L1ECO: Level 1Economics and Business
Level 1 Economics and Business
The Economic aspects of this course focuses on how two sectors of the economy (businesses and consumers) interact through the market, how the Government tries to influence these sectors and how the market influences how resources will be used and how prices are determined.
The Business aspect of this course involves a group project where students must take a product or service to market by putting into practice the making, marketing and selling of a product or service. You will also have the opportunity to be involved in the NZ Business Challenge – a three day event run by the Young Enterprise Trust in Term Two.
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, it is a major advantage to have taken Year 10 Economics and Business.
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 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.
For all indicative course costs please see the Course Costs Page.
The internal achievement standards will be assessed after the appropriate topics have been taught. There will be no reassessment opportunity for these standards. You will only be given the opportunity to improve on your efforts if you get small things wrong that you can be fixed with no further teaching or learning occurring (resubmission) that will bring your grade from a Not Achieved to Achieved. Because there is no reassessment, if you do not submit the assessment on the due date you have failed the standards.
The externally assessed achievement standards will be formatively assessed using tests and exams during the year. The results from these assessments will count towards class placings and any derived grade applications if you are unable to sit final examinations.
It is vital that you read and understand the rules relating to NCEA in the section on NZQA Information.