Download Level 2 Economics

Business Studies 2016
Economics Level 2 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:
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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:
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develop an understanding of the New Zealand economy and the policies that the
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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.
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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.
2.3
4
2
Analyse economic growth
using concepts and models
91224
E
Version 2
Date
External [E]
Approx
Internal [I]
Credit value
Number
& Version
Standard
Standard
Reference
number and
title
NCEA Level
Assessment Calendar
End Year Exam, Term
3
External exams in
November.
2.5
Term 2, Week 10,
4
2
Analyse Statistical Data
relating to two economic
Issues
91226
I
Version 2
Begins July 4,
4 periods in class
In-class assessment
2.1
Mid Year Exam Term 2
4
2
Analyse inflation using
economic concepts and
models
91222
E
Version 2
End Year Exam, Term
3
External Exam in
November
2.6
Term 3,Week 9
6
2
Analyse how government
policies and contemporary
economic issues interact
91227
Version 2
I
Assignment due Thurs,
September 22
The Marist College community is committed to fostering excellence in education founded on living Catholic values and the spirit of Mary.
Standards Outline
Topic:
AS91222 Inflation
Analyse Inflation using economic concepts and models
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.
Content Outline
 Concepts of Inflation
 Models of Inflation
 Effects of Inflation.
Glossary of Key Terms
 Inflation – a sustained rise in the general price level
 Disinflation – when there is still inflation but it is occurring at a slower rate
 Deflation – a sustained fall in the general price level
 Quantity Theory of Money – a model that links inflation to the money supply
 AD/AS Model – an model that explains the effect of economic actions in the
whole economy
 Demand Pull Inflation – inflation caused by excess demand
 Cost Push Inflation – inflation caused by rising costs of production
 Business Cycle – a model that shows changes in the economy over time.
Topic:
AS 91224 Growth
Analyse Economic Growth using economic concepts and models
Achievement
Achievement with Merit
Achievement with
Excellence
 Analyse economic growth
using economic concepts
and models.
 Analyse economic growth
in depth using economic
concepts and models.
 Analyse economic growth
comprehensively using
economic concepts and
models.
Content Outline
 Concepts of economic growth
 Models of economic growth
 Effects of economic growth
The Marist College community is committed to fostering excellence in education founded on living Catholic values and the spirit of Mary.
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Glossary of Key Terms
Economic Growth – the increased ability of a society to satisfy its members’
needs and wants
Real Income – the dollar value of the goods and services produced by an
economy
Productive Capacity – the amount an economy would be able to produce if it
used all its resources
Net Social Welfare – a measure of economic growth that includes both
economic and non-economic factors
Gross Domestic Product – the dollar value of all final goods and services
produced in an economy in 1 year
Real Value – the nominal value minus the rate of inflation
Aggregate Demand – total demand for goods and services in an economy
Aggregate Supply – total supply of goods and services in an economy
Topic:
AS 91226 Statistics
Analyse statistical data relating to two contemporary economic issues
Achievement
Achievement with Merit
Achievement with Excellence
 Analyse statistical data
relating to two
contemporary economic
issues.
 Analyse statistical data in
depth relating to two
contemporary economic
issues.
 Analyse statistical data
comprehensively relating to
two contemporary economic
issues.
Content Outline
 Economic statistics for growth and inflation
 GDP and CPI, using, converting and graphing
 Interpreting the statistics
 Making predictions based on the statistics
 Assessment task
Glossary of Key Terms
 Nominal Gross Domestic Product (GDP) – the dollar value, in today’s dollars,
of all final goods and services produced in the economy in one year
 Real GDP – the dollar value, in inflation-adjusted dollars, of all final goods and
services produced in the economy in one year
 Real GDP per Capita – real GDP divided by the population
 Consumer Price Index (CPI) – the consumer price index, measures the value
of a basket of goods and services as purchased by an ‘average’ household
 Producer Price Index (PPI) – measures the prices of producers’ inputs and
outputs
 Quarter – the division of the economic year into four equal parts for purposes
of statistical measuring
 Fiscal Policy – when the government alters its spending and revenue to
achieve economic goals
The Marist College community is committed to fostering excellence in education founded on living Catholic values and the spirit of Mary.

Monetary Policy – when the Reserve Bank alters the supply of money and
credit in the economy to achieve economic goals
Topic:
AS 91227 Government Policies
Analyse how Government Policies and contemporary economic issues interact
Achievement
Achievement with Merit
Achievement with Excellence
 Analyse how government
policies and contemporary
economic issues interact.
 Analyse in depth how
government policies and
contemporary economic
issues interact.
 Analyse comprehensively
how government policies
and contemporary economic
issues interact.
Content Outline
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Government and economy
Types of government policy
Fiscal policy: definition, implementation and effects
Monetary policy: definition, implementation and effects
Supply-side policies: definition, implementation and effects
Assessment task
Glossary of Key Terms
 Fiscal Policy – when the government alters its spending and revenue to
achieve economic goals
 Monetary Policy – when the Reserve Bank alters the supply of money or
credit in the economy to achieve economic goals
 Supply-Side Policy – when the government alters the legal framework or
encourages technological research to achieve economic goals
 Trade Policy – when the government acts to achieve economic goals in the
economy’s relations with the rest of the world
 Official Cash Rate (OCR) – the base rate on which the Reserve Bank pays
interest of charges interest
 State Owned Enterprise (SOE) – a government owned firm
 AD/AS Model – a model that represents the entire economy
 Macroeconomics – the study of the economy as a whole
The Marist College community is committed to fostering excellence in education founded on living Catholic values and the spirit of Mary.