Economics 1

Course Description

Teacher in Charge: Mr C. Hays


Open Entry

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

Learning Areas:



Accounting 2, Business Studies 2, Economics 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

Career Pathways

Accountant, Auditor, Accounts Officer, Actuary, Finance Manager, Retail Manager, Bank Worker, Hotel/Motel Manager, Farmer/Farm Manager, Debt Collector, Property Manager, Building Contractor, Buyer, Cafe/Restaurant Manager, Insurance Claims Officer, Community Development Worker, Event Manager, Quantity Surveyor, Dairy Farmer, Personal Assistant, Economist, Media Producer, Financial Adviser, Game Developer, Health Services Manager, Insurance Adviser, Mortgage Broker, Office Manager, Payroll Officer, Purchasing/Supply Officer, Real Estate Agent, Management Consultant, Data Analyst