3.3 B (Word, 111 KB) - NCEA on TKI

3.3 B (Word, 111 KB) - NCEA on TKI NZQA Internal assessment resource Economics 3.3B for Achievement Standard 91401 PAGE FOR TEACHER USE Approved Internal Assessment Resource Economics Level 3 This resource supports assessment against: Achievement Standard 91401 Demonstrate understanding of micro-economic concepts Resource title: Micro-economics portfolio 5 credits This resource: , Clarifies the requirements of the standard , Supports good assessment practice , Should be subjected to the school’s usual assessment quality assurance process , Should be modified to make the context relevant to students in their school environment and ensure that submitted evidence is authentic Date version published by December 2012 Ministry of Education To support internal assessment from 2013 Quality assurance status These materials have been quality assured by NZQA. NZQA Approved number A-A-12-2012-91401-01-6086 Authenticity of evidence Teachers must manage authenticity for any assessment from a public source, because students may have access to the assessment schedule or student exemplar material. Using this assessment resource without modification may mean that students’ work is not authentic. The teacher may need to change figures, measurements or data sources or set a different context or topic to be investigated or a different text to read or perform. This resource is copyright ? Crown 2012 Page 1 of 5 Internal assessment resource Economics 3.3B for Achievement Standard 91401 PAGE FOR TEACHER USE Internal Assessment Resource Achievement Standard Economics 91401: Demonstrate understanding of micro-economic concepts Resource reference: Economics 3.3B Resource title: Micro-economics portfolio Credits: 5 Teacher guidelines The following guidelines are supplied to enable teachers to carry out valid and consistent assessment using this internal assessment resource. Teachers need to be very familiar with the outcome being assessed by Achievement Standard Economics 91401. The achievement criteria and the explanatory notes contain information, definitions, and requirements that are crucial when interpreting the standard and assessing students against it. Context/setting Students need to carry out economic analysis throughout the micro-economic section of your course, post reviews on a class blog or wiki, and receive feedback on their posts from you and/or their peers. Students are required to demonstrate their understanding of micro-economic concepts by submitting a portfolio comprising micro-economic blog posts, each reviewing a contemporary economic news event. Conditions You will need to determine how long students need to complete each task and what processes they will follow. These will need to be clearly outlined in the student instructions. If some of the activities are not undertaken in class time, it will be necessary to put appropriate processes in place to ensure authentication of student work. Resource requirements Internet access. Additional information Blog websites: www.wordpress.com, www.blogger.com Wiki websites: www.wikispaces.com, www.wetpaint.com Useful news websites: www.stuff.co.nz, www.theherald.co.nz, www.tvnz.co.nz, www.tv3.co.nz, www.nbr.co.nz, www.radionz.co.nz This resource is copyright ? Crown 2012 Page 2 of 5 Internal assessment resource Economics 3.3B for Achievement Standard 91401 PAGE FOR STUDENT USE Internal Assessment Resource Achievement Standard Economics 91401: Demonstrate understanding of micro-economic concepts Resource reference: Economics 3.3B Resource title: Micro-economics portfolio Credits: 5 Achievement Achievement with Merit Achievement with Excellence Demonstrate understanding Demonstrate in-depth Demonstrate comprehensive of micro-economic concepts. understanding of micro-understanding of micro- economic concepts. economic concepts. Student instructions Introduction This assessment activity requires you to submit a portfolio comprising micro-economic blog posts, each reviewing a contemporary economic news event. You will be assessed on the extent to which you identify the implications of the event for consumers, producers, and/or the government, and on your ability to use models and data or other information to support your explanations. You have week(s) of in-class and out-of- class time to revise your reviews. Although the writing of your blogs is an individual task, it is assumed that your blog posts will be peer reviewed. Task Throughout the year you have been posting reviews of contemporary economic news events on your blog. Select two posts to revise, ensuring that each post relates to a different micro-economic concept. If you decide that none of your posts are suitable, you may create new reviews. Rework the reviews to ensure that each includes: , a clear reference to the original news story, for example, the URL for an online newspaper, or for a television or radio website , a summary of the news story in your own words , an economic analysis of the story, supported by relevant economic models and data or other information from the original news story , a detailed explanation of the relevant micro-economic concept involved , a detailed explanation of the implications of the event for consumers, producers, and/or the government, justified by the use of economic models and data or information from the original news story. This resource is copyright ? Crown 2012 Page 3 of 5 Internal assessment resource Economics 3.3B for Achievement Standard 91401 PAGE FOR TEACHER USE Assessment schedule: Economics 91401 Micro-economics portfolio Evidence/Judgements for Achievement Evidence/Judgements for Achievement with Evidence/Judgements for Achievement with Merit Excellence The student has demonstrated understanding of The student has demonstrated in-depth The student has demonstrated comprehensive micro-economic concepts. understanding of micro-economic concepts. understanding of micro-economic concepts. The student has submitted a portfolio comprising of The student has submitted a portfolio