Course Overview

Making Economic Choices, Grade 11, Workplace Preparation, CIC3E

Prerequisite: Canadian History in the Twentieth Century, Grade 10, Academic or Applied

Secondary Policy Document: The Ontario Curriculum, Grades 11 and 12, Canadian and

World Studies, 2000

Course Description

This course enables students to explore the economic choices they need to make as consumers, contributors, and citizens in a mixed economy. Students acquire practical knowledge and develop skills that help them manage their economic affairs and improve their economic well-being.

The relatively unlimited needs and wants of a society ensure that difficult choices and trade-offs have to be made since any society has limited resources. The values and teachings of the Catholic faith should provide a basis for students to evaluate these difficult choices and trade-offs. The role of government and other economic institutions is analysed as students assess when markets are best able to serve the public interest, and when collective or government action is necessary. Students are provided with opportunities to apply their knowledge of fundamental economic principles in meaningful ways that will affect them throughout their lifetimes. Students also learn the fundamentals of career and financial planning as they examine economic issues related to consumers, local and national financial institutions, as well as factors affecting the global economy.

Consideration of Catholic School Graduate Expectations

Ontario Catholic school students will be able to achieve many of the graduate expectations in their study of economics. Through their examination, inquiry, and application of economic models, students should realize the significance of factors, which contribute to the success of a country’s society. This course should help to develop a responsible Catholic citizen who respects labour laws, the use of natural resources, and practices of economic institutions, and has the ability to make morally conscionable economic choices. Consideration of all seven Catholic expectations strands was considered when creating this document. These seven strands are: discerning believer formed in the Catholic faith; effective communicator; reflective and creative thinker; self-directed, responsible, life-long learner; collaborative contributor; caring family member; and responsible citizen.

Course Notes

Students entering the workplace immediately after graduating from high school require a practical knowledge and understanding of the economic conditions they will face, in order to make important decisions and lead productive lives as consumers and Canadian citizens, as well as members of their local and faith communities.

This course provides opportunities for the development of practical skills and knowledge necessary to understand how individuals fit within their local economy, as well as how the Canadian and global economies interact and fit together. By the end of this course, students should be able to watch and listen to various media with a more complete understanding of their implications. Students should also be able to examine various financial investments, loans, or purchase decisions and be able to make informed decisions as consumers.

The five strands in the Economics courses described in The Ontario Curriculum, Grades 11 and 12, Canadian and World Studies, invite students to examine concepts, which shape the Canadian economic environment. As stakeholders in the community, students must make important choices in effectively managing their personal economic affairs. Students should appreciate that: “self-interest” is not the same as “selfishness” when making moral and ethical decisions in respect to their Catholic faith. Economies often fail to provide the basic necessities for some people, which leads to an inequitable distribution of wealth resulting in poverty. It is the inequity of wealth and abuse of natural resources which will be further discussed and analysed, keeping in mind the Catholic expectation of respecting the environment and using resources wisely. Many corporations use inexpensive labour resources in the Third World and export large profits back to their own local economies. These are some of the difficult ethical trade-offs and decision-making problems which students must examine in respect to understanding the relevance of acting morally and legally as a person formed in Catholic traditions. Students are asked to examine their own ethics to determine an appropriate position on such issues. Students should call upon their Catholic faith and tradition of social justice ethics and values to help them find this position.

As citizens of Canada, students need to understand the characteristics of Canada’s economic system. Each of the three levels of government plays a significant role in the Canadian economic environment. Students examine the government’s influence in stabilizing the business cycle, providing services, and allocating scarce resources. Students also examine the interdependence between consumer and producers in the Canadian economy, as well as the conflicts that still arise in spite of this interdependence (labour strikes, boycotts, just wages, etc). Governments in Canada often play a role in helping to resolve conflict between various elements in the economy.

No economy is static and, as a result, change is inevitable. The Canadian economy is very much a part of the global economy through freer trade, corporate globalization, and “borderless” economies. Students should recognize that change has both positive and negative implications. The individual in the workplace can expect very little permanence and therefore must develop critical thinking skills necessary to survive and be successful in an ever-changing environment. Globalization, technology, the environment, as well as other factors may result in an ever-increasing rate of change in Canada and throughout the world. Students should be able to understand the causes of change in consumer and resource markets, the changing nature of workplace environments and how economic indicators relate to their lives and their personal well-being.

This course is divided into five units, which provide students with opportunities to examine economics from a practical and personal perspective. Each of these units was organized by clustering expectations from the Making Economic Choices - Workplace Preparation Course curriculum. Important links exist between this course and the workplace preparation courses in Mathematics and English. Teachers should look for opportunities to link the learning and skill development from these courses to the topics presented in this course.

The final unit (Unit Five - Current Economic Issues and Applications) is designed to pull together elements from each of the four preceding units. This final unit requires students to do a practical real-life assignment, which draws on the knowledge and skills developed through the previous units. One option is the creation of a personal financial portfolio where students provide details on their understanding of the process by which economic change occurs, their current work goals, and factors that have generated these goals. They also research how to deal with various institutions including banks, governments, and labour unions. This portfolio is presented and assessed in regards to communication. The overriding objective for this final culminating activity should be the students’ ability to demonstrate their understanding and knowledge of personal economic issues facing themselves, their country, the world, and how these issues impact on their lives. All culminating activities have been included in hours per unit.

Units: Titles and Times

Unit 1	Introduction to Economics	24 hours
* Unit 2	Economics in Your Life	22 hours
Unit 3	Economic Institutions and You	22 hours
Unit 4	Canadian and World Economics	22 hours
Unit 5	Current Economic Issues and Applications: A Culminating Unit (Year end Project)	v20 hours

* This unit is fully developed in this Course Profile.

v The Personal Career and Financial Plan Portfolio consists of smaller unit activities covered in
Units 1-4. Each of these activities should be kept in a file folder to which the student may refer throughout the course.

