90200 Understand and use the consumer decision-making model



Achievement Standard

|Subject Reference |Economics 1.6 |

|Title |Understand and use the consumer decision-making model |

|Level |1 |Credits |2 |Assessment |Internal |

|Subfield |Economic Theory and Practice |

|Domain |Economics |

|Status |Expiring |Status date |9 December 2010 |

|This achievement standard is expiring. Assessment against the standard must take place before the expiry date set out below. |

|Expiry date |31 December 2011 |Date version published |9 December 2010 |

This achievement standard involves an understanding that people bring different values to consumer decision-making, and an application of the consumer decision-making model.

Achievement Criteria

|Achievement |Achievement with Merit |Achievement with Excellence |

|Identify how different value positions of people |Explain how different value positions may lead to |Demonstrate a thorough understanding of the |

|impact on consumer decisions. |conflict or compromise in consumer |consumer decision-making process and the influence|

| |decision-making. |of consumer values on this process. |

|Apply the consumer decision-making model. |Fully apply all of the steps in the consumer | |

| |decision-making model. | |

Explanatory Notes

1. This achievement standard is related to Economics, Forms 3 to 7: Syllabus for Schools, Learning Media, Ministry of Education, 1990, Values in Economics, p. 13, and Economic Decision-Making p. 23.

2. The consumer decision-making model includes the following steps:

• set the desired goal

• identify the obstacles to realising this goal

• identify the alternatives

• evaluate the alternatives in terms of their costs and benefits

• rank the alternatives

• choose the best alternative

• evaluate the consequences of the decision.

3. Examples of values include those associated with lifestyle, age, culture and religion. People involved in consumer decision-making may be individuals or groups.

4. Assessment for achievement with excellence will involve the requirements for achievement with merit plus a selection from the following:

• the implications of costs and benefits having different weightings

• justification of obstacles in relation to the goal

• understanding that different decisions may result from different values in the same situation

• understanding that different decisions may have different social, political or cultural implications.

Quality Assurance

1. Providers and Industry Training Organisations must be accredited by NZQA before they can register credits from assessment against achievement standards.

2. Accredited providers and Industry Training Organisations assessing against achievement standards must engage with the moderation system that applies to those achievement standards.

|Accreditation and Moderation Action Plan (AMAP) reference |0226 |

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