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Business Studies 2016 Economics Level 1 Course Outline The Marist College community is committed to fostering excellence in education founded on living Catholic values and the spirit of Mary. Curriculum Statement Economics students explore decisions that directly affect their lives, such as: whether to do homework or go to a movie extract mineral resources today or save them for the future charge the full price or subsidise education to make it more accessible. 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. Students will gain knowledge, skills, and experience to: Understand how economic concepts and models provide a means of analysing contemporary New Zealand issues. Understand how government policies and contemporary issues interact. Course Expectations Students are expected to be present in class and to complete both in-class and outof-class tasks. They are expected to engage in the learning and discussion of the concepts and economic models studied and to revise this knowledge through the course of the year. Students will complete 3 Internal Assessment Standards, worth a total of 14 credits, and the learning required for 2 External Assessment Standards, worth a further 8 credits. The Marist College community is committed to fostering excellence in education founded on living Catholic values and the spirit of Mary. 1.1 Date External [E] Approx Internal [I] Credit value Number & Version Standard Standard Reference number and title NCEA Level Assessment Calendar School exams Term 2. 4 1 Demonstrate Understanding of Consumer Choices Using Scarcity and/or Demand 90983 E Version 3 External exams in November. 1.2 5 1 Demonstrate Understanding of Decisions a Producer Makes about Production School exams Term 3 90984 I Assignment Due Term 2, Week 4 (Thurs, May 27) Version 3 1.4 School Exams Term 3 5 1 Demonstrate Understanding of how Consumer/Producer and/or Government Choices Affect Society, using Market Equilibrium 90985 Version 3 1.5 1 Demonstrate Understanding of Government Choice where Affected Groups have Different Viewpoints E External Exam in November 4 90987 Version 3 I Assignment Due Term 3 Week 5 (Thurs, August 25) The Marist College community is committed to fostering excellence in education founded on living Catholic values and the spirit of Mary. Standards Outline Topic: AS90983 Demand Demonstrate Understanding of Consumer Choices Using Scarcity and/or Demand Achievement Achievement with Merit Achievement with Excellence Analyse inflation using economic concepts and models. Analyse inflation in depth using economic concepts and models. Analyse inflation comprehensively using economic concepts and models. Explanatory Notes 1 This achievement standard is derived from the first Level 6 Economics achievement objective of the Social Sciences learning area in The New Zealand Curriculum, Learning Media, Ministry of Education, 2007, and is related to material in the Teaching and Learning Guide for Economics, Ministry of Education, 2010 at http://seniorsecondary.tki.org.nz/. This standard is also derived from Te Marautanga o Aotearoa. For details of Te Marautanga o Aotearoa achievement objectives to which this standard relates, see the Papa Whakaako. 2 Definitions: Consumer refers to an individual or household that demands a good or service Glossary of Key Terms Scarcity – the situation of limited means versus unlimited needs and wantsl Means – the things consumers use to attain their needs and wants Needs – things consumers must have for survival Wants – things consumers do not have to have to survive but would like to have Choice – a situation resulting from scarcity – because we can’t have everything we would like, we must choose what we will have Opportunity Cost – the need best alternative foregone when a choice is made Demand – the amount of a good or service a consumer will purchase at each price. The Marist College community is committed to fostering excellence in education founded on living Catholic values and the spirit of Mary. Topic: AS 90984 Producers Demonstrate Understanding of Decisions a Producer makes about Production Achievement Achievement with Merit Achievement with Excellence Demonstrate Demonstrate in-depth Demonstrate understanding of understanding of comprehensive decisions a producer decisions a producer understanding of makes about production. makes about production. decisions a producer makes about production. Explanatory Notes 1 This achievement standard is derived from the first Level 6 Economics achievement objective of the Social Sciences learning area in The New Zealand Curriculum, Learning Media, Ministry of Education, 2007, and is related to material in the Teaching and Learning Guide for Economics, Ministry of Education, 2010 at http://seniorsecondary.tki.org.nz/. This standard is also derived from Te Marautanga o Aotearoa. For details of Te Marautanga o Aotearoa achievement objectives to which this standard relates, see the Papa Whakaako. 