Level 3 Economics

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Subject Description

Teacher in Charge: M. Gray.

Have you ever wondered how individuals make purchase decisions and how firms make decisions about the allocation of resources? This course will answer these fundamental economics questions. Students study the role of markets in the economy and the implications of allocative efficiency. They gain an insight into why government intervenes in markets and examine what happens when good markets go bad. Students gain economic literacy and understanding which allows them to develop a continuing interest in contemporary economic issues.

Why study Economics?

Economics is about choice and the impact of our choices for each other. It relates to every aspect of our lives, from the decisions we make as individuals or families to the structures created by governments and firms.

Economics offers the tools with which to approach questions and how to make well – informed decisions about the desirability of individual ideas or the likely impacts of public policies. You will acquire problem-solving skills and develop a logical, ordered way of looking at problems.

Economics is important for many areas of society. It can help improve living standards and make society a better place, in turn, it can also make things worse. It partly depends on the priorities of society and what we consider most important.

Economics leads naturally to careers in business, law, research and consulting, marketing, communications or working within the Government.

The total credits for this course will show below as 14. There is an alternative external standard that some students may choose over AS91399 which would increase the total credits to 16.

Alternative external - entry to be discussed with the teacher

AS 91403 v2 Economics 3.5 - Demonstrate understanding of macroeconomic influences on the New Zealand economy, 6 credits. 

Entry Guidelines

The best preparation for this course is to study NCEA Level 2 Economics. Entry without meeting this can be discussed with the Teacher in Charge or Head of Faculty

Contributions and Equipment/Stationery

Workbook – $40

Credit Information

You will be assessed in this course through all or a selection of the standards listed below.

This course is eligible for subject endorsement.

This course is approved for University Entrance.

Total Credits Available: 14 credits.
Externally Assessed Credits: 4 credits.
Internally Assessed Credits: 10 credits.

Internal or
L1 Literacy Credits
UE Literacy Credits
Numeracy Credits
A.S. 91399 v2
Economics 3.1 - Demonstrate understanding of the efficiency of market equilibrium
Level: 3
Internal or External: External
Credits: 4
Level 1 Literacy Credits: 0
University Entrance Literacy Credits: 4r,4w *
Numeracy Credits: 0
A.S. 91401 v2
Economics 3.3 - Demonstrate understanding of micro-economic concepts
Level: 3
Internal or External: Internal
Credits: 5
Level 1 Literacy Credits: 0
University Entrance Literacy Credits: 5r *
Numeracy Credits: 0
A.S. 91402 v3
Economics 3.4 - Demonstrate understanding of government interventions where the market fails to deliver efficient or equitable outcomes
Level: 3
Internal or External: Internal
Credits: 5
Level 1 Literacy Credits: 0
University Entrance Literacy Credits: 5r *
Numeracy Credits: 0
Credit Summary
Total Credits: 14
Total Level 1 Literacy Credits: 0
Total University Entrance Literacy Credits: 14
Total Numeracy Credits: 0

Approved subject for University Entrance

Number of credits that can be used for overall endorsement: 14

Only students engaged in learning and achievement derived from Te Marautanga o Aotearoa are eligible to be awarded these subjects as part of the requirement for 14 credits in each of three subjects.


An individual course will only run if sufficient students are accepted into the course.

All approvals for courses through this system are subject to satisfactory achievement in remaining internal standards and external examinations. Course Confirmation Day will run at the start of next year, where final approval for each course will be confirmed.