Ecnonmics

Contents
Introduction ............................................................................................................................................ iv Using this workbook .................................................................................................................................... v Grade Score Marking .................................................................................................................................. vi Preparation for the externally assessed NCEA Level 1 Assessments ............................................................. vii Achievement Standard 90983 (Economics 1.1) Externally assessed, 4 credits Demonstrate understanding of consumer choices, using scarcity and/or demand .............................1 Achievement Standard 90985 (Economics 1.3) Externally assessed, 3 credits Demonstrate understanding of producer choices using supply ........................................................37 Achievement Standard 90986 (Economics 1.4) Externally assessed, 5 credits Demonstrate understanding of how consumer, producer and/or government choices affect society, using market equilibrium...........................................................61 Answers and explanations Achievement Standard 90983 (Economics 1.1) ..........................................................................................91 Achievement Standard 90985 (Economics 1.3) .........................................................................................98 Achievement Standard 90986 (Economics 1.4) ........................................................................................104

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