Economics in context

What you will study

This module primarily aims to:

• provide you with foundations of economics, and an initial set of skills and tools economists use
• provide an insight into how economics and the economies have evolved over time
• engage you with a large number of perspectives within and around the discipline of economics, and embed standard economics in context.

There are three blocks of study as follows:

Block 1
This provides a detailed historical analysis of how the UK economy, and its interactions with other economies, has changed since the 1700s. You'll look at some of the reasons why the Industrial Revolution occurred in the UK at that time. It also explores the themes of the module: change, agents and success, navigating through events in economic history, and in economics as a discipline.

Block 2
In this block, you'll explore the market and the role of markets in societies. The view of economics that looks at economic agents and their motives in isolation is the foundation for thinking about markets as the interactions between these agents, their measures of success, and also how markets operate within economies that have organised themselves and their main economic activities, in particular ways. You'll look at the competitive model of the market, and as economists often analyse formal models using diagrams – a key skill in the economist's toolkit – use of demand and supply diagrams is made to explain how the model works.

Block 3
This third block looks at economies in a more holistic way, critically reflecting on the best way of organising economic activities and striking a balance between market activity and government intervention. The key areas that are explored are employment, industry and trade. You'll return to discussions of economics across time and place to explore the experiences and evolution of markets under different types of economic systems. This block will also give you the chance to measure and explain success through the use and collection of data sources, which is another important skill in the economist's toolkit.

Entry

There are no formal entry requirements for this module. You'll learn and engage with some techniques such as numerical calculus, descriptive charts, and more abstract diagrams, and you'll learn to use them when writing your assignments. During your studies, there will be two weeks devoted to developing your study skills, such as essay writing and dealing with data, and the option to attend four study skills tutorials.

If you have any doubt about the suitability of the module, please speak to an adviser.

Study materials

What's included

The module is delivered through a textbook, written especially for the module, and the module website, which includes:

• a week-by-week study planner, your starting point every week
• an online version of the textbook
• module materials and activities
• audio and video content
• assignment details and submission section
• online tutorial access.

You will need

You'll be provided with Office 365, which includes Word and Excel. Your assignments can be done using Word, but some will require you to draw diagrams. We will support and discuss alternative ways of doing this, but if you want to draw diagrams on paper rather than using software, you can take a photo of your diagram and add it into a Word document. Several activities in the module also require the use of Excel to practice analysing data and creating charts.

Computing requirements

• Primary device – A desktop or laptop computer with at least 8 GB of RAM and a quad-core processor (2.4 GHz minimum speed). It's possible to access some materials on a mobile phone, tablet or Chromebook; however, they will not be suitable as your primary device.
• Peripheral device – Headphones/earphones with a built-in microphone for online tutorials.
• Operating systems – Windows 11 or the latest supported macOS.
• Internet access – Broadband or mobile connection.
• Browser – Google Chrome and Microsoft Edge are recommended; Mozilla Firefox and Safari may be suitable.
• Our OU Study app operates on supported versions of Android and iOS.
• Software – Any additional software will be provided or is generally freely available

Teaching and assessment

Support from your tutor

You'll get help and support from an assigned tutor throughout your module.

They'll help by:

• marking your assignments and offering detailed feedback to help you improve
• providing individual guidance, whether that's for general study skills or specific module content
• guiding you to additional learning resources
• facilitating online discussions between your fellow students in the dedicated module and tutor group forums.

Online tutorials run throughout the module. Where possible, we'll make recordings available. While they're not compulsory, we strongly encourage you to participate.

Assessment

The assessment details for this module can be found in the facts box.

We regularly review the assessments in our modules, so we may update the examination method used for this module to an in-person exam or a remotely invigilated (proctored) exam. When we are making such a change, we will make it clear on this page. If we need to make a change after you have registered, we will notify you as soon as possible. If you have additional requirements, we will support you to complete your assessments.

If you have a disability

The OU strives to make all aspects of study accessible to everyone. The Accessibility Statement below outlines what studying this module involves. You should use this information to inform your study preparations and any discussions with us about how we can meet your needs.