Economics | NCEA

What is Economics about?

Subject-specific terms can be found in the glossary.

Economics is the study of decision-making through the use of economic concepts such as mātauranga, economic models, and indicators. In Aotearoa New Zealand, economists draw from multiple worldviews to understand the economic world in different cultural contexts, using bodies of knowledge, including mātauranga Māori and Pacific knowledges, which have been developed over time. These practices are woven throughout the Learning Matrix.

Ākonga will learn about why decisions are made, the impact decisions have on society, and how these impacts are viewed. Economics does not necessarily focus only on financial activity; economic wellbeing can be understood in diverse ways, and is not always measured in financial terms.

Subject-specific terms can be found in the glossary.

Economics is the study of decision-making through the use of economic concepts such as mātauranga, economic models, and indicators. In Aotearoa New Zealand, economists draw from multiple worldviews to understand the economic world in different cultural contexts, using bodies of knowledge, including mātauranga Māori and Pacific knowledges, which have been developed over time. These practices are woven throughout the Learning Matrix.

Ākonga will learn about why decisions are made, the impact decisions have on society, and how these impacts are viewed. Economics does not necessarily focus only on financial activity; economic wellbeing can be understood in diverse ways, and is not always measured in financial terms.

Big Ideas and Significant Learning

This section outlines the meaning of, and connection between, the Big Ideas and Significant Learning, which together form the Learning Matrix. It then explains each Economics Big Idea.

The Social Sciences Learning Area, including its whakataukī, inform this subject’s Significant Learning – learning that is critical for students to know, understand, and do in a subject by the end of each Curriculum Level. This covers knowledge, skills, competencies, and attitudes. It also includes level-appropriate contexts students should encounter in their Level 7 learning. The Learning Area's whakataukī is:

Unuhia te rito o te harakeke kei whea te kōmako e kō?
Whakatairangitia – rere ki uta, rere ki tai;
Ui mai koe ki ahau he aha te mea nui o te ao,
Māku e kī atu he tangata, he tangata, he tangata!

Remove the heart of the flax bush and where will the kōmako sing?
Proclaim it to the land, proclaim it to the sea;
Ask me, “What is the greatest thing in the world?”
I will reply, “It is people, people, people!”

Nā, Meri Ngāroto, Te Aupōuri (1830s)

The subject's Big Ideas and Significant Learning are collated into a Learning Matrix for Curriculum Level 7 [and indicative learning for Level 8]. Teachers can use the Learning Matrix as a tool to construct learning programmes that cover all the not-to-be-missed learning in a subject.

There is no prescribed order to the Learning Matrix within each Level. A programme of learning might begin with a context that is relevant to the local area of the school or an idea that students are particularly interested in. This context must relate to at least one Big Idea and may also link to other Big Ideas.

There are four Big Ideas in Economics. The nature of this subject as a discipline means aspects of Significant Learning often cross over multiple Big Ideas, and vice versa.

This section outlines the meaning of, and connection between, the Big Ideas and Significant Learning, which together form the Learning Matrix. It then explains each Economics Big Idea.

The Social Sciences Learning Area, including its whakataukī, inform this subject’s Significant Learning – learning that is critical for students to know, understand, and do in a subject by the end of each Curriculum Level. This covers knowledge, skills, competencies, and attitudes. It also includes level-appropriate contexts students should encounter in their Level 7 learning. The Learning Area's whakataukī is:

Unuhia te rito o te harakeke kei whea te kōmako e kō?
Whakatairangitia – rere ki uta, rere ki tai;
Ui mai koe ki ahau he aha te mea nui o te ao,
Māku e kī atu he tangata, he tangata, he tangata!

Remove the heart of the flax bush and where will the kōmako sing?
Proclaim it to the land, proclaim it to the sea;
Ask me, “What is the greatest thing in the world?”
I will reply, “It is people, people, people!”

