Studying Economics in New Zealand can set you up for a range of careers, but it can be confusing trying to work out what you should take for NCEA to reach your goals.
NCEA Economics is a foundation subject that helps you understand how and why people use the limited resources they have available to help satisfy an unlimited amount of wants.
This means if you are interested in marketing, sustainability, architecture, finance, global citizenship or so many other areas, NCEA Level 1 Economics is your starting point.
Is economics in the area of maths or social science?
Although economists are normally associated with finance and mathematical graphs, NCEA Economics is a Social Science subject. The focus of economics is on how people create and use goods or services.
However, NCEA Level 1 teaches us to think about how our choices affect society and to use this insight to help us understand why people make the choices they make.
Think about one of the NCEA Economics unit standards in level one: “Demonstrate understanding of how consumer, producer and/or government choices affect society, using market equilibrium”.
The key thing you will begin in studying this unit standard is to understand why people at an individual and a group level, make the choices they do.
What influences a rise in GST, what causes house prices to go up, and what are the factors that result in a shortage of eggs or building supplies.
Even areas like what influences would entice people to work in certain regions can all be studied and understood through an economic lens.
Why study economics?
For many people studying economics is the first step towards a successful career in the financial industry. When we talk about “the economy” we are meaning the flow of consumer goods and products, how these will affect well-being of people, and how we use the result of our goods and services.
Generally, this means what we do with the money from the goods and services we sell, but in more barter-focused societies cash isn’t the only thing exchanged.
Even in New Zealand, people consider lifestyle over income. We have a strong culture of heading overseas after earning our qualifications, making our money in a country with a strong exchange rate, then bringing our savings home.
We don’t just do this for the cultural experience of living overseas, but to fund a lifestyle choice we want to experience that is harder to create living and working only in New Zealand.
In economics, there is often talk about understanding the “qualitative data” and translating the “quantitative data”. But all this means is that if you are given the amount of money that four households spend on groceries each week, could you make a good guess about what their family might look like and a prediction on how much they might spend in six months’ time.
Could you then use that best guess to advise a grocery story on if they should buy more trolleys?
Could you advise the council on if they should approve the new supermarket build?
These areas are strictly the role of an economist, but this is the foundation of where studying basic economic theory at NCEA can lead you.
Being able to look at the information you have in front of you and understand what it means for a larger group is the backbone of understanding economic theory.
Understanding NCEA Economics Standards
Going into NCEA can be confusing for many people, but it doesn’t need to be. NCEA level 1 economics is currently made up of 6 standards. While all 6 are studied seamlessly throughout the year at school, the way they are assessed is varies.
As we move from NCEA Level 1 the unit standards continue to build knowledge, so that by the time you’ve finished NCEA Level 3 you will look at the achievement standard: “Demonstrate understanding of the efficiency of different market structures using marginal analysis” with confidence that you understand what this means.
However, for most people, understanding the terminology in economics is the biggest concern. If you are still struggling with trying to work out what different terms mean, then call in a tutor.
Being able to explain the fundamental basic concepts of economics is essential to not just being able to pass level 1 but will allow you to continue with your studies.
Internal Assessment of NCEA Economics Level 1
Half the economics achievement standards for NCEA economics level 1 are assessed internally, meaning that the teacher may give an individual assignment or a group assignment. There may be a report to write, or students may need to give a presentation, or occasionally a class test.
For example, the current achievement standards for internal assessment NCEA economics are:
- Demonstrate an understanding of decisions a producer makes about production
- Demonstrate aj understanding of a government choice where affected groups have different viewpoints
- Demonstrate an understanding of the interdependence of sectors of the New Zealand economy
To gain an understanding of production and why a producer makes certain decisions the students will look at the global restaurant chain McDonald's.
At level 1, students are looking at the impact decisions have on a local restaurant, including goals that the restaurant might have, and this will include both financial and non-financial goals. We might analyse how company decisions cause staff to stay with the company longer, or how changing produce suppliers causes a change in preference for customers to purchase certain items.
External Assessment of NCEA Economics Level 1
For external assessment, students sit end of year exams. However, the topics of each exam are studied throughout the year and form part of the basic understanding of economic theory for NCEA level 1.
Although each of the externally assessed achievement standards involves sitting a separate exam, the knowledge they are testing for is what has been learnt in class throughout the year.
Currently, the externally assessed achievement standards are:
- Demonstrate understanding of consumer choices, using scarcity and/or demand
- Demonstrate understanding of producer choices using supply
- Demonstrate an understanding of how consumer, producer and/or government choices affect society, using market equilibrium
To provide examiners with proof that they have an in-depth understanding of what they have learnt in economics throughout the year students can use the knowledge they have gained from their internally assessed projects.
So, for example, looking at what has been learnt about the choices made at Mcdonald's can allow students in their exam to clearly talk about the “choices a consumer makes in response to a change in price or non-price factors” and be able to do so with detailed explanations.
Getting help to pass NCEA economics
As mentioned, if you are struggling to really understand what market equilibrium is, the difference between a supplier and a producer, or how scarcity is determined, you likely need a little extra help.
The best and most efficient option is going to be working with a tutor who understands NCEA economics.
While you might be able to work with a Year 13, most are focused on trying to understand their own work, and may not have the experience or ability to teach you in a way that you can understand.
Working with an experienced tutor from Superprof is generally going to be a better idea because they will have an understanding of what you need to know in order to pass your NCEA Economics credits, but also have the ability to explain complicated concepts in a way that you understand.
Not being able to “get” something doesn’t make you dumb! Some people need to have an in-depth understanding of the “why” behind things before it clicks, while others need to be able to apply theoretical knowledge to a practical situation in order to see it.
These are all reasons to work with a tutor rather than trying to go it alone, and to ask questions before you work with anyone – some people understand different learning styles and are excellent at changing their teaching style to fit, while others are better working with one particular style of student than others.
Most Superprof tutors will over a free session, or at the very least a free consultation, so just ask them how they would teach you economics.
What is their system, and does it sound like something that will work with the way you learn?
Using the NCEA Website
You will likely have encountered the NCEA website, but if not, starting NCEA Level 1 is a great time to become familiar.
This is where you will find all the past exams, marked exemplar exams and helpful tips for studying economics.
Because everything in economics is connected, each achievement standard builds on one another, so although they are graded individually and each worth different credit value, by studying and understanding one aspect of economics students learn a greater understanding of overall economic theory and how it affects everything we do.
Enjoyed this article? Leave a rating!
Loading...
