Economics 2
ECO2 Course DescriptionTeacher in Charge: Mark Orchard.
PrerequisitesTo do this course you must fullfill ONE of the following criteria:
- take and pass a pathway course at Year 11, including passing the final exam. (Economics or Accounting)
- achieve a WANA Te Punga certificate.
- achieve a WEHI Te Punga certificate AND get approval from the HOD
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.
They will:
- develop an understanding of the New Zealand economy and the policies that the Government uses to manage it
- make sense of economic problems that they may be facing, now and in the future
- make connections between New Zealand’s economy and the global economy.
Students will understand why New Zealand consumers may experience price increases for products, such as cheese and butter, if local producers are exporting goods such as dairy produce for increasing returns.
Students will be challenged to find solutions to current macro-economic issues, such as unemployment, poverty, low economic growth, inflation, overuse of natural resources, and trade balances.
Course Overview
Term 1
Topic of study: Unemployment
- Government macro-economic goals
- Economic modelling of the labour market and the wider economy
- Types of unemployment
- Causes and impacts of unemployment on different groups of society
Students learn through online quizzes with immediate feedback, economic modelling and graphing skills, and application to a local New Zealand unemployment context.
Term 2
Topic of study: Contemporary Economic Issue of Income Inequity
- Economic modelling of Aggregate Demand and Aggregate Supply and inequity in the economy
- Causes of inequality
- Impacts of income and wealth inequality in NZ
Topic of study: Inflation
- Measuring inflation
- Causes of inflation
- Impacts of inflation
Students begin to learn by economic modelling on whiteboards in groups and dissecting the weekly business news and its impact on the macroeconomy
Term 3
Topic of study: Trade
- Economic modelling of the foreign exchange market, two country model and the price taker model
- Reasons for trade in New Zealand
- Free trade vs protectionism
- Impacts of trade on different groups in society
Topic of study: Government Policies
- Monetary policy, fiscal policy and trade policies
Students begin to learn by analysing case studies in more depth and discussing the impact on the macro economy
Term 4
Term of revision for examinations
Students develop writing skills to improve ability to compare and contrast two or more impacts on the macro economy
Pathway
Accounting 3, Business Studies 3, Economics 3
Career PathwaysBusiness Analyst, Urban/Regional Planner, Economist, Data Analyst