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EC3000CA COURSE AND ASSESSMENT GUIDE NCEA LEVEL 3

2015/2


economics ec3000

teacher contact details

When you first make contact with your teacher, please fill out their details below, for future reference.

name: telephone: 0800 65 99 88

ext:

alternative telephone number: email address: Private Bag 39992, Wellington Mail Centre, Lower Hutt 5045 Please keep your Economics (EC3000) Course and assessment guide in a safe place so that you can use it to plan your study and to record your assessment results. For further information about courses at this level, please refer to the Student Guide to Years 11–13 and the Student Guide to National Certificates, both available on the school website (www.tekura.school.nz).

Cover image: Price elasticity. © Bigstockphoto 7251262 Copyright © 2013 Board of Trustees of Te Aho o Te Kura Pounamu, Private Bag 39992, Wellington Mail Centre, Lower Hutt 5045, New Zealand. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without the written permission of Te Aho o Te Kura Pounamu. © te ah o o te k u ra p ou n am u


contents 1

Welcome to EC3000

2

Getting started

3

EC3000 course outline

4

Assessment summary

5

Additional course materials

6

Assessment information

7

Suggested course plan

8

My Economics assessment record (EC3000)

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1

welcome to ec3000 Welcome to the Level 3 Economics (EC3000) course offered by Te Aho o Te Kura Pounamu.

overview of ec3000

This course will develop and improve understanding of economic principles, especially in the context of the New Zealand economy. There are three main areas of study. The first is based around resource allocation and the market and will look closely at the concepts of scarcity and opportunity cost, demand and supply, market analysis and market structures. The second section explores situations of market failure and looks at the role of government in the economy in correcting for market failure. The third section looks at influences on the New Zealand economy as a whole, both internal and external, including the aims of government and the effects of government policies.

course credits

EC3000 offers 24 credits towards the Level 3 National Certificate in Educational Achievement (NCEA) and is covered in nine booklets. It is expected that each student will aim to work towards 18 to 20 of these credits, selected from both the internal and external standards. There are two internal standards together worth 10 credits and three external standards together worth 14 credits. This course can be endorsed with Merit or Excellence if, in a single year, you gain 14 or more credits at Merit and/or Excellence within Level 3 Economics. At least three of these credits must be from externally assessed standards and three from internally assessed standards.

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getting started how this course is delivered

EC3000 is a print-based course, with course material and supplementary material accessed from the online teaching and learning environment (OTLE). Dual enrolled students are expected to access material from OTLE. Other enrolled students may request printed materials to be posted, accepting there will be a delay between enrolment and receiving the first posting. You will receive an email explaining how to log in to OTLE. This email includes a link to set your password if you have not logged into the OTLE before. You can access OTLE by clicking on www.tekura.school.nz/login. It is recommended that you bookmark this site in your browser. This will take you to a page with links to your courses. Your username and initial password is your Te Kura student ID number. You will be asked to set a new password when you first log in. After that, if you need to reset your password you can click on the ‘Forgot password’ link on the OTLE login page. If you have difficulties logging in, please email: helpdesk.otle@tekura.school.nz

organising your study

It is important for you to contact your teacher as soon as you are enrolled in this course. Plan a regular time to study. Some people learn best from frequent short sessions while others do better with fewer, longer sessions. It is important to have a plan or a timetable and to keep to it. There is a suggested course plan in the back of this guide to help you plan your programme of study. You may wish to consult with your subject teacher to help you decide on your plan. Getting your study underway is very important. Your first return of work should be two to three weeks after you received your initial work. If you have any issues returning your work within this time, please contact your subject teacher. For more information on how to study successfully, refer to the Student Guide to Years 11–13 (www.tekura.school.nz).

resources you need

Te Kura booklets, refill paper, a ruler, pen and pencils, calculator, protractor and compass. It will also be useful to have a computer with access to the internet.

choosing topics and standards

NZQA advises that a one-year course should lead to 18–20 credits. You may only wish to study some topics. For example, you may want to do only internal standards for this course. You should look carefully at the course outline and make your choices. It is important to consider how well this will meet your learning goals (such as gaining enough credits to achieve your NCEA Level 3, or whether you are working towards course endorsement, or meeting the entry requirements for your tertiary course or any future study).

