Demonstrate understanding of micro-economic concepts
NZQA suppresses grade rates for low-cohort standards.
You need to show you understand how markets work at a small scale—things like why people buy different amounts at different prices, how businesses decide what to produce, and how supply and demand affect prices. You'll explain economic ideas using models and real data, and show how these concepts affect consumers, businesses, and government decisions.
You explain the key micro-economic concepts, use a model to illustrate them, and present some data or information that relates to what you're explaining.
You provide a detailed explanation of the concepts, use models effectively to support that explanation, and use data or information strategically to deepen your analysis.
You use detailed explanations supported by models and data to show why these concepts matter—specifically what the real-world effects or consequences are for buyers, sellers, and government.
Standards typically taken alongside or after this one. Same subject, grouped by level.