Unit Descriptions

Unit 1: Introduction to Economics

Time: 24 hours

Unit Description

In this introductory unit, students acquire knowledge of key economic concepts that are developed throughout the course. The unit also introduces students to the first of many unit projects to be covered in the course. The “My Personal Financial (Economic) Plan” project is created through the use of hands-on activities covered throughout the unit. Some of the hands-on activities, such as the construction of supply and demand curves, help students to understand the concepts of scarcity, opportunity cost, and daily decision-making. During this unit, students receive a file folder to serve as their portfolio, which they will add to throughout the course. A portfolio should already exist for each student from their Career studies course and this could be utilized in this course.

Using Canadian examples, students acquire an awareness of the significance of various economic stakeholders. These stakeholders are considered through supply and demand analysis and market equilibrium.

Students apply economic concepts/models to examine changes in economic factors and the ramifications of these changes. For example, students can determine how a recession in the United States would impact various economic stakeholders in Canada. In the unit activity, students consider their career goals and plans and how they, individually, can be affected by changes in economic factors.

Unit Overview Chart

Cluster	Expectations	Assessment	Focus
1	DMV.01, ESV.02, DM1.01, DM1.02, ES2.01, CGE.1d, CGE.1g, CGE.2b, CGE.3b, CGE.3d	Knowledge/ Understanding Thinking/Inquiry Application	Opportunity Cost- Scarcity, Choice, and Economic Decision Making
2	EIV.01, DM1.03, CGE.7i	Knowledge/ Understanding Thinking/Inquiry	Resources- Factors of Production and Economic Systems
3	SIV.01, SI1.01, SI1.02, SI1.03, CGE.3c	Knowledge Communication Application	Demand, Supply, and Price Determination
4	ECV.01, EC1.01, EC1.02, EC1.03, EC2.03	Thinking/Inquiry Communication Application	Changes in Economic Factors
5	DMV.02, ESV.01, ECV.03, DM2.01, DM2.02, ES1.01, EC3.01, EC3.03	Knowledge Inquiry Communication Application	Predicting the Effect of Change: Culminating Activity

Unit 2: Economics in Your Life

Time: 22 hours

Unit Description

One of the most important issues in economics is the impact it will have on the life of a student. Unit 2 examines the relevance of students in Canada’s economic cycle and the importance of exercising their Catholic faith both as consumers and workers in the economy.

Students are given the opportunity to examine decisions made by consumers and workers from the perspective of a morally conscientious individual living in Catholic faith. The study of current events and their impact on the workplace helps students understand the significance of exercising their Catholic values and beliefs. Applying their knowledge of economic concepts and decision-making, students determine potential future incomes from various employment options. Expenses and personal budgets are created and examined for various careers and their relative income levels. Options of credit and financing are discussed and analysed in regards to financing a major purchase. The unit project also helps students in their final year-end project where students present their research on an occupation and financial plan.

Unit Overview Chart

Cluster	Expectations	Assessment	Focus
1	ESV.01, ECV.03, ES1.01, ES1.02, ES1.03, EC3.03, CGE.1g, CGE.3d, CGE.3f, CGE.4a, CGE.4e, CGE.4g, CGE.7j	Knowledge/ Understanding Thinking/Inquiry Communication Application	My Role in the Working World
2	ESV.04, ES3.01, ESV.01, DMV.01, ECV.01, ECV.02, DMV.02, EC2.01, EC2.03, ES3.03, CGE.2B, CGE.2E, CGE.4F, CGE.4G, CGE.5B, CGE.5E, CGE.5H	Knowledge/ Understanding Thinking/Inquiry Communication Application	Introduction to Budgeting: Determining income and expenses
3	DMV.02, ESV.02, ESV.04, DM1.02, DM2.01, ES4.01, ES4.03, CGE.2A, CGE.4B, CGE.4C, CGE.7I	Knowledge/ Understanding Thinking/Inquiry Communication Application	Introduction to Financial Planning: Making the most of money and resources
4	SIV.01, DM2.01, SI1.01, CGE.4f, CGE.3d, CGE.7a, CGE.7b	Knowledge/ Understanding Thinking/Inquiry Communication Application	Making a Major Purchase: Culminating Activity

Unit 3: Economic Institutions and You

Time: 22 hours

Unit Description

Students investigate their role within the institutional framework of Canada’s economy. Students describe the services offered by financial institutions and explain the principles of sound financial planning. They apply appropriate criteria in developing a personal long-range financial plan.

The role of the different levels of government in the Canadian economy is examined and students consider the amount and types of tax they will pay within their personal financial plan. The advantages and disadvantages of organized labour are analysed from the perspective of various stakeholders (workers, employers, consumers). Students are given the opportunity to describe the factors that contribute to the success of businesses and to consider the various forms of market structures in which firms operate.

In the culminating activity for this unit, students gather information from selected economic institutions and use this information to make an informed economic decision. For instance, students could gather and compare information about various savings/chequing accounts at selected financial institutions to determine where they would bank. Their findings could be presented in written and/or oral format. This information can be used in the development of the student’s personal financial portfolio (culminating activity).

Unit Overview Chart

Cluster	Expectations	Assessment	Focus
1	ESV.04, ES4.01, ES4.02, ES4.03, CGE.4b	Knowledge/ Understanding Thinking/Inquiry Communication	Financial Institutions
2	EIV.02, EI2.01, EI2.02, EI2.03	Thinking/Inquiry Communication	The Government and its Impact on Economic Well-being
3	EIV.04, ESV.03, ECV.03, EI4.01, EI4.02, EI4.03, ES3.02, ES3.03, EC3.01, EC3.02, CGE.1d, CGE.5d, CGE.5e, CGE.5f, CGE.5g	Thinking/Inquiry Communication Application	Organized Labour and its Impact on Working Life
4	EIV.03, SIV.03, EI3.01, EI3.03, SI3.01	Knowledge/ Understanding Thinking/Inquiry Communication	Business Organizations
5	DMV.02, DMV.03, DM2.03, DM3.01	Knowledge Inquiry Communication Application	Using Information from Economic Institutions to Plan Economic Future: Culminating Activity

Unit 4: Canadian and World Economics

Time: 22 hours

Unit Description

The characteristics of Canada’s economic system are identified in this unit. Students compare Canada’s economic system with other types of economic systems and compare the role of the public and private sectors in the Canadian economy.

