Level 3

Economics clarification

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91401: Demonstrate understanding of micro-economic concepts

Updated December 2015. This document has been updated in its entirety to address new issues that have arisen from moderation.

Quality and Quantity of student evidence

The quality and complexity of student evidence should reflect the appropriate level of the New Zealand Curriculum (NZC), i.e. evidence for NCEA Level 3 should reflect NZC level 8.

The depth of evidence required is indicated by the descriptors used in the standard e.g. processing, presenting, explain, explain in detail, implications, justify.

The quantity of evidence is indicated with singular or plural phrases.

The standard refers to ‘micro-economic concepts’, indicating at least two concepts would be explained and meet the relevant achievement criteria for Achieved or Merit or Excellence. The micro-economic concepts are selected from the range listed in Explanatory Note 3.

The phrase ‘and/or’ is a quantitative indicator that is used in the standard to indicate for example, that processed or presented data or information can be used, therefore both may not be relevant for some micro-economic concepts, and one or the other would be sufficient.

Economic models are used to support explanations. Students need to make direct reference to each presented model by explaining each illustrated concept, using the language of the model in the explanation to meet the requirements of the achievement criteria.

Collecting data and information

Teachers could provide guidance on where or how to collect the initial data or information that students need, as the standard is not requiring students to collect data/information by themselves. However, the students are required to process and/or present the data or economic information.

The Conditions of Assessment outline some scenarios where students could gather and process economic data or information through class simulations, surveys or interviews.

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