Study Guide

Objective

Student
- understands how the national economy affects business activities
- understands national economic concepts
- understands the structure of the national economy
- has an understanding of theories in national economy

Content

- concepts of national economy
- theories of national economy

Qualifications

No prerequisities

Assessment criteria, satisfactory (1)

Students:
-demonstrate a basic understanding of how macroeconomic factors can impact business operations.
-can define key macroeconomic terms but show limited understanding of their relationships and application in economic contexts.
-are familiar with the main actors in the economy.
-are aware of some of the most common macroeconomic theories.

Assessment criteria, good (3)

Students:
-understand how factors such as inflation, interest rates, and unemployment can impact economic decisions and can provide examples of this.
-have a good understanding of key concepts and can explain how they affect the economy at both the macro and micro levels. Can use the terms correctly.
-have a solid understanding of the most important economic theories and can discuss their relevance to both historical and contemporary economic situations.

Assessment criteria, excellent (5)

Students:
-demonstrate an excellent understanding of how factors such as inflation, interest rates, and unemployment can impact economic decisions and can provide relevant examples of this.
-can explain and apply key macroeconomic concepts at an advanced level and can connect them in a way that allows for an understanding of complex economic relationships.
-have a nuanced understanding of how the economic structure functions and can explain complex relationships between different actors and economic processes.
-have a strong understanding of a wide range of macroeconomic theories and can apply them to concrete issues. Can also reflect on the limitations and relevance of these theories in today’s economy.