NCEA Level 3 Economics
Course Description
Head of Faculty - Kaihautuu: Mr B. Silk, Mr M. Naicker.
What capabilities will I develop?
Economics aims to teach students to understand the core economic concepts. This will be ideal preparation for students who wish to complete an economics degree, start or run their own business, or wish to work in large government organisations. The course encourages students to discuss ideas collaboratively, and then think about how to apply these concepts to real-life NZ situations and products.
What knowledge will I develop?
Students will learn how to assess whether markets for everyday goods and services in NZ are efficient and the effect of government intervention in these markets. They will investigate markets which are not providing the best for NZ producers and consumers. They will suggest possible steps the government could take to improve how those markets operate. They will evaluate the effect on the efficiency and fairness of those markets. They will study how markets respond to prices and how a demand curve is created. Finally, they will investigate and compare perfectly competitive firms to monopolies to see how they decide how much to produce.
Course Overview
Term 1
The first task of the year is to complete some basic Demand and Supply curve activities. This will help students who have not studied economics be ready for this course.
Efficiency of Markets: We will learn what it means for a market e.g. school shoes to be efficient. This means the market is distributing goods efficiently. We will learn about the concepts of Consumer Surplus, Producer Surplus, Deadweight Loss, Allocative Efficiency, Equity (fairness)
The topic is based on a workbook with interactive teaching activities and student group activities.
Term 2
We will learn the concepts of Positive and Negative Externalities of Production/Consumption
Public Goods
Equity vs Efficiency Trade-off. Interactive teacher sessions and and workbook activities to recognise that efficiently allocating resources can disadvantage some lower-income households or the environment.
Elasticity of Demand, and Supply
This is an assignment-based internal. It involves research mixed with a talk about how the NZ Government will solve the problems of goods with positive and negative benefits for society e.g. medicine or cigarettes.
Term 3
We will learn the economic concepts of Elasticity , Marginal Utility, and Demand. This is an internal and students sit two short tests in class.
Market Structures - this is a workbook based topic. Students learn that monopoly producers and firms facing competition will make pricing and production decisions using the same idea but with different outcomes.
Term 4
Revision for External NCEA Exams - redo past exam papers and discuss in class. Possible catch-up for students who for genuine reasons have not finished internals.
Recommended Prior Learning
Economics Level 1 or Level 2
Contributions and Equipment/Stationery
A personal laptop is essential for this course. If obtaining one is a barrier, please contact Ben Silk, the Kaihautu/Head of Social Sciences, at .
Pathway
The next step for this course is to study either 1st year university Economics, Marketing, Business Studies, Accounting and Finance.
Direct entry from level 1 to level 3 requires HOD approval, but any motivated student is very welcome to direct entry.
Leads to careers such as Economist, Banker, Business Journalist, Business Owner, Commercial lawyer, Accountant (both Cost and Management Accountants), Financial Adviser, Share-broker, any commerce related field, Industry Production Manager, Economics research e.g. Infometrics and Statistics NZ, Treasury, Reserve bank, Ministry of Primary Industries, all other Government departments
Credit Information
You will be assessed in this course through all or a selection of the standards listed below.
This course is eligible for subject endorsement.
This course is approved for University Entrance.
External
NZQA Info
Economics 3.1 - Demonstrate understanding of the efficiency of market equilibrium
NZQA Info
Economics 3.2 - Demonstrate understanding of the efficiency of different market structures using marginal analysis
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
Approved subject for University Entrance
Number of credits that can be used for overall endorsement: 18
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.
Pathway Tags
Actuary, Statistician, Economist, Policy Analyst, Tertiary Lecturer, Valuer, Banker, Historian, Lawyer, Business Owner,