Economics - Level 1

ECO1
Course Description

Teacher in Charge: Mr C. Hays

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.

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.

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.


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
Producers (Internal)
- 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

Term 2
Circular Flow and the Economy (Internal)
- 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.

Government Choices (Internal)
- understanding how government choices are made where affected groups have different viewpoints.
- insight into how political decisions are made, and the impact they have on society.

Term 3
Demand (External)
• understanding consumer choices related to scarcity
• understanding flow-on effects for the consumer and different choices the consumer makes in response to a change in a price or non-price factors affecting demand

Markets (External)
• understanding how producer, consumer and/or government choices affect market equilibrium with detailed explanations of how those changes affect different sectors
• integrating changes in supply and demand into different situations and markets.

Term 4
Exam preparation

Pathway

Accounting - Level 2, Business Studies - Level 2, Economics - Level 2

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

Prerequisites

Open Entry


Credit Information

This course is eligible for subject endorsement.
Course endorsement provides recognition for a student who has performed exceptionally well in an individual course.
Students will gain an endorsement for a course if, in a single school year, they achieve:
14 or more credits at Merit or Excellence, and
at least 3 of these credits from externally assessed standards and 3 credits from internally assessed standards.

Assessment
Level
Internal or
External
Credits
L1 Literacy Credits UE Literacy Credits Numeracy Credits
A.S. 90983 v3 Economics 1.1 - Demonstrate understanding of consumer choices, using scarcity and/or demand
1
E
4
Y
A.S. 90984 v3 Economics 1.2 - Demonstrate understanding of decisions a producer makes about production
Assessments:
Term: , Week:
Term: , Week:
Term: , Week:
1
I
5
Y
A.S. 90986 v3 Economics 1.4 - Demonstrate understanding of how consumer, producer and/or government choices affect society, using market equilibrium
1
E
5
Y
A.S. 90987 v3 Economics 1.5 - Demonstrate understanding of a government choice where affected groups have different viewpoints
Assessments:
Term: , Week:
Term: , Week:
1
I
4
Y
A.S. 90988 v3 Economics 1.6 - Demonstrate understanding of the interdependence of sectors of the New Zealand economy
1
I
3
Y
Total Credits

Total Credits Available: 21 credits.
Externally Assessed Credits: 9 credits.
Internally Assessed Credits: 12 credits.

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.


Related Videos
https://www.youtube.com/watch?v=3ez10ADR_gM
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.