Advanced Diploma in Economics
Business, Commerce and Management Studies - Finance Economics and Accounting
Purpose and Rationale
Qualification Title: Advanced Diploma in Economics
Purpose:
The purpose of this qualification is to provide learners with a wide range of contexts that will enable them to analyse, interpret, predict, and explain the economic actions of consumers, businesses, and governments. The qualification extends learners' knowledge and understanding of current economic issues relating to South African and global economies. It provides an in-depth knowledge and understanding of concepts that underpin economic decisions made by individuals, businesses, governments, and other organisations. Learners will gain an understanding of how markets are structured and why they can fail.
The qualification content is complex and challenging, particularly in terms of the application of economic concepts and theories to current economic situations. Learners will need a sophisticated level of numeracy and communication skills to interpret complex economic statistics and graphs, consider alternative economic viewpoints, and present logical and reasoned arguments relating to current economic issues.
The qualification also focuses on the development of research and investigative skills, encouraging learners to think independently, use their initiative, and work both independently and as part of a team. It aims to strengthen learners' understanding of economic models, issues, policies, and opinions, and develop their decision-making skills by enabling them to evaluate and justify economic actions taken.
Rationale:
The Advanced Diploma in Economics will equip learners with the skills, knowledge, and understanding needed to analyse and evaluate complex economic issues. It encourages learners to become more open and independently minded individuals capable of applying economic skills to everyday life situations. Studying economics will empower learners to become better informed and more responsible citizens, consumers, and producers by developing a critical awareness of how economic concepts and theories affect daily life.
By exploring local, national, and global economic issues, learners' horizons will be expanded, making them more confident in understanding and resolving economic situations. This qualification enhances investigative and higher-order thinking skills that enable learners to contribute to team projects and work independently, fostering attributes like taking responsibility, self-motivation, initiative, communication, and interpersonal skills crucial for lifelong learning and the workforce.
The qualification's broad learning areas allow for future progression and deeper study, challenging learners and making learning both rewarding and enjoyable. By understanding key economic concepts and theories and applying them in real-world economic contexts, the qualification ensures its relevance to learners across various sectors.
Outcomes
- Show an understanding of microeconomic theories utilised in the decision making by individual consumers and firms.
- Demonstrate the mathematical operations in linear algebra, optimisation, matrix algebra and integrals required in the manipulation of economic models.
- Apply macroeconomic theories to decision making and policy prescription.
- Demonstrate the ability to apply basic research methods in economics. Critical Cross-Field Outcomes: All the Critical Cross-Field Outcomes are applied in this qualification.
Assessment Criteria
Associated Assessment Criteria for Exit Level Outcome 1:
- Calculate solutions correctly to utility and profit maximisation problems faced by consumers and firms.
- Predict the pricing behaviour of firms under different market conditions.
Associated Assessment Criteria for Exit Level Outcome 2:
- Differentiate functions as applied to economic problems.
- Solve constrained optimisation problems accurately.
- Use matrix algebra to create simultaneous equations, properly specified and solved.
Associated Assessment Criteria for Exit Level Outcome 3:
- Apply and correctly manipulate macroeconomic models to produce predictions of economic events.
- Apply and correctly manipulate macroeconomic models to produce prescriptions for economic policy.
Associated Assessment Criteria for Exit Level Outcome 4:
- Use spreadsheet programmes to collect relevant data that are sourced and appropriately presented.
- Write data commentaries which convey the meaning behind the data.
- Synthesise Economic literature into an argumentative essay which is coherent and well-researched.
Integrated Assessment:
- An integrated approach to assessment will be followed wherein formative and summative assessment will form an integral part of teaching and learning.
Formative Assessment:
- Learners will be assessed continuously by means of assignments and tests.
Summative Assessment:
- Comprises a final three hour examination which is representative of all the work covered in Microeconomics, Macroeconomics, and Mathematical Economics.
- The summative assessment in Macroeconomic Research comprises a series of written assignments, culminating in the submission of a final essay.
Qualification Details
- Type
- Advanced Diploma
- NQF Level
- 07
- Min. Credits
- 120
- SAQA Source
- More Information
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