Course Overview

Making Economic Choices, Grade 11, Workplace Preparation, CIC3E

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

Course Description

Making Economic Choices explores the economic choices that students need to make as consumers and contributors in a mixed economy. Students acquire practical knowledge and skills that will help them manage their economic affairs and improve their economic well-being. Students learn about the economic decisions that have to be made by societies and individuals. They are provided with opportunities to apply their knowledge of fundamental economic principles in meaningful ways that will influence their current and future lives. They also learn the fundamentals of career and financial planning as they examine current economic issues related to consumers, financial institutions, and world economic organizations. This workplace preparation course is designed to equip students with the knowledge and skills they need to meet the expectations of employers, if they plan to enter the workplace directly after graduation, or the requirements for admission to certain apprenticeship or other training programs.

Course Notes

Students in elementary school are introduced to the study of economics in Grade 6 in the Canada and World Connections strand, “Canada and Its Trading Partners,” and in the Grade 8 Geography Unit, “Economic Systems”. In Grade 10, students have completed the half-credit course in Careers Studies and have been introduced to strategies that provide them with a starting point for their future in the working world. The Workplace Preparation course, Making Economic Choices, gives students the opportunity to further develop the knowledge and skills necessary to enter this working world as informed economic contributors. This course is designed to equip students who do not plan to continue their formal education after secondary school, with the knowledge and skills necessary to make well-informed economic and career choices and decisions. On completion of the course, students should walk away with a personal career and financial plan that will assist them in dealing with the changes and adjustments that they will inevitably face.

Students who graduate from high school into the labour force need preparation in both the nature of a mixed economy and the need for active participation in their economic lives. This course provides opportunities for the development of the practical skills necessary to understand the theoretical framework of how the pieces of the Canadian and international economy fit together. Students should be able to read the newspaper, watch the TV news, and listen to advertisements related to consumerism and financial planning with understanding and a critical eye. Students are given the opportunity to expand their learning from the Grade 10 Careers Studies course and produce a final career and financial planning portfolio that will have a practical value for students who are about to enter the working world.

As stakeholders in the community, students will be making important choices in managing their personal economic affairs and in understanding the roles played by others. Any economy or workplace is a series of interconnected relationships. Capitalism is based on the concept of “the invisible hand”; that if everyone pursues his or her own self-interest, this in turn will benefit all of society. Students should appreciate that ‘self-interest’ is not the same thing as ‘selfishness.’ Markets can fail to provide the basic necessities for some people, trade patterns change and not all countries of the world benefit equally, and technological innovation transforms work environments.

As citizens of Canada, students need to understand the characteristics of Canada’s economic system and the role the government attempts to play in stabilizing the business cycle, providing services and allocating scarce resources. The role played by private sector businesses in providing goods, services, and employment opportunities for Canadians will also be studied. There is a natural inter-dependence between consumer and producer in a free market but a perfectly free market does not exist. Conflict does therefore exist between the interests of employers, their employees, and the needs of the community as a whole. A mixed market place can provide the balance when life does not work like a classic supply and demand graph.

As citizens of the world, students need to recognize that economic change is constant and is occurring ever more rapidly since the advent of electronic communications. All students must recognize that change is not always harmless. Nor is it always helpful. Market economies are driven by creative destruction where virtually every new thing displaces something else. Individuals in the workplace can expect little permanence and they should develop the critical thinking skills necessary to determine what should be embraced, and what should be defended. Globalization, the environment, and the changing demographics of the country mean that the next fifty years will be as exciting as the last fifty years. Students should be able to understand the causes of change in consumer and resource markets, the changing nature of work, and how economic indicators such as CPI, GDP, TSE 300, which seem distant and statistically cold, relate to their lives and well-being.

This course is divided into five units that provide students with opportunities to examine economics from a practical and personal perspective. Important links exist between this course and workplace preparation courses in Mathematics and English and teachers should look for opportunities to link the learning and skill development that occurs in these courses with the topics presented in the Economics course. The learning expectations have been clustered to move the student from a very general understanding of key economic concepts to a recognition that Canada is involved in a world economy and what happens outside of Canada does indeed impact on their lives. The intent is to keep the learning practical and build knowledge and skills together so that the students gain a practical understanding of how the economic world works and how they can use information from various economic institutions to their advantage.

