Economics Level 1

L1ECO
Course Description

Teacher in Charge: Mr B. Choromanski

Recommended Prior Learning

Open Entry



This level focuses on how two sectors of the economy (households and firms) interact through the market. This interaction results in economic decisions about what will be produced and the process of production.

General
This Course aims to:
1.Demonstrate understanding of consumer choices, using scarcity and/or demand.
2.Demonstrate understanding of decisions a producer makes about production.
3.Demonstrate understanding of producer choices using supply.
4.Demonstrate understanding of how consumer, producer and/or government choices affect society, using market equilibrium.
5.Demonstrate understanding of a government choice where affected groups have different viewpoints.
6.Demonstrate understanding of the interdependence of sectors of the New Zealand economy.

This level of study is organised into six major topics.
Theme 1 The Conceptual basis of Economics
You will develop an understanding of consumer choices, producers decisions, producer choices, government choices, the markets, and interdependence of sectors of NZ economy.
Theme 2 Processing
You will learn how to process, present and analyse statistical data in relation to two contemporary economic issues.
Theme 3 Economic Models
You will learn to provide detailed explanation with the use of economic models like demand and supply, and Circular Flow.
Theme 4 Market Equilibrium
You will demonstrate understanding of how consumer, producer and/or government choices affect society, using market equilibrium
Theme 5 Governement supply of Goods and Services
You will demonstrate understanding of a government choice where affected groups have different viewpoints
Theme 6 Interdependence
You will demonstrate understanding of the interdependence of sectors of the New Zealand economy



Learning Areas:

Commerce



Pathway

Accounting Level 2, Economics Level 2

Career Pathways

Market Research Analyst, Mortgage Broker, Policy Analyst, Tertiary Lecturer, Valuer, Management Consultant, Urban/Regional Planner, Managing Director/Chief Executive, Insurance Claims Officer, Quantity Surveyor, Auditor, Actuary, Finance Manager, Foreign Policy Officer, Economist, Statistician, Financial Adviser, Bank Worker