Economics is the study of how the forces of supply and demand allocate scarce resources. It is summarily subdivided into microeconomics, which examines the behaviour of firms, consumers and the role of government; and macroeconomics, which looks at inflation, unemployment, industrial production, and the role of government.
Economics is taught at the following levels:
Economics in Year 11 – NCEA Level One
Economics in Year 11 focuses on how two sectors of the economy (the producer and the consumer) interact through the market. The market influences how resources will be used and determines prices. Major sections of the course are revolve around producer and consumer decisions, as well as the role of the market. There are three internal and three external assessments, with 12 credits available for each.
Economics in Year 12 – NCEA Level Two
Economics in Year 12 focuses on the economic issues of employment, growth, inflation, economic policies and inequality as well as the interdependence between national and international trade. At present, external assessments attract 6 credits with 18 credits available internally.
Economics in Year 13 – NCEA Level Three
Economics in Year 13 focuses on economic literacy and gaining an understanding which allows the development of a continuing and critical interest in contemporary economic issues such as the resource allocation via the market system; the resources allocation via the public sector, and the aggregate economic activity and policy. Three critical skill areas are focused on: thinking skills; investigative skills, and statistical skills. Internal assessments comprise 5 credits with 19 credits available externally.
Economics at school provides a useful basis for continued study at Polytechnic or University, as well as employment in government or commercial areas.