Level 3 Economics*

3ECO
Course Description

Teacher in Charge:

This course focuses on understanding consumer and producer behaviour and the decision making that underpins pricing and market structure through using economic models. Students will Investigate the part the Government plays in allocating resources, and influencing  behaviour particularly where the market does not result in efficient or fair outcomes.

Learning Opportunities

In this course you will need to:

Develop these skills:Explore this content:
  • Think critically about what motivates consumers  and the strategic responses of firms and Government.
  • The role of marginal analysis in economic decision making where comparison of extra cost with extra benefit answers the question “What's the big deal about an extra scoop of ice cream?”
  • Observe trends and patterns and draw conclusions about the cost and revenue relationships of producers.
  • Why are petrol prices so high? How do firms gain maximum profit and to what extent can they manipulate prices?
  • Use economic models to predict, analyse and explain market behaviour.
  • Who would benefit most from a rental subsidy? What are the fundamental failures in the housing market and can they be fixed? 
  • Analyse information and ideas to make reasoned recommendations on Government action and communicate them in writing and verbally 
  • When good markets go bad, investigate the role of the Government when market failure occurs. What interventions are necessary and why does noise control have the right to shut down my party?

         



Year Levels/Departments:

Business, Money and the Economy, Seniors



Resources Required

Folder
A4 Lined Refill Pad
Students have the opportunity to purchase NCEA workbooks and an online elearn economics subscription at a total cost of $30.00. (optional)