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.

• Competency in Economics and Mathematics equivalent to NQF Level 6.
• The ability to take responsibility for own learning.
• Competency in communication skills in the language of study at NQF Level 6.

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 institution concerning the recognition of other forms of formal, informal and non-formal learning experience. RPL takes place only where prior learning corresponds with the required NQF Level and in terms of applied competencies relevant to the content and outcomes of the qualification. Through RPL learners may gain access to the qualification, be given advanced status and be given credits.

Access to the Qualification

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

• A National Diploma in Economics.

Or

• A relevant Technical qualification with Economics as Major at NQF Level 6.
• A foreign qualification that is equivalent to the National Diploma in Economics as determined by SAQA.

This qualification comprises eight compulsory modules, each worth 15 Credits, with a combined total of 120 Credits, all at NQF Level 7.

Modules

• Research Methodology.
• Research Essay.
• Intermediate Microeconomics.
• Intermediate Macroeconomics.
• Development Economics.
• Public Economics.
• Labour Economics.
• International Economics.

1. Demonstrate integrated knowledge, a high level of intellectual independence and a systematic understanding of current thinking, practice, theory and methodology in the areas of specialisation in Economics.
2. Conduct specific investigations in the areas of specialisation by applying a range of suitable methods in order to resolve problems and/or introduce change as well as producing and communicating professional and occupational ideas and creative insights effectively, appropriate to context in a variety of modes to a range of audiences.
3. Take decisions and act ethically, responsibly and professionally within a supported environment.

Critical Cross-Field Outcomes

All the Critical Cross-Field Outcomes are addressed in this qualification.

Associated Assessment Criteria for Exit Level Outcome 1

1.1 Demonstrate a theoretical knowledge of the economic discipline, its principles, concepts and related practices applied to the subfields of the specialisation in a market-oriented economy.

1.2 Identify and solve problems related to the fields of specialisation thereby demonstrating an integrated knowledge, a high level of intellectual independence and a systematic understanding of current thinking, practice, theory and methodology in the areas of specialisation.

Associated Assessment Criteria for Exit Level Outcome 2

2.1 Demonstrate knowledge and understanding of the principles and concepts of research and research methodology.

2.2 Select and apply appropriate research methods effectively by undertaking a research project in one or more of the areas of specialisation.

2.3 Present and communicate the research findings in genre-appropriate discourse.

Associated Assessment Criterion for Exit Level Outcome 3

3.1 Demonstrate responsible, professional and ethical behaviour in all actions related to the economic environment/workplace.

3.2 Demonstrate responsible and professional decision-making by analysing, evaluating and resolving dilemmas ethically in a context-specific and supported environment.

Integrated Assessment

During the semester the focus of assessment activities in each module will be diagnostic and formative. These assessments will take the form of class discussions, presentations by students, short critical essays and debates based on learning materials presented during lectures and assigned readings from prescribed texts and supplementary materials. The key categories of knowledge, comprehension, application, analysis, integration and evaluation will be covered through problem-solving and real-world applications.

In the two semester tests and in the final semester examinations the focus of the assessment will be on the demonstration of the stated learning outcomes, including familiarity with and level-appropriate integration of, fundamental concepts, principles and their applications in appropriate contexts.