Advanced Diploma in Economics

Purpose:

The purpose of the Qualification is to extend learners' knowledge and understanding of current economic issues relating to South African and global economies. It will give learners an in-depth understanding of how markets are structured and why they can fail. The contexts of this qualification are complex and challenging, particularly in terms of the application of economic concepts and theories to current economic situations. Undertaking this Qualification will require a more sophisticated level of numeracy and communication skills as learners are required to interpret complex economic statistics and graphs, consider alternative economic viewpoints and present logical and reasoned arguments relating to current economic issues. Development of research and investigative skills is a key focus of this Qualification and this encourages learners to think independently and use their initiative, but also provides opportunities for working as a team. The Qualification will strengthen learners' understanding of economic models, issues, policies and opinions, and will develop their decision making skills by enabling them to evaluate and/or justify any economic actions taken. This Advanced Diploma in Economics is therefore instrumental in developing learners' higher-order thinking skills. It provides an in-depth knowledge and understanding of concepts that underpin economic decisions made by individuals, businesses, governments and other organisations.

Rationale:

The Advanced Diploma in Economics will provide learners with the skills, knowledge and understanding needed to analyse and evaluate complex and interrelated economic issues. This Qualification encourages learners to become more open and independently minded individuals capable of applying their economic skills to everyday life situations. Studying economics will enable learners to become better informed and more responsible citizens, consumers and producers by allowing them to develop a critical awareness of how underpinning economic concepts and theories affect our daily life. Learners' horizons will be expanded as they will be challenged to look at local, national and global economic issues in new ways. This will enable them to become more confident and successful in their ability to understand and offer resolutions to economic situations, thereby allowing them to become more effective contributors to society. The investigative and higher-order thinking skills developed throughout this qualification will give learners opportunities to contribute to team working and to working more independently. This will develop attributes such as taking responsibility and ownership, self-motivation, using initiative and communication and interpersonal skills, all of which are important for successful lifelong learning and in the world of work. The qualification covers a broad area of learning that allows for further progression and depth of study at a later stage, as well as allowing learning to develop in a challenging and enjoyable way. Understanding the key concepts and theories of economics and applying them in current economic contexts ensures that its relevance to learners is far-reaching.