In the culminating Unit 5 of this course, students put together their My Personal Career and Financial Plan portfolio that has been developed through the completion of the culminating activities in each of the previous four units. In this personal career and financial plan, students provide details from their understanding of the process by which economic change occurs, their current work goals and factors that have generated these goals. They communicate their research on how to deal with financial institutions such as banks, governments, and labour unions, and their understanding of current economic issues facing Canada and the world and how these issues impact on their lives.

Units: Titles and Times

* Unit 1	Introduction to Basic Economic Concepts	19 hours
Unit 2	Economics in Your Life	18 hours
Unit 3	Economic Institutions and You	29 hours
Unit 4	Canada in the World Economy	30 hours
Unit 5	My Personal Career and Financial Plan	14 hours

* This unit is fully developed in this Course Profile.

Unit Overviews

Unit 1: Introduction to Basic Economic Concepts

Time: 19 hours

Unit Description

This unit introduces students to key economic concepts that are developed throughout the rest of the course. The unit also introduces students to the culminating activity ‘My Personal Career and Financial Plan’ portfolio. Through a series of hands-on activities, students should begin to understand the concept of scarcity, opportunity cost, and the choices that people must make in everyday life. As a result of the economic reality that one’s time and financial resources are limited, students understand that when you use a resource such as time to do one thing, that same time cannot be used to do some other activity.

Students learn about the resources that they as individuals and societies on the whole possess. The resources, or ‘factors of production’ of a nation, are defined and students see how a society must use these factors of production to answer the basic questions that every economic system must answer. Students are introduced to the various economic stakeholders in Canada and they identify the roles that they play in the Canadian economic system. The interaction between consumers and producers is recognized as students describe how demand and supply together determine the equilibrium selling price and the quantity sold in a market. Economic concepts and models are applied when analysing the causes and consequences of a change in economic factors (e.g., change in price on consumer behaviour or a change in the demand for labour as a result of technological innovation).

In the culminating activity, each student predicts the effect of changes that have occurred in the last few years to their future economic goals as a worker, consumer, and economic stakeholder. Students incorporate the concept of opportunity cost, economic choices, and the impact of change in economic factors into their portfolio. Students will begin to develop their critical thinking skills as they track and begin to predict the effect of change using a number of economic indicators.

Unit Overview Chart

Activity	Expectations	Assessment	Focus
1	DMV.01, ESV.01, ESV.02, DM1.01, DM1.02, ES2.01	K/U	Consumer Decision Making – Scarcity and Choices
2	DMV.01, ESV.01, SIV.01, EIV.01, DM1.03, ES1.01, SI1.01, EI1.01	K/U, T/I	Canada’s Economic System – Resources and Products
3	DMV.02, ESV.02, SIV.01, DM2.01, ES2.01, SI1.01, SI1.02, SI1.03	K/U, C, T/I, A	Consumers - Demand, Supply and Price Determination
4	ECV.01, ECV.02, EC1.01, EC1.02 EC1.03, EC2.03	T/I, C, A	Economic Factors – Changes and their Effects
5	DMV.02, ESV.01 ESV.02, ECV.03, DM2.01, DM2.02, DM2.03, ES1.01, ES2.01, EC3.03	K/U, T/I, C, A	Predicting the Effect of Change: Culminating Activity

K/U = Knowledge/Understanding C = Communication

T/I = Thinking/Inquiry A = Application

Unit 2: Economics in Your Life

Time: 18 hours

Unit Description

This unit provides students with an opportunity to examine the day-to-day decisions that an individual must make as a worker and as a consumer. Students first identify the criteria that different stakeholders use to make economic decisions. They examine the difference between wants and needs and have the opportunity to discuss their personal views on each topic identified in this unit. In bringing the study of economics to a personal level, students might very well base their personal criteria on their individual background and experience. Stereotypes and biases should be identified and addressed. Activities allow for students to do personal exploration of their personal values and to recognize that there are many alternative approaches to personal finance. The goal is for students to recognize that while alternative approaches are used, economic decisions should be geared to the interests of the rational consumer, one who aims to maximize her/his satisfaction.

