Bachelor of Commerce in Economics

Purpose

The purpose of the study qualification is to offer education in economics aimed at developing the learners' analytical, economic and research skills. This qualification provides a module combination with Finance, Management, Information Systems, Insurance and Risk or Law knowledge and enables learners to understand how the economy operates; to be able to help governments and organisations (both public and private) to make informed decisions. Also the qualification enables learners to understand how to ensure societies function more effectively and to forecast and plan for the future.

Rationale

Economics is the study of how, where and why money and resources are produced, spent and allocated by government and businesses and how these help and affect the lives of individuals. All discussions around unemployment, monetary policy, budget deficit and inflation, chances are an economist is involved.

This qualification targets learners who have

• A flair for, or good grounding, in mathematics,
• Critical thinking and problem solving skills,
• The ability to reason logically,
• Effective communication skills (verbal and written),
• An interest in how money and resources can affect and shape the world we live in,

can except being economists, investment bankers and analysts, management and economic consultants, political advisors and politicians, journalists and researchers, amongst other careers.

The qualification will also prepare learners for professional work as economists, and researchers as well as policy advisors in industry, commerce, public and private sectors.

Recognition of Prior Learning (RPL)

Recognition of Prior Learning (RPL) is the process through which the prior knowledge and skills and or work experience of a learner are made visible and assessed for alternative admission into the qualification.

• RPL for access: If a learner does not meet the formal entry requirements for admission into a qualification, RPL can be applied. All RPL applications will be considered according to the institution's RPL policy.
• Formal prior learning: Learners' prior accredited learning at higher institution level in relevant domains, which constitute credit-bearing modules will be considered.
• Non-formal and informal prior experiential learning:

> Learner must submit a written motivation of not more than two pages requesting recognition and admission by the department.

> The department will take into consideration the relevant work-based experience of the learner and their technical capabilities.

> Learners who have not passed Econometrics may enrol for a Short Learning Programme in Econometrics for access.

Entry Requirements

The minimum entry requirement for this qualification is

• National Senior Certificate, NQF Level 4, granting access to Bachelor's studies.

Or

• National Certificate (Vocational), NQF Level 4, granting access to Bachelor's studies.

Or

• Senior Certificate with endorsement.

Or

• Diploma in Economics, NQF Level 6.

This qualification consists of the following compulsory and elective modules at National Qualifications Framework Levels 5, 6 and 7 totalling 356 Credits.

Compulsory Modules at Level 5, 92 Credits

• Introduction to Microeconomics, 15 Credits.
• Introduction to Business Management, 15 Credits.
• Financial Accounting 1, 32 Credits.
• Introduction to Macroeconomics, 15 Credits.
• Management of the Enterprise, 15 Credits.

Elective Modules at Level 5

• Commercial Law 1 Module I, 16 Credits.
• Commercial Law 1 Module II, 16 Credits.

Compulsory Modules at Level 6, 96 Credits

• Microeconomics, 8 Credits.
• Mathematical Economics, 8 Credits.
• Labour Economics, 8 Credits.
• Political Economy, 8 Credits.
• Applied Statistics Module I, 16 Credits.
• Macroeconomics, 8 Credits.
• Health Economics, 8 Credits.
• Development Economics, 8 Credits.
• Environmental Economics, 8 Credits.
• Applied Statistics Module II, 16 Credits.

Elective Modules at Level 6

• Commercial Law 2 Module II, 16 Credits.
• Commercial Law 2 Module I, 16 Credits.

Compulsory Modules at Level 7, 72 Credits

• Economic Theory, 16 Credits.
• International Trade, 8 Credits.
• Econometrics, 8 Credits.
• Monetary Economics, 8 Credits.
• Agricultural Development Economics, 8 Credits.
• Applied Econometrics, 8 Credits.
• Cost Benefit Analysis, 8 Credits.
• Public Economics, 8 Credits.

Elective Modules at Level 7

• Commercial Law III, 16 Credits.
• Commercial Law IV, 16 Credits.

1. Obtain a strong grasp of the fundamentals of economics from an elementary to an advanced level and describe the economic processes and procedures related to the discipline, and show insight into their interaction.
2. Show an understanding of the economic theories relating to growth and development in both the public and private sector and gain an understanding of the domestic economic relations and links with the external world.
3. Identify, develop and apply economic techniques and procedures that reflect combined efforts to address economic issues that arise in the identified fields and evaluate the most prevalent theories in the discipline, their fundamental concepts and principles and their use.

Associated Assessment Criteria for Exit Level Outcome 1

• Demonstrate knowledge of the field of Economics.
• Demonstrate knowledge, insight and understanding of the principles and practices of micro and macro-economic procedures prevalent in the field of Economics.

Associated Assessment Criteria for Exit Level Outcome 2

• Acquire knowledge and skills to understand problems of resource allocation, micro, industrial, labour, developmental, environmental and macro-economic issues in South Africa and other countries, and seek solutions.
• Relate theory to practice.
• Show an appreciation of the political dynamics that exist in the context of economic growth and development in public and private sectors.

Associated Assessment Criteria for Exit Level Outcome 3

• Analyse the theories, techniques and procedures relevant to the field of Economics, with particular reference to Financial Markets, Economic Impact Assessment and Econometrics
• Identify, describe and apply economic theoretical principles, techniques and analysis relevant to Economics and its selected sub-fields, in a professionally competent manner.

Integrated Assessment

Formative Assessment

There are four tasks (depending on the nature of the module registered for) that will be done in a semester that counts towards the year mark, with the test being the compulsory among the tasks. Only two tasks will be recognised as the year mark.

Summative Assessment

Summative evaluation will ultimately be in the form of a three-hour examination, which will constitute the final mark.