Tauranga Boys’ College
This course requires 2 options.
11 Economics
Course Description
Teacher in Charge: Mark Orchard.
Students will study:
•Economic decision making of consumers and producers.
•What is the market system and how in free market economies, prices set by the interaction of supply and demand allocate scarce resources.
•The New Zealand Economy and gain insight into how it works.
By studying economics, students will consider how New Zealanders are affected by the economic decision-making of individuals, communities, businesses, and government agencies in New Zealand and overseas.
Economics students explore decisions that directly affect their lives, such as:
- whether to do homework or go to a movie
- extract mineral resources today or save them for the future
- charge the full price or subsidise education to make it more accessible.
- remove GST on fresh fruit and vegetables.
Course fee of $30 covers the Elearneconomics online learning resource, and the field trip to Waihi Mine to study producer decisions.
Q. What is the difference between Accounting and Economics?
Even though they are both “businessy” subjects, they are completely different.
Decision making in business can be assisted using financial information.
Accounting helps us to understand financial information and make important decisions like improving profitability or investment decisions. Topics include; Xero, Cashflow, Spreadsheeting, Forecasting, Financial Documents and of course Financial Statements.
Economics is more about the environment that our business operates in. Studying this subject helps you to understand how the markets work that you sell your product to, and how the economy around you impacts your business.
Q. Can I do both?
Yes. If you have space in your timetable, students find that they complement each other really well and are completely different to each other. None of the achievement standards overlap.
Q. Can I move between subjects over 3 years?
Yes, they can be picked up at any stage, if you are dedicated enough to catch up on the content from the previous years.
Q. Where does it lead to?
Both subjects operate in the context of the “real world” and are highly relevant to what is actually happening “out there”.
Many Year 13 students that go on to tertiary study, study a Business/Commerce degree. These require both Economics and Accounting in the first year, thus the student is well positioned to move to the tertiary level content.
For those that don’t carry on to tertiary study, the learning and knowledge about the way in which the economy/business works and how both individuals and organisations can make good financial decisions is invaluable. As are the practical skills developed in both courses.
Course Overview
Term 1
Circular Flow and the Economy (10%)
- gaining an understanding of what makes up the New Zealand Economy.
- understanding of the interdependence of sectors of the New Zealand economy.
- providing a detailed explanation of how or why sectors are interdependent, using an economic model
- understanding the impact of an event on a sector with detailed explanations of the flow-on effects to other sectors, using an economic model.
Term 2
Producers (20%)
- understanding of the decisions a particular producer makes about production
- study of a local producer (what are their goals, production methods, innovative ideas to improve productivity, effect on the local economy)
- Field trip to Waihi Mine
Demand (10%)
- understanding choices related to scarcity (Consumers and Government)
- understand consumer demand and the demand curve
- understanding flow-on effects for the consumer and different choices consumers makes in response to a change in conditions
Term 3
Supply (10%)
- demonstrating understanding of producer choices using the concept of supply.
- understanding flow-on effects for producers and different choices producers make in response to a change in conditions
Markets
- understanding how producer, consumer and/or government choices affect market equilibrium
- students are introduced to the supply and demand model, using it to support predictions they make about the effect of choices on society.
- integrating changes in supply and demand into different situations and markets.
Term 4
Exam preparation (50%)
Prerequisites
Open Entry
Pathway
Can lead to career paths in (but not limited to...)
- Management roles in small to large businesses,
- Sharemarket / Finance
- Financial planning
- Banking
- Public sector roles
- Accountancy
- Business administration
- Marketing
Assessment Information
| Paper | Description | Type | Weighting |
|---|---|---|---|
| Paper 11ECO1 | Circular Flow and the New Zealand Economy | Internal | 10.00% |
| Paper 11ECO2 | Producer Decisions about Production | Internal | 20.00% |
| Paper 11ECO3 | Demand and Supply | Internal | 20.00% |
| Paper 11ECO4 | Examination | Internal | 50.00% |
Pathway Tags
Economics can lead to a range of future career options. Specialist economists work for government agencies, various businesses (both in New Zealand and overseas), manufacturing, communications, insurance, banks and finance companies. However, the knowledge and skills gained through economics can be used in a wide range of occupations such as in research and analysis, administration, education.,
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