Year 12 economics

12 Economics examines how the economy works as a whole (macroeconomics). This course aims to give you an understanding of the economic forces that underlie major social and political issues, and equip you to make informed decisions as a worker, consumer, taxpayer and voter.  It will give you an understanding of interest rates, exchange rates, employment and a grounding in key financial literacy concepts. 

During this course it will:

• provide you with an insight into the nature of the economic environment

• lead you to understand the role of the economic system in dealing with basic economic problems 

• make you aware of your role as participants in the economic system and how you are affected by it.

It will give you the tools, theory and understanding of how to make financial decisions in the future.

This course has a focus on macroeconomics, i.e. issues affecting the whole economy.  Macroeconomists see how all of the pieces of the economy fit together – firms, households, the government, trading partners.  You will look at models and theories that can be used to help predict and explain the impact of world events on our people and country.

You will learn about:

• Growth - Growth's impact on our living standards. You will look at different ways to define growth as well as what influences levels of growth in an economy. You will also look at the positive and negative effects of growth 

• Employment - Influences on the labour market and the social/economic effects of unemployment

• Inflation - How and why the purchasing power of money changes over time

• International trade - Trade is vital for the NZ economy.  You will explore the role of trade in NZ's economy as well as its causes and its impacts

Across all topics you will examine what government policies could be implemented to encourage the economy.

You will be confronted with an issue in the economy or a choice that a consumer or producer will have to make. Economics will teach you the skills to examine this from a number of perspectives to reach the 'best possible outcome'. 

In a typical lesson you might:

• read a textbook, answer questions, and make notes

• examine articles, graphs and data

• listen to a presentation

• engage in a class discussion or debate

• work in groups to analyze an issue

• at times we will take field trips e.g. The Treasury, Reserve Bank, Banks etc, Budget talk at Victoria University

This course is open to all Year 12 students, even if they have not studied Economics before but those that have completed 11 Commerce will find it easiest. You should:

• have an interest in the economy and the issues NZ faces

• be comfortable with graph work and interpreting data

• be comfortable writing logical and detailed explanations

If you are unsure or have yet to meet the prior learning recommendations, the HoD will meet with you to discuss your plans and ensure you have selected a pathway that meets your needs. This is a content heavy course, so if you are new to the subject, you can be given work to complete over the summer break to ensure you start the year with some prior knowledge. 

You will sit four achievement standards:

• 2.1 - An externally assessed standard on Inflation

• 2.2 - An externally assessed standard on Internal Trade.

• 2.4 - An internally assessed standard on Employment.

• 2.6 - An internally assessed standard on Government Policy.  This is completed partly as a group.

NZQA Economics Subject Resources

See NZQA Subject Resources Website (http://www.nzqa.govt.nz/qualifications-standards/qualifications/ncea/subjects/economics/levels/)

School Policy for NCEA Assessment

You should be aware of the school procedures for NCEA assessment.  They can be found on the school website at this link. There you will find answers to frequently asked questions about how NCEA works as well as guidance about how to apply for extensions, reconsiderations or the process for withdrawing from a standard.