Macroeconomics Diploma

Diploma in Macroeconomics - Level 3

Macroeconomics is a part of economics that deals with the structure, performance, behaviour and decision making of an economy. It is a very important concept that accesses the overall performance of a country in terms of national income, making it an essential area of study not just for economists, but also for entrepreneurs, business owners, business consultants and managerial officials. Therefore, this Diploma in Macroeconomics – Level 3 has been developed to enlighten the interested learners on all the aspects of macroeconomics to help them make effective businesses decisions based on them.

This course will teach you how the price system works and what causes the supply and demand to shift in different situations. The key components such as gross domestic product, interest rate, growth theory, price and inflation will also be amply covered to help you calculate profit and anticipate market outcomes.

The other modules include topics such as the labour market, price discrimination, Neo-classical synthesis, the complete Keynesian model and many more macroeconomic principles and theories. You will also come to understand demand, supply and equilibrium and how it influences the market to easily apply it within an organisation or while making financial or investment decisions. By the end of this course, you will walk away with an accredited certification that will give you the confidence you need to excel in your job.

The course has been endorsed under the Quality Licence Scheme. The completion of this course alone does not lead to a regulated qualification* but may be used as evidence of knowledge and skills gained. The Learner Unit Summary may be used as evidence towards Recognition of Prior Learning if you wish to progress your studies in this subject. To this end the learning outcomes of the course have been benchmarked at Level 2 against level descriptors published by Ofqual, to indicate the depth of study and level of demand/complexity involved in successful completion by the learner.

The course itself has been designed by Imperial Learning Limited* to meet specific learners’ and/or employers’ requirements which cannot be satisfied through current regulated qualifications.

The Quality Licence Scheme endorsement involves robust and rigorous quality audits by external auditors to ensure quality is continually met. A review of courses is carried out as part of the endorsement process.

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*Regulated qualification refers to those qualifications that are regulated by Ofqual / CCEA / Qualification Wales

Certificate of completion

Digital certificate - Included

What Will I Learn?

• Gain a clear understanding of how the price system works.
• Learn how to calculate profit. Anticipate market outcomes.
• Understand supply, demand and equilibrium.
• Gain an understanding of the labor market and discuss price discrimination.
• Gain essentials of microeconomics.
• An academic qualification will enable learners to have the confidence in their skills in their field of study and apply practical knowledge in their job position.

COURSE CURRICULUM

★ MODULE 01 : Prices And Inflation

• Price level
• Price level and time
• Price index
• Consumer Price Index, CPI
• Problems with CPI
• Inflation

★ MODULE 02 : Exchange Rate

• Exchange rate systems
• Changes in the exchange rate
• Effective exchange rate

★ MODULE 03 : Gross Domestic Product

• Real GDP
• Growth
• Purchasing power
• GDP is aflow

★ MODULE 04 : The Components Of GDP

• The circular flow – simple version
• The circular flow – a more detailed version
• Modeling a firm and the concept value added
• Firms in the circular flow
• Circular flow – circulation of money
• Private sector in the circular flow
• The Government, Rest of the World and the financial markets
• Components of GDP
• Four different measures of GDP
• Capital
• Investment

★ MODULE 05 : The Labor Market

• Introduction
• Unemployment classification
• Full employment
• Wages

★ MODULE 06 : Money And Banks

• Money, definition
• Two types of money
• What is money and what is not money
• Money, wealth and income
• Economic functions of money
• Central banks
• Monetary base
• Commercial banks
• The multiplier effect

★ MODULE 07 : Interest Rate

• Market interest rates
• Relationship between the interest rate and the bond price
• Calculating interest rates on a yearly basis
• The yield curve
• Other interest rates
• Central bank overnight interest rate
• Central bank and monetary policy
• Monetary base and the supply of money
• Overnight interest rates targets and money supply
• Overnight rates and interest rates with longer maturity
• Overnight target rates and inflation
• The real interest rate

★ MODULE 08 : Macroeconomic Models

• Common assumptions
• Unemployment and hours worked are directly related
• The central bank has complete control over money supply
• Exchange rate
• Capital Flows
• The macro economic variables
• Supply and demand

★ MODULE 09 : Growth Theory

• The aggregate production functions
• The marginal product of labor and capital
• Production function and Growth
• Growth Theories
• Separation of growth and fluctuation

★ MODULE 10 : The Classical Model

• Labor Market
• Demand for labor
• The supply of labor
• Equilibrium in the labor market
• GDP, and Say’s Law
• The price level and the quantity theory of money
• Interest rate, consumption and investment
• Determination of all the variables in the classical model