The critical impact of international trade on employment and income, and on goods and services available to Canadians, is examined. Trade data is interpreted and its ramifications for economic stakeholders in Canada are considered. Students have an opportunity to compare the economic well-being of Canadians with people in other countries via statistical measures used by organizations such as the Organization for Economic Cooperation and Development.

In addition, as Catholics, students have an opportunity to develop a heightened sensitivity to trade issues, which have moral implications such as, for example, indirect exploitation of labour (both child and adult) by multinational corporations. This directly links to the Catholic Expectation of a positive sense of self and respect for the dignity and welfare of others.

The culminating activity requires students to use statistical measures to compare Canada’s economic well-being with that of other countries. Throughout this unit, students become familiar with terms and statistics used to measure a country’s economic performance. Students apply this knowledge to their personal portfolios and reflect on the significance of this information in their lives as stakeholders, both in society, and in the Catholic faith community.

Unit Overview Chart

Cluster	Expectations	Assessment	Focus
1	EIV.01, EIV.02, EI1.02, EI1.03, CGE.7H, CGE.7i	Knowledge/ Understanding	Comparison of Economic Systems
2	DMV.01, SIV.02, DM1.02, SI2.01, SI2.02, CGE.2E	Knowledge/ Understanding Thinking/Inquiry	Why we Trade and How I Benefit
3	ECV.04, SI2.03, SI3.02, EI1.01, EC4.03, CGE.2C, CGE.3F	Thinking/Inquiry Communication	Canada’s Role in the World Economy
4	DMV.03, ECV.02, DM3.02, DM3.03, EC2.01, EC2.02, EC4.01, EC4.02, SI3.03, CGE.2B, CGE.2D, CGE.3C, CGE.4F	Thinking/Inquiry Communication Application	Canada’s Economic Performance and How it is Measured
5	DMV.03, ECV.04, DM3.01, CGE.5A	Knowledge/ Understanding Thinking/Inquiry Communication Application	Canada and the World: How We Rate: Culminating Activity

Unit 5: Current Economic Issues and Applications: A Culminating Unit

Time: 20 hours

Unit Description

A year-end project can take many forms. We have supplied one option which is to have the students put together the small unit projects into one major project. This Personal Career and Financial Plan Portfolio can be presented at year-end covering all four units and the five strands in the curriculum. Students are expected to have kept a file or portfolio, including various forms of information and reflections exercising their Catholic faith, on economic issues presented during the course.

Student portfolios should be specifically related to their individual goals as workers (employees or entrepreneurs), consumers or producers, taxpayers, and morally responsible Canadian citizens. For example, students can show their respect for the environment and how resources are used by considering, “ethical” mutual funds in the investment portion of their personal financial portfolio. Students can also formulate opinions on moral issues such as the use and/or abuse of labour by foreign multinational companies in developing countries and whether it is a morally correct choice to support these companies directly and/or indirectly via a consumer and/or stock/mutual fund purchase. This final portfolio should give the student, teacher, and (if presented) class an idea of what each student expects to do career-wise and the important choices that need to be made with regard to financial planning. Students should also include articles on current events and their economic impact in their personal portfolio. For example, a student could cite the economic impact a slowdown in the motor vehicle and/or related industry would have on one who is employed in the industry if such an event is “in the news”. The evaluation of this portfolio and presentation should be counted towards the 30% final assessment of the course and should reflect similar weights in the formative evaluation. Peer and self-assessment of the portfolio should be implemented before the summative evaluation of the final product.

This unit has been allocated 20 hours to allow for individual student presentations and some preparation time just prior to the oral presentation. A suggestion here could be for the students to be allowed 15 to 20 minutes to present their portfolios. The presentations themselves would take up close to 10 hours with another 10 hours being utilized throughout the course for current event economic analysis and/or computer time to prepare for the presentation.

Unit Overview Chart

Cluster

Expectations

Assessment

Focus

DMV.03, ESV.01, SIV.03, ECV.02, ECV.03, ECV.04 DM3.02 ES1.03, EC2.01, EC3.03, EC4.01, CGE.2c, CGE.7a, CGE.7i

Knowledge/
Understanding

Thinking/Inquiry

Communication

Application

Final preparation and presentation of students’ Personal Career and Financial Plan Portfolios or a Year-End Project

Teaching/Learning Strategies

A variety of teaching strategies and learning styles can be used in the Making Economic Choices course. The strategies encourage students to think critically, work cooperatively, and conduct research that has practical value for them. Students should have opportunities to discuss topics associated with current economic issues, to recognize various perspectives of different stakeholders in the Canadian economy, and to make informed decisions regarding economic and career choices available to them.

The teacher is encouraged to select learning strategies that meet students’ diverse learning styles and abilities. A list of teaching/learning strategies is provided following this discussion.

In this course, students must demonstrate a synthesis of their learning in the overall culminating activity, the choice of which is optional. The units and activities developed in the course provide the building blocks for the development of this final activity.

In Unit 1, students develop skills in note-taking, in data analysis, and in predicting the effect of economic change through a study of the key economic concepts of scarcity, factors of production, demand and supply, opportunity cost, and the need to make economic choices. In Unit 2, these skills are further developed through personal research on possible career paths and the determination of income and expenses. This research is augmented through the student’s analysis of the criteria involved in selecting and financing a major purchase.

Students analyse data from and about economic institutions such as banks, insurance companies, governments, labour unions, and business organizations in Unit 3. They work in cooperative groups to analyse data gathered from these institutions and present a summary of how this data can be used to guide their personal decision-making.

In Unit 4, students move beyond their homes in an analysis of the importance and impact of international trade in Canada. Students examine statistics on trade to determine how they benefit from trade as workers, producers, and consumers. They consider the means by which a nation’s economic performance is measured and produce personal reflections on how the standard of living in Canada compares to that of other countries in the world.

