Year 13 Economics (Level 3)
Subject Description
Head of Faculty: Mrs D. Kiely.
In this course, students combine microeconomic and macroeconomic theory to understand the factors influencing a well-functioning market. They will learn to examine how the nature and size of the New Zealand economy is influenced by internal and external factors.
Students will explore 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)
Subject Overview
Term 1
Microeconomic Concepts (internal assessment)
• Economic modelling of supply and demand.
• Concepts of utility and elasticity are introduced.
• Analysis of the actions of the rational consumer and producer.
• Students are assessed via an in-class test on each of the following topics: marginal utility and demand, elasticity of demand, elasticity of supply.
Term 2
Market Efficiency (external examination)
• 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.
• Analysing the impact of a change in a market on efficiency by understanding the different impacts on participants (i.e. consumer, producer and, where appropriate, government) in that market and integrating relevant economic models.
Market Failure (internal written report)
• Students learn the economic history of New Zealand.
• Economic modelling of negative externalities of consumption.
• Analysing government policies to counter the market failure of negative externalities of consumption.
• Students prepare a written report about one negative externality of consumption. Two government interventions that address efficiency and the subjective nature of equity in society using economic modelling and reasoning are integrated.
Term 3
Macro-economic influences on the New Zealand economy (external examination)
• Government goals of price stability, economic growth, balanced trade, and full employment are introduced.
• Economic modelling of circular flow, aggregate demand, aggregate supply, the foreign exchange market and the business cycle.
• 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
• Prepare for the external examinations.
Prerequisites
Preference will be given to students who have attained at least 14 credits in Level 2 Economics.
Discretionary entry will be offered by the Head of Faculty.
Credit Information
You will be assessed in this course through all or a selection of the standards listed below.
External
NZQA Info
Economics 3.1 - Demonstrate understanding of the efficiency of market equilibrium
NZQA Info
Economics 3.3 - Demonstrate understanding of micro-economic concepts
NZQA Info
Economics 3.4 - Demonstrate understanding of government interventions where the market fails to deliver efficient or equitable outcomes
NZQA Info
Economics 3.5 - Demonstrate understanding of macro-economic influences on the New Zealand economy
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.
Possible Careers
Animator/Digital Artist, Sales Representative, Accountant, Auditor, Accounts Officer, Actuary, Office Administrator, Finance Manager, Advertising Specialist, Sales and Marketing Manager, Agricultural/Horticultural Consultant, Retail Manager, Statistician, Bank Worker, Hotel/Motel Manager, Debt Collector, Property Manager, Urban/Regional Planner, Managing Director/Chief Executive, Elected Government Representative, Civil Engineer, Communications Professional, Quantity Surveyor, Economist, Payroll Officer, Policy Analyst, Management Consultant, Data Analyst,