Nā, Meri Ngāroto, Te Aupōuri (1830s)

The subject's Big Ideas and Significant Learning are collated into a Learning Matrix for Curriculum Level 7 [and indicative learning for Level 8]. Teachers can use the Learning Matrix as a tool to construct learning programmes that cover all the not-to-be-missed learning in a subject.

There is no prescribed order to the Learning Matrix within each Level. A programme of learning might begin with a context that is relevant to the local area of the school or an idea that students are particularly interested in. This context must relate to at least one Big Idea and may also link to other Big Ideas.

There are four Big Ideas in Economics. The nature of this subject as a discipline means aspects of Significant Learning often cross over multiple Big Ideas, and vice versa.

Title: Economic decisions are made individually and collectively based on circumstances, māramatanga, and values in order to maximise wellbeing

Big Idea Body:

Decision-making in Economics is a rational process intended to maximise economic wellbeing which contributes to holistic wellbeing. In Aotearoa New Zealand, this incorporates mātauranga Māori, including tauutuutu, tauhokohoko and whakapapa, as well as Pacific knowledges such as utu. These concepts are dynamic, and vary across time and place. Decision-making is influenced by a range of economic concepts as well as circumstances such as relationship to place or community, with different situations limiting what can be achieved through economic activity.

Big

Idea

Economic decisions are made individually and collectively based on circumstances, māramatanga, and values in order to maximise wellbeing

Decision-making in Economics is a rational process intended to maximise economic wellbeing which contributes to holistic wellbeing. In Aotearoa New Zealand, this incorporates mātauranga Māori, including tauutuutu, tauhokohoko and whakapapa, as well as Pacific knowledges such as utu. These concepts are dynamic, and vary across time and place. Decision-making is influenced by a range of economic concepts as well as circumstances such as relationship to place or community, with different situations limiting what can be achieved through economic activity.

Title: Economic decisions influence mana, shape society, and have both short-term and long-term effects

Big Idea Body:

Economic decisions made by individuals or groups have both short- and long-term effects on the mana of individuals and organisations, and impact groups unequally. These decisions can be understood through many perspectives, for example, mātaraunga Māori views of whakapapa and the importance of considering intergenerational thinking can influence perspectives and decision making.

Big

Idea

Economic decisions influence mana, shape society, and have both short-term and long-term effects

Economic decisions made by individuals or groups have both short- and long-term effects on the mana of individuals and organisations, and impact groups unequally. These decisions can be understood through many perspectives, for example, mātaraunga Māori views of whakapapa and the importance of considering intergenerational thinking can influence perspectives and decision making.

Title: Economies are complex collections of entities which are interdependent

Big Idea Body:

While economies include financial entities, what constitutes an economy can be understood in much broader terms, reflecting wider aspects of society, culture, and the environment. Economies are made up of many stakeholders which affect each other, and economic decisions and actions have complex impacts and flow-on effects. Economic entities can also be affected by decisions in which they have no direct involvement, including world and domestic events. These decisions and events can have far-reaching, beneficial or unequal effects on stakeholders.

Big

Idea

Economies are complex collections of entities which are interdependent

While economies include financial entities, what constitutes an economy can be understood in much broader terms, reflecting wider aspects of society, culture, and the environment. Economies are made up of many stakeholders which affect each other, and economic decisions and actions have complex impacts and flow-on effects. Economic entities can also be affected by decisions in which they have no direct involvement, including world and domestic events. These decisions and events can have far-reaching, beneficial or unequal effects on stakeholders.

Title: Public sector governance influences the economy

Big Idea Body:

Public sector governance bodies set policy to achieve goals which are broader than maximising economic goals, and their decision-making focuses on equity as well as efficiency. The principles of Te Tiriti o Waitangi are also a significant factor which guide economic policy in Aotearoa New Zealand. Intervention through public sector governance has a range of short term and long term economic impacts on individuals and groups in society, both positive and negative, as well as intended and unintended impacts.

