Economics Course (QQI Level 5)

This eLearning QQI level 5 Economics qualification aims to introduce the learner to a range of economic concepts, theories, policies and principles.

Objectives of the Programme Module:

• To enable the learner to understand economic concepts and terms and the fundamentals of economic theory and policy.
• To explore with the learner the role of the Government and other Key parties in the Irish Economy.
• To assist the learner to develop an appreciation of the impact of supply and demand on price, production and market equilibrium.
• To facilitate the learner to understand the main global economic systems and the main market structures in an economy.
• To assist the learner to develop the academic and vocational language, literacy and numeracy skills related to Economics through the medium of the indicative content.

In order to ensure the learner the has a good understanding of Economics our tutors will cover a number of areas to introduce the learner to Economic concepts and terms: Economics, scarcity, choice, opportunity cost, resources, utility, microeconomics, macroeconomics, factors of production, the role of the firm, the role of the individual, economies of scale, diseconomies of scale etc.

The specific learning outcomes are grouped into 6 units.

• Unit 1: Economic Systems

In Unit 1 we define what ‘applied economics’ is. We then introduce the learner to the concept of economic systems. We explore the characteristics of a range of economic systems and will discuss the advantages and disadvantages of each.

We will examine the influence of the economic system on how the Government or individuals intervene in the economy. Finally, we will explore the impact of intervention on economic freedom.

• Unit 2: Role Played by Key Players in the Irish Economy and Government Policy

In Unit 2, we introduce the learner to a range of key players who have an impact on government policy and the Irish economy. We then introduce the learner to the advantages and disadvantages of government intervention in the economy and the methods for this.

We will also explore the effect interest rates, exchange rates, taxation and expenditure has on economic activity. Finally, we will examine economic, fiscal and monetary factors while examining the link between economic aims and policy instruments.

• Unit 3: Supply and Demand

In Unit 3, we introduce the learner to markets and market types and how they operate. We then introduce the learner to the laws of demand and supply and the factors which determine both and explore the concept of consumer and producer surplus and the effect supply and demand has on prices and production.

Finally, we will examine elasticity, the various types of goods and the law of diminishing marginal utility.

• Unit 4: International Trade

In Unit 4, we introduce the learner to international trade. We then introduce the learner to the laws of absolute and comparative advantage. We will evaluate government intervention in international trade and examine the balance of payments and the balance of trade. Finally, we will look at the implications for Ireland’s membership of the EU.

• Unit 5: Cost Curves and Market Structures

In Unit 5, we introduce the learner to costs of production. We then introduce the learner to marginal, average and totals costs.

We will then evaluate market structures such as perfect competition, imperfect competition, monopoly and finally oligopoly.

• Unit 6: National Income and the circular flow of income

In Unit 6, we introduce the learner to Gross National Product, Gross Domestic Product and National Income. We then introduce the learner to national income and how to calculate it.

We will also analyse circular flow of income and the impact of injections and withdrawals to the circular flow of income.

Entry Requirements / Prerequisites:

• Leaving certificate, Level 4 certificate or equivalent in a relevant subject area (Business or Finance) and/or relevant practical experience (3 years minimum) – Please ask about our requirements surrounding Recognition of Prior Learning (RPL) for entry.
• Mature students (over 23 years) may be exempt from the above prerequisites.
• English Language Requirement: Students entering programmes leading to awards at Level 5 are expected to be able to: be proficient at reading, drafting, preparing and understanding information across a broad range of topics, including quantitative information.
• Learners undertaking this programme must have basic IT skills and access to the necessary equipment to enable them to undertake an online programme: computer, broadband, email, Microsoft, recording equipment necessary for some skills demonstration tasks, and where applicable any other specialised software/equipment.
• As this programme is delivered through distance learning or eLearning, students must be capable of studying on their own initiative.

Progression Studies:

Learners who successfully complete this QQI Level 5 programme in Economics (5N1350) may use this certificate to towards the completion of other courses within this field such as:

•  Office Administration (5M1997), Business Studies (5M2102) and International Trade (5M2111) and so on.

This Certificate can also be used as a stand alone qualification.

Assessments:

This module is assessed by an Assignment and a supervised Theory Exam in which the learner will demonstrate their understanding and application of topics studied in this module.