Course at a glance
This Accredited Level 2 Economics Diploma course will provide you with the opportunity to experience Economics and develop an understanding of economic concepts. Whilst also applying these concepts to real-life situations.
Upon completion of this course students will be able to interpret and evaluate economic data in order to make reasoned arguments and informed judgements. Along with develop an awareness of economic change and its impact on developing and developed economies.
The course is a year in length and divided into 2 units of study. At the end of each unit there is an associated TMA (Tutor Marked Assessment) which students are required to complete and submit. The course is formally assessed by an average grade being attained from the 2 submitted Assessments.
Accredited Level 2 Economics Diploma Entry Requirements
Basic English reading and writing skills, as full tutor support is given.
All students must be 16 years of age or above.
Approximately 160 hours.
Accredited Level 2 Economics Diploma Course Duration
You can enrol on the course at any time.
Two tutor marked assignments; one assignment after each unit.
Accredited Level 2 Economics Diploma Course Content
Accredited Level 2 Economics Diploma Unit 1: Markets and Production
Module 1: Demand and Supply
In the study of this first module, you will explore the following key topic areas;
• Economics and the fundamental economic questions
• Demand and Supply
• These topic areas will explore the fundamental basics of economics. The question of supply and demand and elasticity. This module will help you to understand the relationship between price and quantity demanded and quantity supplied and the concept of the market equilibrium, shifts and movements of demand and supply curves.
Module 2: Market equilibrium and labour market
In the study of the second module of the course, you will explore the following key topic areas;
• The role of the market in solving the economic problem
• The labour market
• This module will help you to understand how wages and employment function in a free economy including aspects such as the division of labour, the advantages and disadvantages of division of labour: for the worker and for the firm.
• You will also consider factors affecting demand for labour including demand for final product, the availability of substitutes such as machines and productivity of the workforce. You will also investigate factors affecting supply of labour such as determinants of working population, including distribution, retirement and school leaving age, female participation in the labour force.
Module 3: Production and Competition
In the study of the third module of the course, you will explore the following key topic areas;
• Production and Productivity
• Firms and Market
• This module will help you to investigate factors of production such as land, labour, capital and enterprise. You will consider the sectors of the economy: primary, secondary and tertiary and consider the changing importance of these sectors in terms of employment and output over time, in developing and developed economies.
Accredited Level 2 Economics Diploma Unit 2: Macroeconomics and International Trade
Module 4: Macroeconomics: Objectives and Policies
In the study of the fourth module of the course, you will explore the following key topic areas;
• Macroeconomics Basics
• Macroeconomic Policy
• This module will help you to consider aspects such as government revenue and expenditure, revenue: direct and indirect taxation and the main areas of public sector spending. You will explore taxation, regulation and incentives aimed at the protection of the environment, interest rates and money supply, as well as the supply of money.
Module 5: International Trade and Exchange Rates
In the study of the final module of the course, you will explore the following key topic areas;
• Trading with the World
• Foreign Exchange Market and the Exchange Rate
• This module discusses Globalisation and the increasing integration and interdependence of national
• economies. You will consider MNCs (multi-national companies) source factors, produce and
• sell in various countries and the reasons for globalised operations; key drivers in global
• economy, including role of ICT, transport and tourism.
• Winners and losers from globalisation are also considered, and the relationships between MNCs and developed countries, international debt, commodity prices and living standards in developing countries. The effect on the development gap and the impacts that economics can have on the natural environment are also discussed
This Accredited Level 2 Economics Diploma can be used in preparation for progressing to higher level study in relevant Economic subjects (for example Accredited Level 3 Diplomas) or as a vehicle for career development or to fulfil entry requirements to education courses.