Exemplar for internal assessment resource Economics 1.6B for Achievement Standard 90988
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Exemplar for Internal Assessment Resource
Economics Level 1
Resource title: Investigating Interdependence and the
Impacts of the Global Recession on Sectors of the NZ
Economy
This exemplar supports assessment against:
Achievement Standard 90988
Demonstrate Understanding of the Interdependence of Sectors of the
New Zealand Economy
Expected responses
The moderators have developed expected student response from a wide variety of sources.
Date version published by
Ministry of Education
© Crown 2010
December 2010
To support internal assessment from 2011
Exemplar for internal assessment resource Economics 1.6B for Achievement Standard 90988
Grade Boundary Low Excellence
1
A valid definition of interdependence, includes an example.
2
Valid description of sectors.
3
Valid construction of a circular flow model that shows the real and money flows
between sectors is required – this example lacks some detail and accuracy in
terminology (eg “consumption spending” rather than “consumption”); includes minor
omissions eg the two way flow to financial / overseas sectors.
4
Detailed explanation (how or why) of the interdependence between household and
firms. Reference to the economic model is implied, but should be made explicit.
5
Detailed explanation (how or why) of the interdependence between firms and financial
/ overseas sectors. However, the explanation must be incorporated in close reference
to the economic model, which in turn should contain enough detail to correlate to the
explanation. Reference to the economic model is implied rather than explicit, and
inadequate for Excellence.
6
Limitations of model not required.
7
Uses an economic model to develop a detailed explanation of the impact of the
recession on the producer sector. This should be supported with the use of an
economic model (may be either the circular flow model or the one provided in task
2h), which is closely correlated to the explanation. Direct and explicit links
(integration) between the explanation and the model should be evident.
8
Develops detailed explanations of the impact of the recession on the producer sector,
linked to detailed explanations of the flow-on effects to other sectors. This must also
be supported with the use of an economic model, closely correlated to the explanation
(explicit or implied linkages evident).
Note the standard implies flow-on effects to more than one sector be established, but
this has not been asked for in this activity, and is ignored for the purposes of this
annotation. Note either/ or required.
© Crown 2010
Exemplar for internal assessment resource Economics 1.6B for Achievement Standard 90988
Grade Boundary High Merit
9
A valid definition of interdependence, includes an example.
10
Valid description of sectors.
11
Valid construction of a circular flow model that shows the real and money flows
between sectors – minor inaccuracies in terminology and labelling.
12
Detailed explanation (how or why) of the interdependence between her household and
financial sector, with reference to an economic model.
13
Uses an economic model to develop a detailed explanation of the impact of the
recession on the producer sector, supported with the use of an economic model which
is closely correlated to the explanation.
14
Develops a detailed explanation of the flow-on effects from the producer sector to
other sectors, also supported with the use of an economic model which is closely
correlated to the explanation (explicit or implied linkages evident). Note the standard
implies flow-on effects to more than one sector be established, but this has not been
asked for in this activity, and is ignored for the purposes of this annotation. Note either/
or required.
© Crown 2010
Exemplar for internal assessment resource Economics 1.6B for Achievement Standard 90988
Grade Boundary Low Merit
15
Definition of interdependence inadequate- explanation confuses interdepencence that
follows from specialisation. Includes an example but this is not specific. Further detail
required (this has been overlooked for the purposes of annotation).
16
Valid description of sectors- some terminology flawed, eg “money”.
17
Valid construction of a circular flow model that shows the real and money flows
between sectors is required – this example lacks some detail, minor omissions eg two
way flow to financial / overseas sectors.
18
Detailed explanation (how or why) of the interdependence between household and
firms, but without reference to an economic model.
19
Uses the economic model to support a detailed explanation of the interdependence
between firms and other sectors. However, explanation lacks close correlation to the
constructed model (terminology varies – eg “import payments” in model; “Beale
Motors ‘buys’ petrol” in explanation); includes inaccuracies (“petrol subsidy”). An
answer to Merit level should make good these points.