Students then apply their knowledge to make personal economic choices regarding the employment they might reasonably seek, how they determine their income and expenses and the options that are available to consumers when the time comes to finance a major purchase.

In the culminating activity, each student will research and communicate the necessary information required by a consumer when contemplating or making a major purchase. There will be evidence of the decision-making process as well as the creation of an initial budget plan. This budget process will be completed in the final culminating activity. The unit thus focuses students’ research on the practical information that is required to make informed decisions and choices concerning their role in the working world and issues that arise from that decision. This culminating activity builds towards the final unit, in which students present the research contained in My Personal Career and Financial Plan portfolio.

Unit Overview Chart

Activity	Expectations	Assessment	Focus
1	ESV.01, ECV.03, ES1.01, ES1.02, ES1.03, EC3.03	K/U	My Role in the Working World
2	ESV.03, ESV.04, ES3.01, ES4.01, ES4.02, ES4.03	K/U, T/I, A	Determining My Income, and Developing a Savings Plan
3	DMV.01, ECV.01, ECV.02, DM1.02, EC1.03, EC2.01, EC2.03	T/I, C, A	Determining My Expenses
4	DMV.02, ESV.02, DM2.03, ES2.01, ES2.02, ES2.03	K/U, T/I, C, A	Making the Most of My Resources
5	DMV.02, SIV.01, ESV.02, DM2.01, DM2.03, SI1.01, ES2.02, ES2.03	K/U, T/I, C, A	Making a Major Purchase: Culminating Activity

Unit 3: Economic Institutions and You

Time: 27 hours

Unit Description

This unit focuses on Canadian economic institutions and provides students with opportunities to investigate the workings of each. Each institution is examined from the perspective of the individual. Students continue their research on financial institutions from the perspective of personal long range financial planning. They describe the services offered by different types of financial institutions and explain the principles of sound financial planning. They apply the criteria that should be used to determine the most appropriate form of saving for an individual.

The role of the different levels of government in the Canadian economy is examined and students consider the amount and types of tax that they pay as part of their personal economic activities. An analysis is produced of the advantages and disadvantages of different types of organized labour from the point of view of workers, employers, and consumers. Students are given the opportunity to describe the strengths and weaknesses of private businesses and to consider the forms of competition that companies face in the private sector.

All economic institutions provide information to the public on their activities. In the culminating activity, each student gathers information from a specific economic institution and produces a pamphlet or poster that provides information that could be used by the public and the student as she/he works toward the culminating unit. Students might choose to compare current interest rates from banks, credit unions for savings accounts, investment products, and five-year closed mortgage rates.

Alternative topics might include information on the type and amount of taxes paid by Canadians, information on how to contact appropriate government offices that deal with job retraining, labour disputes, and tax problems. Pamphlets might also contain information on the structure and functions of a modern union or information that one would need to know if one was considering starting her/his own business. Posters might present the theme of various forms of competition as depicted in advertisements or headlines that describe forecasts of the future direction of various sectors of the economy. Through this activity, students take a critical look at how information can be used by the individual to guide her/him in making informed economic choices and decisions.

Unit Overview Chart

Activity	Expectations	Assessment	Focus
1	ESV.04, DM1.02, ES4.01, ES4.02, ES4.03	K/U, T/I, C	Financial Institutions and My Personal Financial Plan
2	EIV.02, EI1.01, EI1.02, EI1.03, EI2.01, EI2.02, EI2.03	T/I, C	The Government and its Impact on My Economic Well-being
3	EIV.04, ESV.03, ECV.03, EI4.01, EI4.02, EI4.03, ES3.02, ES3.03, EC3.01, EC3.02	T/I, C, A	The Role in Organized Labour and its Impact on My Working Life
4	EIV.03, SIV.03, EI3.01, EI3.02, EI3.03, SI3.01	K/U, T/I, C	Business Organizations and Types of Competition
5	DMV.02, DMV.03, DM2.03, DM3.01, EC3.03	K/U, T/I, C, A	Using Information from Economic Institutions to produce a pamphlet/poster that helps me to Plan My Economic Future: Culminating Activity

Unit 4: Canada and the World Economy

Time: 27 hours

Unit Description

This unit begins by identifying the distinguishing characteristics of Canada’s economic system. Students compare Canada’s economic system with other types of economic systems and compare the role of the public and private sectors of the Canadian economy.

