial System: Capital Formation, Credit Creation, Liquidity
- Roles of Banks in the Financial System
Topic 7: The Government and the Economy
- Government in the Economy: Expenditure, Taxes, and Subsidies
- Fiscal Policy: Expansionary and Contractionary Policy
- Types of Budget: Balanced, Surplus, and Deficit
Topic 8: Balance of Payments (BOP)
- Components of BOP: Current Account, Capital Account, Financial Account, Reserve
Topic 9: Foreign Exchange Market
- Foreign Exchange Transactions
- Foreign Exchange Rate: Spot Rate, Forward Rate, Future Rate, Swap Rate
Please note that the above topics might not cover the entire Mcom Part 1, Semester 1 Economics syllabus. Consult your professor or university course catalog for a comprehensive of topics
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