Download Level 1 Economics

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.