International trade is examined from the perspective of how it impacts the income, goods, and services available to Canadians. Trade data are interpreted to determine relative significance to the Canadian economy and the various economic stakeholders. Canada’s role in the world economy gives students the opportunity to compare the economic well-being of Canadians with people in other countries through an examination of the statistical measurements used by organizations such as the United Nations.

In the culminating activity, students work in cooperative groups and select a country with which Canada engages in trade. Groups prepare reports that identify the types of goods and services that are involved and the importance of this trade to Canadians and Canada’s overall economy. Statistics such as GDP per capita are used to measure and compare Canada’s economic success with that of other countries. Through the use of Internet research, students present their findings through a series of maps, charts, tables, and graphs. This is an opportunity to link and apply learning and skills that students might gain if they are taking the Grade 11 Geographics: The Geographer’s Toolkit, Workplace Preparation course.

Students include their findings in their ‘My Personal Career and Financial Plan’ portfolio. Throughout this unit, students become familiar with the terms and statistics by which economic performance is measured through world organizations. Students apply this knowledge to their personal portfolio and reflect on how this information is significant in their lives as Canadian stakeholders.

Unit Overview Chart

Activity	Expectations	Assessment	Focus
1	EIV.01, EIV.02, EI1.02, EI1.03, EI2.01, EI2.03	K/U	Public and Private Sectors of the Economy
2	DMV.01, SIV.02, DM1.02, SI2.01, SI2.02	K/U, T/I	How Canada and I Benefit From Foreign Trade
3	SIV.02, EIV.01, ECV.04, SI2.03, EI1.01, EC4.03	T/I, C	Canada’s Role in the World Economy
4	DMV.03, ECV.02, ECV.04, DM3.02, DM3.03, EC2.01, EC4.01, EC4.02	T/I, C, A	How Canada’s Economic Performance is Measured
5	DMV.03, SIV.02, EIV.01, ECV.04, DM3.01, DM3.02, DM3.03, SI2.02, EI1.01, EC4.01, EC4.03	K/U, T/I, C, A	Canada and the World: How We Rate: Culminating Activity

Unit 5: My Personal Career and Financial Plan: A Culminating Unit

Time: 14 hours

Unit Description

In this culminating unit, students pull together the pieces that have been developed throughout the course and prepare a presentation of their ‘My Personal Career and Financial Plan’ portfolio. The elements of this portfolio are a compilation of the culminating activities in each of the previous four units. Students are expected to have kept records of advertisements, articles, brochures, media reports, and their reflections on economic issues presented during the course. Students might have also critically re-examined a career study done in the Grade 10 Careers Studies course.

Each student presents the final report to a panel, which ideally is made up of administration, teachers, students, parents, and members of the community or volunteers who role-play as members who represent business and labour. Students present oral reports that summarize their learning. Alternatives to presenting before a panel could include timed carousels or open storefront presentations. Overheads, charts, maps, and graphs might be used to enhance the presentation. Products such as a brochure, pamphlet, or economic scrapbook might also be developed to aid in their presentation. Such a presentation validates the portfolio activity and allows students to see the value of the learning they have achieved.

Student learning should be personalized to reflect the individual goals as a worker/employer, consumer/producer, taxpayer, and Canadian citizen. The evaluation of this performance task should be counted towards the 30% final evaluation of the course. Opportunities for self- and peer assessment of the Portfolio should be built into this unit as a prerequisite to the summative performance task being presented before the panel and evaluated.

