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 also 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. It also gives learners an in-depth understanding of how markets are structured and why they can fail.

The contexts in 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.

Rationale

The Advanced Diploma: 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.

The learner is assumed to be familiar with economics either through his/her employment in such an environment or through the successful completion of an appropriate qualification at NQF Level 6.

Competence in Economics and Mathematics equivalent to NQF Level 6 is expected.

Access to the Qualification

Access to the Advanced Diploma: Economics is granted to all applicants who are in possession of one of the following

• National Diploma in Economics.

Or

• Bachelor of Technology students with Economics as Major at NQF Level 6.
• A foreign qualification that is equivalent to the National Diploma: Economics as determined by SAQA.
• Through the Recognition of Prior Learning - when relevant.

Recognition of Prior Learning (RPL)

This qualification can be achieved in part through Recognition of Prior Learning (RPL), in terms of the policy and guidelines of the University of Johannesburg concerning the recognition of other forms of formal, informal and non-formal learning experience. Recognition takes place only where prior learning corresponds to the required NQF Level and where applied competencies are relevant to the content and outcomes of the qualification. Through RPL learners may gain access to the qualification, may have advanced status and may be credited.

The Qualification consists of the following compulsory modules at NQF Level 7

Modules

• Microeconomics 1, 30 Credits.
• Mathematical Economics 1, 30 Credits.
• Macroeconomics 1, 30 Credits.
• Macroeconomics Research 1, 30 Credits.

Total Credits at NQF Level 7: 120.

Upon completion of the Advanced Diploma: Economics, the qualifying Learners will be able to

1. Show an understanding of microeconomic theories utilised in the decision making by individual consumers and firms.
2. Demonstrate the mathematical operations in linear algebra, optimisation, matrix algebra and integrals required in the manipulation of economic models.
3. Apply macroeconomic theories to decision making and policy prescription.
4. 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.

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 spread sheet 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

This comprises a final three hour examination which is representative of all the work covered in each of the following: 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.