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An image to illustrate Economics in context module
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.
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 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.
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.
StartEndRegister byEngland fee
03 Oct 202630 Jun 202710 Sep 2026£2,044
30 Jan 202730 Sep 202707 Jan 2027£2,044
From 2027, Tuition Fee Loans will be available for this undergraduate module. We’ll update this section with more information in September, when Student Finance England is expected to open for loan applications.
You can register for this module now. Once applications open, we’ll be in touch with more information about the loan and guidance on how to apply, so you have everything you need to complete your enrolment.
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.
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.
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.
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 2027. Fees typically increase annually. For further information about the University's fee policy, visit our Fee Rules.
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