★ MODULE 11 : Keynesian Cross Model

• The Keynesian model
• Summary of the cross model
• Aggregate demand
• The consumption function
• Consumption and GDP
• Aggregate demand in the cross model
• Determination of GDP in the cross model
• Justification
• Say’s Law
• Reversed Say’s Law
• Determination of other variables
• Labor market
• Labor supply and labor demand in the Keynesian model
• The labor in the cross model
• Aggregate supply
• Equilibrium analysis

★ MODULE 12 : Is-Lm-Model

• Aggregate demand
• The investment function in the IS-LM model
• The consumption function in the IS-LM model
• The money market
• Demand for money
• Demand for money and GDP
• Supply of money
• Equilibrium in the money market
• Money market diagram
• IS-LM diagram
• IS-curve
• The LM curve
• Simultaneous determination of Y and R in the IS-LM model
• IS-LM model
• The Labor Market

★ MODULE 13 : The As - Ad - Mode

• The problem with the IS-LM model
• How the AS-AD model solves the problem
• The AS – AD model and inflation
• The goods and the money market in the AS – AD model
• The goods market and aggregate demand
• The money market
• The money market and price changes
• The IS – curve in the AS – AD model
• The LM – curve in the AS – AD model
• Equilibrium in both the goods and in the money market
• The AD curve is the aggregate demand
• Aggregate supply
• The Labor Market
• Aggregate supply and the AS curve
• Determination of all the endogenous variables in the AS – AD model
• Determination of other variables
• The equations of the AS – AD model

★ MODULE 14 : The Complete Keynesian Model

• Introduction
• The LM curve with inflation
• The IS – LM model with inflation

★ MODULE 15 : The Neo-Classical Synthesis

• Introduction
• The various Phillips curves
• The augmented Phillips curve
• Money illusion
• The long-run Phillips curve
• The classical model and the long-term Phillips curve
• The dynamics from the short to the long run

★ MODULE 16 : Essentials Of Macroeconomics

• Introduction
• The rest of the world as one country
• Exchange rate systems
• The classical model of exchange rate determination
• The law of one price
• Purchasing power parity (PPP)
• The Big Mac Index
• Exchange rate determination
• Inflation
• Differences in inflation under fixed exchange rates
• The exchange rate
• Supply and demand for the foreign currency
• Mundell-Fleming model
• Interest rates within in the same currency area
• Interest rates between currency areas
• Interest rate parity
• Modeling expected depreciation
• The IS-LM model under fixed exchange rates
• The IS-LM model with flexible exchange rates

Access Duration

The course will be directly delivered to you, and you have 12 months access to the online learning platform from the date you joined the course. The course is self-paced and you can complete it in stages, revisiting the lectures at any time.

Method of Assessment

In order to complete the Diploma in Macroeconomics - Level 3 successfully, all students are required to complete a series of assignments. The completed assignments must be submitted via the online portal. Your instructor will review and evaluate your work and provide your feedback based on how well you have completed your assignments.

Certification

At the end of this course successful learners will receive a Certificate of Achievement from the Quality Licence Scheme and a Learner Unit Summary (which lists the components the learner has completed as part of the course).

Course Code: QLS-04462

Awarding Body (Accreditation)

The Quality Licence Scheme is part of the Skills and Education Group, a charitable organisation that unites education and skills-orientated organisations that share similar values and objectives. With more than 100 years of collective experience, the Skills and Education Group’s strategic partnerships create opportunities to inform, influence and represent the wider education and skills sector.

The Skills and Education Group also includes two nationally recognised awarding organisations; Skills and Education Group Awards and Skills and Education Group Access. Through our awarding organisations we have developed a reputation for providing high-quality qualifications and assessments for the education and skills sector. We are committed to helping employers, organisations and learners cultivate the relevant skills for learning, skills for employment, and skills for life.

Our knowledge and experience of working within the awarding sector enables us to work with training providers, through the Quality Licence Scheme, to help them develop high-quality courses and/or training programmes for the non-regulated market.

• Entrepreneurs and Economists
• Business owners
• Business Consultants
• Professional learners, undergraduate students

• Learners should be age 19 or over, and must have a basic understanding of Maths, English, and ICT.
• A qualification at level 2 or above in any discipline.

• Business Consultant – £38,159 per annum
• Small Business Owner – £24,747 per annum
• Small Business Operator – £25,759 per annum
• Economist – £35,731 per annum
• Economic Consultant – £36,079 per annum