The final culminating unit (Unit 5) allows students to apply and communicate their learning through their personal portfolio, which has been accumulated throughout the course. This portfolio includes personal reflections, articles, media reports, brochures, and advertisements that reflect their personal career and financial goals. Students present their findings on how they see their role as a worker/employer, consumer/producer, taxpayer, and Canadian citizen. This culminating unit can be applied towards the 30 percent evaluation of student performance in the course.

Teaching/Learning strategies should provide students with a variety of learning opportunities.

· Brainstorming

· Case studies

· Cooperative learning

· Teacher student conferencing

· Computer-assisted learning

· Discussion/debate

· Graphical analysis

· Guest speakers

· Lectures

· Note-taking

· Presentations and reports

· Reading

· Researching

· Videos

· Games

· Seminars

· Culminating activity or project

· Integrate the technological tools and software available to promote students’ exploration and understanding of economic indicators and concepts

· Consider the use of classroom demonstrations in situations where technological tools for each student are not available, for example, the use of a computer projection device to show a graphical analysis of the Consumer Price Index

· Utilize a balance of whole-class, small group, and individual instruction through student-centred and teacher-directed activities

· Offer a variety of instructional methods to account for multiple learning styles

· Use different media resources for current event discussion and application such as the Internet, magazines and newspapers

· Utilize information found in exceptional students’ IEPs to make appropriate accommodations based on student needs

· Make reference to individual student’s AEPs to establish a realistic framework for student work in the course

· Offer students the opportunity to present economic applications in a variety of different presentation formats

· Provide students with opportunities to express their individual economic rights/responsibilities through oral and written communication

Assessment & Evaluation of Student Achievement

Assessment and evaluation in this course is based upon the Achievement Chart in The Ontario Curriculum, Grades 11 and 12, Canadian and World Studies, 2000, pp. 246-247. The four categories identified are: Knowledge/Understanding, Thinking/Inquiry, Communication, and Application. These categories encompass the curriculum expectations in all courses in Canadian and World Studies. The descriptions at Level 3 represent the provincial standard for student achievement.

The Ontario Curriculum, Grades 9-12, Program Planning and Assessment 2000 outlines the philosophy and guiding principles concerning assessment and evaluation for Ontario teachers. This course profile suggests clusters of expectations around focus topics and Achievement Chart Categories that the teacher might consider for assessment and evaluation purposes.

The activities and performance tasks in this profile are examples of some strategies that teachers may use with their own classes. The following are some generic suggestions for assessment and evaluation techniques in Economics courses:

· Provide opportunities for student learning to improve by using formative assessment tools in each unit (e.g., visual organizers, practice quiz, self- and peer editing of written work, teacher feedback, tests).

· Model the skill that you want students to master (e.g., translating statistical information into layman’s terms, note-taking, report writing).

· Share with your students clearly developed criteria for their assessment and evaluation (e.g., checklists, rubrics). Developing these tools with students helps to clarify how and why they are being assessed or evaluated.

· Accommodate a variety of learning styles and special needs through the modifications suggested in the activities and how they may improve their performance.

· Use assessment tools that are appropriate for the expectations being addressed and that relate to the categories on the Achievement Charts.

· Ensure that criteria used for assessment match expectations in culminating activities that involve performance assessment.

· In performance tasks involving group work, ensure that these tasks build in positive interdependence and individual accountability.

· Rubrics should make it clear to students why they scored as they did and what steps they need to take to improve.

· Match the assessment/evaluation strategy to the teaching/learning strategy.

Type of evaluation	Percent of final grade
Final summative evaluation · Form to be determined by the teacher · Can be one or a combination of the following: examination, performance task such as the Personal Career and Financial Portfolio, or other summative culminating performance · Address all Achievement Chart categories	30
Term evaluation Knowledge/Understanding Tests Quizzes Thinking/Inquiry Assignments Portfolio Exercises/Assignments Case Studies Current Event Analysis Communication Assignments Presentations Role Playing Debates Portfolio Application Portfolio Activities Case Studies	70
Total	100

More specifically, assessment and evaluation can be broken down into two types, formative and summative:

Student Achievement

To assess Knowledge and Understanding

· Quizzes and short-answer homework questions

· Short-answer and graphical analysis on tests and exams

· Student-teacher conferencing

· Accuracy of economic reasoning in reports and presentations

· Skill-based calculations on tests and exams

To assess Thinking/Inquiry/Problem-Solving

· Broad-based, open-ended problems on unit tests and exams

· Multi-step in-class assignments

· Multi-step take-home assignments

· Observation of problem-solving strategies using group work

· Economic reasoning in reports and presentations

To assess Communication

· Verbal presentation of homework solutions

· Appropriate use of economic language and terms on tests and assignments

· Journals

· Organization of visual aids during presentations

· Clarity of written expression and graphical analysis in solutions

· Observation of student interaction during group work

· Clarity of economic reasoning in reports and presentations

To assess Application

· Use of appropriate technological tools for research and presentations

· Graphical analysis and use of mathematical reasoning in solutions

· Problem-based assignments (case studies)

· Application of economic reasoning to current issues

Prior Knowledge & Skills

Prior knowledge includes:

· Major events in Canadian and world history (e.g., the Great Depression)

· Interpretation of a two variable graph

· Ability to locate specific websites

· Research using print resources

· General computer skills including a working knowledge of word-processing and spreadsheet software

· Personal experience in the banking system (e.g., possession of a bank account)

Accommodations

All necessary adaptations and accommodations should be made in order to help students achieve success in this and every course. Working in collaboration with special education personnel, the teacher must become familiar with the Individual Education Plans of any exceptional students and the specific learning strategies that work best with each student. Consideration for students learning English as their second language is also necessary. The classroom teacher should be familiar with The Ontario Curriculum, Grades 9 to 12, English As a Second Language and Literacy Development 1999 where an ESL/ELD teacher is not available.

