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Business Studies 2015 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: 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. 2.3 4 2 Analyse economic growth using concepts and models 91224 E Version 2 4 Analyse Unemployment Using Economic Models and Concepts 91225 I 4 Analyse inflation using economic concepts and models Date Term 2, Week 4, May 11 on In-class assessment Version 2 2.1 2 End Year Exam, Term 3 September External exams in November. 2.4 2 External [E] Approx Internal [I] Credit value Number & Version Standard Standard Reference number and title NCEA Level Assessment Calendar 91222 E Mid Year Exam Term 2, May End Year Exam, Term 3 September Version 2 External Exam in November 2.6 Term 3,Week 8 6 2 Analyse how government policies and contemporary economic issues interact 91227 Version 2 I Assignment due Monday September 7 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. 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 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 The Marist College community is committed to fostering excellence in education founded on living Catholic values and the spirit of Mary. 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 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.