This module primarily aims to:
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 – supply and diagrams are used 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.
You’ll get help and support from an assigned tutor throughout your module.
They’ll help by:
Online tutorials run throughout the module. While they’re not compulsory, we strongly encourage you to participate. Where possible, we’ll make recordings available.
Course work includes:
We are introducing a new way of submitting a TMA for this module and a small number of other modules. This will simplify the process of submitting your work and collecting your marks and feedback.
The module is delivered through a textbook, written especially for the module, and the module website, which includes:
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 will need to be able to take a photo of your diagram and add it to a Word document. Several activities in the module also require the use of Excel to practice analysing data and creating charts.
You can study this module on its own or use the credits you gain towards an Open University qualification.
DD126 is a compulsory module in our:
DD126 is an option module in our:
Economics in context starts twice a year – in February and October.
This page describes the module that will start in October 2026 and February 2027.
We expect it to start for the last time in February 2031.
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.
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.
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 website.
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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.
There may be extra costs on top of the tuition fee, such as set books, a computer and internet access.
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Read more about Open University Student Budget Accounts (OUSBA).
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