Level 1 Economics 101
Students will consider how New Zealanders are affected by the economic decision-making of individuals, communities, businesses, and government agencies in New Zealand and overseas.
- 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
- research the viewpoints different groups in society bring to decision making
- be able to use knowledge and technologies that will enable them to actively contribute in individual, business, government, and global financial contexts
Circular Flow and Interdependence & Producer decisions about Production
Learners will learn the first of a number of economic models studied this year - the circular flow model. Through this they will develop an understanding of how the New Zealand economy operates, and the dependencies that sectors within the economy have with each other.
We then begin to explore the Producer sector in more depth, looking at the decisions they make around productivity, and price and non-price marketing. This unit involves a visit to a local business.
Producer Decisions & Market Day
They will then form teams to create a Market Day Business and coming up with a cultural food to sell at our Market Day towards the end of the term. They will investigate the Marketing Mix (4P's) - how businesses make decisions around their product, promotion, price and place, and put this into practice as they make their own decisions about their Market Day product.
Supply, Demand & Market Equilibrium
Term 3 focuses on the economic concepts of Supply and Demand, and how these interact to create a Market Equilibrium. They will then learn the impacts of changes to markets due to events and/or government interventions.
Contributions and Equipment/Stationery
ESA Learning Workbook (approx $35) is recommended.
Learners will also be involved in a Cultural Foods Market Day activity in which may require a financial contribution towards groups' ingredients and preparations.