Level 1 Economics and Business (L1ECO)

(Commerce)

Overview

Students will explore key decisions made by local companies, to better understand how successful businesses operate, and respond to challenges. They will also focus on how two sectors of the economy (businesses and consumers) interact through the market. Students will then apply their knowledge and skills by creating and evaluating their own business. Overall, this course provides a grounding in economic theory, and the opportunity to apply this knowledge in a practical context.

What will I learn?

- How prices are set by supply and demand in the market economy
- What makes a business successful – and how some factors are out of their control
- How and Why businesses start when someone spots an opportunity
- How businesses use various tools to inform their decision-making processes.
- How key business and economic decisions impact a range of stakeholders.
- How businesses and the economic climate change when the market or world around them changes
- How different people, businesses, and groups in the economy rely on each other

What should I have done already?

There is no prerequisite for this course. However, it is a major advantage to have taken Year 10 Economics and Business.

Assessment outline

L1ECO

Assessment regulations

The internal achievement standards will be assessed after the appropriate topics have been taught. There will be no reassessment opportunity for these standards. You will only be given the opportunity to improve on your efforts if you get small things wrong that can be fixed with no further teaching or learning occurring (resubmission) that will bring your grade from a Not Achieved to Achieved. Because there is no reassessment, if you do not submit the assessment on the due date you have failed the standards.

The externally assessed achievement standards will be formatively assessed using tests and exams during the year. The results from these assessments will count towards class placings and any derived grade applications if you are unable to sit final examinations.

It is vital that you read and understand the rules relating to NCEA in the section on NZQA information.

Where does this course lead?

This course leads directly to Level 2 and 3 Economics and Level 2 and 3 Business/ Enterprise. Courses in economics and business also continue to tertiary level. A study of economics or business is the basis of any career in commerce and is relevant to careers in tourism, social services, banking, finance and small business management.

Indicative costs

For all indicative course costs please see the course costs page.

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