Economics in context

Why are markets so powerful in most economies today? What is the role of the government in different economies, and how does this role shape opportunities for different people and firms? What explains global inequalities? Why is economic growth such a key economic goal in most countries today? Are there other goals economies could pursue? You'll unravel these and similar questions using insights from recent history and key economic thinkers and by drawing on economic perspectives and examples. This module is a building block towards a critical perspective on economics and economic choices for our daily lives.

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Module

Module code

DD126

Credits

Study level

Level of Study
OU	SCQF	FHEQ
1	7	4

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Module details Entry requirements Module registration Study materials

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 – extensive 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.

Teaching and assessment

Support from your tutor

You'll have a tutor who will help you with the study material, mark and comment on your assignments and provide advice and guidance. Your tutor, in collaboration with others, will run a series of online tutorials to help you get the most out of the module materials and prepare for assignments and the final exam. Recordings of these tutorials will typically be made available.

Assessment

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

Future availability

Economics in context starts twice a year – in October and February. This page describes the module that will start in October 2024 and February 2025. We expect it to start for the last time in February 2031.

Regulations

As a student of The Open University, you should be aware of the content of the academic regulations which are available on our Student Policies and Regulations website.

Course work includes:; 3 Tutor-marked assignments (TMAs)
: Examination

Entry requirements

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.

Register

Start	End	England fee	Register
01 Feb 2025	Sep 2025	£1818.00	Registration closes 09/01/25 (places subject to availability) Register
This module is expected to start for the last time in February 2031.

Additional Costs

Study costs

There may be extra costs on top of the tuition fee, such as set books, a computer and internet access.

If your income is not more than £25,000 or you receive a qualifying benefit, you might be eligible for help with some of these costs after your module has started.

Ways to pay for this module

Open University Student Budget Account

The Open University Student Budget Accounts Ltd (OUSBA) offers a convenient 'pay as you go' option to pay your OU fees, which is a secure, quick and easy way to pay. Please note that The Open University works exclusively with OUSBA and is not able to offer you credit facilities from any other provider. All credit is subject to status and proof that you can afford the repayments.

You pay the OU through OUSBA in one of the following ways:

Register now, pay later – OUSBA pays your module fee direct to the OU. You then repay OUSBA interest-free and in full just before your module starts. 0% APR representative. This option could give you the extra time you may need to secure the funding to repay OUSBA.
Pay by instalments – OUSBA calculates your monthly fee and number of instalments based on the cost of the module you are studying. APR 5.1% representative.

Joint loan applications

If you feel you would be unable to obtain an OUSBA loan on your own due to credit history or affordability issues, OUSBA offers the option to apply for a joint loan application with a third party. For example, your husband, wife, partner, parent, sibling or friend. In such cases, OUSBA will be required to carry out additional affordability checks separately and/or collectively for both joint applicants who will be jointly and severally liable for loan repayments.

As additional affordability checks are required when processing joint loan applications, unfortunately, an instant decision cannot be given. On average the processing time for a joint loan application is five working days from receipt of the required documentation.

Employer sponsorship

Studying with The Open University can boost your employability. OU courses are recognised and respected by employers for their excellence and the commitment they take to complete. They also value the skills that students learn and can apply in the workplace.

More than one in ten OU students are sponsored by their employer, and over 30,000 employers have used the OU to develop staff so far. If the module you’ve chosen is geared towards your job or developing your career, you could approach your employer to see if they will sponsor you by paying some or all of the fees.

Your employer just needs to complete a simple form to confirm how much they will be paying and we will invoice them.
You won’t need to get your employer to complete the form until after you’ve chosen your module.

Credit/debit card

You can pay part or all of your tuition fees upfront with a debit or credit card when you register for each module.

We accept American Express, Mastercard, Visa and Visa Electron.

Mixed payments

We know that sometimes you may want to combine payment options. For example, you may wish to pay part of your tuition fee with a debit card and pay the remainder in instalments through an Open University Student Budget Account (OUSBA).

Please note: your permanent address/domicile will affect your fee status and, therefore, the fees you are charged and any financial support available to you. The fee information provided here is valid for modules starting before 31 July 2025. Fees typically increase annually. For further information about the University's fee policy, visit our Fee Rules

This information was provided on 21/11/2024.

Can you study an Access module for free?

Depending on eligibility and availability of places, you could apply to study your Access module for free.

To qualify, you must:

be resident in England
have a household income of not more than £25,000 (or be in receipt of a qualifying benefit)
have not completed one year or more on any full-time undergraduate programme at FHEQ level 4 or above or successfully completed 30 credits or more of OU study within the last 10 years

How to apply to study an Access module for free

Once you've started the registration process, either online or over the phone, we'll contact you about your payment options. This will include instructions on how you can apply to study for free if you are eligible and funded places are still available.

If you're unsure if you meet the criteria to study for free, you can check with one of our friendly advisers on +44 (0)300 303 0069, or you can request a call back.

Not eligible to study for free?

Don't worry! We offer a choice of flexible ways to help spread the cost of your Access module. The most popular options include:

monthly payments through OUSBA
part-time tuition fee loan (you'll need to be registered on a qualification for this option)

To explore all the options available to you, visit Fees and Funding.

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

You’ll need broadband internet access and a desktop or laptop computer with an up-to-date version of Windows (10 or 11) or macOS Ventura or higher.

Any additional software will be provided or is generally freely available.

To join in spoken conversations in tutorials, we recommend a wired headset (headphones/earphones with a built-in microphone).

Our module websites comply with web standards, and any modern browser is suitable for most activities.

Our OU Study mobile app will operate on all current, supported versions of Android and iOS. It’s not available on Kindle.

It’s also possible to access some module materials on a mobile phone, tablet device or Chromebook. However, as you may be asked to install additional software or use certain applications, you’ll also require a desktop or laptop, as described above.

If you have a disability

The OU strives to make all aspects of study accessible to everyone and this Accessibility Statement outlines what studying DD126 involves. You should use this information to inform your study preparations and any discussions with us about how we can meet your needs.

To find out more about what kind of support and adjustments might be available, contact us or visit our disability support pages.