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Internal assessment resource Economics 3.

3A for Achievement Standard 91401


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Internal Assessment Resource
Economics Level 3
!his resource su%%orts assessment a&ainst'
Achievement Standard 91401
(emonstrate understandin& of micro)economic conce%ts
Resource title: Micro-economics and dairy
* credits
!his resource'
"larifies the re+uirements of the standard
Su%%orts &ood assessment %ractice
Should ,e su,-ected to the school.s usual assessment +ualit/ assurance %rocess
Should ,e modified to ma0e the conte1t relevant to students in their school
environment and ensure that su,mitted evidence is authentic
(ate version %u,lished ,/
2inistr/ of Education
(ecem,er 3013
!o su%%ort internal assessment from 3013
4ualit/ assurance status !hese materials have ,een +ualit/ assured ,/ 564A.
564A A%%roved num,er A)A)13)3013)91401)01)708*
Authenticit/ of evidence !eachers must mana&e authenticit/ for an/ assessment
from a %u,lic source9 ,ecause students ma/ have
access to the assessment schedule or student e1em%lar
material.
$sin& this assessment resource :ithout modification
ma/ mean that students. :or0 is not authentic. !he
teacher ma/ need to chan&e fi&ures9 measurements or
data sources or set a different conte1t or to%ic to ,e
investi&ated or a different te1t to read or %erform.
Internal Assessment Resource
!his resource is co%/ri&ht ; "ro:n 3013 Pa&e 1 of 7
564A
A%%roved
Internal assessment resource Economics 3.3A for Achievement Standard 91401
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Achievement Standard Economics 91401: (emonstrate
understandin& of micro)economic conce%ts
Resource reerence: Economics 3.3A
Resource title: 2icro)economics and dair/
!redits: *
"eacher #uidelines
!he follo:in& &uidelines are su%%lied to ena,le teachers to carr/ out valid and
consistent assessment usin& this internal assessment resource.
!eachers need to ,e ver/ familiar :ith the outcome ,ein& assessed ,/ Achievement
Standard Economics 91401. !he achievement criteria and the e1%lanator/ notes
contain information9 definitions9 and re+uirements that are crucial :hen inter%retin&
the standard and assessin& students a&ainst it.
!onte$t%settin#
!he tas0 re+uires students to %re%are a re%ort on different as%ects of the dair/
industr/.
!onditions
<ou :ill need to determine ho: lon& students need to com%lete each tas0 and :hat
%rocesses the/ :ill follo:. !hese :ill need to ,e clearl/ outlined in the student
instructions follo:in&.
Resource re&uirements
Internet access.
Additional inormation
5one.
!his resource is co%/ri&ht ; "ro:n 3013 Pa&e 3 of 7
Internal assessment resource Economics 3.3A for Achievement Standard 91401
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Internal Assessment Resource
Achievement Standard Economics 91401: (emonstrate
understandin& of micro)economic conce%ts
Resource reerence: Economics 3.3A
Resource title: 2icroeconomics and the dair/ industr/
!redits: *
Achievement Achievement 'ith Merit Achievement 'ith
E$cellence
(emonstrate understandin&
of micro)economic conce%ts.
(emonstrate in)de%th
understandin& of micro)
economic conce%ts.
(emonstrate com%rehensive
understandin& of micro)
economic conce%ts.
Student instructions
Introduction
!his assessment activit/ re+uires /ou to :rite a re%ort on t:o different as%ects of the
dair/ mar0et ,oom9 incor%oratin& micro)economic conce%ts.
<ou :ill ,e assessed on the e1tent to :hich /ou identif/ the im%lications of the dair/
mar0et ,oom on consumers9 %roducers9 and=or the &overnment9 and on /our a,ilit/
to use models9 and data or other information9 to su%%ort /our e1%lanations.
<ou have four :ee0s of in)class and out)of)class time in :hich to individuall/
com%lete /our re%ort.
