Economics Level 1

L1ECO
Course Description

Teacher in Charge: Mr B. Choromanski

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


Pathway

Accounting Level 2, Economics Level 2

Recommended Prior Learning

Open Entry


Credit Information
Assessment
Level
Internal or
External
Credits
L1 Literacy Credits UE Literacy Credits Numeracy Credits
A.S. 90983 v3 Economics 1.1 - Demonstrate understanding of consumer choices, using scarcity and/or demand
1
E
4
Y
A.S. 90984 v3 Economics 1.2 - Demonstrate understanding of decisions a producer makes about production
1
I
5
Y
A.S. 90985 v3 Economics 1.3 - Demonstrate understanding of producer choices using supply
1
E
3
Y
A.S. 90986 v3 Economics 1.4 - Demonstrate understanding of how consumer, producer and/or government choices affect society, using market equilibrium
1
E
5
Y
A.S. 90987 v3 Economics 1.5 - Demonstrate understanding of a government choice where affected groups have different viewpoints
1
I
4
Y
A.S. 90988 v3 Economics 1.6 - Demonstrate understanding of the interdependence of sectors of the New Zealand economy
1
I
3
Y
Total Credits

Total Credits Available: 24 credits.
Externally Assessed Credits: 12 credits.
Internally Assessed Credits: 12 credits.

Pathway Tags

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