Unit Overview Chart

Activity	Expectations	Assessment	Focus
1	DMV.03, ESV.01, SIV.03, ECV.02, ECV.03, ECV.04, DM3.02 ES1.03, SI3.02, SI3.03, EC2.01, EC2.02, EC3.03, EC4.01	K/U, T/I, C, A	Final preparation and presentation of students’ Personal Career and Financial Plan Portfolio

Teaching/Learning Strategies

This course lends itself to a variety of teaching strategies and learning styles. These strategies encourage students to think critically, work cooperatively, and conduct research from various print and electronic sources that have a practical value to their lives. Students should be given opportunities to discuss topics associated with current economic issues, recognize varying perspectives of different stakeholders in the Canadian economy, and make informed decisions for themselves on numerous economic and career choices available to them.

The teacher is encouraged to develop learning strategies that meet the needs of students with a wide variety of learning styles and abilities. Suggested learning strategies include: research and data collection through guided Internet searches, role playing, simulations, collaborative learning, brainstorming, mind mapping, independent study, and personal reflection. To support different learning styles, videos, guest speakers, field trips, and a wide variety of printed material from newspapers and magazines should be used. The teacher should employ a number of teaching strategies including Socratic lessons, providing prompts for personal reflection, arranging for guest speakers, and discussion.

In Unit 1, students develop skills in note-taking, data analysis, and 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. Students should be introduced to a current economic issue. Suggested topics include: a) the change in price of some essential good or service (e.g., the price of food or public transit); b) change in demand for some type of labour (e.g., through layoffs, or a new business starting up); c) change in taxation (e.g., either an increase or decrease); d) change in the supply of a raw material (e.g., oil, natural gas or some other fossil fuel); e) change in some significant economic indicator (e.g., the TSE or the Canadian dollar). Students explore the factors that caused the change and the impact that such changes might have on their personal economic and career goals and the lives of Canadians in general.

Unit 2 further develops these skills within the framework of conducting personal research on possible career paths and the subsequent determination of income and expenses. This personal research, which would be aided by the teacher through guided Internet searches, has the student prepare an analysis of the many elements involved in choosing and financing a major purchase. Students should prepare personal budgets, including a savings plan and explore the various sources of credit and their respective costs and benefits. The item to be purchased should be within the realm of possibility and should allow students to see clearly how a financial goal can be reached.

Unit 3 introduces students to the data analysis associated with economic institutions such as banks, insurance companies, governments, labour unions, and business organizations. Students work in cooperative groups to identify, interpret, and analyse statistical data gathered from these institutions. Each student then presents a summary of findings in the form of a brochure that indicates how data can be used to guide decision-making and critically apply research to future economic goals. It would be appropriate to invite guest speakers from the community, who represent these economic institutions, to provide a human face behind the data that such institutions produce. Students would then have the opportunity to apply their listening and inquiry skills by developing questions and answers in language that makes sense to them.

Unit 4 moves the student beyond the home in an examination of the distinctions between the public and private sectors of the Canadian economy and an analysis of the world economic structures that impact on Canadians. Students work in cooperative groups to select a country with whom Canada trades and they examine trade statistics to determine how they benefit from this trade and how Canada compares to the selected nation from the perspective of workers, producers, and consumers. They examine the means by which each nation’s economic performance is measured and produce personal reflections on how the standard of living of Canadians compares to that of others in the world.

The culminating Unit 5 gives students the opportunity to apply and communicate their learning through the presentation of their ‘My Personal Career and Financial Plan’ portfolio. Students are required to demonstrate a synthesis of their learning in the course by presenting their portfolios to a panel that includes teachers, students, parents, and members of the community who represent business and labour. These portfolios should build in a practical and immediate way to work that students have completed from the Careers Studies course in Grade 10, the TAP program, and work that they may be doing in a Cooperative Education program.

The units and activities developed in this course should keep this end in mind. The activities in each unit lead to a unit culminating activity and these are intended to build towards this summative performance task. The portfolio includes personal reflections, articles, media reports, brochures, and advertisements that reflect students’ 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. The course culminating unit can be applied towards the final 30% evaluation of student performance in this course.

