# ASHS Coursebook: 1ECO (Level 1 Economics)

1ECO
NCEA Level:
Primary Qualification:
Primary Learning Area:
Date:
19/11/2017
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## What is this course about?

Economics is the study of how people manage the earth's scarce resources. Have you ever wondered why:

• Petrol prices change so much?
• A house that was sold for $700000 a year ago is now worth$800000?
• A carbon tax could help the problem of global warming?

Economics will help to answer these questions. You will learn about economics models such as the supply and demand model that are used around the world to help to explain what is happening in the economy.

## What will I learn?

You will learn the following;

• what factors affect a consumer's demand for a product
• how producers use resources to create products
• the demand and supply model
• how the government controls the distribution of resources
• how the different sectors in an economy interact

You will also learn valuable skills such as drawing and interpreting graphs, interpreting economic models and understanding economic terminology.

## What sorts of things will I do?

You will do the following things during this course

• look at why some products are more popular than others
• look at why some producers can produce at a lower cost than other producers
• investigate how the government tries to control certain markets

## What standards can I enter?

 NCEA Level: Standard Number: Domain Name of standard: Version Number: Credits: Assessment: Assessment Date: 1 90988 Economics Demonstrate understanding of the interdependence of sectors of the New Zealand economy 3 3 Internal Wk 8 Term 1 1 90987 Economics Demonstrate understanding of a government choice where affected groups have different viewpoints 3 4 Internal Wk 6 Term 2 1 90984 Economics Demonstrate understanding of decisions a producer makes about production 3 5 Internal Wk 2 Term 3 1 90983 Economics Demonstrate understanding of consumer choices, using scarcity and/or demand 3 4 External end of year exams 1 90985 Economics Demonstrate understanding of producer choices using supply 3 3 External end of year exams 1 90986 Economics Demonstrate understanding of how consumer, producer and / or government choices affect society, using market equilibrium 3 5 External end of year exams 2 91223 Economics Analyse international trade using economics concepts and models *This is an optional extra standard for those who wish to challenge themselves 2 4 External End of year exams 3 91401 Economics Demonstrate understanding of micro-economic concepts *This is an optional extra standard for those who wish to challenge themselves and / or prepare for scholarship 2 5 INTERNAL* to be discussed on individual basis Total available credits: 28

Students will choose (in consultation with their teacher) from the standards above. Some of the standards will be optional.

Vocational Pathways provide a framework for students to show how their learning and achievement is valued in the workplace by aligning learning to the skills needed for industry.  Follow this link to see the profile for this course