NZC L8 Matrix
NCEA L3 (NZC L8)· AO 1 Understand that well functioning markets are efficient but governments may need to intervene where markets fail to deliver efficient or equitable outcomes
· AO2 Understand how the nature and size of the New Zealand economy is influenced by interacting internal and external factors.
3.1 Describe the efficiency of market equilibrium (A0 1)
External 4 credits
3.2 Describe efficiency in different markets (A0 1)
External 4 credits
3.3 Describe micro-economic concepts by completing economic inquiries (A0 1)
Internal 5 credits
3.4 Describe government interventions to correct market failure (A0 1)
Internal 5 credits
3.5 Describe the influences on the New Zealand economy (A0 2)
External 6 credits
Internal / External balance
10 / 14
Rationales for AS’s 3.1 to 3.5
General discussion
· AO1 from L8 of the NZC covers an enormous amount of microeconomic content that is inter-related and as such very difficult to split into distinct AS’s that are not too large to allow for reliable assessment in external exams
· AO1 suggests that content could be divided into 2 AS’s – the 1st covering the theory of efficient (perfect) markets and the 2nd covering the theory of real world market failure but such a division would require that for students to be able to attempt the 2nd AS they would have to completed the 1st AS. It was felt that such an arrangement was to restrictive and so the current split of microeconomic concepts in 90629 to 90631 has with some modification been retained
· At L3 (NCEA) the external / internal balance is weighted heavily in favour of externals (79% of the credits) and 4 out of the 5 assessment externally assessed. NZQA research has found that for students to sit more than 3 AS’s in a 3 hour time-slot would produce unreliable assessment results so 3.3 (90631) has been converted into an internal assessment.
AS 3.1 (4 external credits)
· Basically the same as the existing 3.2 which is externally assessed
· This AS is focused on the efficiency of market equilibrium so is likely to be taught at the beginning of a micro-economic course so has been renumbered 3.1
AS 3.2 (4 external credits)
· Basically the same as the existing 90629 which is externally assessed
· The focus on efficiency of markets in AO 1 has lead to the inclusion of content that covers the reason for perfect markets being allocatively efficient and why monopoly markets are allocatively inefficient
· 1 credit has been removed as content not covered by the title has been removed (ie. EN 3 in 90629). In addition the creation of new internal standard focusing on inquiries into microeconomic concepts will reduce the time allocated to this AS.
AS 3.3 (5 internal credits)
· A new internal AS that would allow students to be involved in activities/simulations that test microeconomic theory making the subject more real. This would provide a mechanism to better connect them to the desired learning outcomes. This AS provides the opportunity for student directed inquiry based learning experiences of difficult abstract theoretical concepts.
· This AS also allows for testing of economic concepts artificially split by the 3.1 / 3.2 division to be combined in single context
· All 5 KC are likely to be interwoven into teaching and learning experiences. Teachers again would be encouraged to use a portfolio approach to assess this standard. Activities to collect evidence of achievement might include: students surveying consumers to determine their marginal utilities for different quantities consumed of a single product, the plotting of results to derive individual and market demand curves, classroom simulations to show how fixed resources inputs result in diminishing marginal returns or conducting student surveys to provide advice to businesses about pricing decisions’ of products with different elasticities
AS 3.4 (5 internal credits)
· This replaces the existing 3.3 which is externally assessed
· The important concepts of this topic can be assessed easily using activities that actively engage the student and which are aligned to individual student experiences and as such are best assessed in an internal.
· An additional 1 credit has been added to this AS to reflect the extra student will spend on activities used to assess this AS and to recognise the fact that incorporating KC’s will involve additional teaching and learning time as well needing to give students time to evaluate their experiences so they can develop these life long learning capabilities
· All 5 KC are likely to be interwoven into teaching and learning experiences as it is expected that a portfolio approach is likely to be used to assess this standard. Activities to collect evidence of achievement might include: students individually preparing powerpoints explaining specific examples of market failures of interest to them, groups completing of graphic organisers designed to arrange the case for and against specific market failures by evaluating their impacts on equity and/or efficiency, individual student presentations using appropriate technologies the “best” solution to current (market failure) issues
AS 3.5 (6 external credits)
· The content is similar to the existing 3.4 which is externally assessed and has 6 credits but a linking analysis to governments policies to the economic goals of government is now expected
· Title is changed to link it more directly to AO2
· There was discussion about the overlap of the current 3.4 with government policy content delivered in L2. Students at L2 have been expected to have an understanding government (monetary and fiscal) policy that is equal to that of L3. In this matrix, however, at level 2 student might be expected to have a general understanding of a particular policies impact on economic issues whereas as level 3 students could be expected to identify the objectives of a policy, the specific mechanisms by which it is applied to an economy and use models as the basis of a logical explanation of its forecasted impact on an economy
Unit Standards at level 3
5863 Investigate and compare the behaviour of firms under different market structures
El 1 – mostly covered in proposed AS 3.4
El 2 – covered in proposed AS 3.1
Recommendation
Should not be available for school assessment as content covered in new AS’s and should be expired if consultation shows it is not used extensively by non school organisations
5864 Explain and apply the concepts of marginal utility and elasticity
El 1 – covered in proposed AS 3.1 and likely to be in AS 3.3
El 2 – covered in proposed AS 3.1 and likely to be in AS 3.3
El 3 – covered in proposed AS 3.1 and likely to be in AS 3.3
Recommendation
Should not be available for school assessment as content covered in new AS’s and should be expired if consultation shows it is not used extensively by non school organisations
5865 Examine the allocation of resources via the market and the state
El 1 – covered in proposed AS 3.1
El 2 – covered in proposed AS 3.4
El 3 – covered in proposed AS 3.4 (although the expectation is at excellence level)
Recommendation
Should not be available for school assessment as content covered in new AS’s and should be expired if consultation shows it is not used extensively by non school organisations
5866 Demonstrate and explain the operation of the money market and the foreign exchange market
El 1, 2– not part of proposed L3 assessments
El 3, 4– partial covered by proposed As 3.5
Recommendation
More discussion required before a decision is made as this content although consistent with the AO2 it is not part of assessment of the proposed AS’s in the matrix
5867 Demonstrate and explain national income determination
El 1 – covered in proposed AS 3.5
El 2 – covered in proposed AS 3.5
Recommendation
Should not be available for school assessment as content covered in new AS’s and should be expired if consultation shows it is not used extensively by non school organisations
10928 Present an economic argument in an essay and another mode
Recommendation
More discussion required before a decision is made as this approach is not likely to be part of assessment of the proposed AS’s
10930 Carry out an economic investigation with consultation
Recommendation
More discussion required before a decision is made as this approach is not likely to be part of assessment of the proposed AS’s
NZCETA Economics Alignment – NZC Level 8 (Level 3)