Economics . . .
St. John’s College offers Economics as an options subject for NCEA at Levels One, Two and Three.
What is Economics about?
Economics examines the choices people make about the use of limited resources to satisfy unlimited wants. Economics helps to explain and predict how goods and services will be produced and consumed. It will tell you who gets what, how, and why.
Economics explores issues of:
Why Study Economics
If you study economics you will think differently to others.
Helps to solve issues people face in their everyday lives
Economics students explore decisions that directly affect their lives, such as:
They will:
students will be challenged to find solutions to current macro-economic issues, such as unemployment, poverty, low economic growth, inflation, overuse of natural resources.
Recognises the different perspectives and values individuals and groups bring to economic decision making
Students will compare and contrast economic decisions affecting New Zealand in contexts in which resources are scarce.
Students will research the viewpoints different groups bring to negotiations. For example, an employer and an employee may have different views on what a fair wage increase might be.
Students will use analytical tools to present justified recommendations about resource issues. For example, a student could use efficiency and/or equity arguments to justify a policy like a carbon tax as a means of reducing global warming, or giving property rights to Māori as a means of conserving the foreshore.
By studying economics, students will learn to value all cultures and the contributions they make to economies. For example, a student might study the impact of immigration on the economy and what skills different immigrants bring to New Zealand.
Prepares students to participate effectively in the real world
Students will become financially capable.
They will be able to:
By studying economics, students will be able to use knowledge and technologies that will enable them to actively contribute in individual, business, government, and global financial contexts. They will see how their incomes will grow if they develop skills that employers demand.
Level 1
AS90983 1.1 | Demonstrate understanding of consumer choices, using scarcity and/or demand | 4 credits | External
AS90984 1.2 | Demonstrate understanding of decisions a producer makes about production | 5 credits | Internal
AS90985 1.3 | Demonstrate understanding of producer choices using supply | 3 credits | External
AS90986 1.4 | Demonstrate understanding of how consumer, producer and/or government choices affect society, using market equilibrium | 5 credits | External
AS90987 1.5 | Demonstrate understanding of a government choice where affected groups have different viewpoints | 4 credits | Internal
AS90988 1.6 | Demonstrate understanding of the interdependence of sectors of the New Zealand economy | 3 credits | Internal
Level 2
AS91222 2.1 | Analyse inflation using economic concepts and models | 4 credits | External
AS91223 2.2 | Analyse international trade using economic concepts and models | 4 credits | External
AS91224 2.3 | Analyse economic growth using economic concepts and models | 4 credits | External
AS91225 2.4 | Analyse unemployment using economic concepts and models | 4 credits | Internal
AS91226 2.5 | Analyse statistical data relating to two contemporary economic issues | 4 credits | Internal
AS91227 2.6 | Analyse how government policies and contemporary economic issues interact | 6 credits | Internal
AS91228 2.7 | Analyse a contemporary economic issue of special interest using economic concepts and models | 4 credits | Internal
Level 3
AS91399 3.1 | Demonstrate understanding of the efficiency of market equilibrium | 4 credits | External
AS91400 3.2 | Demonstrate understanding of the efficiency of different market structures using marginal analysis | 4 credits | External
AS91401 3.3 | Demonstrate understanding of micro-economic concepts | 5 credits | Internal
AS91402 3.4 | Demonstrate understanding of government interventions to correct market failures | 5 credits | Internal
AS91403 3.5 | Demonstrate understanding of macro-economic influences on the New Zealand economy | 6 credits | External
What is Economics about?
Economics examines the choices people make about the use of limited resources to satisfy unlimited wants. Economics helps to explain and predict how goods and services will be produced and consumed. It will tell you who gets what, how, and why.
Economics explores issues of:
- Sustainability (efficient use of scarce resources)
- Enterprise (identifying profit-maximising levels of output)
- Citizenship (economic decisions affecting New Zealand society)
- Globalisation (the benefits of international trade).
Why Study Economics
If you study economics you will think differently to others.
Helps to solve issues people face in their everyday lives
Economics students explore decisions that directly affect their lives, such as:
- whether to do homework or go to a movie
- extract mineral resources today or save them for the future
- charge the full price or subsidise education to make it more accessible.
They will:
- develop an understanding of the New Zealand economy and the policies that the Government uses to manage it
- make sense of economic problems that they may be facing, now and in the future
- make connections between New Zealand’s economy and the global economy.
students will be challenged to find solutions to current macro-economic issues, such as unemployment, poverty, low economic growth, inflation, overuse of natural resources.
Recognises the different perspectives and values individuals and groups bring to economic decision making
Students will compare and contrast economic decisions affecting New Zealand in contexts in which resources are scarce.
Students will research the viewpoints different groups bring to negotiations. For example, an employer and an employee may have different views on what a fair wage increase might be.
Students will use analytical tools to present justified recommendations about resource issues. For example, a student could use efficiency and/or equity arguments to justify a policy like a carbon tax as a means of reducing global warming, or giving property rights to Māori as a means of conserving the foreshore.
By studying economics, students will learn to value all cultures and the contributions they make to economies. For example, a student might study the impact of immigration on the economy and what skills different immigrants bring to New Zealand.
Prepares students to participate effectively in the real world
Students will become financially capable.
They will be able to:
- complete tax returns
- make reasoned decisions about use of credit (for example, whether to use fixed or floating interest rates)
- develop spreadsheets and interpret business and economic statistics
- use economic models (both macro and micro) to enable critical thinking about the real world and so be able to explain the real world or make predictions about it.
By studying economics, students will be able to use knowledge and technologies that will enable them to actively contribute in individual, business, government, and global financial contexts. They will see how their incomes will grow if they develop skills that employers demand.
Level 1
AS90983 1.1 | Demonstrate understanding of consumer choices, using scarcity and/or demand | 4 credits | External
AS90984 1.2 | Demonstrate understanding of decisions a producer makes about production | 5 credits | Internal
AS90985 1.3 | Demonstrate understanding of producer choices using supply | 3 credits | External
AS90986 1.4 | Demonstrate understanding of how consumer, producer and/or government choices affect society, using market equilibrium | 5 credits | External
AS90987 1.5 | Demonstrate understanding of a government choice where affected groups have different viewpoints | 4 credits | Internal
AS90988 1.6 | Demonstrate understanding of the interdependence of sectors of the New Zealand economy | 3 credits | Internal
Level 2
AS91222 2.1 | Analyse inflation using economic concepts and models | 4 credits | External
AS91223 2.2 | Analyse international trade using economic concepts and models | 4 credits | External
AS91224 2.3 | Analyse economic growth using economic concepts and models | 4 credits | External
AS91225 2.4 | Analyse unemployment using economic concepts and models | 4 credits | Internal
AS91226 2.5 | Analyse statistical data relating to two contemporary economic issues | 4 credits | Internal
AS91227 2.6 | Analyse how government policies and contemporary economic issues interact | 6 credits | Internal
AS91228 2.7 | Analyse a contemporary economic issue of special interest using economic concepts and models | 4 credits | Internal
Level 3
AS91399 3.1 | Demonstrate understanding of the efficiency of market equilibrium | 4 credits | External
AS91400 3.2 | Demonstrate understanding of the efficiency of different market structures using marginal analysis | 4 credits | External
AS91401 3.3 | Demonstrate understanding of micro-economic concepts | 5 credits | Internal
AS91402 3.4 | Demonstrate understanding of government interventions to correct market failures | 5 credits | Internal
AS91403 3.5 | Demonstrate understanding of macro-economic influences on the New Zealand economy | 6 credits | External