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getting started

To be awarded University Entrance you must have: •• NCEA Level 3 •• Three subjects – at Level 3 or above, made up of: –– 14 credits each, in three approved subjects •• Literacy – 10 credits at Level 2 or above, made up of: –– 5 credits in reading –– 5 credits in writing •• Numeracy – 10 credits at Level 1 or above made up of: –– achievement standards – specified achievement standards available through a range of subjects, or –– unit standards – package of three numeracy unit standards (26623, 26626, 26627 – all three required). To see the list of approved subjects refer to: www.nzqa.govt.nz/qualifications-standards/awards/university-entrance/approved-subjects/ To see the list of standards which count towards University Entrance literacy refer to: www.nzqa.govt.nz/qualifications-standards/awards/university-entrance/literacy-requirementsfor-university-entrance-from-2014/ To see the list of standards which count towards University Entrance numeracy refer to: www.nzqa.govt.nz/qualifications-standards/qualifications/ncea/subjects/literacy-and-numeracy/ level-1-requirements/lit-num-subjects/ You should discuss your options with your learning advisor and/or your teacher.

self-assessment

Many activities are self-assessed. The self-assessment tasks are in the booklets but you will complete these on your own paper. You should check and amend your own answers using the Answer guide that is also in the booklet. This opportunity to check and reflect on your work is an important part of the learning process. Self-marking is important as it gives you instant feedback on how well you understand the ideas, concepts or information that has been covered. The teacher-marked activities are included as inserts within the booklets. Write your answers in the spaces provided and send your work in to your teacher who will mark and return it with feedback and guidance to assist you in your studies.

assessment

Students are required to send in their self-marked and teacher-assessed work. Teachers return student work with feedback and advice in preparation for NCEA internal and/or external assessments.

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getting started

Internal assessments for this course are open book assignments in which you conduct an investigation and write a report, and include: •• AS91401 (Economics 3.3) Demonstrate understanding of micro-economic concepts •• AS91402 (Economics 3.4) Demonstrate understanding of government interventions to correct market failures. Your internal assessment tasks will be sent to you when you have completed and submitted the booklet work for that standard and have received feedback. The detailed criteria for Achievement Standards are given in section 4 of this guide and in the relevant booklets. They can also be found by searching the subject and level in the NCEA part of the NZQA website (www.nzqa.govt.nz) and then finding the relevant standard(s). External assessment preparation includes: •• self-marked booklet activities •• teacher-marked activities •• self-marked revision activities assessed through OTLE •• Te Kura practice examinations.

time commitment

There are nine booklets in this course. Each booklet indicates how many study hours it is likely to require. For example, booklet EC3001 may take approximately 16 hours of work to complete at the normal pace, representing about three weeks of work at 5 hours per week. If you are to achieve at Excellence level, it is likely that you will have to study substantially more than the suggested guideline. Before deciding on the pace of learning, read through this Course and assessment guide and ask yourself the following: •• How much time can I set aside for study each week? •• Will I be attempting both externally and internally assessed standards? •• Will I be able to keep a steady pace of five hours of study each week? •• Do I intend to sit the external examination at the end of the year? •• Do I need specific external or internal credits for next year’s study or work?

normal pace of learning

As a guide, expect to do at least five hours work per week in this subject. This means completing three to four booklets each term so that you complete the course before the external examination at the end of the school year.

flexible pace of learning

If you have less than a year because you start later or need to finish earlier, you can decide the pace at which you work. You could still complete the whole course by devoting more time and effort to it. Your teacher can ensure that you receive the resources you need in time to do this.

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getting started

cover sheets

The back cover of the booklet becomes the cover sheet for your self-marked work. Fill it in, sign it and attach it to the front of your work before sending it back to Te Kura. If applicable, your supervisor also signs the cover sheet as part of our authenticity requirements. All students are encouraged to submit as much as possible of their work online via the OTLE Dropbox. When work requires authentication, students will follow the instructions provided in OTLE.

te kura codes

Your course code is: EC3000. EC is the code for Economics and 3 refers to Level 3. ‘EC3003’ refers to a booklet/resource that covers a particular learning topic in the EC3000 course. ‘EC3003Y1’ refers to the first assessment for an Achievement Standard (AS91401) for Economics. ‘AS’ is the code for Achievement Standard.

queries about your work

It is important to contact your teacher if you have any queries about your work. It helps to have your ID number, booklet code (for example, EC3004) and the activity or question number when you contact your teacher, but it is not essential.

completing your economics work

•• Answer all activities in each booklet that you study. •• A t the end of each lesson, mark your practice work (/) from the Answer guide. Add any corrections/amendments in a different colour. This is an important step to help reinforce your understanding. •• O nce all your self-marked and teacher-marked work is complete and you have signed the cover sheets, your work is ready to post into school. •• S end work from each booklet as it is completed – do not wait until you have completed several booklets before sending in each one. If you intend to complete the course in one year you should aim to send in a booklet every two to three weeks.

economics in action

Economics at NCEA Level 3 explores the market economy in detail, looking at the role and efficiency of market forces and at influences on the New Zealand economy, including the role of government. A competent Economics student will be able to recognise key economic concepts and the applications of economic principles in practice. It is recommended that you follow economic events and trends in the media as a way of developing your understanding of economic ideas, the New Zealand economy and your role within it, and New Zealand’s economic connections to the global economy. It is a good idea to keep a folio of cuttings or media references as examples of economics in action. These could relate to the topics you are studying or any other aspect of economics that interests you.