Big

Idea

Public sector governance influences the economy

Public sector governance bodies set policy to achieve goals which are broader than maximising economic goals, and their decision-making focuses on equity as well as efficiency. The principles of Te Tiriti o Waitangi are also a significant factor which guide economic policy in Aotearoa New Zealand. Intervention through public sector governance has a range of short term and long term economic impacts on individuals and groups in society, both positive and negative, as well as intended and unintended impacts.

Key Competencies in Economics

The Key Competencies are woven through, and embedded in, the Economics Big Ideas and Significant Learning.

Thinking

Students of Economics will:

analyse economic decisions and activity, and how they affect the individuals and groups involved
understand how to apply economic models and indicators in order to better comprehend the nature of the economic world
develop analytical and problem-solving skills which can be applied to a range of contexts, not just economic.

Using language, symbols, and texts

Students of Economics will:

develop the capacity to understand the language used by economists, and interpret information about the economy in a range of contexts, including the media, politics, and employment
learn a range of theoretical perspectives, and how to apply them appropriately to understand how the economy functions.

Relating to others

Students of Economics will:

apply problem solving skills to situations in their local communities
learn to think about economic problems from the perspective of other people and groups
understand that there are wide range of lenses through which to view the economic world, which include Māori, Pacific, and other perspectives.

Managing self

Students of Economics will:

develop a toolkit which allows them to work through real-life problems relating to individual, whānau, and community economic wellbeing
explore what role they play, or will play, in the economy, from both a cultural and professional viewpoint
make increasingly appropriate selections of mātauranga, models, and indicators in appropriate circumstances.

Participating and contributing

Students of Economics will:

understand how they as individuals relate to larger groups within the economy, such as whānau, businesses, and public sector governance bodies
apply decision-making skills to economic problems outside of the classroom.

Key Competencies

This section of The New Zealand Curriculum Online offers specific guidance to school leaders and teachers on integrating the Key Competencies into the daily activities of the school and its Teaching and Learning Programmes.

The Key Competencies are woven through, and embedded in, the Economics Big Ideas and Significant Learning.

Thinking

Students of Economics will:

analyse economic decisions and activity, and how they affect the individuals and groups involved
understand how to apply economic models and indicators in order to better comprehend the nature of the economic world
develop analytical and problem-solving skills which can be applied to a range of contexts, not just economic.

Using language, symbols, and texts

Students of Economics will:

develop the capacity to understand the language used by economists, and interpret information about the economy in a range of contexts, including the media, politics, and employment
learn a range of theoretical perspectives, and how to apply them appropriately to understand how the economy functions.

Relating to others

Students of Economics will:

apply problem solving skills to situations in their local communities
learn to think about economic problems from the perspective of other people and groups
understand that there are wide range of lenses through which to view the economic world, which include Māori, Pacific, and other perspectives.

Managing self

Students of Economics will:

develop a toolkit which allows them to work through real-life problems relating to individual, whānau, and community economic wellbeing
explore what role they play, or will play, in the economy, from both a cultural and professional viewpoint
make increasingly appropriate selections of mātauranga, models, and indicators in appropriate circumstances.

Participating and contributing

Students of Economics will:

understand how they as individuals relate to larger groups within the economy, such as whānau, businesses, and public sector governance bodies
apply decision-making skills to economic problems outside of the classroom.

Key Competencies

This section of The New Zealand Curriculum Online offers specific guidance to school leaders and teachers on integrating the Key Competencies into the daily activities of the school and its Teaching and Learning Programmes.

Connections

Economics at NCEA Levels 2 and 3 draws on competencies developed in Level 1 Commerce. Economics has strong links with other subjects which draw on Level 1 Commerce, such as Accounting and Business Studies, as well as other subjects in the Social Sciences Learning Area, particularly Geography, Social Studies, and History. The capabilities explored contribute to a fuller understanding of how economic systems interact and will be beneficial to integrated learning programmes focusing on the Social Sciences, especially courses associated with decision making.

