Economics - Level 3

ECO3
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

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.

This course is approved for University Entrance.
For a full list of UE approved subjects, go here:
https://www.nzqa.govt.nz/qualifications-standards/awards/university-entrance/approved-subjects

Assessment
Level
Internal or
External
Credits
L1 Literacy Credits UE Literacy Credits Numeracy Credits
A.S. 91403 v2 Economics 3.5 - Demonstrate understanding of macro-economic influences on the New Zealand economy
Assessments:
Term: 4, Week: 8
3
E
6
Y
6r,6w *
A.S. 91402 v3 Economics 3.4 - Demonstrate understanding of government interventions where the market fails to deliver efficient or equitable outcomes
Assessments:
Term: 2, Week: 5
3
I
5
Y
5r *
A.S. 91401 v2 Economics 3.3 - Demonstrate understanding of micro-economic concepts
Assessments:
Term: 1, Week: 8
3
I
5
Y
5r *
A.S. 91399 v2 Economics 3.1 - Demonstrate understanding of the efficiency of market equilibrium
Assessments:
Term: 4, Week: 8
3
E
4
Y
4r,4w *
Total Credits
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.

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


Useful Links 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.