Accommodations for students with learning or physical disabilities may include:

· Maintaining a consistent classroom structure

· Providing for flexible timelines regarding the completion of projects and assignments

· Contacting parent/guardian for support and suggestions

· Modifying handouts in terms of language and content used, and in terms of size and easy-to-read font

· Arranging for peer assistance and/or “study buddies”

· Providing a simplified list of terminology prior to the activity

· Providing oral preplanning of activities

· Allowing students to work in an alternate setting (e.g., Resource room) where students can receive assistance

· Providing alternate formats for assignments (e.g., written reports, oral presentations, demonstrations)

· Providing opportunities to redo all or part of a task

· Adapting tests and exams as recommended in IEP (e.g., time, use of technology, use of scribe)

Accommodations for ESL/ELD students may include:

· Providing student/teacher conferencing

· Arranging for peer assistance and/or “study buddies”

· Combining both written and verbal instructions

· Highlighting keywords/phrases to be incorporated into the “students’ dictionary”

· Grouping students according to first language for brainstorming sessions

· Allowing practise sessions for oral presentations

· Pairing students with the same linguistic background

· Providing sets of reference notes, outlines, or critical information, as well as models of charts, timelines or diagrams

· Reinforcing main ideas by using the peer-assessment strategies

Resources

General

Teacher-developed resources including handouts, worksheets, and activity sheets

Sample of students work

The school Library/Resource Centre

Guest speakers (e.g., bankers, economists, stockbrokers, entrepreneurs, elected officials, civil servants)

Software programs

Websites

Note: The URLs for the websites have been verified by the writer prior to publication. Given the frequency with which these designations change, teachers should always verify the websites prior to assigning them for student use.

Autotrader – www.autotrader.com
This site provides information on cars for sale which includes the asking price and a brief description.

Budgeting – www.yourmoney.cba.ca
This is a site for building budgets and the various steps involved.

The Daily News bin – http://www.statcan.ca/cgi-bin/DAILY/mdaily.cgi
This site has a wealth of materials for economics; especially the Strand called “Assessing economic change”.

Downloadable Publications on the Consumer Price Index on Labour –
http://www.statcan.ca/cgi-bin/downpub/freepub.cgi

Employment Opportunities – www.monster.com
This site provides job opportunities available in today’s current employment market.

Excite – www.excite.com
A portal which contains an organizer for stock portfolios and provides dozens of news sources.

Income – http://www.ststcan.ca/english/kits/Income.htm
The recession of the early 1990’s lowered the income of Canadians between 1990 and 1995. In this activity from the Census Results Teacher’s Kit students examine statistics for family income and learn some of the hard facts of budgeting.

Government Deficits and Debt – http://www.statcan.ca/english/kits/defic1.htm
By examining the balance sheets of Canada’s Federal and Provincial governments, students begin to understand the difficulties of managing deficits and debt in the 1990’s.

Government Policy and the Economy – http://www.statcan.ca/english/kits/econo1.htm
Through the study of the fluctuations in Canada’s economic growth during the twentieth century, students see the effects of government policies in Canada’s “modified market” economy.

Inflation and the Level of Canada’s Economy – http://www.statcan.ca/english/kits/popull.htm
Through the study of one economic indicator, the Consumer Price Index, students begin to understand the relationship between a single factor and the economy as a whole.

IPO Monitor – www.ipomonitor.com
Research on recent IPO pricing and filings are available on this site.

Latest Release on the Labour Force from the Labour Force Survey – http://www.statcan.ca/english/Subjects/Labour/LFS/lfs-en.htm

Market Guide – www.marketguide.com
This is an effective site for financial variables to analyse selected companies.

Monthly and Quarterly Releases on Real Gross Domestic Product and Other National –http://www.statcan.ca/english/Release/2000.htm

MSN MoneyCentral – www.moneycentral.com
This site provides Q & As that teach students the rudiments of investing, and links to other more specialized sites and informative articles.

Multex Investor Network – www.multexinvestor.com
From this site, research from 250 providers is available. It also allows the user to receive e-mail when new reports on companies are available.

Population Research Project – http://www.statcan.ca/english/kits/popll.htm
Students select and use geographic materials and organizers to analyse the economic and social factors that contribute to the demographic characteristics of Canada. Students will select and use appropriate methods and technology to communicate the results of geographic inquiries.

Statistics Canada – http://www.statcan.ca/english/kits/index.htm
This site includes a complete teacher’s kit with lessons for economics.

ValueLine – www.valueline.com
This site provides free samples of ValueLine research on feature stocks.

Wall Street City – www.wallstreetcity.com
This site provides market-oriented news on high-tech companies in North America.

Wall Street Journal Interactive Edition – www.wsj.com
Excellent resource for up-to-the-minute business news.

Worldlyinvestor.com – www.worldlyinvestor.com
This site is fully dedicated to international investing. It offers original content from correspondents and columnists from around the world.

Church Documents

Laborem Exercens (On human work) www.cin.org/jp2ecy/laborem.html

Teacher Resource Textbooks

Archer, Maurice. Introduction to Economics: A Canadian Analysis. Oakville: Maurice Archer Books, 1992. ISBN 0-9691546-4-X

Basanez, M., N. Nevitte and R. Inglehart. The North American Trajectory: Cultural, Economic, and Political Ties among the United States and Mexico. Aldine de Gruyter, 1996. ISBN 0202305562

Blomqvist, A., P. Wonnacott, and R. Wonnacott. Economics, 3rd Canadian ed. Toronto: McGraw-Hill Ryerson, 1990. ISBN 0-07-549915-0

Douglas, David J. A. Community Economic Development in Canada. McGraw-Hill Ryerson Limited. ISBN 0075514087

Innis, Harold. Fur Trade in Canada: Introduction to Canadian Economic History. University of Toronto Press. ISBN 0802060013

James, Elijah. Economics: A Problem-Solving Approach. Scarborough: Prentice-Hall, 1994.
ISBN 0-13-156886-8

Laszio, E. and Joel Kurtzman. The United States, Canada & the New International Economic Order. Elsevier Science, 1979. ISBN 0080251137

Lovewell, Mark and Brian Lorimer. Economics for Today Issues and Applications. Toronto: McGraw-Hill Ryerson, 1995. ISBN 0-07-551527-X

Menz, Frederic and Sarah Stevens. Economic Opportunities in Freer U.S. Trade with Canada. State University of New York Press, 1991. ISBN 0791405311

