ECO301

NCEA Level 3 Economics 301

Course Description

Teacher in Charge: M. McIntosh.

Economics 301

In Level 3 Economics we will help you understand technically what the government’s role is in the economic system of New Zealand and so give you the ability to judge them in terms of economic efficiency and equity.  This course will at the same time provide you with an in-depth understanding of the theory of both business, consumer demand as well as government economic policy decisions.  This includes the theory of capitalism as well as environmental economics.


UE Approved Subject

Scholarship and Extension Program offered via a 100 level paper with the University of Canterbury. 

Additional extension opportunities include:  The Reserve Bank Monetary Challenge, The New Zealand Economics Competition as well as other competitions and challenges that come up from New Zealand Universities and New Zealand organisations. 

Course Overview

Term 1
Microeconomic Concepts (ECO 3.1, 3.2 and 3.3):
Marginal Utility and Demand
Marginal Cost and Supply
Price Elasticity Of Supply
Elasticities of Demand
Market Equilibrium and Market Forces.

Term 2
Microeconomic Concepts & Allocative Efficiency (ECO 3.1, 3.2 and 3.3)
Market Equilibrium and Indirect Taxation and Subsidies - Implications of Price Elasticity of Demand/Supply
Introduction to Allocative Efficiency: Changes to Demand and Supply, Consumer and Producer Surplus - gains from exchange
Government Intervention and Dead Weight Loss: Price Controls, Quotas, Taxations, Subsidies, Tariffs.
Market Structures: Industry Competition Case Studies.

Term 3
Marginal Analysis and Market Structures (ECO 3.2)
Monopolies v Perfect Competition.

Derived Grade Exams (TBC)

Market Failure (ECO 3.4)
Forestry Slash and Production Externalities
Public Good Management
Inequality - Poverty in NZ.

Term 4
Market Failure/Exam Revision (ECO 3.1, 3.2 & 3.5 - By request)

Recommended Prior Learning

A study of level 1 or level 2 Economics will be helpful, or alternatively a study a Business, History or Geography.   There is a small amount of mathematics in this course so students are recommended to have studied a level two math's course. 

Students who have not studied Economics before are recommended to speak with the Teacher in Charge of Commerce. 

Contributions and Equipment/Stationery

Students will need a calculator and ruler in addition to standard stationery.

Pathway

This course is well suited for those considering careers in Law, Commerce, Business, Politics, Public Policy & Journalism. It also complements the BUS 301 Course with it's study of Firms and Profitability.

Career Pathways

Assessment Information

AS 91401 (ECO 3.3) Will be assessed over 3 different microeconomic concepts in term 1 and 2.
AS 91402 (ECO 3.4) will be an individual report on a Market Failure in term 3/early term 4.

Credit Information

You will be assessed in this course through all or a selection of the standards listed below.

This course is eligible for subject endorsement.

This course is approved for University Entrance.

Total Credits Available: 24 credits.
Externally Assessed Credits: 14 credits.
Internally Assessed Credits: 10 credits.

Assessment
Description
Level
Internal or
External
Credits
L1 Literacy Credits
UE Literacy Credits
Numeracy Credits
A.S. 91399 v2
NZQA Info
Economics 3.1 - Demonstrate understanding of the efficiency of market equilibrium
Level: 3
Internal or External: External
Credits: 4
Level 1 Literacy Credits: 0
University Entrance Literacy Credits: 4r,4w *
Numeracy Credits: 0

Assessments:
Term: 4, Week: 4

A.S. 91400 v2
NZQA Info
Economics 3.2 - Demonstrate understanding of the efficiency of different market structures using marginal analysis
Level: 3
Internal or External: External
Credits: 4
Level 1 Literacy Credits: 0
University Entrance Literacy Credits: 4r,4w *
Numeracy Credits: 0
A.S. 91401 v2
NZQA Info
Economics 3.3 - Demonstrate understanding of micro-economic concepts
Level: 3
Internal or External: Internal
Credits: 5
Level 1 Literacy Credits: 0
University Entrance Literacy Credits: 5r *
Numeracy Credits: 0

Assessments:
Term: 1, Week: 8

A.S. 91402 v3
NZQA Info
Economics 3.4 - Demonstrate understanding of government interventions where the market fails to deliver efficient or equitable outcomes
Level: 3
Internal or External: Internal
Credits: 5
Level 1 Literacy Credits: 0
University Entrance Literacy Credits: 5r *
Numeracy Credits: 0

Assessments:
Term: 1, Week: 8

A.S. 91403 v2
NZQA Info
Economics 3.5 - Demonstrate understanding of macro-economic influences on the New Zealand economy
Level: 3
Internal or External: External
Credits: 6
Level 1 Literacy Credits: 0
University Entrance Literacy Credits: 6r,6w *
Numeracy Credits: 0
Credit Summary
Total Credits: 24
Total Level 1 Literacy Credits: 0
Total University Entrance Literacy Credits: 24
Total Numeracy Credits: 0

Approved subject for University Entrance

Number of credits that can be used for overall endorsement: 24

Only students engaged in learning and achievement derived from Te Marautanga o Aotearoa are eligible to be awarded these subjects as part of the requirement for 14 credits in each of three subjects.