Economics
Economics
Rationale
Economics is introduced at Year 10 in an innovative Business Enterprise program which South Otago High School started in 2006. Students learn basic business planning and finance. Then, in term three, students design, plan, cost and produce an actual product. This is part of a national competition, and, South Otago High School students won their section of the competition in 2006 and came second in 2008.
Economics is also taught from Year 11 to Year 13. Students start with the economic environment in their immediate vicinity and by Year 13 they are looking at national and global economic concepts.
As participants in the economic world, students should be aware of the environment they live in.
Content
Year 10 Business Enterprise
Term One
- Consumers, their limited means and economic decision making.
- Consumers means and incomes
- Wants verses needs
- The range of commodities consumers select from
- How to make informed buying decisions
Term Two
- An introduction to Accounting and financial reporting.
- The range of business transactions.
- The elements of Income, Expense, Asset, liability and equity
- Constructing simple profit statements and balance sheets for a business
Term Three
- An enterprise studies program.
- Students develop, design, and cost a product. They put together a business plan, produce their product and conduct a market day (in school).
Term Four
- The economic environment in which consumers function.
- The participants in the economy and a closer look at producers.
- How to construct market demand and supply curves.
- The working of different markets
- The concept of interdependence
Economics
Level 1
(All Achievement Standards)
- Describe concepts relating to consumer choice and demand.
- Describe producers, production, and, resources.
- Describe the concept of supply.
- Describe the market.
- Describe the relationship between sectors of the economy.
- Understand and use the consumer decision making model.
- Carry out an economic investigation.
Level 2
Unit standard
- Analysis and describe the labour market.
Achievement Standards
- Describe inflation and its causes and effects using economic models.
- Describe international trade and its causes and effects using economic models.
- Describe economic growth and its causes and effects using economic models.
- Describe government policies in relation to economic issues.
Level 3
(All Achievement Standards)
- Understand marginal analysis and the behaviour of firms.
- Describe an economic problem, allocative efficiency, and market responses to change.
- Describe market failure and government intervention to correct market failure.
- Describe aggregate economic activity.
- Collect and process information, and carry out an economic analysis.
Economics can lead to careers in:
* Banking & finance
* Business management
* Business analysis
* Tourism & trade
* Government