L1 Economics and Business


COURSE TITLE:

Level 1 Economics and Business

COURSE DESCRIPTION:

The course focuses on the Economics aspect of how two sectors of the economy (households and firms) interact through the market and how the Government tries to influence these sectors. The market influences how resources will be used and determines prices.

The Business aspect involves the process of getting a product to buyers through marketing it and then, in groups, putting into practice the making, marketing and selling of a product. You will also have the opportunity to be involved in the NZ Business Challenge – a three day event run by the Young Enterprise Trust of NZ in Term 2.

WHAT WILL I LEARN?

  • Understand concepts related to consumer choice and demand.
  • Understand the concept of supply.
  • Demonstrate an understanding of the market
  • Understand the marketing mix.
  • Understand how businesses run and the challenges of selling a successful product.

WHAT SHOULD I HAVE DONE ALREADY?

There is no prerequisite for this course. However,as Level 1 Economics assesses some aspects of junior economics it is a major advantage to have taken Year 10 Economics.

ASSESSMENT OUTLINE:


Standard
Number
TitleCredit ValueL1
Literacy
90983v3
(ECO 1.1)
Demonstrate understanding of consumer choices, using scarcity and/or demand4ExternalY
90985v3
(ECO 1.3)
Demonstrate understanding of producer choices using supply3

External
Y
90840v2
(BUS 1.4)
Apply the marketing mix to a new or existing product.3InternalY
90842v2
(BUS 1.6)
Carry out and review a product-based business activity within a classroom context with direction6InternalY
90986v3
(ECO 1.4)
Demonstrate understanding of how consumer, producer and/or government choices affect society, using market equilibrium5ExternalY

Total Credits Available

21


ASSESSMENT REGULATIONS:

Achievement Standards 90842 and 90940 will be assessed internally by your teacher. The other three achievement standards will be externally assessed in a national 3-hour exam at the end of the year.

There will be ONE reassessment opportunity for internal standard 90840. For the group internal –   90842 – only the individual aspects of that assessment may be considered for resubmission.

Practice tests and examinations will be conducted during the year.  The results from these practice assessments will count towards any derived grade process if you cannot sit the final examinations.  See the NCEA Student Handbook for more details.

Place in class will be determined by your internal results as well as from practice external tests and exams.

You will be able to receive a Course Endorsement with merit if you earn 14 credits at M or E level or with excellence if you earn 14 credits at E level. At least three of these credits must be from externals. You cannot receive a course endorsement from internal results alone.

Rules and Regulations

It is vital that you read and understand the rules relating to NCEA in the Student Handbook.  The following rules are emphasized here:

Late Work

Work submitted late for the internally assessed standards will not be marked.  You will have the opportunity to gain the credits through reassessment only if you have made an attempt in the first instance to do the work. You may be required to complete an entirely different assessment activity.

If you have a genuine reason why you are unable to submit work by the due date, then you are able to apply for an extension.  This should occur prior to the due date, not after.  Approach your subject teacher and make your case.  Read the NCEA Student Handbook for more detail.

Authenticity and Appeals

These issues are dealt with by the college’s assessment procedures.  Essentially all work must be your own.  If you copy anything from the internet or a book, you must attribute the source of the work. Do not claim it as your own! You have the right to appeal a grade if you consider you have been treated unfairly. Read your NCEA Student Handbook for details. 

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 a 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:

It is strongly recommended that students purchase a workbook (price approximately $20), and a subscription to an e-learning website (approximately $12 each)