As the dair/ industr/ is vital to !arana0i9 :e :ill loo0 at mar&inal
utilit/ and demand9 diminishin& returns and su%%l/9 elasticit/ of
demand9 elasticit/ of su%%l/9 mar0et structures >Fonterra as a
2ono%son/9 Pro&ressive Enter%rises and Foodstuffs as an
oli&o%ol/?9 and role of %rices and %rofits in determinin& resource
allocation usin& the dair/ industr/.
"as(
I :ill &rade /our ,est scores as%ects of the microeconomics of the dair/ industr/
from the follo:in& list'
im%act of mar&inal utilit/ and demand
im%act of diminishin& returns and su%%l/
im%act of %rices and incomes on the elasticit/ of demand
im%act of time on elasticit/ of su%%l/
mil0 mar0et structure >mono%son/ and oli&o%ol/ retail? and methods of com%etition
used
im%act of %rices and %rofits in determinin& resource allocation usin& the dair/
industr/.
An e1cellence in each of the %ortfolio tas0s is :orth * %oints >li0e
senior %ri@e)&ivin&A?9 a merit is three %oints9 and an achieved one
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Internal assessment resource Economics 3.3A for Achievement Standard 91401
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%oint. A total score of )0 %oints or over is E$cellence9 11 to 19 is
Merit9 and 4 to 10 is Achieved. 5ote that a student :ho &ains five
merits and one e1cellence >*13 B 11*? is e1cellent9 -ust as a
student :ith * e1cellence &rades. An e1cellence and t:o merits
>11* B 313? is merit ,ut students must ma0e an attem%t at four or
more tas0s. In the case of four %oints for the ,ottom of an
achieved9 I e1%ect a valid attem%t to ,e made in all si1 tas0s.
Identif/ a different micro)economic conce%t for each as%ect.
For each to%ic9 :e :ill have to e1%lain and use an economic model. For merit the
li0el/ im%lications for consumers9 %roducers9 and=or the &overnment of the model
is essential.
For e1cellence /ou ma/ have to investi&ate as%ects of the theor/ in real life. .
!his resource is co%/ri&ht ; "ro:n 3013 Pa&e 4 of 7
Internal assessment resource Economics 3.3A for Achievement Standard 91401
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Assessment schedule: Economics 91401 *airy +oom
Evidence%,ud#ements or Achievement Evidence%,ud#ements or Achievement 'ith
Merit
Evidence%,ud#ements or Achievement 'ith
E$cellence
!he student has demonstrated understandin& of
micro)economic conce%ts.
!he student has su,mitted a re%ort on t:o
different micro)economic conce%ts that relate to
t:o as%ects of the dair/ mar0et ,oom.
In the re%ort the student has'
%rovided an e1%lanation of t:o micro)economic
conce%ts usin& an a%%ro%riate economic
model>s?
%rocessed and=or %resented data or information
to su%%ort the economic anal/sis.
E1am%le of %ossi,le student res%onse'
One aspect of the dairy boom is the impact of
high dairy prices on the sheep farming industry.
The economic concept I am exploring is the role
of prices and profits in determining resource
allocation >e1%lained usin& the PPF model?.
A rush of dairy property transactions in December
has helped lift the median farm sale price to the
highest level of the year in the latest Real Estate
Institute of Ne !ealand "REIN!# rural mar$et
statistics.
%urchases of gra&ing and dairy support bloc$s
ere loer than last year' but %eter (cDonald
expects buyer interest to improve as a
conse)uence of the upsing in the mar$et for
dairy farms.
http*++.scoop.co.n&+stories+,-../.+0//123+d
ecember4dairy4farm4sales4revive4rural4property4
!he student has demonstrated in)de%th
understandin& of micro)economic conce%ts.
!he student has su,mitted a re%ort on t:o
different micro)economic conce%ts that relate to
t:o as%ects of the dair/ mar0et ,oom.
In the re%ort the student has'
%rovided detailed e1%lanations of t:o micro)
economic conce%ts usin& an a%%ro%riate
economic model>s?
used data or information that su%%orts the
economic anal/sis.
E1am%le of %ossi,le student res%onse'
One aspect of the dairy boom is the impact of
high dairy prices on the sheep farming industry.
