NCEA Level 1 Economics
11ECO Course DescriptionTeacher in Charge: Mr M. Terry
Course outline
This course aims to give students an understanding of how individuals as consumers make economic choices, how and why producers make decisions about using resources, and their interaction in the market. The market is the focus of this course of study, and students will appreciate that market forces determine what and how much is produced. Economics is an important subject, which leads to excellent career prospects in government, banking, business, foreign exchange, investment, management and international agencies.
The topics studied are:
- The relationships between different sectors of the economy, namely households, producers, government, the financial sector and the overseas sector.
- Concepts related to consumer choice and the derivation of a demand curve
- Understanding the roles and characteristics of producers, the nature of production and the use of resources, price and non-price marketing
- Description of factors influencing the supply of goods and services, the derivation of a supply curve and shifts in supply
- Description of the market and the market forces which lead to equilibrium
Course Overview
Term 1
Introduction - Scarcity and values
Goals of public and private producers
Resource use
Productivity
Business Expansion
Price and non-price competition
Term 2
Supply schedules and curves
Demand for goods and services
Market equilibrium
Term 3
Market equilibrium continued
Interdependence of sectors of the economy - microeconomics
Interdependence of sectors of the economy - macroeconomics
Term 4
Revision
NCEA examination
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.
Contributions and Equipment/StationeryWorkbook $30.
Credit Information
| Assessment | Level |
Internal or External |
Credits |
L1 Literacy Credits | UE Literacy Credits | Numeracy Credits |
|---|---|---|---|---|---|---|
| A.S. 90983 v3 Economics 1.1 - Demonstrate understanding of consumer choices, using scarcity and/or demand | 1 |
E |
4 |
Y |
||
| A.S. 90984 v3 Economics 1.2 - Demonstrate understanding of decisions a producer makes about production | 1 |
I |
5 |
Y |
||
| A.S. 90985 v3 Economics 1.3 - Demonstrate understanding of producer choices using supply | 1 |
E |
3 |
Y |
||
| A.S. 90986 v3 Economics 1.4 - Demonstrate understanding of how consumer, producer and/or government choices affect society, using market equilibrium | 1 |
E |
5 |
Y |
||
| A.S. 90988 v3 Economics 1.6 - Demonstrate understanding of the interdependence of sectors of the New Zealand economy | 1 |
I |
3 |
Y |
||
Total Credits |
||||||
Total Credits Available: 20 credits.
Externally Assessed Credits: 12 credits.
Internally Assessed Credits: 8 credits.
Mining Engineer, Accountant, Auditor, Actuary, Finance Manager, Advertising Specialist, Anaesthetic Technician, Retail Manager, Statistician, Baker, Hotel/Motel Manager, Cafe Worker, Property Manager, Butcher, Cafe/Restaurant Manager, Urban/Regional Planner, Kitchenhand, Chef, Elected Government Representative, Event Manager, Quantity Surveyor, Demonstrator, Dietitian, Foreign Policy Officer, Workplace Relations Adviser, Sports Coach/Official, Early Childhood Teacher, Environmental Scientist, Economist, Human Resources Adviser, Energy/Carbon Auditor, Financial Adviser, Health Promoter, Health Services Manager, Mortgage Broker, Nanny/Child Carer, Policy Analyst, Tertiary Lecturer, Real Estate Agent, Secondary School Teacher, Valuer