Bethlehem College
Year 11 Economics
Subject Description
Teacher in Charge: Mr K. Addinall.
Economics
Suggested prerequisite: None specifically, but must have reasonable Mathematics and English.
The New Zealand economy will provide the basis for an interesting study of how resources are used in the production process, the structure of business, how market place prices are determined and the nature of consumer law and the role of Government. Business visits will enable students to apply their learning to real situations.
The Year 11 course will also enable students to:
Play an effective part in economic activity of households and firms and understand how the exchange of goods and services takes place between these two sectors in the market.
Understand why and how individuals, groups, and communities make decisions about the use of resources. Learning to make correct economic decisions is part of the internal assessment component.
Understand basic economic ideas and concepts.
Subject Overview
Term 1
What is the economic problem?
Economics as a study exists because natural resources are limited. All the natural resources belong to God. Ps 24:1 says “The earth is the Lord’s, and everything in it”. Students get to understand that resources are scarce when unlimited wants exceed the capability of the available means (time, knowledge and money) to satisfy them, so that economic choices must be made and this leads to “opportunity cost”. Values are the core beliefs that people hold. The different values or perspectives held by individuals and groups influence the economic choices they make.
Consumer Decisions
Students will learn that consumer choices affect the demand for a good or service. They will calculate and illustrate individual and market demand.
Term 2
Producer Decisions
Students will understand that producer choices affect the supply of a good or service and learn how to calculate and illustrate individual and market supply.
During the second part of the term, students will learn about producer decisions of inputs required in making goods and services. We look at the range of goals of these producers and identify the groups who take part in production. Students will be expected to collect data about a New Zealand producer of goods or services. This may include a field trip and/or a guest speaker.
Term 3
The Market
A study of the actions of households and firms in the marketplace, such as exporters or retail stores. What happens to the market when the government intervenes?
Term 4
Circular Flow Model
We look at the relationships that exist between different sectors of the economy.
Macro-economic concepts (introduction)
What is inflation?
Why is economic growth significant?
How does trade work?
Prior Learning
No prior learning required.
Contributions and Equipment/Stationery
Fee: Workbook $30; Fieldtrip $65.
Pathway
Economics can lead to a range of future career options. Specialist economists work for government agencies, various businesses (both in New Zealand and overseas), manufacturing, communications, insurance, banks and finance companies. However, the knowledge and skills gained through economics can be used in a wide range of occupations such as in research and analysis, administration, education.
Disclaimer
Your selection does not guarantee course placement. Course costs and standards listed may vary.
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