Course at a glance
This level 3 diploma in Economics will provide students with an in depth knowledge of the subject areas covered. The modules have been organised to take you a step at a time towards developing a sound knowledge of Economics. At the end of each module there is a section focusing on examination preparation. These will help to prepare you for the 2 assessments. One assessment is at the midpoint of the course. The second is, naturally, at the end of the course and covers the entire syllabus.
Economics gives you the language and techniques 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 such as “The Economist” and by watching or listening to specialist programmes on radio and television. Your tutor will be able to recommend which sources are of value.
Economics has a large amount of new terminology. You will need to be able to recognise and understand economic terms when you meet them and also to apply them to real life situations. Some of these words are used in ordinary language, but in a quite different way in economics. For example the word “scarce” in general English means there isn’t very much of something available. In Economics the same term means that something is limited in supply. You will also need to remember diagrams such as graphs and Gantt charts that explain economics It is important to label your axes correctly and to be able to explain the diagrams in your own language. You may find it helpful to put your definitions and diagrams on index cards or the clipped together revision cards you can buy in a stationery shop.
The lessons have been arranged to follow ten modules, but to provide for ease of understanding and topic coverage these may be of different length and difficulty. The modules have been organised to provide students with what has been considered the best sequence to develop a sound, progressive knowledge of Economics. At the end of each module there is exam preparation to complete to help prepare the student for the final examination. Some of the modules have references to carefully selected websites to provide you with further practice, summaries and examples of topics covered in the lesson.
The course is accredited by CIE Global and the grade given is either a pass or a fail. The assessments concentrate on 3 areas:
- Theoretical knowledge and understanding
- Practical implications
- Integration of theory and practice
The modules are of different lengths. You will probably find some to be easier than others. Some of them have references to carefully selected and reviewed websites to enable you to have even more practice and to see summaries and examples of topics covered in the lessons.
SectionsEntry Requirements Course Content Progression
Accredited Level 3 Economics Diploma Entry Requirement
Entry to this Accredited Level 3 Economics Diploma requires that potential students have gained GCSE/IGCSE or equivalent qualifications and have, good English oral, reading and writing skills.
Advice on enrolment and guidance of prior learning (APL) can be obtained through out contact centre. The course is a rolling programme and can be started at any point in the year. Successful students can go on to Higher Education, including remaining as students at OLC to complete courses in our portfolio of higher awards.
All students must be aged 16 or over.
The coursework is assessed through continuous assessment with no formal exit examinations.
Approximately: 200 hours of personal study time for the entire course is recommended. All of which is supported by the OLC Course Tutor, who we greatly encourage students to access support from throughout their course.
This course has been developed by the College’s professional team of tutors to meet the needs of sector based employers and employees. It is also part of the College’s validated level three Diplomas’, recognised internationally, as verified and moderated Centre for Interactive Education (CIE Global). Further details of our accreditations are provided on our website.
Accredited Level 3 Economics Diploma Course Length
Accredited Level 3 Economics Diploma Course Content
The course consists of the following ten modules
Accredited Level 3 Economics Diploma Module 1
The Economic Problem and the Production Possibility Frontier / Demand and Supply Analysis. This deals with why everybody wants to receive more and pay less and how that conundrum can be addressed.
Accredited Level 3 Economics Diploma Module 2
Market Failure / Government Intervention and Government Failure. What happens when a market collapses? Interestingly I am writing this text on the anniversary of the 1929 Wall Street Crash! What have we learnt since 29 October 1929?
Accredited Level 3 Economics Diploma Module 3
Introducing Macroeconomics and Measuring the Economy. Macro Economics is dealing with the large issues of economics.
Accredited Level 3 Economics Diploma Module 4
Aggregate Demand and Aggregate Supply. When does supply = demand? What happens when it does not?
Accredited Level 3 Economics Diploma Module 5
Economic Growth. Is growth always a good thing? What is growth? Are there more important priorities?
Accredited Level 3 Economics Diploma Module 6
Government Intervention and Constraints. How free is a free market? Should a free market system allow companies to fail?
Accredited Level 3 Economics Diploma Module 7
The Firm, Objectives, Growth, Revenue and Costs / Firms and the Market. What is a firm? How do they operate?
Accredited Level 3 Economics Diploma Module 8
Competition / Government Intervention. Is a company ever too large, too important or too strategic to be allowed to fail? Is it more important to produce food than any other commodity? If so is it a duty of a government to compel people to produce food or to subsidise food production?
Accredited Level 3 Economics Diploma Module 9
Globalisation and Patterns of Trade / How International Trade is Recorded and Financed. The new dimension to trade which has developed as a result of the globalisation of world trade. What challenges are posed by having the whole world as your market?
Accredited Level 3 Economics Diploma Module 10
Growth and Development / The Role of Government. Again is it part of the role of a government to ensure that the economy of the nation grows and continues to grow? Who are the winners, and whom the losers from such growth?
You can also contact your tutor if you feel you need more practice in any of the topics covered in this course.
This Accredited Level 3 Economics Diploma can be used to gain entry to a Level 4 Diploma or higher.