Economics is the study of how individuals, businesses, and governments allocate resources to satisfy their wants and needs. In New Zealand, the economy plays a significant role in the country's development, and the NCEA Level 1 Economics exam is designed to provide students with an understanding of the fundamental principles that underpin it.
As an island nation with a diverse population, New Zealand's economy is unique, and its interdependence of sectors requires a holistic approach to understanding it.
NCEA Economics Level 1 aims to equip students with the necessary knowledge and skills to excel in the exam, and to gain a deeper understanding of the interplay between consumers, producers, and the government.
New Zealand has come a long way since its agricultural beginnings in the 19th century. Today, it boasts a diversified economy with thriving industries in tourism, technology, and manufacturing.
The country's economic policies are geared towards promoting free trade and investment, making it an attractive destination for foreign investors and entrepreneurs.
But with every economic decision comes a consequence. The interdependence of the sectors of the New Zealand economy means that every choice made by consumers, producers, and the government can have a ripple effect throughout the nation.
This is where the importance of understanding economics comes in.
The NCEA Level 1 Economics exam is designed to equip students with the knowledge and skills necessary to make informed decisions that will impact the economy in a positive way. It consists of six achievement standards, three external and three internal, covering topics such as consumer choices, producer decisions, and government policies.
The Assessment Standards
Economics is a subject that examines the choices that individuals, businesses, and governments make to allocate scarce resources. The NCEA Level 1 Economics syllabus focuses on how people and societies make decisions about the production and consumption of goods and services.
There are six achievement standards in Level 1 Economics, three of which are external assessments and three are internal assessments.
In this study guide, we will provide an overview of each standard, the credits offered and the assessment method.
AS90983 - Demonstrate understanding of consumer choices using the concepts of scarcity and/or demand.
This standard is about understanding how consumers make choices when faced with limited resources. Students are expected to demonstrate knowledge of the concepts of scarcity and demand, and how they relate to consumer behaviour. This standard is assessed through a 3-hour external examination, with a total of four credits available. To achieve Excellence, students must demonstrate a comprehensive understanding of consumer choices.
AS90985 - Demonstrate understanding of producer choices using supply.
This standard is about understanding how producers make choices in response to changes in supply. Students are expected to demonstrate knowledge of the concepts of supply and how it relates to producer behaviour. This standard is assessed through a 3-hour external examination, with a total of three credits available. To achieve Excellence, students must demonstrate an in-depth understanding of producer choices.
AS90986 - Demonstrate understanding of how consumer, producer, and/or government choices affect society, using market equilibrium.
This standard is about understanding how the choices made by consumers, producers, and the government affect the market equilibrium. Students are expected to demonstrate knowledge of market equilibrium and how it is affected by different choices. This standard is assessed through a 3-hour external examination, with a total of five credits available. To achieve Excellence, students must demonstrate a comprehensive understanding of how consumer, producer, and government choices affect society.
AS90984 - Demonstrate understanding of decisions a producer makes about production.
This standard is about understanding the decisions that producers make about production. Students are expected to demonstrate knowledge of the production process and how producers make decisions about the use of resources. This standard is assessed through an internal assessment, with a total of five credits available. To achieve Excellence, students must demonstrate a comprehensive understanding of the decisions a producer makes about production.
AS90988 - Demonstrate understanding of the interdependence of sectors of the New Zealand economy.
This standard is about understanding how different sectors of the New Zealand economy are interconnected. Students are expected to demonstrate knowledge of the relationships between different sectors and how they work together. This standard is assessed through an internal assessment, with a total of three credits available. To achieve Excellence, students must demonstrate an in-depth understanding of the interdependence of sectors of the New Zealand economy.
AS90987 - Demonstrate understanding of a government choice where affected groups have different viewpoints.
This standard is about understanding how government decisions can have different impacts on different groups. Students are expected to demonstrate knowledge of the perspectives of different groups and how government decisions can affect them. This standard is assessed through an internal assessment, with a total of three credits available. To achieve Excellence, students must demonstrate a comprehensive understanding of a government choice where affected groups have different viewpoints.
Ace NCEA Level 1 Economics with these revision tips!
To succeed in NCEA Level 1 Economics, students should develop a good understanding of the basic concepts and theories of economics, as well as the ability to analyse and evaluate economic issues. They should also be able to communicate their ideas effectively in writing.
In addition to studying the course materials, students can improve their understanding of economics by reading news articles and watching videos related to economic issues.
They can also benefit from practising past exam questions and seeking feedback from their teachers.
NCEA Level 1 Economics can be a challenging subject, but with dedication and effort, you can succeed.
Here are some tips to help you ace this subject:
- Understand the concepts: Economics is a subject that requires a solid understanding of its concepts. Make sure you grasp the basic concepts before moving on to the more complex ones.
- Use a variety of resources: Don't rely solely on your textbook. Make use of other resources such as online videos, podcasts, and blogs to help you better understand the material.
- Practice: The more you practice, the better you will become. Try to complete as many practice questions and past papers as possible to help you prepare for the exams.
- Take good notes: Make sure you take detailed notes during class and while studying. This will help you remember the material better and revise more effectively.
- Stay organised: Keep all your notes and study materials organised. This will help you study more efficiently and save time.
- Seek help when needed: Don't be afraid to ask for help if you are struggling with a concept or topic. Your teacher, tutor or classmates can help you understand difficult concepts.
- Understand the assessment criteria: Make sure you understand the assessment criteria for each assessment. This will help you focus on what is important and avoid wasting time on irrelevant material.
- Time management: Plan your study time effectively and stick to a schedule. This will help you avoid last-minute cramming and reduce stress.
- Stay up to date: Keep up to date with current events and economic news. This will help you understand the real-world applications of economics and make it easier to remember the material.
- Take breaks: Finally, don't forget to take breaks and give yourself time to relax. Taking breaks can help you recharge and improve your productivity.
Superprof is an excellent online platform that connects students with qualified tutors who can help them prepare for NCEA level 1 Economics questions.
One of the reasons why Superprof is such a great resource is that it offers personalised learning. Rather than simply relying on textbooks or online resources, Superprof allows you to find a tutor who can provide one-on-one instruction that is tailored to your specific needs and learning style.
This can be incredibly beneficial for students who may be struggling with certain concepts or who simply want to improve their overall understanding of economics.
Another advantage of using Superprof is that it has a vast network of experienced tutors. These tutors specialise in different areas of economics and can provide expert guidance on topics ranging from consumer choices and market equilibrium to government choices and interdependence of sectors.
With so many qualified tutors to choose from, you are sure to find one who can help you achieve your goals and succeed in your studies.
In addition to providing personalised and expert instruction, Superprof is also a great resource for students who want to improve their time management skills. By working with a tutor, you can develop a study schedule that allows you to balance your coursework with your other responsibilities, such as extracurricular activities and part-time jobs.
This can help you stay on track and avoid the stress and burnout that often come with last-minute cramming and procrastination.
Finally, Superprof is a convenient and flexible resource for students who are looking to improve their economics knowledge and skills. You can choose to work with a tutor online or in-person, depending on your preference and schedule.
This allows you to fit your economics studies into your busy life, whether you're a full-time student, a working professional, or a busy parent.
In conclusion, Superprof is an excellent resource for students who want to prepare for NCEA Level 1 Economics.
With personalised learning, experienced tutors, time management support, and convenient options, Superprof can help you achieve your goals and succeed in your economics studies.
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