2 Definitions: Producer refers to a particular individual or firm that supplies a good or service. Decisions refer to the decisions the producer makes that relate to production (e.g. goals, resource use, productivity, business expansion, price and non-price marketing). The Marist College community is committed to fostering excellence in education founded on living Catholic values and the spirit of Mary. Glossary of Key Terms Producers) – firms/businesses that make/supply goods and services Goods – things that consumers buy that have a physical presence Services – things that are done for you in return for payment Production – the amount of the good or service made Productivity – the amount of output produced per unit of input Profit – equals revenue minus costs of production Revenue – equals price x quantity Costs of Production – how much it costs to make the goods or services Topic: AS 90986 Market Equilibrium Demonstrate Understanding of how Consumer/Producer and/or Government Choices affect Society, Using Market Equilibrium Achievement Achievement with Merit Achievement with Excellence Demonstrate understanding of how consumer, producer and/or government choices affect society, using market equilibrium. Demonstrate in-depth understanding of how consumer, producer and/or government choices affect society, using market equilibrium. Demonstrate comprehensive understanding of how consumer, producer and/or government choices affect society, using market equilibrium. Explanatory Notes 1 This achievement standard is derived from the first and second Level 6 Economics achievement objectives of the Social Sciences learning area in The New Zealand Curriculum, Learning Media, Ministry of Education, 2007, and is related to material in the Teaching and Learning Guide for Economics, Ministry of Education, 2010 at http://seniorsecondary.tki.org.nz/. The Marist College community is committed to fostering excellence in education founded on living Catholic values and the spirit of Mary. This standard is also derived from Te Marautanga o Aotearoa. For details of Te Marautanga o Aotearoa achievement objectives to which this standard relates, see the Papa Whakaako. 2 Definitions: Consumer refers to an individual or household that demands a good or service. Consumer choices refer to decisions made by individuals and households that collectively influence market demand for goods and services. This includes price and non-price factors affecting demand. Producer choices refer to decisions made by individuals and firms that collectively influence market supply of goods and services. This includes price and non-price factors affecting supply. Government choices refer to price controls, direct and indirect taxes, and subsidies. Society refers to the following sectors: consumers, producers and the government. Market equilibrium refers to the price and quantity determined by the interaction of supply and demand. This includes identifying market reaction to excess demand or excess supply resulting in equilibrium. Glossary of Key Terms Market Equilibrium – the price and quantity where quantity supplied equals quantity demanded Quantity Demanded – the amount of the good or service consumers are willing to buy at a certain price Quantity Supplied – the amount of a good or service that producers are willing to provide at a certain price Market Forces – the process by which equilibrium is restored Market – any situation, physical or otherwise, where goods and services can be exchanged The Marist College community is committed to fostering excellence in education founded on living Catholic values and the spirit of Mary. Topic Achievement AS 90985 Government Choices Achievement with Merit Demonstrate Demonstrate in-depth understanding of a understanding of a government choice government choice where where affected groups affected groups have have different viewpoints. different viewpoints. Achievement with Excellence Demonstrate comprehensive understanding of a government choice where affected groups have different viewpoints. Explanatory Notes 1 This achievement standard is derived from the first Level 6 Economics achievement objective of the Social Sciences learning area in The New Zealand Curriculum, Learning Media, Ministry of Education, 2007, and is related to material in the Teaching and Learning Guide for Economics, Ministry of Education, 2010 at http://seniorsecondary.tki.org.nz/. 2 This standard is also derived from Te Marautanga o Aotearoa. For details of Te Marautanga o Aotearoa achievement objectives to which this standard relates, see the Papa Whakaako. 3 Definitions: Government refers to any governing body at a national, regional, or local level (e.g. central government, city council, school board of trustees). Content Outline Choice and Opportunity Cost Different Viewpoints Cost-Benefit Analysis Glossary of Key Terms Limited Means – the inability to have everything one wants Choice – the need to make a decision as to which of the available options one will have. Opportunity Cost – the next best alternative foregone when a choice is made Benefits – good/positive results of a choice Costs – bad/negative results of a choice Cost-Benefit Analysis – weighing up the costs versus the benefits of a choice to see which is greater Differing Viewpoints – understanding/recognising that different people/groups will have different opinions about choices The Marist College community is committed to fostering excellence in education founded on living Catholic values and the spirit of Mary.