Economics Course (QQI Level 5)

314.00 or 159.00 / month for 2 months

  • Our online learning QQI level 5 Economics course aims to introduce the learner to a range of economic concepts, theories, policies and principles.
  • What QQI award do I receive? On successful completion of this module you will gain a QQI Level 5 Certificate in Applied Economics – 5N1350. 
  • How is it delivered? Online Learning with flexible part-time study from your own home.
  • How long is the Economics Course? Students are given ample time (8 weeks) to complete the course and can start it at any time of the year.
  • What does it cost? The full course fee is €314 and includes all documentation, lecturing, assessments, learner registration and QQI certification fees. No other enrolment fees to pay!
  • There is also an Easy Payment option of – €159 per month over 2 months with our unrivaled Easy Payment Plans. Enrol using your Debit / Credit Card or call us on (+353) 1 206 1828 to avail of this offer
  • No classes to attend.


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Course Description


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.

This distance learning, QQI accredited course means that Students can study flexibly at home, or at any convenient place and time, and can gain an Internationally Recognised Qualification in the process.


Course details


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.

  • For more details on participation suitability of this course click here».


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.




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.


Assignment x 2: 60%

Assignment One:

Assignment one will require learners to investigate and analyse topic(s) appropriate to micro economics in the context of the candidates’ vocational area e.g. demand & supply, market structures etc. Evidence will include reference to appropriate micro economic concepts and theories.


Assignment Two:

In this assignment learners are required to investigate and analyse topic(s) appropriate to macro-economics in the context of domestic and/or international economies e.g. fiscal/ monetary policy, international trade practice etc. Evidence will include reference to appropriate macro-economic concepts and theories.


Examination: 40%

The internal assessor has devised an online theory-based examination that assesses candidates’ ability to recall and apply theory and understanding, requiring responses to a range of short answer and structured questions.

The examination will be based on a range of specific learning outcomes and will be 2 hours in duration.

The format of the examination will be as follows:

Section A:

  • 12 short answer questions. Candidates are required to answer 10 (2 marks each).

Section B:

  • 3 structured questions. Candidates are required to answer 2 (10 marks each).



Pass 50 – 64%
Merit 65 – 79%
Distinction 80 – 100%



  • Following successful completion you will receive a QQI Level 5 Certificate in Applied Economics (5N1350).
  • QQI (Quality & Qualifications Ireland) is the national awarding body for further education and training in Ireland. The Open College is registered with QQI to offer programmes leading to QQI awards in the National Framework of Qualifications in Ireland. Click here for details of the National Framework of Qualifications.
  • Click here for more detailed Accreditation information.
  • All Registration & Certification Fees are included in the course price. No other fees to pay.

QQI Distance Learning Courses


Delivery Format


This Economics – QQI Level 5 (5N1350) course is completed through Online eLearning and there are no lectures to attend. Only attendance required is for the Theory Exam which is normally held after the 8 weeks listed below.

This programme is completed on a part-time basis over 8 weeks and has been designed to be sufficiently flexible so that it may meet the needs of the learner who accesses programmes through many different avenues at The Open College. Overall, the programme is based on a notional duration of 150 hours (typical learner effort), to include both directed and self-directed learning including assessments.



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