Introduction
Notes to the student
Learning activities

Achievement Standard 3.1 Demonstrate understanding of the efficiency of market equilibrium (4 credits, external)
1 The economic problem and production possibility curves
2 Demand and consumer surplus
3 Supply and producer surplus
4 Market demand and market supply
5 Market equilibrium and changes in the market
6 Allocative efficiency
7 Sales tax and the market
8 Subsidy and the market
9 Trade and the market
10 Price controls and the market

Achievement Standard 3.2 Demonstrate understanding of the efficiency of different market structures using marginal analysis (4 credits, external)
11 Types of market structure
12 Strategies that firms use
13 Revenue curves
14 Cost and cost curves relationships
15 Determining profit
16 The long run for a monopoly
17 Natural monopoly
18 The long run for a perfect competitor

Achievement Standard 3.5 Demonstrate understanding of influences on the New Zealand economy (6 credits, external)
19 Real and nominal values
20 Circular flow model
21 Economic growth
22 The current account
23 Exchange rates
24 Aggregate demand and aggregate supply
2.5 The AD/AS model
26 Monetary policy
27 Fiscal policy
28 International trade
29 The Business Cycle
30 Influences on economic activity