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Course Overview
Embark on a transformative learning journey with the UK’s most innovative home study provider, offering courses designed to unlock your true potential and facilitate the career change you desire. Access our distance learning courses directly from anywhere, anytime, and acquire industry-recognised Professional Qualifications essential for advancing in your career.
Specifically, explore the flexible and convenient Economics (Level 3) course, an ideal way to gain a diploma qualification. Whether you aim for further education, improved job prospects, or expanded knowledge, this comprehensive course allows you to prepare thoroughly for exams or careers through home study. Plus, it’s structured to be accessible and beneficial even if you have no prior knowledge in Economics.
This Level 3 Diploma in Economics will provide students with an in depth knowledge of the topic area. Economics gives you diploma terminology and models to understand the world of money and finance, of employment, economic growth and international trade. You will need to get used to dealing with the specialist language of economics but you also need to be able to apply it to real life events. This course will enable you to do this comprehensively but you will also find it useful to keep up to date by reading newspapers, journals like The Economist and by watching or listening to radio and television.
Economics has a large amount of new terminology. You will be required to recognise and understand economics terms when you meet them and also to apply them to real life situations. Some of the terminology is used in ordinary language but in a quite different way in economics. You will also need to remember diagrams that explain economics. The lessons have been arranged to follow ten modules, but to provide for ease of understanding and topic coverage may be of different length and difficulty.
The modules have been organised to provide students with a sequence to develop a sound knowledge in Economics. At the end of each module there is exam preparation to complete. This will prepare the student for the final examination. Some of these sections have references to carefully selected websites to provide you with further practice, summaries and examples of topics covered in the lesson.
Course Key Topics
the Economics (Level 3) course is divided into 10 modules.
Module 1: The Economic Problem and the Production Possibility Frontier / Demand and Supply Analysis.
How much can be produced and what should be produced? Will demand always outstrip supply? What is price and how is it determined?
Module 2: Market Failure / Government Intervention and Government Failure
Should governments allow a completely free market? Should they step in to support failing industries? Are some industries too important to be left to private ownership? Ought such industries to be government owned and operated?
Module 3: Introducing Macroeconomics and Measuring the Economy
Macroeconomics is about the big picture- the very, very big picture. The world economy, national economies and how can all the world be in a depression or in a boom?
Module 4: Aggregate Demand and Aggregate Supply
Does supply always match demand? If not what happens to either?
Module 5: Economic Growth
What is economic growth? How do we measure it? Is it always good? What about those who are left behind?
Module 6: Government Intervention and Constraints
This builds on what has already been studied in module 2. There are many recent developments to consider.
Module 7: The Firm, Objectives, Growth, Revenue and Costs / Firms and the Market
Why do firms exist? What are they and what do they do? Can we manage without them?
Module 8: Competition / Government Intervention
This is the synthesis of modules 6 & 7 and shows how they are interrelated.
Module 9: Globalisation and Patterns of Trade / How International Trade is Recorded and Financed
As we progress to the “Global Village” and the whole world becomes interconnected what are the implications for the world economy? Again is it a wholly positive move? Is there more to consider than simply extracting maximum profit?
Module 10: Growth and Development / The Role of Government
What do governments have to do with all of what you have studied. This module is a summary and builds on what has already been studied in modules 6,7 & 8.
(Please click on the curriculum tab above to see a detailed view of each module)
Course Content
Economics (Level 3) – FREE Starter Pack
How to…. (a series of explainer videos)
Module 1 – The Economic Problem and the Production Possibility Frontier / Demand and Supply Analysis.
Module 2 – Market Failure / Government Intervention and Government Failure
Module 3 – Introducing Macroeconomics and Measuring the Economy
Module 4 – Aggregate Demand and Aggregate Supply
Module 5 – Economic Growth
Module 6 – Government Intervention and Constraints
Module 7 – The Firm, Objectives, Growth, Revenue and Costs / Firms and the Market
Module 8 – Competition / Government Intervention
Module 9 – Globalisation and Patterns of Trade / How International Trade is Recorded and Financed
Module 10 – Growth and Development / The Role of Government
Course Resources
Final Exam
College Announcements
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Presented by Open Learning College, this course is your gateway to understanding economic principles and financial decision-making. Dive into comprehensive modules covering essential topics—from macroeconomics to microeconomics. Gain practical insights into analysing economic trends and making informed financial decisions.
💡 What Makes Our Course Shine
Expert Guidance: Benefit from experienced tutors providing support throughout your learning journey.
Real-World Skills: Acquire practical knowledge crucial for success in the field of economics.
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Emma Marshal