Advanced Diploma in Business

HP72 48 : Economics 2: The World Economy

Course Description

This 1-credit Unit introduces the world economy, the main focus being the key features of the global economic environment. It advances economic concepts and allows students to develop their research and analytical skills. The core economic issues that are focused on in this Unit are trade, international payments, exchange rates and economies undergoing change.

In Outcome 1 students will explain international trade and the role of trade organisations. Areas to be included are trade theory, barriers to international trade, protectionism, the World Trade Organisation and Trading blocs.

In Outcome 2 students will analyse the balance of payments and exchange rate regimes. Areas to be covered are the structure of the UK balance of payments accounts, recent trends in the UK balance of payments account, the relationship between exchange rates and the balance of payments, exchange rate regimes and the effects of exchange rates on economic agents.

In Outcome 3 students will evaluate world economies. Areas covered will be the characteristics of Newly Industrialised Countries (NICs), the issues facing NICs, characteristics of Less Developed Countries (LDCs), issues facing LDCs and the impact of transnationals in NICs and LDCs.

Assessment could be undertaken by using one instrument of assessment which allows students to develop their research skills. An investigative approach could be taken to enable students to gather evidence. This may be in the form of a portfolio.