Year 12 Economics
12ECO Subject DescriptionTeacher in Charge: Mrs M. Green.
Recommended Prior Learning11 Economics is recommended
The aim of this course is:
- to understand how economic concepts and models provide a means of analysing contemporary New Zealand issues.
- to understand how government policies and contemporary issues interact.
This course will enable students to understand the issues that result from market forces. Students are to explore the economic issues of inflation, trade, growth, unemployment, and inequality. Students will also develop an awareness of policies that government may implement to address these issues, giving students a greater understanding of current economic debate in New Zealand.
Students will sit the Auckland University Economics Competition.
Subject Overview
Term 1
Teaching and Learning Economics 2.1 externally assessed standard.
Purpose: Analyse inflation using economic concepts and models.
This involves:
• identifying, defining or describing inflation concepts
• providing a detailed explanation of causes of changes in inflation using economic models
• providing a detailed explanation of the impacts of changes in inflation on various groups in New Zealand society.
• analysis of causes of changes in inflation by comparing and/or contrasting their impact on inflation
• analysis of the impacts of changes in inflation by comparing and/or contrasting the impact on various groups in New Zealand society
• analysis by integrating changes shown on economic models into detailed explanations.
Inflation refers to the issues associated with changes in the general level of prices.
Economic concepts are selected from:
• inflation, disinflation, deflation
• business cycle
• cost-push and demand-pull inflation
• real versus nominal indicators.
Models are selected from:
• the quantity theory of money
• the Aggregate Supply and Aggregate Demand (AS/AD) model (an understanding of how to derive the AS and AD curves is not required).
Term 2
Teaching and Learning Economics 2.4 internally assessed standard. Also Teaching and Learning Economics 2.6 internally assessed standard.
Economics 2.4
Purpose: Analyse unemployment using economic concepts and models.
This involves:
• identifying, defining or describing unemployment concepts
• providing a detailed explanation of causes of changes in unemployment using economic models
• providing a detailed explanation of the impacts of changes in unemployment on various groups in New Zealand society.
• analysis of causes of changes in unemployment by comparing and/or contrasting their impact on unemployment
• analysis of the impacts of changes in unemployment by comparing and/or contrasting the impact on various groups in New Zealand society
• analysis by integrating changes shown on economic models into detailed explanations.
Unemployment in this achievement standard refers to the issues associated with changes in the levels of employment and/or unemployment.
Economic concepts are selected from:
• different definitions of full employment and unemployment
• types of involuntary unemployment.
Models are selected from:
• the supply and demand in the labour market
• production possibility frontier
• the Aggregate Supply and Aggregate Demand (AS/AD) model (an understanding of how to derive the AS and AD curves is not required).
Teaching and Learning Economics 2.6 internally assessed standard.
Purpose: Analyse how government policies and contemporary economic issues interact.
This involves:
• identifying, stating or describing government policies that achieve specific policy objectives relating to one contemporary economic issue
• providing a detailed explanation of the direct impact of government policies on one contemporary economic issue using an economic model(s)
• providing a detailed explanation of the flow-on effects of government policies on two other contemporary economic issues using an economic model(s).
• justifying a combination of government policies that achieves specific policy objectives relating to one contemporary economic issue and minimises any negative flow-on effects on two other contemporary economic issues
• integrating changes shown on economic models into detailed explanations of direct impacts and flow-on effects of government policies.
Government policy is selected from:
• monetary policies
• fiscal policies
• regulation/deregulation policies
• free trade and protection policies.
Contemporary economic issues refer to issues such as inflation, international trade, economic growth, unemployment or another issue of special interest involving the allocation of scarce resources.
Term 3
Teaching and Learning Economics 2.2 externally assessed standard.
Purpose: Analyse international trade using economic concepts and models.
This involves:
• identifying, defining or describing international trade concepts
• providing an explanation of causes of changes in international trade using economic models
• providing an explanation of the impacts of changes in international trade on various groups in New Zealand society.
•providing a detailed explanation of causes of changes in international trade using economic models
• providing a detailed explanation of the impacts of changes in international trade on various groups in New Zealand society.
• analysis of causes of changes in international trade by comparing and/or contrasting their impact on international trade
• analysis of the impacts of changes in international trade by comparing and/or contrasting the impact on various groups in New Zealand society • analysis by integrating changes shown on economic models into detailed explanations.
Economic concepts are selected from:
• major export goods and services
• major import goods and services
• major export and import markets
• balance on goods and services in the Current Account.
Models are selected from:
• supply and demand using the two-country model
• supply and demand using New Zealand as a price taker
• supply and demand for the $NZ to show how an exchange rate is determined.
International trade in this achievement standard refers to the issues associated with changes in the value of New Zealand exports and imports.
Term 4
Revision of Economics 2.1 and 2.2 externally assessed standard.
Pathway Contributions and Equipment/Stationery
Student Workbook $28 incl GST