Level 3 Economics

13ECO
Course Description

Teacher in Charge: Mr B. Peel

Economics is the perfect introduction to the study of all things financial and societal at University. At Level 3 it breaks down into microeconomics, welfare economics and macroeconomics.

Economics is not just about money, a fact many people don’t understand. Money is used in economics, but it’s about much more than that. Economics is about how societies organise themselves in order to satisfy people’s needs and desires. At level 3 we study three main branches.

Micro-economics is the branch of economics that examines individual decision-making by firms and households and the way they interact in specific industries and markets.

Welfare economics looks at why governments do what they do, why they build roads, provide education and health care, as well as how this impacts on society.

Macro-economics is the branch of economics that examines the workings and problems of the economy as a whole. It is concerned with aggregate supply (total national output of goods and services) and aggregate demand (the total spending of the whole economy) and issues such as economic growth, inflation, unemployment, and economic fluctuations.

Economics is an approved subject for University Entrance and a Table B subject for Auckland University. Opportunities for extension students include the Treasury Fiscal Policy Challenge and the New Zealand Economics Competition.

We will put a great focus on Internal Assessment - therefore there should be less need to sit all three external papers.

You will learn to:
• use analysis to explain the success of a business or firm
• think like an economist and use economic terms
• turn theory into practice – use your economics to understand the real world outside of school
• understand how a whole host of factors impact on inflation, growth, unemployment and trade


Contributions and Equipment/Stationery

Workbook costing approximately $43.


Recommended Prior Learning A minimum of 12 credits in Level 2 Economics (which must include at least 4 credits from Externally Assessed standards) or at the discretion of the Head of Department.
Credit Information
Assessment
Level
Internal or
External
Credits
L1 Literacy Credits UE Literacy Credits Numeracy Credits
A.S. 91403 v2 Economics 3.5 - Demonstrate understanding of macro-economic influences on the New Zealand economy
3
E
6
Y
6r,6w *
A.S. 91402 v3 Economics 3.4 - Demonstrate understanding of government interventions where the market fails to deliver efficient or equitable outcomes
3
I
5
Y
5r *
A.S. 91401 v2 Economics 3.3 - Demonstrate understanding of micro-economic concepts
3
I
5
Y
5r *
A.S. 91400 v2 Economics 3.2 - Demonstrate understanding of the efficiency of different market structures using marginal analysis
3
E
4
Y
4r,4w *
A.S. 91399 v2 Economics 3.1 - Demonstrate understanding of the efficiency of market equilibrium
3
E
4
Y
4r,4w *
Total Credits
Approved subject for University Entrance

Number of credits that can be used for overall endorsement: 24

* 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.

Total Credits Available: 24 credits.
Externally Assessed Credits: 14 credits.
Internally Assessed Credits: 10 credits.