Teacher in Charge: Mr M. Terry
Recommended Prior LearningEligibility to study at Level 2. While Level 1 Economics will be useful, it is not a pre-requisite for Level 2.
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:
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
Workbook $30
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