Bachelor of Commerce Honours in Economics

Purpose

The purpose of the Bachelor of Commerce Honours in Economics is to develop the learner's integrated conceptual understanding of and an ability to synthesise and critically apply theoretical and empirical evidence to the field of Economics and Business related fields.

Qualifying learners of this qualification will be able to

• Demonstrate knowledge of and engagement with Economics at the forefront of this field.
• Develop an understanding of the complexities and uncertainties related to the field of Economics.
• Offer creative insights and rigorous interpretations and solutions to problems related to the field of Economics.
• Hold in high regard their duty to contribute meaningfully and ethically to the development of the local and global Society and Economy.
• Integrate a stakeholder approach to business and economic decision making in order to develop creative responses to economic problems and issues.
• Develop scientific business research skills to create opportunities for making an impact on society and further the business environment.

Rationale

The value of a highly skilled workforce with analytic and problem-solving competences cannot be underestimated. Such a highly trained workforce is in short supply in South Africa and Africa as a whole. If the skills shortage is not addressed, it will affect the level of economic productivity and reduce the capacity of the country to develop a knowledgeable society. Failing to address the shortage of a skilled workforce will negatively affect the functioning of the country in the current globalised business environment and global economy and threatens the NDP 2030 goal relating to "building a capable and developmental state".

The Bachelor of Commerce Honours in Economics will offer a well-blended analytic, problem-solving and research experience. It is designed to meet the needs of institutions and businesses with rich amounts of data and information and where decisions are made in fast paced globalised environments. The BComHons (Economics) will enhance the learner's capability to make decisions, implement policies and to independently or as a team manage projects. The qualification also seeks to assist in achieving the national objectives of social and economic growth. Some of the fields of possible employment include: banking, investment, politics, manufacturing, infrastructure investments, retail, health, marketing, stock market, and governments. Most of these fields are listed in the 2014 Top 100 Critical Skills Report of the Department of Home Affairs.

Some modules in the qualification are aimed at developing a wide ranging skills set, including among others

• Abstraction - identifying and simplifying the problem without losing its essence and relevance.
• Analysis, deduction and induction - considering the problem and tracing its core ideas, drawing logical conclusions.
• Quantification and design - using and presenting data in an appropriate, usable form.
• Framing - breaking the problem into solvable sections to be solved in a specific order.

Research skills are critical for economists. Economists are trained to deal with issues both systematically and creatively and to design and critically appraise analytical writing. In addition, learners are trained to make sound judgements using data and information at their disposal; to communicate their conclusions clearly to specialist and non-specialist audiences; and to demonstrate self-direction and originality in solving problems. As such, the applied economics research module will equip learners with the necessary knowledge, tools and skills to undertake an individual/group research project.

This qualification provides a platform for further Postgraduate studies as it prepares the graduate with a broad variety of skills and knowledge to undertake research and studies at the Masters' and eventual Doctoral Degree levels.

Recognition of Prior Learning (RPL)

Prospective learners may gain access to the qualification by means of RPL. Formal and informal training/education as well as work experience may be considered provided the learner demonstrates competence in the knowledge, skills, values and attitudes necessary for admission to the programme. RPL will be done on a case-by-case basis and prospective learners' skills will be assessed in an integrated manner.

The Institution may apply RPL to exempt learners for subjects (modules) passed, with satisfactory grades, at other recognised Higher Education institutions if the subjects are considered to be equivalent in content and standard to those offered by the receiving institution.

Entry Requirements

The minimum admission requirement is an appropriate

• Bachelor's Degree at Level 7 in Economics or with high economics content.

Or

• Advanced Diploma at Level 7 in Economics or with high economics content.

The qualification consists of both compulsory and elective modules, all pegged at NQF Level 8.

Compulsory Modules, 75 Credits

• Applied Economics Research, 30 Credits.
• Microeconomics, 15 Credits.
• Macroeconomics, 15 Credits.
• Practical Econometrics, 15 Credits.

Elective Modules, 45 Credits

(Choose any three modules)

• International Economics, 15 Credits.
• Health Economics, 15 Credits.
• Development Economics, 15 Credits.
• Empirical Finance, 15 Credits.
• Forecasting Methods for Business, 15 Credits.

1. Apply comprehensive and systematic knowledge of advanced Micro-economics and Macro-economics theory to real world contexts.
2. Appreciate the different economic development problems facing developing countries in a globalised context.
3. Manage stakeholder relationships.
4. Display ethical behaviour or principles in diverse situations.
5. Conduct independent research on topics in the field of Economics.

Associated Assessment Criteria for Exit Level Outcome 1

• Business and economic problems as well as case studies are analysed, using appropriate principles and techniques.
• The different approaches, models and concepts with reference to selected real world settings are critically discussed.
• The theory, models and practice of economics are applied when suggesting solutions to business and economic problems or case studies.

Associated Assessment Criteria for Exit Level Outcome 2

• The different development problems facing economies are evaluated.
• The implications of different development policies on countries are assessed.
• Implementable policies and solutions suitable for developing nations are critically discussed.
• Economic issues, concerns and developments in the global world are analysed and their impacts on the South African and the global economy interpreted.

Associated Assessment Criteria for Exit Level Outcome 3

• Presentation and peer-to-peer evaluation skills are used.
• Reports on case studies and scenarios are evaluated with the aim to discover the underlying theoretical principles.
• An evaluation report is presented to a 'client' in a simulated situation.

Associated Assessment Criteria for Exit Level Outcome 4

• The works of fellow economists and academics are critically examined.
• Complicated case studies are analysed, exhibiting knowledge of the economy and business operation aimed at ethical and socially responsible enterprises.
• Suitable analytical techniques in appropriate case studies are applied, illustrating ethical, legal and socially responsible decisions.

Associated Assessment Criteria for Exit Level Outcome 5

• Advanced literature in the chosen area of research is critically reviewed, analysed and evaluated.
• Improvements on appropriate research designs are developed and suggested.
• Research findings and recommendations are effectively presented and communicated, catering for a range of audiences, using appropriate academic or professional discourse.
• Existing research is compiled and replicated.

Integrated Assessment

Integrated Assessment will be achieved by a variety of strategies, including written examinations, individual projects, assignments and a research report. Learners are required to demonstrate an ability to consider a range of options and make decisions in economics, as well as to understand, reflect and critically evaluate the fundamental issues as they pertain to the work place or professional environment. Learners are provided detailed feedback separately for each module. Learners are informed of both positive and negative aspects of their formative and summative assessments. This is done in such a way as to enable them to learn from their first attempts, and to be able to improve on their performance in subsequent assessments. To this end, the feedback provided is detailed and addresses the outcomes of the specific module.

The applied research paper is designed to integrate the abilities acquired in the compulsory and elective units. A variety of assessment methods, tools and activities are used. These are appropriate to the context in which the learner is working or will work and include:

• Portfolios.
• Simulations.
• Written assignments.
• Case studies and presentations.
• Group Discussions.
• Written research proposal.
• Examination of the research dissertation.

The assessment practices are open, transparent, fair, valid, and reliable and ensure that no learner is disadvantaged. The integrated approach to assessment is incorporated into the qualification, interweaving learning, teaching and assessment. The assessment of knowledge, skills, attitudes and values shown in the qualification are integrated with the fundamental research modules and practical contexts wherever possible.