Level 3 Economics

Economists play a key role in decision-making and allocating resources between people, businesses and governments. Their decisions affect everyday life ranging from housing, energy, the environment and transport. You will study the various market structures and how they interact with the rest of the environment to create profit. A well- motivated student can begin this subject at Level 3.

Students will learn about three main areas:

• Markets – supply and demand, scarcity and cost, analysis, market structures and monopolies

• Market failure situations – role of government in the economy

• Influences on the NZ economy – internal and external, aims of government, effects of government policy.