comprising of The student has submitted a portfolio comprising of two reviews of economic news stories which relate two detailed reviews of economic news stories two detailed reviews of economic news stories to two different micro-economic concepts. Each which relate to two different micro-economic which relate to two different micro-economic review uses an appropriate economic model and concepts. Each review uses an appropriate concepts. Each review uses and explains an presents specific data or information from the economic model and specific data or information appropriate economic model. The economic original news story. from the original news story to support detailed analysis is supported by specific data and/or explanations. information from the original news story. The Example of possible student response: application of the theory makes full use of the Example of possible student response: Pork industry pays the price. available data or other information. The student’s explanation could focus on aspects of Pork industry pays the price. Each review identifies implications of the economic the story relating to the elasticity of demand for The student’s detailed explanation could focus on event for the consumers, producers, and/or pork. aspects of the story relating to the elasticity of government. The student justifies the implications The government has been influenced by public demand for pork. using the economic model and relevant data and/or opinion on this issue and intends regulating the information from the original news story. The government has been influenced by public industry. “Sow stalls will eventually be banned and opinion on this issue and intends regulating the Example of possible student response: the use of crates after farrowing will be restricted to industry. “Sow stalls will eventually be banned and just four weeks”. The result of this is that the price Pork industry pays the price. the use of crates after farrowing will be restricted to of pork will increase by 4.5%. Surveys have shown just four weeks”. The result of this is that the price The student’s comprehensive explanation could a reluctance of consumers to pay extra for free-of pork will increase by 4.5%. Surveys have shown focus on aspects of the story relating to the range pork. Price elasticity is … elasticity of demand for pork. a reluctance of consumers to pay extra for free- This indicates that pork will have relatively high range pork. Price elasticity is … The government has been influenced by public price elasticity of demand. Any price increase is This indicates that pork will have relatively high opinion on this issue and intends regulating the likely to result in a more than proportionate price elasticity of demand. Any price increase is industry. “Sow stalls will eventually be banned and decrease in quantity demanded. Elastic demand likely to result in a more than proportionate the use of crates after farrowing will be restricted to can be caused by a price increase that is a large decrease in quantity demanded. Elastic demand just four weeks”. The result of this is that the price relative to income, a lack of close substitutes, or the can be caused by a price increase that is large of pork will increase by 4.5%. Surveys have shown product being considered a luxury item. relative to income, a lack of close substitutes, or the a reluctance of consumers to pay extra for free- product being considered a luxury item. range pork. Price elasticity is … The examples above relate to only part of what is This is likely due to the availability of substitutes This indicates that pork will have relatively high required, and are just indicative. such as imported pork, which already “makes up 40 price elasticity of demand. Any price increase is per cent of our consumption”. If the price of New likely to result in a more than proportionate This resource is copyright ? Crown 2012 Page 4 of 5 Internal assessment resource Economics 3.3B for Achievement Standard 91401 PAGE FOR TEACHER USE Zealand-grown pork rises, consumers are likely to decrease in quantity demanded. Elastic demand switch to buying imported pork. can be caused by a price increase that is large relative to income, a lack of close substitutes, or the product being considered a luxury item. The examples above relate to only part of what is This is likely due to the availability of substitutes required, and are just indicative. such as imported pork, which already “makes up 40 per cent of our consumption”. The recent changes of regulations by the government have meant that fresh pork can be imported. If the price of New Zealand-grown pork rises, consumers are likely to switch to buying imported pork. This means that there will be a more than proportionate decrease in consumer demand for New Zealand pork if prices rise. The implications of this for the consumer are price increases of 4.5% for New Zealand-grown pork. Since their demand is elastic, they will reduce their consumption of New Zealand pork by more than a proportional amount, spending less overall on New Zealand pork. Imported pork is a close substitute for New Zealand-grown pork. It is likely that they will consume more of the imported pork, which has not been affected by the regulations. New Zealand pork producers will be faced with declining revenue if they raise their prices. Alternatively, if they absorb the higher costs they will be receiving lower profits. As a result the supply of New Zealand-grown pork is going to decrease. The government will lose tax revenue, as pork farmers will be making less profit and pay less tax. If the overseas pork is subject to a tariff, they may retrieve some of this revenue through increased pork imports. The examples above relate to only part of what is required, and are just indicative. Final grades will be decided using professional judgement based on a holistic examination of the evidence provided against the criteria in the Achievement Standard. This resource is copyright ? Crown 2012 Page 5 of 5