Economics 2

ECO2
Course Description

Teacher in Charge: Mr M. Orchard

Prerequisites

If you did not take a pathway course at Level 1, or achieved fewer than 14 credits in that course, you will need HOD approval.


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 Inequity in the Housing Market
- Economic modelling of Aggregate Demand and Aggregate Supply and inequity in the economy
- Causes of rising house prices
- Impacts of rising house prices on groups in society

Topic of study: Economic Growth
- Economic modelling of circular flow, production possibilities
- Measures of growth including economic and non-economic factors
- Causes of economic growth
- Impacts of economic growth
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

Learning Areas:

Commerce



Pathway

Accounting 3, Business Studies 3, Economics 3

Career Pathways

Business Analyst, Urban/Regional Planner, Economist, Data Analyst