‘In human life, economics precedes politics or culture’ – Park Guen-hye

Our world is built on the shoulders of economics. Your future study and occupation are more entwined in it now than ever. And what better way to dominate the beast than by starting with NCEA Economics, as you are now? Today, we’ll go through all the ways in which you can best shoot your shot at success in your internals, whether you’re in Level 1, 2 or 3. Real quick though, if you're looking for help on preparing for your Economics NCEA exam, NCEA Economics scholarship, making the best use of past exams or just how to study for NCEA Economics in general, be sure to check out our articles on these topics. Best believe we've got you covered. Now without further ado, let's get into those internals, shall we.

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NCEA Level 1 Economics

90984 Demonstrate understanding of decisions a producer makes about production

To score excellence in your first internal, you are really being judged on your ability to comprehensively examine the links between various components. Be sure to back your arguments for these links up with evidence from the information provided, going into detail regarding how exactly these links relate to the context at hand. If you can describe how and why consequences are interrelated with production decisions and integrate the varying component parts, you’re onto a winning streak. You’ll want to pay particular attention to the non-price related decisions, influenced by marketing strategies. These are intended to achieve non-commercial goals that go beyond simply financial measures. Two aspects of these goals include environmental goals – concerned with maintaining sustainable business practices in order to preserve our planet and the life on it. The second criteria is related to social goals, surrounding obligations and responsibility that influence business decisions.

90987 Demonstrate understanding of a government choice where affected groups have different viewpoints

Strengthen your argument by really convincing the marker with plenty of evidence from both the information and weightings. They also want to see you identify the main factors when applying and measuring these weightings in relation to the costs and benefits of options. Weightings can be examined through a numerical or a ranking system approach (for instance, through a questionnaire).

90988 Demonstrate understanding of the interdependence of sectors of the New Zealand economy

So how do you link explanations here? Don’t worry, we got you. Gather your evidence from an economic model like the circular flow model to analyse interdependent economic relationships. Ramp up your grade by deep diving into how and why these actually relate to the context provided. We’re talking discussing how and why these events impact a sector, as well as integrating your explanation with the flow-on effects to other sectors. Ultimately, your goal is to provide a cohesive and holistic overview of how all these models interlink, supporting your arguments with evidence from the economic model at hand. And if you’re still wondering what sectors we’re talking about here, we’re looking at the primary, secondary and tertiary sectors of our economy.

Find out more about the NCEA Economics Scholarship here.

Let's get you used to NCEA Level 1 Economics! Image: Unsplash
Let's get you used to NCEA Level 1 Economics! Image: Unsplash

NCEA Level 2 Economics

91225: Analyse unemployment using economic concepts and models

Moving into the big leagues now with NCEA Economics Level 2, scoring excellence is just as achievable as it was in NCEA Level 1. Just be sure to compare and contrast changes in unemployment that result from at least two different causes, with comprehensive backing from changes on the economic models as your evidence. If you can compare and contrast how impacts affect different groups, even better.

91226: Analyse statistical data relating to two contemporary economic issues

To score an Excellence here, you’ll need to harness the statistical data for both economic issues as well as to forecast a prediction in light of one of your chosen economic issues. We know by now that it’s all in the justification, so be sure to provide the rationale behind your prediction based on the data you have chosen to use.

91227: Analyse how government policies and contemporary economic issues interact

Here, we want to see you go into detail by really delving into the arguments and logic behind a combination of government policies. You can approach this by exploring how exactly these policies reach the policy objectives at hand. Bonus points if you get into how this combination of policies can best be put to work by minimizing any potential negative flow-on effects. Once again, it is always good to have these changes clearly illustrated on your models, as well as worked into your comprehensive explanation.

91228: Analyse a contemporary economic issue of special interest using economic concepts and models

Hey look, we made it. Breathe a sigh of relief, because we are onto the last one here. So, you’re well aware that Excellence requires comprehensive analysis. Sure. But what does that mean, exactly? Time to flex those comparing and or contrasting skills regarding the impacts on the economic issue that has arisen as a result of at least two different causes. Once again, be sure to fully explicate the changes shown on the economic models into a detailed explanation. Your markers are really looking for your ability to compare and or contrast the similar or different impacts that are also being experienced by various groups. These may be equal, or they could be greater than or less than others, as you would know that the changes of the contemporary economic issue could impact some to a greater extent than others.

There are a few internals to go through in NCEA Economics Level 2
There are a few internals to go through in NCEA Economics Level 2. Image: Unsplash

NCEA Level 3 Economics  

91401: Demonstrate understanding of microeconomic concepts

Oh, NCEA Level 3 Economics, you must really be a pro by now. But you still want to learn how to or make sure you score that sweet Excellence? Don’t worry, that’s what we are here for. So this standard is all about microeconomic concepts. With the emphasis on the plural, rather than the singular economic concept, you will have to apply your skills to discuss at least two concepts here. Getting into the nitty-gritty here, when questions are framed with the term ‘and/or’ in the instructions, this means you can feel free to use both processed or presented data or information. However, be mindful that both may not be suitable when discussing all microeconomic concepts. In this case, one or the other is more than enough. Like in NCEA Economics Level 2, you are encouraged – if not expected – to make good use of the economic models to strengthen your explanations. A good way to tackle this is to explicitly reference each model by discussing the illustrated concept using the language of the model.

91402: Demonstrate understanding of government interventions where the market fails to deliver efficient or equitable outcomes

Let’s break this bad boy down. First, we want to see your comprehension of at least two interventions that relate to one type of market failure. Or, you can always discuss one inequitable market solution. The main goal is for you to think about both the equity and efficiency of government interventions, explicating the societal implications, with the help of an economic model. To choose your economic model, it is recommended that you pick one that demonstrates an entire market solution as opposed to one that solely reflects individual consumption. For instance, the Social Marginal Cost/Social Marginal Benefit (SMC/SMB) model with adapted Supply (S) and Demand (D) curves can be used to show externalities, while the Lorenz Curve model can help demonstrate inequitable income and/or wealth distribution.

One way to choose the best model for your explanation is to have a look at the type of good or service that is being provided. The S/D and SMC/SMB models work well for normal goods and services, aka those that are excludable and non-rivalrous. On the other hand, the Public Goods model is much more suited for those non-excludable and non-rivalrous public goods, such as national defence forces or street lighting. Your first line of attack here is to distinguish between the private and public healthcare and education markets. A good way of differentiating between the two is to keep in mind that private healthcare or education markets tend to offer normal goods and services more often than not. In comparison, the public healthcare or education markets place a higher value on offering goods and services that are intended to benefit our society.

Sometimes, it can be a bit tricky to tell the difference between public and private healthcare, as public healthcare can seem on the surface to overlap in similarities with public goods. However, it is rivalrous due to waitlists, increased price as well as exclusive access to factors such as local hospitals, doctors, specialists, medications, medical tests and technology that may not be accessible to many others. This may mean the ability to access quality healthcare can be compromised, especially for those on the lower end of the income spectrum, or in rural and semi-rural communities, among others.

Let's break down NCEA Economics Level 3. Image: Unsplash
Let's break down NCEA Economics Level 3. Image: Unsplash

For a full guide on the NCEA Economics internals, check out the official NZQA website.

Still need a hand with your Economics NCEA Study?

 Now that’s all covered and you are well on your way to getting the best grades possible in your economics achievement standards, we understand that you may still have questions. If you need further clarification, or just want someone to go through your work with you and make sure you are on the right track – or help you if you are stuck – here at Superprof, we offer a range of excellent tutors to help you get that Excellence you deserve.

 

 

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