AS 91403 · 6 credits · External
NZ macroeconomics
Demonstrate understanding of macro-economic influences on the New Zealand economy
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In plain EnglishAI study guide · check the NZQA standard
This standard asks you to explain how big economic events and trends affect New Zealand as a whole. You need to understand models like the circular flow of money through the economy and aggregate supply/demand, then use them to show how things like recessions overseas, government spending changes, or interest rate changes would impact employment, economic growth, and the balance of trade.
What to do, grades and common mistakes
What you actually do
- ·Draw or explain economic models (circular flow, AD/AS diagrams) accurately with clear labels showing how changes flow through the economy
- ·Use correct economic language consistently and distinguish between easily-confused terms (like depreciation vs deflation, exports vs export receipts, monetary vs fiscal policy)
- ·Calculate multiplier effects using formulas and explain what the final impact on real GDP and growth will be
- ·Apply contemporary knowledge of the New Zealand economy and refer to specific parts of the current account, exchange rates, or interest rate changes
- ·Link macro-economic policies and external shocks to New Zealand's key economic goals: full employment, balanced current account, and controlled inflation
AAchieved
You label changes on graphs, make correct calculations, define key terms accurately, and explain in basic terms how an economic shock or policy affects New Zealand.
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