13ECO

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.  

Career Pathways

Credit Information

You will be assessed in this course through all or a selection of the standards listed below.

Total Credits Available: 20
Internal Assessed Credits: 10
External Assessed Credits: 10
Assessment
Description
Level
Internal or
External
Credits
L1 Literacy Credits
UE Literacy Credits
Numeracy Credits
A.S. 91399 v2
NZQA Info

Economics 3.1 - Demonstrate understanding of the efficiency of market equilibrium


Level: 3
Internal or External: External
Credits: 4
Level 1 Literacy Credits: 0
University Entrance Literacy Credits: 4r,4w *
Numeracy Credits: 0
A.S. 91401 v2
NZQA Info

Economics 3.3 - Demonstrate understanding of micro-economic concepts


Level: 3
Internal or External: Internal
Credits: 5
Level 1 Literacy Credits: 0
University Entrance Literacy Credits: 5r *
Numeracy Credits: 0
A.S. 91402 v3
NZQA Info

Economics 3.4 - Demonstrate understanding of government interventions where the market fails to deliver efficient or equitable outcomes


Level: 3
Internal or External: Internal
Credits: 5
Level 1 Literacy Credits: 0
University Entrance Literacy Credits: 5r *
Numeracy Credits: 0
A.S. 91403 v2
NZQA Info

Economics 3.5 - Demonstrate understanding of macro-economic influences on the New Zealand economy


Level: 3
Internal or External: External
Credits: 6
Level 1 Literacy Credits: 0
University Entrance Literacy Credits: 6r,6w *
Numeracy Credits: 0
Credit Summary
Total Credits: 20
Total Level 1 Literacy Credits: 0
Total University Entrance Literacy Credits: 20
Total Numeracy Credits: 0

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.