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Business Studies 2015 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 4 1 Demonstrate Understanding of Consumer Choices Using Scarcity and/or Demand 90983 E Date External [E] Approx Internal [I] Credit value Number & Version Standard Standard Reference number and title NCEA Level Assessment Calendar School exams Term 2 Week 6. School exams Term 3, Week 8 Version 3 External exams in November. 2.4 4 2 Analyse Unemployment Using Economic Models and Concepts 91225 I 4 Periods from May 11 Version 2 1.2 5 1 Demonstrate Understanding of Decisions a Producer Makes about Production 90984 I 5 Demonstrate Understanding of how Consumer/Producer and/or Government Choices Affect Society, using Market Equilibrium 90985 Version 3 Assignment Due Term 3, Week 8 Monday September 7 Version 3 1.4 1 In-class Assessment Term 2, Week 4 E School exams Term 2, Week 6 School Exams Term 3 Week 8 External Exam in November 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 91225 Unemployment Analyse Unemployment using economic concepts and models Achievement Achievement with Merit Achievement with Excellence Analyse unemployment using economic concepts and models. Analyse unemployment in depth using economic concepts and models. Analyse unemployment comprehensively using economic concepts and models. Content Outline Concepts of unemployment Measures of unemployment Models of unemployment Effects of unemployment Government policies and unemployment Glossary of Key Terms Employment – Being in paid work Unemployment – actively seeking work. Involuntary Unemployment – lookin for work but being unable to find it Voluntary Unemployment – being in the labour force but not willing to work at the current wage rate Frictional Unemployment – those who are moving between jobs, seasonal workers or students seeking their first job Structural Unemployment – where there are available jobs and available workers but they do not match as to skills or location Cyclical Unemployment – where there is not enough demand in the economy to provide all workers with jobs Labour Force – those in the working age population who are willing to work 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. The Marist College community is committed to fostering excellence in education founded on living Catholic values and the spirit of Mary. 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). 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 The Marist College community is committed to fostering excellence in education founded on living Catholic values and the spirit of Mary. 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/. 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. The Marist College community is committed to fostering excellence in education founded on living Catholic values and the spirit of Mary. 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.