Parkin, Michael. Economics: Canada and the Global Environment. Addison Wesley Longman, 1997. ISBN 02011429551

Pomfret, R. Economic Development of Canada. ITP Nelson. ISBN 0176041591

Savoie, Donald. Regional Economic Development: Canada’s Search for Solutions. University of Toronto Press, 1992. ISBN 0802068308

Thexton, James. Economics: A Canadian Perspective. Toronto: Oxford University Press, 1992.
ISBN 0-19-540747-4

Thexton, James. Made in Canada: Economics For Canadians. Toronto: Oxford University Press, 1995. ISBN 0-19-540591-9

Wonnacott, Gordon and Ronald Wonnacott. Free Trade Between the United States & Canada: The Potential Economic Effects. Harvard University Press, 1967. ISBN 0674319001

Video

“Awakening Giant”, 1993, 60 minutes. Southern China is booming and looks set to create the greatest economic miracle ever seen. Lifting 1.2 billion people from poverty and creating an economy bigger than America’s.

“International Trade.” D.C. Heath (0171), 1994, 32 minutes. International Trade reviews the reasons why people and nations trade with each other and presents a balanced view of the importance of free and fair trade among all nations. It explains the meaning of comparative advantage, economic rent, and balance of payments and describes Canada’s other trading partners.

“The Bomb Under the World.” National Film Board of Canada (0388), 1995, 51 minutes. The implications of large developing countries like India adopting full-scale consumer economics is examined.

“The Banking System and the Role of the Government”, National Film Board, 1996, 30 minutes. This video examines the Canadian banking system and the significance of the Government of Canada.

“Marilyn Waring on Women & Economics”, National Film Board (0386), 1996, 30 minutes. Women remain more than 50 % of the world’s population, yet hold no more than 10 % of the seats in legislation. This video takes a hard look at the disparity between what women contribute to communities and how their work is valued.

“Money and Financial Institutions.” Nelson Canada (0397), 1997, 40 minutes. This series of five programs provides a teaching resource for both money and financial institutions and credit and personal finance.

“Needs and Wants and the Market.” National Film Board (0403), 1996, 30 minutes. An examination of the basic needs and wants of consumers.

“Sustainable development and the ecosystem approach”, National Film Board, 15 minutes. This describes the spectrum of environmental thinking, which ranges between exploitation of the environment for purely economic reasons on the one hand, and strict environmental protection to the exclusion of economics on the other.

“Trading Futures-Living in the Global Economy” CBC Nature of Things, 1993, 120 minutes.

OSS Considerations

There is an opportunity to collaborate across departments throughout the implementation of this program. Student learning is enhanced by links between career classes, cooperative education classes, and the explorations in this course. The Annual Education Plan is a valuable platform for student decision-making. Other considerations in implementing this profile are:

· The Ontario Curriculum, Grades 11 and 12, Canadian and World of Studies, 2000

· Ontario Secondary Schools, Grades 9 to 12, Program and Diploma Requirements, 1999

· The Ontario Curriculum, Grades 9 to 12, Program Planning and Assessment 2000

Anti-Discrimination Policies:

· Refer to local board documents

Equity/Social Justice Issues:

· Refer to local board documents

· Refer to the Ontario School Code of Conduct

Career Goals/Cooperative Education:

· Ontario Youth Apprenticeship Program

Community Partnerships:

· Refer to local board policies

Note: Students may earn an additional compulsory credit to meet diploma requirements by successfully completing this course.

Coded Expectations, Making Economic Choices, Grade 11,
Workplace Preparation, CIC3E

Economic Decision Making

Overall Expectations

DMV.01 · identify the economic choices that individuals, organizations, and societies must make because resources are scarce;

DMV.02 · demonstrate an ability to use economic knowledge and methods of inquiry to make informed decisions;

DMV.03 · evaluate different types and sources of economic information.

Specific Expectations

Understanding Scarcity and Choice

DM1.01 – demonstrate an ability to distinguish between an economic choice (i.e., one that involves the use of a scarce resource) and other types of choices;

DM1.02 – describe economic choices they have made and will have to make as consumers and contributors and the trade-offs involved in those choices;

DM1.03 – demonstrate an ability to distinguish between the economic resources (e.g., labour, capital, natural resources) that go into an economy and the products (i.e., the goods and services) that result.

Using the Tools of Economic Analysis

DM2.01 – apply economic concepts (e.g., opportunity cost, demand, supply) to identify and describe economic choices (e.g., to spend or to save) that consumers face;

DM2.02 – apply economic concepts and models (e.g., market analysis) to analyse the causes or forecast the effects of a change (e.g., a change in price);

DM2.03 – apply a cost-benefit inquiry to define a problem and to identify and evaluate choices from the point of view of different stakeholders.

Evaluating Economic Information

DM3.01 – identify and interpret the main ideas and significant details in various kinds of economic information (e.g., statistics, forecasts, analyses, opinions) from different sources (e.g., electronic and print media, government agencies, producers, interest groups);

DM3.02 – evaluate different sources and types of economic information in terms of their usefulness (e.g., relevance, expression of fact or opinion) and reliability (e.g., objectivity, expertise of the source);

DM3.03 – communicate effectively the results of an economic study orally or in written form to an individual or a group.

Economic Stakeholders

Overall Expectations

ESV.01 · describe the economic roles that an individual plays;

ESV.02 · identify the factors that influence consumer demand and the skills used by consumers to maximize their satisfaction in the marketplace;

ESV.03 · explain how markets determine the economic value of the individual as a contributor to the production process;

ESV.04 · compare the different forms of saving and personal investment and the criteria to be considered when selecting them.

Specific Expectations

Stakeholders and Their Needs

ES1.01 – identify those who compose the stakeholder groups of “consumer” (e.g., purchasers of goods and services and economic resources) and “contributor” (e.g., suppliers of labour, capital, and other resources);

ES1.02 – identify the criteria that different stakeholders (e.g., consumers, workers, savers, managers, owners) use to make economic decisions;

ES1.03 – apply the criteria used to make personal economic choices (e.g., what product to purchase, what employment to seek, what product to produce).

