L3 Economics
L3ECO Subject DescriptionTeacher in Charge:
Recommended Prior Learning7 Credits in L2 ECO or 7 Credits in Maths and 7 Credits in English or HOD approval.
Level 3 Economics explores both micro and macro-economic concepts. Students will discover how consumers maximize their utility to gain the most satisfaction from spending using marginal utility concept, understand how the market fails, explore the economic role of government and its intervention in economic decision-making and develop the skills and knowledge to make judgements about effective government policies and the impacts on others. The course is designed to prepare students for a Commerce degree.
Pre-requisites: 7 credits in L2ECO or 7 credits in L2 Maths and L2 English or 7 credits in L2 Maths and a L2 Social Sciences course, or with HOD approval.
Approximate Credits: 19
Materials Fee: Nil
Subject Overview
Term 1
• Define market efficiency
• Describe changes in a market.
• Describe impact on stakeholders
• Apply economic model to explain changes to market equilibrium
• Evaluate the impacts on the changes on stakeholders by integrating efficiency, market equilibrium with economic models.
• Skills in Using language, symbols, and texts
Term 2
• Describe and explain equity.
• Describe and explain market failure
• Describe different Government interventions. For example, these may include, but are not limited to:
subsidies, taxes, regulations, property rights, government provision and collective provision, government grants, targeted services (under-provision of a merit good or service)
• calculate progressive tax
• evaluating the interventions
Term 3
• describe and explain the following
- marginal utility,
- demand, diminishing returns and supply,
-elasticity of demand,
- elasticity of supply,
-market structures
- prices and profits
- resource allocation.
• justify implications of micro-economic concepts for a consumer(s), producer(s) and/or government.
Term 4
• Describe and explain Macro- internal factors (eg changes in government policies, consumption, savings and investment)
• Describe and explain external factors (eg changes in net exports, terms of trade, exchange rates, trade agreements and the world economy) that affect the economy.
• Describe and explain the system of production, distribution, and consumption of goods and services in a country. This includes indicators like:
· inflation rate,
growth rate,
current account balance, unemployment rate
and/or the current position on the business (trade) cycle; and/or
• Describe and explain macro-economic goals of government (eg price stability, balanced current account, economic growth and full employment).
• Compare and contrast how factors influence government goals
Career Pathways
Urban/Regional Planner, Elected Government Representative, Foreign Policy Officer, Early Childhood Teacher, Environmental/Public Health Officer, Actuary, Statistician, Economist, Policy Analyst, Tertiary Lecturer, Valuer