12ECO

NCEA Level 2 Economics

Course Description

Teacher in Charge: Miss C. Barker

This course looks at the macroeconomic issues facing New Zealand. For each of inflation, international trade, economic growth, unemployment, students see how it is measured, its causes and impact and the application of an economic model. The role of government is examined in its role to implement monetary and fiscal policy, to regulate and deregulate and to promote free trade or protection.

The course looks at each of:

  • Causes of inflation, the impact of inflation on various groups and the use of economic models to show why it occurs.
  • The causes of changes in trade, the impact on various groups, the components of international trade and the balance on Current Account. The application of the supply and demand model on commodity trade and foreign exchange.
  • Measurement of economic growth, influences on growth and its impact on various sectors and the environment.
  • Measurement of unemployment, the impact on various groups and the use of economic models to show why it occurs.
  • Design of government policies and show, using economic models, how these will achieve desired objectives


Course Overview

Term 1
Introductory skills – supply and demand, market equilibrium
Unemployment – definitions, statistics, measures
Types of unemployment,
Labour Market model, shifts of supply and demand
Minimum wage and shifts.
Aggregate Supply and Aggregate demand model and shifts in AD and AS
Social and economic aspects of unemployment

Term 2
Inflation - definitions
Measuring inflation – CPI, PPI
AS/AD model
Business cycle, Quantity theory
Effects of Inflation on Households/Businesses
Government policies to control inflation

Term 3
Economic Growth – GDP definitions, circular flow model and approaches
Productive capacity (PPF), net social welfare
AS/AD model – causes of growth
Effects of growth
Government policies and economic growth
Government policies and economic issues
Trade – definitions and statistics. Export, Imports
Comparative Advantage, Two Country Model
Small Country Model, Balance of payments

Term 4
Revision
NCEA examination

Recommended Prior Learning

Eligibility to study at Level 2. While Level 1 Economics will be useful, it is not a pre-requisite for Level 2.

Contributions and Equipment/Stationery

Workbook $30

Pathway

Economics can be studied right through university towards a bachelor degree, masters degree and doctorate. There are several areas to specialise in in later study. Macroeconomics which is relevant to careers with the Reserve Bank, Treasury, various economic institutes, domestic and international banking and finance companies. Econometrics leads to opportunities in Statistics NZ, actuary firms, insurance and polling firms. Microeconomics and Management science are branches of economics of interest to industry, health, airlines and freight logistics firms.

Credit Information

Total Credits Available: 26 credits.
Externally Assessed Credits: 12 credits.
Internally Assessed Credits: 14 credits.

Assessment
Description
Level
Internal or
External
Credits
L1 Literacy Credits
UE Literacy Credits
Numeracy Credits
A.S. 91222 v2
NZQA Info
Economics 2.1 - Analyse inflation using economic concepts and models
Level: 2
Internal or External: External
Credits: 4
Level 1 Literacy Credits: Y
University Entrance Literacy Credits: 4w
Numeracy Credits: 0
A.S. 91223 v2
NZQA Info
Economics 2.2 - Analyse international trade using economic concepts and models
Level: 2
Internal or External: External
Credits: 4
Level 1 Literacy Credits: Y
University Entrance Literacy Credits: 4w
Numeracy Credits: 0
A.S. 91224 v2
NZQA Info
Economics 2.3 - Analyse economic growth using economic concepts and models
Level: 2
Internal or External: External
Credits: 4
Level 1 Literacy Credits: Y
University Entrance Literacy Credits: 4w
Numeracy Credits: 0
A.S. 91225 v2
NZQA Info
Economics 2.4 - Analyse unemployment using economic concepts and models
Level: 2
Internal or External: Internal
Credits: 4
Level 1 Literacy Credits: Y
University Entrance Literacy Credits: 4r
Numeracy Credits: 0
A.S. 91227 v2
NZQA Info
Economics 2.6 - Analyse how government policies and contemporary economic issues interact
Level: 2
Internal or External: Internal
Credits: 6
Level 1 Literacy Credits: Y
University Entrance Literacy Credits: 6r
Numeracy Credits: 0
A.S. 91228 v2
NZQA Info
Economics 2.7 - Analyse a contemporary economic issue of special interest using economic concepts and models
Level: 2
Internal or External: Internal
Credits: 4
Level 1 Literacy Credits: Y
University Entrance Literacy Credits: 4r
Numeracy Credits: 0
Credit Summary
Total Credits: 26
Total Level 1 Literacy Credits: 26
Total University Entrance Literacy Credits: 26
Total Numeracy Credits: 0

Disclaimer

Burnside High School may change any costs, courses or standards offered without notice.

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