ECO3
This course requires 2 options.

Economics - Level 3

Course Description

Teacher in Charge: M. Orchard

Economics examines the choices people make about the use of limited resources to satisfy unlimited wants.

Economics helps to explain and predict how goods and services will be produced and consumed. It will tell you who gets what, how, and why.

Economics explores issues of:
- sustainability (efficient use of scarce resources)
- enterprise (identifying profit-maximising levels of output)
- citizenship (economic decisions affecting New Zealand society)
- globalisation (the benefits of international trade).

Economists are interested in the factors that influence the well being of people and aim to find solutions to improve people’s standard of living.


Course Overview

Term 1
Topic of study: Microeconomic Concepts
- Economic modelling of supply and demand
- Concepts of utility, elasticity and diminishing returns are introduced
- Analysis of the actions of the rational consumer and producer
Students begin to learn by online quizzes with immediate feedback, accurate graphing skills, and adoption of key economic terminology.

Term 2
Topic of study: Market Failure
- Learning the economic history of New Zealand
- Differentiating between inequality and inequity
- Economic modelling of the labour market and Lorenz curves
- Analysing the Government policies to counter the market failure of inequitable wealth and income distributions
Students learn with research and written argument outlining the subjective nature of fairness or equity in society, using economic modelling and reasoning

Topic of study: Allocative efficiency
- Economic modelling of demand and supply to determine the welfare or benefit of markets
- Analysis of allocative efficiency and the causes of inefficiency in the market by making one party worse off while not making another party better off
Students analyse all Government interventions in markets to understand the impact on allocative efficiency

Term 3
Topic of study: Macro-economic influences on the New Zealand economy
- Government goals of price stability, economic growth, balanced trade, and full employment are introduced
- Economic modelling of circular flow, aggregate demand and supply, foreign exchange market, and the business cycle are introduced
- Government policies including monetary policy, fiscal policy and trade policies are discussed and analysed
Students make sense of the daily business and economic news and its impact on the macro-economy

Term 4
Revision for the NCEA exam of allocative efficiency and macro-economic influences

Prerequisites

If you did not take a pathway course at Level 2, or achieved fewer than 14 credits in that course, you will need HOD approval

Credit Information

Total Credits Available: 20 credits.
Externally Assessed Credits: 10 credits.
Internally Assessed Credits: 10 credits.

Assessment
Description
Level
Internal or
External
Credits
L1 Literacy Credits
UE Literacy Credits
Numeracy Credits
A.S. 91403 v2
NZQA Info
Economics 3.5 - Demonstrate understanding of macro-economic influences on the New Zealand economy

Assessments:
Term: 4, Week: 8

Level: 3
Internal or External: External
Credits: 6
Level 1 Literacy Credits: Y
University Entrance Literacy Credits: 6r,6w *
Numeracy Credits: 0
A.S. 91402 v3
NZQA Info
Economics 3.4 - Demonstrate understanding of government interventions where the market fails to deliver efficient or equitable outcomes

Assessments:
Term: 2, Week: 5

Level: 3
Internal or External: Internal
Credits: 5
Level 1 Literacy Credits: Y
University Entrance Literacy Credits: 5r *
Numeracy Credits: 0
A.S. 91401 v2
NZQA Info
Economics 3.3 - Demonstrate understanding of micro-economic concepts

Assessments:
Term: 1, Week: 8

Level: 3
Internal or External: Internal
Credits: 5
Level 1 Literacy Credits: Y
University Entrance Literacy Credits: 5r *
Numeracy Credits: 0
A.S. 91399 v2
NZQA Info
Economics 3.1 - Demonstrate understanding of the efficiency of market equilibrium

Assessments:
Term: 4, Week: 8

Level: 3
Internal or External: External
Credits: 4
Level 1 Literacy Credits: Y
University Entrance Literacy Credits: 4r,4w *
Numeracy Credits: 0
Credit Summary
Total Credits: 20
Total Level 1 Literacy Credits: 20
Total University Entrance Literacy Credits: 20
TotalNumeracy Credits: 0

Approved subject for University Entrance

Number of credits that can be used for overall endorsement: 20

Only students engaged in learning and achievement derived from Te Marautanga o Aotearoa are eligible to be awarded these subjects as part of the requirement for 14 credits in each of three subjects.

Disclaimer

POLICY
It is the policy of Tauranga Boys’ College to have school-wide policies that inform parents and students of the criteria for administering all Assessments for National Qualifications.