Economics uses a unique language/vocabulary in concept development. In order to help all students, but especially ESL/ELD students and special needs students, teaching and learning strategies should show formative attention to the following aspects of language in written and oral forms:

· specialized vocabulary/idioms

· wide range of tense use, active, and passive voice

· words, phrases, and clausal structures that indicate:

· sequence/chronology

· cause/effect relationships

· contrast, comparatives, superlatives

· statements of opinion, interpretation, inference

· statements of speculation/hypothesis/prediction

· statements of belief, intent, necessity, persuasion, evaluation, definition

· explanations of reason

· formation of questions for formal and informal circumstances, oral or written

· active listening skills (e.g., phrases, and syntax that express encouragement, requests for repetition, clarification, and restatement)

· activities such as reading/listening tasks (case-study/video-viewing) need a specific and concrete product expected of students

· completion of a graphic organizer/re-enactment or structured oral response

· note-taking/summarizing

· non-verbal communication skills of particular importance to presentation tasks

Language development and the expression of concepts taught are greatly facilitated if written tasks are reinforced by oral tasks, and vice versa. All learners with difficulties benefit greatly if models or scaffolds for oral and written expressions are provided by the teacher.

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. Activities in the sample Unit 1 suggest formative assessment and summative evaluation strategies and tools. Sample rubrics are provided for some of the major activities and for the unit culminating activity. The Course Culminating Activity is designed to be a “work in progress” for all students of Making Economic Choices.

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).

· Model the skill that you want the students to master (e.g., interpreting and 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).

· Develop these tools with students to help 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.

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

· 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.

· Use a few comprehensive rubrics that are adaptable to a variety of activities; they should be generic to avoid assessment confusion.

· Portfolios can be used as a way for students to collect information that can then be used with a rubric to demonstrate achievement.

· Give practice tests to inform students of the expectations to be met.

· Give students the opportunity to choose their best tests or assignments.

· Provide students with examples of the task required through exemplars.

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

Accommodations

Every effort is made to support all students in achieving success in their courses. Specific modifications and accommodations are recommended with each activity in Unit 1. Individual Education Plans for identified students provide teachers with specific learning strategies that work best with individual students. As well, the proficiency levels outlined in The Ontario Curriculum, Grades 9-12, English as a Second Language and English Literacy Development, 1999 provide teachers and school administrators with a guide to receiving and accommodating these learners in the regular classroom.

There are a variety of strategies that can be used for those students with special needs. Teachers are encouraged to work with the Special Education teacher to review students’ IEPs (Individual Education Plans) to decide the best course of action to assist them in meeting the expectations of the Making Economic Choices course. Students with specific learning difficulties may require specific modifications to meet their particular needs in terms of learning, communication, and expression strengths and weaknesses. Students with attention deficit and behavioural challenges need to have opportunities for active learning and interaction within a structured environment. There are numerous opportunities throughout the course for the enrichment of gifted students who for one reason or another might choose to take this Workplace Preparation course.

ESL/ELD learners, like all learners, have different learning styles; therefore a wide variety of Teaching/Learning Strategies and Assessment/Evaluation Techniques should be used in any classroom. Teachers need to be aware that no assumption of prior knowledge of Grade 8-10 History and Social Studies curriculum can be made for ESL students. Therefore, teachers should build in a number of skill development activities throughout the course designed to develop students’ vocabulary, reading comprehension, aural, skimming and scanning and media analysis skills. The incorporation of an Economics Glossary is of benefit to all students since there is a language unique to economics and the appropriate use of economic terms will benefit students when they describe their economic reasoning and decision-making processes.

Many assessment tools for ESL/ELD students will be formative, both in the assessment of understanding of concepts and the acquisition and practice of the specifically identified language forms necessary to express those concepts. The ESL/ELD learner’s self-esteem and motivation to learn benefits greatly when courses allow expression of their individual skills, interests, and varied life experiences in the family, communities, and countries of origin. Sensitivity to the diversity of cultural, ethnic, religious beliefs and the customs, socio-economic levels, and family structures of newcomer students entails accommodations to the structuring of learning experiences and resources. Subject content should be introduced/presented in ways that focus on its relevance to ESL/ELD students needs, be they communicative/language, acculturation, day-to-day survival, social, physical, emotional, or cognitive.