Consumers

ES2.01 – demonstrate an ability to differentiate between consumer wants and needs and consumer demand (consumers’ willingness and ability to pay for goods and services);

ES2.02 – explain the factors that influence consumers’ ability to pay for goods and services (e.g., their income, assets, and creditworthiness);

ES2.03 – apply correctly the steps involved in analysing a specific consumption choice (e.g., a car purchase, continuing education) and method of payment.

Contributors

ES3.01 – identify the different ways in which individuals contribute to the economy (e.g., as workers, entrepreneurs, savers) and how they earn income (e.g., wages, salaries, interest, dividends, rents, profits);

ES3.02 – explain how resource markets determine the value of labour (e.g., wages and salaries);

ES3.03 – compare the economic roles, skills, and contributions of entrepreneurs, managers, and employees.

Saving and Financial Planning

ES4.01 – identify the benefits of acquiring different forms of financial assets;

ES4.02 – describe the services offered by different types of financial institutions (e.g., banks, brokerage companies, insurance companies);

ES4.03 – explain the principles of sound financial planning (e.g., start saving early, diversify investments) and the criteria (e.g., liquidity, risk, rate of return) used to determine the most appropriate form of saving for an individual.

Self-Interest and Interdependence

Overall Expectations

SIV.01 · explain how self-interest motivates both consumers and producers in a market, and creates interdependence;

SIV.02 · describe the extent and nature of Canada’s economic interdependence with other nations and the significance of this interdependence to Canadian stakeholders;

SIV.03 · explain why markets sometimes fail to resolve conflicting self-interests.

Specific Expectations

Markets, Self-Interest, and Interdependence

SI1.01 – describe how consumers and producers each determine what is in their own best interest (e.g., satisfaction of need, profitability);

SI1.02 – describe how consumers (i.e., demand) and producers (i.e., supply) together determine the equilibrium selling price and the quantity sold in a market;

SI1.03 – explain the importance of competition and profit in a market.

International Economic Interdependence

SI2.01 – describe the benefits to trading partners of specialization and trade;

SI2.02 – interpret trade data to determine the total value and relative significance of international trade as a source of income, goods, and services for Canadians;

SI2.03 – explain how a change in the exchange rate affects consumers, workers, and producers.

Conflicting Self-Interests

SI3.01 – explain how and why competition in a market may diminish and describe the impact of reduced competition on economic stakeholders;

SI3.02 – explain how market forces may result in pollution and other costs for individuals who receive no benefit from production;

SI3.03 – identify the percentage of Canadians who live in poverty and explain why the income of these individuals is so limited.

Economic Institutions

Overall Expectations

EIV.01 · identify the distinguishing characteristics of Canada’s economic system;

EIV.02 · describe the role of government in the Canadian economy;

EIV.03 · explain the decision-making process used by private sector businesses;

EIV.04 · describe the role and impact of organized labour.

Specific Expectations

Canada’s Economic System

EI1.01 – compare the characteristics of a mixed economy with those of a market economy and a command economy;

EI1.02 – compare the public and private sectors of the economy with respect to the goods and services produced and the numbers of people employed;

EI1.03 – describe examples of goods and services (e.g., volunteer activity, housework, bartered and illegal goods and services) that are not accounted for in statistics related to either the public or the private sector.

The Role of Government

EI2.01 – describe specific examples of the ways in which government is involved in the Canadian economy (e.g., consumer, regulator, producer, distributor of income);

EI2.02 – identify the types and amounts of tax that an average Canadian pays in a year;

EI2.03 – describe the major expenditures of each level of government, and the public goods, services, or transfers of income each provides.

Business Organizations

EI3.01 – describe the factors that contribute to the success of a private business (e.g., competition, efficiency, entrepreneurial skills);

EI3.02 – explain ways in which firms compete with each other;

EI3.03 – identify the factors that determine which combination of labour and capital and which form of business (e.g., sole proprietorship, partnership, corporation, cooperative) a private sector producer will choose to use.

Organized Labour

EI4.01 – describe the rights and responsibilities of a union member;

EI4.02 – describe the steps that lead to the formation of a union and the steps involved in the collective bargaining process;

EI4.03 – produce an analysis of the advantages and disadvantages of different types of organized labour (e.g., unions, professional associations, worker-run collectives) from the point of view of workers, employers, and consumers.

Assessing Economic Change

Overall Expectations

ECV.01 · describe the causes and consequences of change in consumer and resource markets;

ECV.02 · explain how changes in prices, incomes, and the cost of living affect consumers;

ECV.03 · identify trends in labour markets and use this information to develop an employment plan;

ECV.04 · analyse current economic performance indicators and trends to determine the economic well-being of Canadian stakeholders.

Specific Expectations

Effects of Market Changes

EC1.01 – describe what happens to equilibrium price and quantity purchased when demand or supply changes in a market;

EC1.02 – use market analysis methods to forecast how a market change (e.g., the effects of an early frost on the apple market) will affect the demand or supply, the price, and the quantity sold of a product or service;

EC1.03 – produce an analysis of how individual stakeholders (e.g., consumers, producers, workers, investors) are affected by a specific economic change.

Effects of Prices and Incomes

EC2.01 – describe the changes in average prices and incomes over the last decade;

EC2.02 – demonstrate an understanding of relative purchasing power by calculating what an hour of labour could buy in terms of goods and services at different times in the past and what it can buy today;

EC2.03 – identify the factors (e.g., inflation) that affect an individual’s purchasing power and standard of living.

Influence of Employment Trends

EC3.01 – explain the factors that influence the demand for and supply of labour (e.g., productivity, mobility, general economic conditions, demographics);

EC3.02 – describe the knowledge, skills, and attitudes most valued by employers;

EC3.03 – identify employment markets in which demand is strong and which match their interests and abilities.