20
Limitations of model not required
21
Develops a detailed explanation of the impact of the recession on the producer sector,
but reference to the economic model is implied rather than explicit. Note the standard
implies flow-on effects to more than one sector be established, but this has not been
asked for in this activity, and is ignored for the purposes of this annotation.
22
Develops a detailed explanation of the flow-on effects to other sectors. Reference to
the economic model should be made explicit rather than implied. Note either/ or
required.
© Crown 2010
Exemplar for internal assessment resource Economics 1.6B for Achievement Standard 90988
Grade Boundary High Achieved
23
A valid definition of interdependence will involve specific description of the nature of
the dependence, for each sector. This may be provided as an example, as given
here. “Groups” invalid.
24
Valid description of sectors- although “bank” is inaccurate for financial sector. Idea of
financial institutions is required, providing financial services.
25
Valid construction of a circular flow model that shows the real and money flows
between sectors – though the two way flow to financial sector is missing.
26
Partially explains the interdependence between own household and firms.
27
and explains the firms’ interdependence with other sectors, though “government
provides subsidies on oil” incorrect. Explains how or why sectors are interdependent.
28
Limitations of model not required.
29
Provides a partial explanation of the impact of an event on a sector, and a full
explanation of the flow-on effects to other sectors. Note either/ or required. Note the
standard requires flow-on effects to more than one sector be established, but this has
not been asked for in this activity, and is ignored for the purposes of this annotation.
30
Has constructed an economic model (both diagrams- first shows interdependence,
the second (simple flow chart) shows effect of an event on a sector. Explicit or
implied linkages evident).
© Crown 2010
Exemplar for internal assessment resource Economics 1.6B for Achievement Standard 90988
Grade Boundary Low Achieved
31
Inadequate definition of interdependence – vague “dictionary” definition. Should
involve specific description of the nature of the dependence, specified for each
sector. This may be provided as an example. “Not able to function properly” invalid.
32
Valid description of sectors, although “money” invalid to label consumer spending.
33
Valid description of financial sector- although “bank” is inadequate for financial sector.
Idea of financial institutions is required, providing financial services.
34
Valid construction of a circular flow model that shows the real and money flows
between sectors – though the flows should be paired to show the named money flow
which corresponds to the relevant real flow.
35
Explains the interdependence between household and firms, with at least some
correct use of terminology,
36
and explains the firms’ interdependence with other sectors, even if explanation lacks
reference to the constructed model (terminology – eg “imports” in model; “Shell ‘buys’
petrol” in explanation). This would have elevated answer to Merit level. Explains how
or why sectors are interdependent.
37
Limitations of model not required.
38
Provides a partial explanation of the impact of an event on a sector. Note either/ or
required. Note explanation of impact on producers is flawed- “producers have less
confidence” and “producers decrease their production” unexplained; production
decreases because of decreased overseas demand. “Decrease the economy” / “no
export receipts coming into the country” / “banks not earning an income/ not lending”
invalid.
39
Provides a partial explanation of the flow-on effects to the household sector. Note the
standard implies flow-on effects to more than one sector be established, but this has
not been asked for in this activity, and is ignored for the purposes of this annotation.
40
Has constructed an economic model (two diagrams- first to show interdependence,
the second to show impact of an event on a sector – though linkage not evident in
simple before/ after cartoon.).
© Crown 2010
Exemplar for internal assessment resource Economics 1.6B for Achievement Standard 90988
Grade Boundary High Not Achieved
41
Inadequate identification/ definition/ description of sectors. No explanation of how or
why sectors are interdependent.
42
Inadequate identification/ definition/ description of flows.
43
A minimum explanation of the impact of the recession on a sector is provided.
42
Has a beginning of construction an economic model to show interdependence (but
not the effect of an event on a sector or flow-on effects to other sectors). Errors
include mislabelled flows; inadequate use of economic terminology; incorrectly
positioned flows do not illustrate interdependence.
© Crown 2010