Resources

Reference

Crane, David. A Dictionary of Canadian Business and Economics. Toronto: Stoddart Publishing, 1993. ISBN 0773726918

Heilbroner, Robert and Lester Thurow. Economics Explained: Everything You Need to Know about How the Economy Works and Where It’s Going. New York: Simon & Shuster Inc., 1994. ISBN 0671884220

Lanigan, Jane, ed. Economics. Danbury: Grolier Educational, 2000. ISBN 0717294927

Zapotochny, Joe. The Canadian Sourcebook. Don Mills: Southam Inc., 2000. ISBN 155257038X

Books

Anderson, Sarah. Field Guide to the Global Economy. N.Y.: The New Press, 2000. ISBN 1565844211

Cavanagh, John and John Gershman, eds. Trading Freedom: How Free Trade Affects our Lives, Work and Environment. Toronto: Between the Lines Press, 1992. ISBN 0921284608

Chilton, David. The Wealthy Barber. Roseville: Prima Publishing, 2000. ISBN 0761513116

Edmonston, Phil. Lemon Aid: New Cars 2001. Toronto: Stoddart Publishing, 2000. ISBN 0773761640

Edmonston, Phil. Lemon Aid: Used Cars 2001. Toronto: Stoddart Publishing, 2000. ISBN 0773761225

Feather, Frank. Canada’s Best Careers Guide 2000. Toronto: Warwick Publishing, 1999.
ISBN 1894020421

Foot, David K. Boom, Bust and Echo 2000. Toronto: McFarlane, Walter and Ross, 1998.
ISBN 1551990296

Heron, Craig. The Canadian Labour Movement: A Short History. Toronto: James Lorimer and Company, Limited, 1996. ISBN 155028522X

Kuyek, Joan Newman. The Phone Book: Working at the Bell. Toronto: Between the Lines Press, 1979. ISBN 0919946135

Luciani, Patrick. What Canadians Believe, But Shouldn’t About Their Economy: 26 Economic Myths. Don Mills: Addison-Wesley Publishers, 1993. ISBN 0201601680

Pfeiffer, J. William. Roadkill on the Information Highway: The Future of Work in Canada. Toronto: Pfeffer and Company, 1999. ISBN 189433499X

Rabbior, Gary. Money and Youth. Toronto: Canadian Foundation for Economic Education.

Wylie, Betty Jane and MacFarlane Lynne. Everywoman’s Money Book. Toronto: Key Porter Books, 1995. ISBN 1550136526

Magazines

Canadian Business: A weekly magazine covering issues in the Canadian business and economic community.

Consumer’s Report: A monthly guide to the best buys for major purchases. An on-line version is available on a subscription basis.

Videos

Economix – Volume One. Videocassette. Daniel Frenette and Andre Lauzon. Dir. Jim Delaurier. Prod. National Film Board of Canada, 1996. (Catalogue Number 117C 9196 034)

Economix – Volume Two. Videocassette. Daniel Frenette and Andre Lauzon. Dir. Jim Delaurier. Prod. National Film Board of Canada, 1996. (Catalogue Number 117C 9196 035)

Economix – Volume Three. Videocassette. Daniel Frenette and Andre Lauzon. Dir. Jim Delaurier. Prod. National Film Board of Canada, 1996. (Catalogue Number 117C 9196 036)

Economix – Volume Four. Videocassette. Daniel Frenette and Andre Lauzon. Dir. Jim Delaurier. Prod. National Film Board of Canada, 1996. (Catalogue Number 117C 9196 037)

Humanity and Economics. Videocassette. CHRO-TV. Prod. Magic Lantern Video. 1994.

North American Economics. Videocassette. CTV Television Network. Prod. Magic Lantern Videos. 1989.

Websites

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

Adbusters – www.adbusters.com

Bank of Canada – http://ftp.bank-banque-canada.ca/english/intro-e.htm

Banks (links to all Canadian Banking Websites) – www.cdn-net.com

Better Business Bureau. Better Business Bureau. Council of Better Business Bureaus. 2000. 20 December 2000. – http://bbb.org
Information on businesses both in United States and Canada and various tips on making major purchases.

