Course at a glance
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.
Level 3 Economics Diploma Entry Requirements
All students must be 16 years of age and above to enrol into our Level 3 Economics Diploma course.
Level 3 Diploma courses require a minimum prior learning to GCSE standard in order that students can manage their studies and the assumed knowledge within course content.
Approximately 20 hours per unit.
Optional coursework and final examination.
Please note that you can enrol on this course at anytime.
Students at the college have the option to choose the awarding body of their course.
This course has been endorsed by :
Quality Licence Scheme: https://qualitylicencescheme.co.uk/
Accord : https://accord.ac/
This courses’ awarding bodies are recognised for their high-quality, non-regulated provision and training programmes. This course is not regulated by Ofqual and is not an accredited qualification. Your training provider will be able to advise you on any further recognition, for example progression routes into further and/or higher education. For further information please visit Quality Licence Scheme website or Accord website
Level 3 Economics Diploma Course Content
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.
You can also contact your tutor if you feel you need more practice in any of the topics covered in this course.
This course is self-contained so you will not need to use any extra textbooks. However, you may find it useful to read other books on this subject. The following book has been recommended and there are references to this book if you would like extra background information.
Economics (Fifth Edition) Edexcel
Alain Anderton – Pearson
This textbook covers both AS and A2 economics, in the same layout as our Level 3 Diploma in Economics.
This Level 3 Economics Diploma course can be used to gain entry to a Level 4 Diploma or higher.
Further information on our Level 4 Diplomas can be found here: https://www.oxfordcollege.ac/courses/accredited-level-4-diplomas/