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ec3000 course outline Course

Title

Learning focus

Standard

Scarcity and opportunity cost

Working towards

Resource allocation

AS91399 Economics 3.1

item/ booklet EC3000CA

Economics Level 3 Course and assessment guide

EC3001

Introduction to economic concepts

Production possibility curves Marginal utility Demand and demand curves Introduction to elasticity EC3002

Demand and supply

Working towards

Costs of production

AS91399 Economics 3.1

Supply elasticity

Market equilibrium

AS91401 Economics 3.3.

Demand elasticity Supply and supply curves

EC3003

and

and AS91401 Economics 3.3.

Revenue, profit and output

Working towards

Profit maximisation

A91399 Economics 3.1

Supply and demand analysis Allocative efficiency and consumer and producer surpluses

AS91400 Economics 3.2 and AS91401 Economics 3.3.

EC3003Y1

Micro-economic concepts

Demonstrates understanding of micro-economic concepts

AS91401 Economics 3.3

EC3004

Market structures

Perfect competition and monopoly behaviour

Working towards

Short and long-run equilibrium

AS91400 Economics 3.2

Marginal analysis using marginal revenue and marginal cost Government and monopoly Allocative efficiency and market structures

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ec3000 course outline

EC3005

Market failure

Market failure

Working towards

Government intervention

AS91402 Economics 3.4.

Positive and negative externalities Natural monopolies and society

EC3006

Government intervention

Allocate efficiency

Working towards

Public goods

AS91402 Economics 3.4.

Merit/demerit goods Equity and efficiency EC3006Y1

Market failures and government interventions

Demonstrate understanding of government interventions to correct for market failure

AS91402 Economics 3.4.

EC3007

GDP and money

Measuring GDP, real and nominal

Working towards AS91403 Economics 3.5.

Money and banking The Reserve Bank Monetary and fiscal policies Government revenue and expenditure EC3008

Government and overseas influences

Working towards AS91403 Economics 3.5.

The balance of payments Foreign exchange market Exchange rates, terms of trade

EC3009

Aggregate demand and supply

Macro-economic influences on the NZ economy Shifts of AD/AS curves

Working towards AS91403 Economics 3.5.

Macro-economic goals and government policies

EC3000R

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EC3000 Reference guide

EC3000CA

Skills, models and revision supplement

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assessment summary credits offered: 24 Standard number AS91399 Economics 3.1

ncea level 3 economics (ec3000)

Standard title

Study material/ resources

Demonstrate understanding of the efficiency of market equilibrium

EC3001 EC3002 EC3003

External 4 credits,

EC3000MM EC3000R

AS91400 Economics 3.2

Demonstrate understanding of the efficiency of different market structures using marginal analysis

EC3003 EC3004 EC3000MM EC3000DV

External 4 credits AS91401 Economics 3.3

EC3000R Demonstrate understanding of micro-economic concepts

EC3001 EC3002 EC3003

Internal 5 credits AS91402 Economics 3.4

EC3000R Demonstrate understanding of government interventions to correct market failures

EC3005 EC3006 EC3000R

Internal 5 credits AS91403 Economics 3.5

Demonstrate understanding of macro-economic influences on the New Zealand economy

External 6 credits

EC3007 EC3008 EC3009 EC3000R

There are no further assessment opportunities in EC3000.

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additional course materials additional course materials/resources Item

Description

CD EC3000MM

Circular flow, labour, trade, markets

DVD EC3000DV

Market structures/Externalities

online resources

10

Resource

Description

Website

OTLE

Te Kura’s online learning site for Level 3 Economics.

www.tekura.school.nz

eLearn Economics

Dan Rennie’s online course for NCEA Economics.

www.elearneconomics.com

NZQA website

Information about the standards, conditions of assessment, past exams and assessment schedules. Includes exemplars of student work.

www.nzqa.govt.nz/economics

Te Kete Ipurangi website

Exemplars of internal assessments, with examples of suggested answers.

http://ncea.tki.org.nz/Resourcesfor-aligned-standards/Socialsciences/Economics

Studyit website

A student help site with information to support NCEA students. Focuses on Science, Mathematics and English but the general advice, information and forum are useful for Economics students.

www.studyit.org.nz

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assessment information standards