Canadian Bankers Association – www.cba.ca

Canadian Foundation for Economic Education – www.cfee.org

Canadian Council of Social Development – www.ccsd.ca

Canadian Labour Congress – http://www.clc-ctc.ca

Canadian Tax Foundation – www.ctf.ca

CIA World Factbook. Central Intelligence Agency. 1 January 2000. 14 December 2000. – http://www.odci.gov.cia/publications/factbook/index.html
An extensive list of demographic and economic statistics for each nation in the world.

Globe and Mail – www.globeandmail.com

Homepage of the Canadian Union of Public Employees – http://solinet.org/cupe.html

International Labour Standards – http://www.ilo.org

National Institute for Consumer Education. N.I.C.E. Mini-Lessons. Eastern Michigan University. 20 December 1999. 20 December 2000. – http://www.emich.edu/public/coe/nice/minilesson.html
Although American, this site provide relevant lesson plans and activities for students on credit, financial management, money and children, buying cars and houses, frauds, and scams.

Schneiderman, Anders and Newman, Nathan. The National Budget Simulator. University of California at Berkeley Centre for Community Economic Research. No Date. 5 December 2000.
Students are asked to cut the 1995 fiscal deficit by making changes in government expenditure and taxation. The scenario would have to be fleshed out by the teacher, but it is a good activity that allows the students to understand the trade-offs governments must make.

Social Justice – www.socialjustice.ca

Sosin, Kim. Explorations in Economic Demand. University of Nebraska at Omaha Centre for Economic Education. No Date. 6 December 2000. – http://ecedweb.unomaha.edu/Dem_Sup/demand.htm
This webpage is designed to teach the concepts of supply and demand to high school students. The lesson is based on making decisions about buying a pair of jeans. Some parts may be a little challenging for this stream, but basically the concepts are explained clearly and there is a self-quiz at the end.

Statistics Canada. Canadian Statistics. Government of Canada. 14 December 2000. 14 December 2000. – http://www.statcan.ca
Listings of Canadian economic, demographic and social statistics, census results, and links to statistics for other provinces and countries.

United Nations Development Programme. Human Development Report. United Nations. August 2000. 14 December 2000. – http://www.undp.org/hdro
Lists rankings of countries according the quality of life based on statistics chosen by the United Nations. It also includes a rationale for choosing those particular statistics.

The Economist Homepage – www.economist.com

The Toronto Stock Exchange – http://tse.com

Toronto Star – www.torstar.com

The Canada Labour Code – http://canada.justice.gc.ca/STABLE/EN/Laws?Chap/L/L-2html

OSS Considerations

This profile is designed to assist teachers in developing and delivering the course Making Economic Choices, Grade 11, Workplace Preparation based on The Ontario Curriculum, Grades 11 and 12, Canadian and World Studies, 2000, pp. 23-28. With reference to the requirements for the Ontario Secondary School Diploma, students can use this course as an additional compulsory credit or as one of the twelve optional credits identified in Ontario Secondary Schools, Grades 9-12, Program and Diploma Requirements, 1999. Expectations for accommodations and modifications are outlined in section 7.12 (pp. 56-58) and Appendix 6 (pp. 74-75). The basis for assessment, evaluation, and reporting practices is outlined on pp. 13-16 of The Ontario Curriculum, Grades 9-12, Program Planning and Assessment, 2000. Career exploration is a component in the course and is aligned with Choices Into Action: Guidance and Career Education Program Policy for Elementary and Secondary Schools, 1999.

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.

Unit 1 | Course Profiles Main Menu

Acknowledgments

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

Course Description

Course Notes

Units: Titles and Times

Unit Overviews

Unit 1: Introduction to Basic Economic Concepts

Unit 2: Economics in Your Life

Unit 3: Economic Institutions and You

Unit 4: Canada and the World Economy

Unit 5: My Personal Career and Financial Plan: A Culminating Unit

Teaching/Learning Strategies

Assessment & Evaluation of Student Achievement

Accommodations

Resources

Books

Magazines

Videos

Websites

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