In the use of economic models and statistics, Economics also has connections with the Mathematics and Statistics Learning Area.

Economics at NCEA Levels 2 and 3 draws on competencies developed in Level 1 Commerce. Economics has strong links with other subjects which draw on Level 1 Commerce, such as Accounting and Business Studies, as well as other subjects in the Social Sciences Learning Area, particularly Geography, Social Studies, and History. The capabilities explored contribute to a fuller understanding of how economic systems interact and will be beneficial to integrated learning programmes focusing on the Social Sciences, especially courses associated with decision making.

In the use of economic models and statistics, Economics also has connections with the Mathematics and Statistics Learning Area.

Learning Pathway

Economics provides a number of future pathways for ākonga in education, employment, and participation in society. After completing level 7, ākonga will have some understanding of the economies of Aotearoa New Zealand and the world, helping them to understand economic principles and government intervention, to participate more fully in society and understand how they will be affected by changes in the economic world. These capabilities will benefit ākonga across a range of activities, including further study of Social Sciences, as well as moving into the workforce in business or in trade related roles.

Level 8 provides a more detailed and theoretical approach to Economics that will prepare ākonga for further education at university and other tertiary institutions in the field of Economics, or related fields. Learning at Level 8 will also deepen knowledge and skills learned at level 7, developing competencies, which will support them in a range of careers, including, but not limited to, those related to finances and economics.

Economics provides a number of future pathways for ākonga in education, employment, and participation in society. After completing level 7, ākonga will have some understanding of the economies of Aotearoa New Zealand and the world, helping them to understand economic principles and government intervention, to participate more fully in society and understand how they will be affected by changes in the economic world. These capabilities will benefit ākonga across a range of activities, including further study of Social Sciences, as well as moving into the workforce in business or in trade related roles.

Level 8 provides a more detailed and theoretical approach to Economics that will prepare ākonga for further education at university and other tertiary institutions in the field of Economics, or related fields. Learning at Level 8 will also deepen knowledge and skills learned at level 7, developing competencies, which will support them in a range of careers, including, but not limited to, those related to finances and economics.

[ File Resource ]

Economics Learning Matrix

What is Economics about?

Big Ideas and Significant Learning

Economic decisions are made individually and collectively based on circumstances, māramatanga, and values in order to maximise wellbeing

Economic decisions influence mana, shape society, and have both short-term and long-term effects

Economies are complex collections of entities which are interdependent

Public sector governance influences the economy

Key Competencies in Economics

Thinking

Using language, symbols, and texts

Relating to others

Managing self

Participating and contributing

Key Competencies

Thinking

Using language, symbols, and texts

Relating to others

Managing self

Participating and contributing

Key Competencies

Connections

Learning Pathway

[ File Resource ]

EC Course Outline 1

[ File Resource ]

EC Course Outline 2

[ File Resource ]

EC Course Outline 1

[ File Resource ]

EC Course Outline 2

Introduction to Sample Course Outlines

Assessment Matrix

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Navigation

[ File Resource ]

Economics Learning Matrix

What is Economics about?

Big Ideas and Significant Learning

Economic decisions are made individually and collectively based on circumstances, māramatanga, and values in order to maximise wellbeing

Economic decisions influence mana, shape society, and have both short-term and long-term effects

Economies are complex collections of entities which are interdependent

Public sector governance influences the economy

Key Competencies in Economics

Thinking

Using language, symbols, and texts

Relating to others

Managing self

Participating and contributing

Key Competencies

Thinking

Using language, symbols, and texts

Relating to others

Managing self

Participating and contributing

Key Competencies

Connections

Learning Pathway

[ File Resource ]

EC Course Outline 1

[ File Resource ]

EC Course Outline 2

[ File Resource ]

EC Course Outline 1

[ File Resource ]

EC Course Outline 2

Introduction to Sample Course Outlines

Assessment Matrix

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