‘Economics runs the world’ – Machine Gun Kelly
But you likely already know that, as you head into preparation for your scholarship exam, taking it one step further. And who wouldn’t want an NCEA Scholarship? A reward and acknowledgement of all your hard work? Yes, please! Especially in Economics, this can open a hundred doors. Employers will love your critical thinking skills, and ability to respond to opportunities and threats in our constantly evolving dynamic market with the skills you’ve picked up in NCEA Economics. Whatever area you’re planning to study – be it business, entrepreneurship, law, finance, government work, healthcare, journalism or even arts, NCEA economics teaches you lifelong transferrable skills that can boost your performance in all of these. So yes, economics really does run the world. Before we jump in, if you're still wanting some help with NCEA Economics itself (which you'll be thankful for once you start scholarship revision!), check out our articles on NCEA Economics as well as how to do well in your exam. Here at Superprofs, we want you and the outcome of your scholarship to run the world too, so without further ado, let’s get into our top tips and tricks for your best shot at success.
NCEA Economics Scholarship Exam Questions
First and foremost, what’s the structure and some general things to know about this bad boy? So glad you asked. Your exam will be broken down into three questions. While it can be tempting to just answer the ones you feel most comfortable with, the markers do want to see you attempt (and after this article, hopefully, smash) all three to the best of your ability. But don’t panic! You do get resource materials allocated to each question that will help you come up with the best possible answer – this is starting to sound easier by the second!
Your goal is to demonstrate your knowledge of these micro-economic and macroeconomics theories in order to provide a high-quality analysis that is situated in the current New Zealand economic environment. Examinable content will be taken from a variety of topics regarding both microeconomic theory and macro-economic theory, including those taught in NCEA Level 1 Economics, NCEA Level 2 Economics and NCEA Level 3 economics. For a quick refresher on that, check out our ultimate guide to NCEA Economics. We do also have a whole refresher on your NCEA Economics exams for you to have a read of, too!
We’ll go through some of the most likely concepts to be selected now. For microeconomic models, you may have to look at the models of the production possibility curve, the supply and demand model for goods and/or service markets, elasticity concepts, resource markets (e.g. labour market), internationally traded goods markets, the cost and revenue model for a perfectly competitive firm/market and a monopoly (including natural monopoly), the Lorenz curve or the marginal social cost / marginal social benefit model. The policies examined in this section extend to any that can be employed to address market failure.
Heading into the macro-economic models, here, the choices are between the production possibility curve, the circular flow model, the aggregate demand and aggregate supply model, the multiplier effect, the foreign exchange model and the business cycle. Macro-economic policies start to get a little more specific, relating to monetary policy, fiscal policy, supply-side policies, government regulation and international trade policies.
NCEA Economics Scholarship Revision
While the general feedback from students about the NCEA Economics Scholarship Exams is pretty good (aka, take a deep breath in and be ready to smash it because if they can, you can too), there is a big hiccup a lot of students are making. That is, while proper economic analyses are being provided, for that scholarship level, these need to be detailed rather than left at a broader, general level. For instance, never just say there is a shift in the market or economy. What caused it? There may be more than one reason! Also, we know there was a shift, sure, but what was the change that actually materialised as a result of this shift? The same goes for your graphs, attention to detail is key. Remember to include labels where required and also make them as clear as possible.
Goes without saying, that writing a high-quality answer is more likely to ramp up your chances of success, right? So, what exactly is a high-quality answer? We have no doubt that you probably already know a tonne about Economics. But now is not the time to ramble. Rather, your markers will want to see a well-structured, thought-out answer, where you keep your explanations relevant, to the point and accurate. It is the time, however, to flex all your relevant knowledge in a precise and logical way. So, answer the questions in full with sufficient detail while staying on track, backing yourself up with evidence from a variety of different economic models. We just want to make sure what we are writing adds value to the answer at hand, rather than detract from it if you catch our drift. Bonus points if you are able to work in references to the current New Zealand economic climate and make thorough use of the resource materials wherever relevant. Show you’re a pro with your mention of other related concepts, such as price elasticity of demand when examining depreciation impact, or primary goods sales versus industrial goods sales when looking into free trade agreements. You’re also more than welcome to consider potential scenarios that may arise as a result of the occurrences of these related economic concepts.
Want to know one of the biggest secrets to score an NCEA Economics scholarship? You need to have full working knowledge of not just NCEA Level 3, but also NCEA Level 2 and Economics. Now you may be thinking, but NCEA Level 2 Economics was so long ago! How am I expected to remember any of that? Fear not, respected economist. There are numerous ways to utilize past exams to maximise your chance of success and one of those ways, is to read through both the questions and model answers for Level 2 (and 3) to get those memory juices flowing and prep yourself for what may come your way again. We have a whole article on making the most of your past exams too! Feel free to go over our NCEA Economics study guide for some of the best ways to prep up for doing these practice exams, too.
Do’s for your Economics NCEA Exam
- You do want to have some level of understanding of the current New Zealand economic environment so that you are able to apply it at the ready.
- Make sure you fully develop your answers through the methods discussed above rather than skimping out on any detail
- Double-check your work regarding the economic models to make sure you didn’t commit any arbitrary errors or forget anything
- Have a read over your work, or even better – map out your answer as soon as you read the question - to ensure that you don’t contradict yourself logically as you go along, rather you build on your arguments to strengthen them
- Make good use of the graphs! They’re there for a reason. Once again, make sure that you check for accuracy.
To secure that scholarship, you’ll need to demonstrate a good level of critical thinking in your economic analysis. This looks like you comparing and contrasting both the strengths and weaknesses of the evidence at hand, as well as the assumptions accompanying the economic models. Your answers will need to be well integrated while applying your knowledge and skills to new contexts. To do this, make sure you go into detail about the linkages between any relationships you uncover. Just a scholarship not good enough and you want to head for those outstanding scholarship grades?
Well, you’ll also need to display perception and insight. Discussing economics in the wider context coupled with your own individual perspectives (plus points if they are innovative and outside of the box yet realistic) will help you cater to this. Sophisticated integration and abstraction are also a favourite of outstanding scholarships. Here, we want to see you discussing key elements of the situation and examining their links to one another with economic theory in mind. Nearly there! Independent reflection and extrapolation can also put you one step ahead of the rest. This sees you noting down some key trends and relationships that have the potential to influence the unfolding of economic events. Now, you got it all down pat and you just have to do one more thing – communicate it all convincingly! To really back yourself on this one, try a combination of techniques, concepts (which once again, include models and graphs) and the correct economic language to build your argument logically and drive your point home.
For further details on your Economics scholarship exam, check out the official NZQA website.
Really want to increase your chances of success?
We know that scholarships are a pretty big deal, and it may take a bit more preparation than just your normal exams. As you can now see, you do need to have a good understanding of both NCEA Economics Level 2 and NCEA Economics Level 3 to really have your best shot at success. Why not have a chat with a qualified and experienced tutor to point you in the right direction? You want that scholarship, and here at Superprofs, we want you to have it too. Let us help.
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