Year 11 Economics
11ECO Subject DescriptionTeacher in Charge: Mrs V. McDermott.
This course aims to:
- Enable students to take an effective part in economic activity and contribute to future economic wellbeing. It is anticipated that students will be able to understand why and how individuals, groups, and communities make decisions about how to use scarce resources.
- Provide students with an understanding of how individuals and groups of people organise, plan, and act to create and develop goods and services to satisfy customers whilst being influenced by the cultural, ethical, environmental, political, and economic conditions.
- Provide students with sufficient base knowledge to be able to perform well in Year 12 Economics and Year 12 Business Studies.
At Curriculum Level 6, ākonga will...
- understand how sectors and groups within society are interdependent
- understand that due to scarcity, decisions need to be made
- explore how rangatiratanga empowers organisations or communities
- understand how prices affect or are affected by financial and non-financial decision-making
- explore how collaboration, such as talanoa and wānanga, may lead to innovation or resolution
- explore how external factors impact organisations.
Subject Overview
Term 1
Teaching and Learning for Commerce 1.2 internally assessed standard.
Purpose
Students are able to demonstrate understanding of price determination for an organisation.
Demonstrate understanding of price determination for an organisation involves:
• determining a price informed by financial and non-financial information, and a model or concept.
• explaining how the determination of price could be affected by a change in an internal or external factor, supported by financial or non-financial information, and a model or concept
• describing options for changing, or not changing, the price.
• justifying the determined price using financial or non-financial information, and a model or concept
• explaining consequences of the determined price with reference to impacts on the organisation and stakeholders.
Models or concepts are used to observe, understand, and make predictions about economic behaviour. Examples include: supply and demand model; projected income statement; cost/volume/profit analysis.
An organisation must relate to an organisation that sets a price for either a product or service.
Internal factors refer to anything within and under the control of the entity, and which may have financial implications for the entity. Examples of internal factors include: staff processes; organisational structure.
External factors refer to anything outside and under no control of the entity, and which may have financial implications for the entity. Examples of external factors include: legislation and regulation, competition, customers and suppliers.
Stakeholders are people or groups with an interest or concern in something, especially a business. Examples of stakeholders include: employees; suppliers, whānau, hapū, or iwi.
Term 2
Carry out and review a product-based business activity within a classroom context with direction. This will involve students working in a business team, producing a product to take to market, preparing goals and objectives, prepare a business plan, creating innovative sales and marketing strategies, selling their product at a school market day.
Term 3
Teaching and Learning for Commerce 1.3 externally assessed standard.
Purpose
Students are able to demonstrate understanding of how interdependent financial relationships are affected by an event.
Demonstrate understanding of how interdependent financial relationships are affected by an event involves:
• describing a direct effect of an event on an entity involved in an interdependent financial relationship
• describing a range of interdependent financial relationships that are affected by the event.
• explaining the flow-on effects of the event
• explaining the impact each flow-on effect has on interdependent financial relationships.
• analysing decisions that could be made in response to the impact of the event on interdependent financial relationships.
Interdependent financial relationships are money flows between entities that are dependent on each other and are based on whanaungatanga.
An event is something that happens that has economic significance to an organisation. Examples include: a change in market conditions; a natural event; a change for a stakeholder.
Term 4
Continue preparing for the Commerce 1.3 external standard assessment.
Pathway
Year 12 Business Studies, Year 12 Economics
Contributions and Equipment/StationeryStudent Workbooks $10 incl GST
Market Day Capital $20