Meaning in Economic Data

EC4.01 – explain statistical indicators (e.g., productivity, unit labour cost, profit, price indices, gross domestic product, the poverty line, employment rate) used to measure economic well-being or to help make economic choices;

EC4.02 – describe measures used by organizations such as the United Nations to measure a country’s economic well-being (e.g., literacy, longevity);

EC4.03 – use statistical measures to compare Canada’s economic well-being with that of other countries, and describe the characteristics of the economies of the countries that are the most and the least able to satisfy stakeholder needs.

Ontario Catholic School Graduate Expectations

The graduate is expected to be:

A Discerning Believer Formed in the Catholic Faith Community who

CGE1a -illustrates a basic understanding of the saving story of our Christian faith;

CGE1b -participates in the sacramental life of the church and demonstrates an understanding of the centrality of the Eucharist to our Catholic story;

CGE1c -actively reflects on God’s Word as communicated through the Hebrew and Christian scriptures;

CGE1d -develops attitudes and values founded on Catholic social teaching and acts to promote social responsibility, human solidarity and the common good;

CGE1e -speaks the language of life... “recognizing that life is an unearned gift and that a person entrusted with life does not own it but that one is called to protect and cherish it.” (Witnesses to Faith)

CGE1f -seeks intimacy with God and celebrates communion with God, others and creation through prayer and worship;

CGE1g -understands that one’s purpose or call in life comes from God and strives to discern and live out this call throughout life’s journey;

CGE1h -respects the faith traditions, world religions and the life-journeys of all people of good will;

CGE1i -integrates faith with life;

CGE1j -recognizes that “sin, human weakness, conflict and forgiveness are part of the human journey” and that the cross, the ultimate sign of forgiveness is at the heart of redemption. (Witnesses to Faith)

An Effective Communicator who

CGE2a -listens actively and critically to understand and learn in light of gospel values;

CGE2b -reads, understands and uses written materials effectively;

CGE2c -presents information and ideas clearly and honestly and with sensitivity to others;

CGE2d -writes and speaks fluently one or both of Canada’s official languages;

CGE2e -uses and integrates the Catholic faith tradition, in the critical analysis of the arts, media, technology and information systems to enhance the quality of life.

A Reflective and Creative Thinker who

CGE3a -recognizes there is more grace in our world than sin and that hope is essential in facing all challenges;

CGE3b -creates, adapts, evaluates new ideas in light of the common good;

CGE3c -thinks reflectively and creatively to evaluate situations and solve problems;

CGE3d -makes decisions in light of gospel values with an informed moral conscience;

CGE3e -adopts a holistic approach to life by integrating learning from various subject areas and experience;

CGE3f -examines, evaluates and applies knowledge of interdependent systems (physical, political, ethical, socio-economic and ecological) for the development of a just and compassionate society.

A Self-Directed, Responsible, Life Long Learner who

CGE4a -demonstrates a confident and positive sense of self and respect for the dignity and welfare of others;

CGE4b -demonstrates flexibility and adaptability;

CGE4c -takes initiative and demonstrates Christian leadership;

CGE4d -responds to, manages and constructively influences change in a discerning manner;

CGE4e -sets appropriate goals and priorities in school, work and personal life;

CGE4f -applies effective communication, decision-making, problem-solving, time and resource management skills;

CGE4g -examines and reflects on one’s personal values, abilities and aspirations influencing life’s choices and opportunities;

CGE4h -participates in leisure and fitness activities for a balanced and healthy lifestyle.

A Collaborative Contributor who

CGE5a -works effectively as an interdependent team member;

CGE5b -thinks critically about the meaning and purpose of work;

CGE5c -develops one’s God-given potential and makes a meaningful contribution to society;

CGE5d -finds meaning, dignity, fulfillment and vocation in work which contributes to the common good;

CGE5e -respects the rights, responsibilities and contributions of self and others;

CGE5f -exercises Christian leadership in the achievement of individual and group goals;

CGE5g -achieves excellence, originality, and integrity in one’s own work and supports these qualities in the work of others;

CGE5h -applies skills for employability, self-employment and entrepreneurship relative to Christian vocation.

A Caring Family Member who

CGE6a -relates to family members in a loving, compassionate and respectful manner;

CGE6b -recognizes human intimacy and sexuality as God given gifts, to be used as the creator intended;

CGE6c -values and honours the important role of the family in society;

CGE6d -values and nurtures opportunities for family prayer;

CGE6e -ministers to the family, school, parish, and wider community through service.

A Responsible Citizen who

CGE7a -acts morally and legally as a person formed in Catholic traditions;

CGE7b -accepts accountability for one’s own actions;

CGE7c -seeks and grants forgiveness;

CGE7d -promotes the sacredness of life;

CGE7e -witnesses Catholic social teaching by promoting equality, democracy, and solidarity for a just, peaceful and compassionate society;

CGE7f -respects and affirms the diversity and interdependence of the world’s peoples and cultures;

CGE7g -respects and understands the history, cultural heritage and pluralism of today’s contemporary society;

CGE7h -exercises the rights and responsibilities of Canadian citizenship;

CGE7i -respects the environment and uses resources wisely;

CGE7j -contributes to the common good.

Unit 2 | Course Profiles Main Menu

Acknowledgments

Prerequisite: Canadian History in the Twentieth Century, Grade 10, Academic or Applied

Course Description

Consideration of Catholic School Graduate Expectations

Course Notes

Units: Titles and Times

Unit Descriptions

Unit 1: Introduction to Economics

Unit 2: Economics in Your Life

Unit 3: Economic Institutions and You

Unit 4: Canadian and World Economics

Unit 5: Current Economic Issues and Applications: A Culminating Unit

Teaching/Learning Strategies

Assessment & Evaluation of Student Achievement

Prior Knowledge & Skills

Accommodations

Resources

General

Websites

Church Documents

Teacher Resource Textbooks

Video

OSS Considerations

Economic Decision Making

Overall Expectations

Specific Expectations

Economic Stakeholders

Overall Expectations

Specific Expectations

Self-Interest and Interdependence

Overall Expectations

Specific Expectations

Economic Institutions

Overall Expectations

Specific Expectations

Assessing Economic Change

Overall Expectations

Specific Expectations