Economics - annotated exemplars level 1 AS90988 (Resource B)

Demonstrate understanding of the interdependence of sectors of the New Zealand economy (1.6)

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Low Excellence

Commentary
Student response

Student 1 (PDF, 62KB)

For Excellence, the student needs to demonstrate a comprehensive understanding of the interdependence of sectors of the New Zealand (NZ) economy.

This would typically involve:

  • providing a detailed explanation of how or why sectors are interdependent, using an economic model
  • linking detailed explanations of the impact of an event on a sector with detailed explanations of the flow-on effects to other sectors, using an economic model.

The student has demonstrated comprehensive understanding by providing a detailed explanation of how or why sectors are interdependent, using a circular flow model to explain the event of kiwifruit vine disease.

Their model describes the effects of the event on different sectors and the flows are differentiated on the diagram (1). The student explains why the event impacted kiwifruit producers, explaining some of the wider implications in terms of the flow-on effects on firms that they are interdependent with. They explained how by referring to their circular flow model (2).

Also, money and real flow examples were differentiated in the explanations, and used to explain how and why the kiwifruit disease negatively affects interdependent relationships between households, producers and government (3).

A more secure Excellence would explain why the flow-on effects ‘will get less as it goes through more people’ (4).

Additionally, the interdependent relationships between households, producers and the financial sector would be explained more clearly and/or the interdependence between the overseas and producer sectors. The reasons why there would be ‘more import payments for kiwifruit’ and ‘less export receipts for kiwifruit’ would be explained (1).

High Merit

Commentary
Student response

Student 2 (PDF, 91KB)

For Merit, the student needs to demonstrate an in-depth understanding of the interdependence of sectors of the NZ economy. 

This would typically involve:

  • providing a detailed explanation of how or why sectors are interdependent, using an economic model
  • providing a detailed explanation of the impact of an event on a sector and/or the flow-on effects to other sectors, using an economic model.

The student has demonstrated an in-depth understanding by providing a detailed explanation of how or why sectors are interdependent, using a circular flow model to explain the event of kiwifruit vine disease.

Their model describes the flow-on effects of the event on different sectors (5). Additionally, the student has explained why the event has impacted kiwifruit producers, explaining some of the wider implications in terms of flow-on effects on firms that they are interdependent with (6).

The student also explained how the flow-on effects of the economic event would impact on the household, financial and government sectors, using the language of the circular flow model, and money flow examples have been used to help explain why this happens (7).

To reach Excellence, the student would explain in more depth how the impact of the event on kiwifruit producers links to flow-on effects on other sectors, and address why the flow-on effects will be greater than the initial economic event.

Low Merit

Commentary
Student response

Student 3 (PDF, 277KB)

For Merit, the student needs to demonstrate an in-depth understanding of the interdependence of sectors of the NZ economy. 

This would typically involve:

  • providing a detailed explanation of how or why sectors are interdependent, using an economic model
  • providing a detailed explanation of the impact of an event on a sector and/or the flow-on effects to other sectors, using an economic model.

The student has demonstrated an in-depth understanding by providing a detailed explanation of how or why sectors are interdependent, using a circular flow model to explain the event of kiwifruit vine disease.

The student’s model describes the effects of the event on different sectors (8). Additionally, the student has described the impact of the event on kiwifruit producers, and described the interdependent relationships between the primary and tertiary sectors, mentioning the three firms that they are interdependent with (9).

The student also explained why the flow-on effects of the economic event impact on the household and government sectors. They explained ‘how’ by using the economic language of the circular flow model, and identifying money flow examples (10).

For a more secure Merit, some of the wider implications for the producer sector would be explained, using the flow-on effects of the event on firms that the kiwifruit producers are interdependent with, and an economic model.

Alternatively, identifying and describing the changes to the money and real flows of the circular flow model would add more depth to the explanation of flow-on effects on other sectors.

High Achieved

Commentary
Student response

Student 4 (PDF, 475KB)

For Achieved, the student needs to demonstrate understanding of the interdependence of sectors of the NZ economy.

This would typically involve:

  • identifying, defining or describing sectors and flows
  • providing an explanation of how or why sectors are interdependent
  • providing an explanation of the impact of an event on a sector and/or the flow-on effects to other sectors
  • constructing an economic model.

The student has demonstrated understanding by constructing a circular flow model to describe the event of kiwifruit vine disease. The model describes the sectors and flows, explains how sectors are interdependent, and describes the effects of the event on different sectors (11).

Additionally, the flow-on effects of the economic event on the financial, household and government sectors were explained in terms of why, using some of the economic language of the circular flow model (12).

To reach Merit, the student would use correct economic terminology, e.g. using ‘government spending’ instead of ‘output’ (13). Additionally, the student would explain why buying ‘imported kiwifruit will not help the NZ kiwifruit industry’, and why the interest that is paid to households or received from firms decreases or increases (12).

Merit includes identifying and describing the changes to the money and real flows of the circular flow model, adding depth to the explanation in terms of how the event impacts on a sector and/or has flow-on effects to other sectors.

Low Achieved

Commentary
Student response

Student 5 (PDF, 468KB)

For Achieved, the student needs to demonstrate understanding of the interdependence of sectors of the NZ economy.

This would typically involve:

  • identifying, defining or describing sectors and flows
  • providing an explanation of how or why sectors are interdependent
  • providing an explanation of the impact of an event on a sector and/or the flow-on effects to other sectors
  • constructing an economic model.

The student has demonstrated understanding by constructing an economic model to describe the event of kiwifruit vine disease. They have explained the flow-on effects of this event on two sectors. A circular flow diagram identifies sectors and real and money flows, using household information (14).

Additionally, the student explains one way that the household sector is interdependent with the producer sector, and explains two-way relationships between households and the financial and government sectors, using some economic terminology (15). The student also describes interdependence between kiwifruit producers and three firms, using a diagram (16).

A more secure Achieved would include the economic terminology of ‘income’ or ‘revenue’, and the firms would be identified as being part of the tertiary sector. The interdependence of primary and tertiary firms would be explained (how or why) using economic terminology (16).

Additionally, the interdependent relationship of resources provided by households, e.g. ‘labour’ and ‘wages/salary’ provided by producers, would be explained and included on the circular flow diagram (14).

High Not Achieved

Commentary
Student response

Student 6 (PDF, 402KB)

For Achieved, the student needs to demonstrate understanding of the interdependence of sectors of the NZ economy.

This would typically involve:

  • identifying, defining or describing sectors and flows
  • providing an explanation of how or why sectors are interdependent
  • providing an explanation of the impact of an event on a sector and/or the flow-on effects to other sectors
  • constructing an economic model.

The student has partially demonstrated understanding by constructing an economic model to describe the event of kiwifruit vine disease. They have explained the flow-on effects of the event on two sectors. A circular flow model identifies sectors, money and real flows from household information (17).

Additionally, the student describes one way that the household sector is interdependent with the producer sector, and explains interdependence between the household and government sectors (18).

The student also created a diagram to show interdependence between primary and tertiary firms. The firms have been identified as part of the tertiary sector (19).

To reach Achieved, an explanation (the how or why) of the interdependence between the kiwifruit producers and the other firms is required (19).

Additionally, the student would differentiate real and money flows on the circular flow model, or describe them. ‘GST, savings’ between ‘My household’ and ‘Government’, would be labelled ‘direct taxes’, and the student would include ‘wages’, and ‘human resources’ like labour, in an explanation of the interdependent relationships between households and producers (17).

The student would also include an explanation (the how or why) of the interdependent relationship between the household and financial sectors.

 
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