Year 13 Economics (ECO)
Course Description
Teacher in Charge: Mr N. Mannering.
Year 13 Economics
WHAT WILL I LEARN?
Students use micro-economic models to gain an understanding of the efficiency of markets. We explore how Demand is determined via the Law of Diminishing Utility/ Supply through Diminishing returns. Elasticity - the responsiveness to changes in price is investigated for consumers and producers.
Students will see that markets can provide the most efficient outcome but also that it may be appropriate for the Government to override markets to deliver more efficient or more equitable outcomes. Consider taxes/ subsidies/ quotas and maximum or minimum prices.
Explore why the market can fail and evaluate how either the market and/or the Government can come up with solutions to provide more efficient or equitable outcomes. We will analyse examples of where the market may fail and provide solutions to this economic problem.
Macro-economic analysis at this level involves looking at indicators to gain an understanding of the current state of the economy. Internal and external influences are then analysed to allow students to predict their impact on the macro-economic indicators.
HOW IS THE COURSE ASSESSED?
4 Level 3 Achievement Standards – 20 credits
2 internally assessed make up 10 credits
2 externally assessed make up 10 credits
WHO COULD TELL ME MORE?
Mrs Mannering or Mr Mannering
Recommended Prior Learning
WHAT SHOULD I HAVE ALREADY DONE?
Economics at Level 1 or 2 is essential, or a high level of academic achievement at NCEA Level 2 (with approval from Mr Mannering). Request an exemption on this platform.
Pathway
WHAT COULD THIS SUBJECT LEAD TO?
Tertiary study involving Commerce, Planning, Resource Management, Law
Credit Information
You will be assessed in this course through all or a selection of the standards listed below.
This course is approved for University Entrance.
External
NZQA Info
Economics 3.1 - Demonstrate understanding of the efficiency of market equilibrium
NZQA Info
Economics 3.3 - Demonstrate understanding of micro-economic concepts
NZQA Info
Economics 3.4 - Demonstrate understanding of government interventions where the market fails to deliver efficient or equitable outcomes
NZQA Info
Economics 3.5 - Demonstrate understanding of macro-economic influences on the New Zealand economy
Approved subject for University Entrance
Number of credits that can be used for overall endorsement: 20
Only students engaged in learning and achievement derived from Te Marautanga o Aotearoa are eligible to be awarded these subjects as part of the requirement for 14 credits in each of three subjects.