This document outlines an assessment task for a Stage 1 Economics course. Students are asked to analyze 4 media articles about economic issues using 4 key economic concepts: scarcity, opportunity cost, use of resources, and benefit-cost analysis. For each article, students must define the concept, analyze how the article illustrates it, and discuss how it shows an understanding of economic interdependence. Submissions are limited to 800 words and must include the articles. The assessment criteria evaluate students' knowledge and understanding of economics, ability to analyze issues, and communication skills when discussing concepts, principles and using terminology. Performance standards range from A (comprehensive and astute) to E (emerging and limited).

1. STAGE 1 ECONOMICS
ASSESSMENT TYPE 2: Folio
Media Analysis
Description of assessment
Identify and select four relevant media articles about economic issues or events which can be
used to explain the following four economic concepts. Each concept will require reference to
one article or source. The concepts to be covered are:
• Scarcity (the Economic Problem)
• Opportunity Cost
• The use of Resources to produce goods and services
• Applying a Benefit:Cost Analysis.
Analyse and evaluate each media article or source using the following process:
• Define the concept you are highlighting.
• Explain in sentence/paragraph format your analysis and evaluation of how the article
illustrates the concept chosen.
• Overall the analysis and evaluation should show knowledge and understanding of
economic principles and models as well as refer at least once to economic
interdependence on individuals, business, and governments locally, nationally, and
globally
• Acknowledge each article or source as relevant, e.g. author, publication, page number,
URL and date viewed.
Assessment conditions
A written task of a maximum 800 words in total. Each media article or source must be made
available in print to the teacher together with evidence of analysis and evaluation of each article
or source.
Assessment Design Criteria
Knowledge and Understanding
The specific features are as follows:
KU1 Knowledge, understanding, and application of economic concepts, principles, models, and
skills.
KU2 Understanding of the effects of economic interdependence on individuals, business, and
government locally, nationally, and globally.
KU3 Understanding that economic decisions involve costs and benefits.
Analysis and Evaluation
The specific feature is as follows:
AE1 Analysis and evaluation of economic issues and events (local, national, or global) using
economic models and the skills of economic inquiry.
Communication
The specific features are as follows:
C1 Communication of economic concepts, principles, and models.
C2 Use of economic terminology.
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2. Performance Standards for Stage 1 Economics
Knowledge and Understanding Analysis and Evaluation Communication
A Comprehensive knowledge, clear
understanding, and focused application of
economic concepts, principles, models, and
skills.
Thorough and well-informed
understanding of the effects
of economic
interdependence on
individuals, business, and
government locally,
nationally, and globally.
Comprehensive
understanding that
economic decisions involve
costs and benefits.
Astute and
logical
analysis and
evaluation of
complex
economic
issues and
events (local,
national, or
global) using
economic
models and
the skills of
economic
inquiry.
Highly accurate communication
of appropriate and specific
economic concepts, principles,
and models.
Consistent, clear, and
appropriate use of a range of
economic terminology.
B Well-considered knowledge and mostly clear
understanding and focused application, of
economic concepts, principles, models and
skills.
Well-informed
understanding of the effects
of economic
interdependence on
individuals, business, and
government locally,
nationally, and globally.
Well-informed
understanding that
economic decisions involve
costs and benefits.
Well-
considered
and logical
analysis and
evaluation of a
variety of
economic
events (local,
national, or
global) using
economic
models and
the skills of
economic
inquiry.
Accurate communication of
relevant economic concepts,
principles, and models.
Clear and appropriate use of
economic terminology.
C Considered knowledge and understanding,
and competent application, of the key
economic concepts, principles, models and
skills.
Informed understanding of
the effects of economic
interdependence on
individuals, business, and
government locally,
nationally, and globally.
Informed understanding that
economic decisions involve
costs and benefits.
Considered analysis and
evaluation of economic events
(local, national, or global) using
economic models and the skills
of economic inquiry.
Competent communication of
some economic concepts,
principles, and models.
Appropriate use of economic
terminology.
D Superficial understanding and partial
application of some economic concepts,
principles, models, and skills.
Some recognition that there
are effects of economic
interdependence on
individuals, business, and
government locally,
nationally, and globally.
Some awareness that
economic decisions involve
Some consideration and
description of one or more
economic events (local, national,
or global), with the use of some
skills of economic inquiry.
Communication of some basic
economic concepts, principles,
and/or models.
Some appropriate use of
economic terminology, with
inconsistencies.
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3. Knowledge and Understanding Analysis and Evaluation Communication
costs and benefits.
E Identification, and attempted application of
some basic economic concepts, principles,
models, and skills.
Emerging recognition of the
effects of economic
interdependence on
individuals, business, and
government locally,
nationally, and globally.
Limited recognition that
economic decisions involve
costs and benefits.
Emerging consideration of one
or more economic events (local,
national, or global), with limited
use of few skills of economic
inquiry.
Limited communication of one or
more basic economic concepts,
principles, or models
Attempted use of a few elements
of economic terminology.
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