L3ECO

L3 Economics

Subject Description

Teacher in Charge: Anne Younger, Mei Ng.

Level 3 Economics explores both micro and macro-economic concepts. Students will discover how consumers maximize their utility to gain the most satisfaction from spending using marginal utility concept, understand how the market fails, explore the economic role of government and its intervention in economic decision-making and develop the skills and knowledge to make judgements about effective government policies and the impacts on others. The course is designed to prepare students for a Commerce degree.

Pre-requisites: 7 credits in L2ECO or 7 credits in L2 Maths and L2 English or 7 credits in L2 Maths and a L2 Social Sciences course, or with HOD approval.

Approximate Credits: 19 

Materials Fee: Nil

Subject Overview

Term 1
• Define market efficiency
• Describe changes in a market.
• Describe impact on stakeholders
• Apply economic model to explain changes to market equilibrium
• Evaluate the impacts on the changes on stakeholders by integrating efficiency, market equilibrium with economic models.
• Skills in Using language, symbols, and texts

Term 2
• Describe and explain equity.
• Describe and explain market failure
• Describe different Government interventions. For example, these may include, but are not limited to:
subsidies, taxes, regulations, property rights, government provision and collective provision, government grants, targeted services (under-provision of a merit good or service)
• calculate progressive tax
• evaluating the interventions

Term 3
• describe and explain the following
- marginal utility,
- demand, diminishing returns and supply,
-elasticity of demand,
- elasticity of supply,
-market structures
- prices and profits
- resource allocation.
• justify implications of micro-economic concepts for a consumer(s), producer(s) and/or government.

Term 4
• Describe and explain Macro- internal factors (eg changes in government policies, consumption, savings and investment)
• Describe and explain external factors (eg changes in net exports, terms of trade, exchange rates, trade agreements and the world economy) that affect the economy.
• Describe and explain the system of production, distribution, and consumption of goods and services in a country. This includes indicators like:
· inflation rate,
growth rate,
current account balance, unemployment rate
and/or the current position on the business (trade) cycle; and/or
• Describe and explain macro-economic goals of government (eg price stability, balanced current account, economic growth and full employment).
• Compare and contrast how factors influence government goals

Recommended Prior Learning

7 Credits in L2 ECO or 7 Credits in Maths and 7 Credits in English or HOD approval.

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.

Total Credits Available: 20 credits.
Externally Assessed Credits: 10 credits.
Internally Assessed Credits: 10 credits.

Assessment
Description
Level
Internal or
External
Credits
L1 Literacy Credits
UE Literacy Credits
Numeracy Credits
A.S. 91399 v2
NZQA Info
Economics 3.1 - Demonstrate understanding of the efficiency of market equilibrium
Level: 3
Internal or External: External
Credits: 4
Level 1 Literacy Credits: 0
University Entrance Literacy Credits: 4r,4w *
Numeracy Credits: 0
A.S. 91401 v2
NZQA Info
Economics 3.3 - Demonstrate understanding of micro-economic concepts
Level: 3
Internal or External: Internal
Credits: 5
Level 1 Literacy Credits: 0
University Entrance Literacy Credits: 5r *
Numeracy Credits: 0
A.S. 91402 v3
NZQA Info
Economics 3.4 - Demonstrate understanding of government interventions where the market fails to deliver efficient or equitable outcomes
Level: 3
Internal or External: Internal
Credits: 5
Level 1 Literacy Credits: 0
University Entrance Literacy Credits: 5r *
Numeracy Credits: 0
A.S. 91403 v2
NZQA Info
Economics 3.5 - Demonstrate understanding of macro-economic influences on the New Zealand economy
Level: 3
Internal or External: External
Credits: 6
Level 1 Literacy Credits: 0
University Entrance Literacy Credits: 6r,6w *
Numeracy Credits: 0
Credit Summary
Total Credits: 20
Total Level 1 Literacy Credits: 0
Total University Entrance Literacy Credits: 20
Total Numeracy Credits: 0

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.