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Economics is a social science about people and how they use resources. By studying economics, ākonga become aware of the roles that individuals play in an economy, increase their understanding of economic events and improve their own decision making. Ākonga explore the interactions between producers, consumers and governments and the impact economic decisions can have on society. Economics encourages ākonga to think critically and independently about business, economic and social issues. This subject leads to careers in a range of fields including social policy and planning, business and financial management.
Ākonga develop and improve economic understanding of a range of social and economic issues. There are three main areas of study. The first is based around resource allocation and the market and will look closely at the concepts of scarcity and opportunity cost, demand and supply, market analysis, and monopolies and other market structures.
The second area explores situations of market failure and looks at the role of government in the economy in correcting market failure. The third area looks at influences on the New Zealand economy as a whole, both internal and external, including the aims of government and the effects of government policies.
New Zealand Scholarship exams are designed to extend very high-achieving Level 3 ākonga. Those who wish to enter the New Zealand Scholarship exam in this subject must discuss this option with their Te Kura subject kaiako.
No prior learning needed.
| Standard | Description | Version | Credits | Assessment | L1 Lit/Num | UE Lit/Num | Vocational Pathways |
|---|---|---|---|---|---|---|---|
| 91399 | Demonstrate understanding of the efficiency of market equilibrium | 2 | 4 | External | UElwraUE literacy writing and reading achievement standard |
SeService Industries recommended standard |
|
| 91400 | Demonstrate understanding of the efficiency of different market structures using marginal analysis | 2 | 4 | External | UElwraUE literacy writing and reading achievement standard |
PrPrimary Industries recommended standard SeService Industries recommended standard |
|
| 91401 | Demonstrate understanding of micro-economic concepts | 2 | 5 | Internal | UElraUE literacy reading achievement standard |
SeService Industries recommended standard |
|
| 91402 | Demonstrate understanding of government interventions to correct market failures | 3 | 5 | Internal | UElraUE literacy reading achievement standard |
PrPrimary Industries recommended standard |
|
| 91403 | Demonstrate understanding of macro-economic influences on the New Zealand economy | 2 | 6 | External | UElwraUE literacy writing and reading achievement standard |
PrPrimary Industries recommended standard SeService Industries recommended standard |