This unit will introduce you to the basic notions of macroeconomics and public finance.
You will learn, among others, the differences between the types of economies, the role of monetary and fiscal policy, and the notions of deficit and debt.

What you will learn

By the end of this unit, you will be able to:

  1. Identify the basic external factors which shape economic activity and the differences between open economies, centrally-planned and mixed economies.
  2. Recognise the role of the Central Bank in an economy in determining money supply and the base rate of interest.
  3. Identify the differences between monetary and fiscal policy, along with their components.
  4. Define basic macroeconomic concepts, such as the Gross Domestic Product (GDP), the level of unemployment, budget deficit, government debt, and relate them to personal financial planning.
  5. Critically assess how the economic, political, and societal environment impacts upon personal financial planning during the lifecycle.
  6. Recognise key international institutions, such as the World Bank, the IMF, and the EU, which have stemmed out of international co-operation between nations.

Course Info

Length: One 1 hour video

Institution: University of Glasgow

Level: low

Effort: 5 hours

Schedule: Self-paced