The economic concept I am exploring is the role
of prices and profits in determining resource
allocation >e1%lained in detail9 su%%orted :ith the
PPF model and demand and su%%l/ model for the
mar0et for lam, meat?.
A rush of dairy property transactions in December
has helped lift the median farm sale price to the
highest level of the year in the latest Real Estate
Institute of Ne !ealand "REIN!# rural mar$et
statistics.
%urchases of gra&ing and dairy support bloc$s
ere loer than last year' but %eter (cDonald
expects buyer interest to improve as a
conse)uence of the upsing in the mar$et for
dairy farms.
!he student has demonstrated com%rehensive
understandin& of micro)economic conce%ts.
!he student has su,mitted a re%ort on t:o different
micro)economic conce%ts that relate to t:o as%ects
of the dair/ mar0et ,oom.
In the re%ort the student has also'
%rovided a detailed e1%lanation9 su%%orted ,/
models and data and=or information that -ustif/
the identified im%lications for consumers9
%roducers and=or &overnment.
E1am%le of %ossi,le student res%onse'
One aspect of the dairy boom is the impact of high
dairy prices on the sheep farming industry.
The economic concept I am exploring is the role of
prices and profits in determining resource allocation
>e1%lained in detail9 su%%orted :ith the PPF model
and demand and su%%l/ model for the mar0et for
lam, meat?.
5or sheep farmers' the cost of farmland and other
resources that are common ill increase' resulting
in decreased profits' so supply ill decrease.
An implication for the consumer is li$ely to be
higher prices for lamb as ell as dairy products
because the land and resources ill be sitched
aay from sheep farming' resulting in a reduction in
supply and an increase in prices.
5or example' lamb prices in 6an 1/./ ere 7.1
c+$g and rose to 829 c+$g to April 1/...
.interest.co.n&
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Internal assessment resource Economics 3.3A for Achievement Standard 91401
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mar$et.htm
This data shos that dairy farming is
experiencing a boom. This is li$ely to result in a
shift of resources from sheep farming to dairy
farming.
The examples above relate to only part of hat is
re)uired' and are :ust indicative.
http*++.scoop.co.n&+stories+,-../.+0//123+d
ecember4dairy4farm4sales4revive4rural4property4
mar$et.htm
This data shos that as dairy farming is
experiencing a boom' gra&ing land that ould
have been suitable for sheep farming ill be
purchased and converted for use as dairy farms.
The examples above relate to only part of hat is
re)uired' and are :ust indicative.

5arm expense index rose from /..1.2 in Dec 1//9
to ..3;; to Dec 1/./.
.interest.co.n&
A rush of dairy property transactions in December
has helped to lift the median farm sale price to the
highest level of the year in the latest Real Estate
Institute of Ne !ealand "REIN!# rural mar$et
statistics released today.
%urchases of gra&ing and dairy support bloc$s ere
loer than last year' but %eter (cDonald expects
buyer interest to improve as a conse)uence of the
upsing in the mar$et for dairy farms.
http*++.scoop.co.n&+stories+,-../.+0//123+de
cember4dairy4farm4sales4revive4rural4property4
mar$et.htm
This data shos that as dairy farming is
experiencing a boom' gra&ing land that ould have
been suitable for sheep farming ill be purchased
and converted for use as dairy farms. This shifts the
overall price of farmland upards as reported. Also
the farm cost index has shon an increase. The
impact of this on production costs for sheep ill be
higher prices of lamb' as shon by the lamb prices
rising from 7.1 to 829 c+$g.
In conclusion' using the %%5 and demand and
supply models the implications for consumers and
producers are li$ely to be <
The data above clearly supports this since <
The examples above relate to only part of hat is
re)uired' and are :ust indicative.
Final &rades :ill ,e decided usin& %rofessional -ud&ement ,ased on a holistic e1amination of the evidence %rovided a&ainst the criteria in the
Achievement Standard.
!his resource is co%/ri&ht ; "ro:n 3013 Pa&e 7 of 7

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