EC3000 offers credits from Achievement Standards which count towards NCEA Level 3. Please refer to our Student Guide to National Certificates or Te Kura and New Zealand Qualifications Authority (NZQA) websites for more information about National Certificates of Educational Achievement and assessment: •• www.nzqa.govt.nz •• www.tekura.school.nz

internal assessment

EC3000 offers two Achievement Standards that are internally assessed. This means that your teacher sets and marks all assessments that count towards credits gained for these standards. The assessment opportunity for an Achievement Standard is coded ‘Y1’. For example, EC3003Y1 is the assessment for AS91401.

external assessment

External assessment means that an external examiner marks your assessment work. This may be through the NZQA examinations at the end of the year. You will be able to complete practice assessments and Te Kura practice examinations for external standards.

te kura practice examinations

You should complete the Te Kura practice examinations for any external standards with an end of year examination you have entered. It is important that you complete all practice external assessments and examinations. If for some reason, such as illness, you are unable to sit the NZQA examinations at the end of the year you will only be eligible for consideration for a derived grade (compassionate consideration) if you have completed the Te Kura practice examinations.

resubmissions for internal assessments

If you have made mistakes in your standard assessment activity, your teacher may offer you one resubmission opportunity. This means you have made errors that you are capable of discovering and correcting by yourself. A resubmission allows you to correct your errors and improve your result.

further assessment opportunities for internal assessments

For some standards, you may be able to complete a second assessment called a ‘further assessment opportunity’ to improve your results. There are no further assessment opportunities for NCEA Level 3 Economics.

authenticity

Authenticity means that students complete and submit work that is their own. When you submit work to Te Kura, you sign an authentication declaration that the work you are submitting is your own work and was done under the required assessment conditions. Where applicable, your supervisor signs to confirm this declaration. When submitting work online via the OTLE Dropbox, if it requires authentication, students must follow the instructions provided in OTLE. © te ah o o t e k ur a p o un a m u

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assessment information

derived grades (compassionate consideration)

If for any unexpected reason you are not able to sit your end of year examination or to submit final work towards an external standard (portfolios or projects), you may be eligible for a derived grade. Please refer to the Student Guide to National Certificates and contact your teacher or learning advisor as soon as possible to find out more should you feel this is necessary.

appeals

You have the right to query an assessment result if you want further clarification or disagree with the result. If you are still not satisfied, you may appeal. Refer to the Student Guide to National Certificates for more information. You can also appeal any other decisions, procedures or policies about assessments. Contact your teacher or learning advisor if you wish to appeal. Further information and a form that students can use to appeal is available on The Te Kura website in the Student toolkit area (www.tekura.school.nz and go to Student toolkit).

new zealand scholarship

New Zealand Scholarship examinations are designed to extend very high achieving Level 3 NCEA students. Students who wish to enter for the NZ Scholarship examinations must discuss this option with their Te Kura subject teacher. The list of subjects available for NZ Scholarship can be found at: www.nzqa.govt.nz/qualifications-standards/awards/scholarship/scholarship-subjects/

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suggested course plan suggested year planner: ncea level 3 economics

Here is a suggested one-year planner. The suggestions are based on the assumption that you are going to be enrolled for a full year course at the beginning of the school year, study all the content and attempt all the standards offered. However, you may enrol with Te Kura part way through the year and continue your studies the following year. You may choose to select only some of the topics and standards depending on your circumstances. Feel free to discuss your individual programme with your subject teacher who will be willing to adjust the programme to suit your needs. Term

Suggested plan

1

Read EC3000CA, complete your course planner and consult your teacher.

2

3

4

Time (approximate)

EC3001

2–3 weeks

EC3002

3 weeks

EC3003

3 weeks

EC3003Y1 – internal assessment

2 weeks

EC3004

3 weeks

EC3005

2–3 weeks

EC3006

2–3 weeks

EC3006Y1 – internal assessment

2 weeks

EC3007

3 weeks

EC3008

3 weeks

EC3009

2–3 weeks

Revision and practice exam

2 weeks

Complete all unfinished booklets and send in any resubmissions.

3 weeks

Revision for externals. Access NZQA website for past papers.

2–3 weeks

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my economics assessment record (ec3000) Standard number AS91399 Economics 3.1 External 4 credits AS91400 Economics 3.2 External 4 credits AS91401 Economics 3.3

Standard title

Exam/ Assessment due date

Demonstrate understanding of the efficiency of market equilibrium

November exam*

Demonstrate understanding of the efficiency of different market structures using marginal analysis

November exam*

Demonstrate understanding of microeconomic concepts

End of Term 1

Demonstrate understanding of government interventions to correct market failures

End of Term 2

Demonstrate understanding of macroeconomic influences on the New Zealand economy

November exam*

Grade awarded

Credits achieved

Internal 5 credits AS91402 Economics 3.4 Internal 5 credits AS91403 Economics 3.5 External 6 credits

*NZQA examination results available in January.

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EC3000CA 2015