Course Overview

The Individual and the Economy, Grade 11, University/College Preparation, CIE3M

Course Description

Students who study economics develop an understanding of different economic systems and institutions, both in Canada and throughout the global economy. A knowledge and understanding of economics helps students appraise when markets are best able to serve the public interest, and when collective or government action is necessary. An examination of how markets, prices, and governments influence economic decision-making is used to assess economic issues and choices from an ethical perspective, which must be made as derived from the Catholic tradition. Applying economic theory to current issues and situations provides students with an opportunity to develop thinking, inquiry, and communication skills. Students use economic concepts and models, as well as methods of economic inquiry, to analyse the choices they make as they live their lives as consumers, contributors, and citizens in a mixed economy. This course equips students for further study of economics at the university or college level.

Consideration Of Catholic School Graduate Expectations

This course encourages the Catholic learner to develop his/her gifts and abilities to promote growth toward personal responsibility in making economic choices. Unit topics encourage students to develop moral, ethical, and realistic decision-making in an effort to develop as conscientious Christian citizens. For example, a student of economics should be aware of the need for social and economic justice at home and internationally. Specifically, in Canada, there is the need for economic assistance for households below a subsistence standard of living; abroad, there may be the need for social conscience when considering a ‘just’ wage for labour in a developing country. What is Canada’s role in providing assistance to these developing nations? This concept of justice can be expanded to include choices at a micro-level. For example, when making investment or consumer product choices, a student may have to take into consideration the moral and ethical record of the company whose shares or products they are purchasing. Would the student’s choice(s) be consistent with Catholic social and economic teaching?

Course Notes

If a student understands economics, then regular commonplace events can be rationalized and better comprehended. This knowledge can serve to make significant improvements in the ability of students to lead productive lives as consumers, and Canadian citizens, as well as members of their local and faith communities.

The five strands in the Ontario Curriculum, Grades 11 and 12, Canadian and World Studies, economics invite students to examine concepts, which shape the Canadian economic environment. An ability to understand and use economic terminology is essential to a student’s ability to communicate effectively. With these skills students are better able to analyse the personal financial decisions they will face during their lifetime. In addition, students are better positioned to understand the rationale inherent in government intervention and regulation in the marketplace. From a wider perspective, students should begin to recognize the importance of the emerging “global economy” and their role in it.

An economy is not static, and as a result, economics is an evolving discipline, where theories are ever changing. There are often no simplistic, or all-inclusive answers to easily or concisely explain all events. Students should use a variety of knowledge, thought, and deductive reasoning to express their personal thoughts after researching a component studied during the course. Peer perceptions should help students to realize economics is diverse, changing, and often controversial. Since there are often conflicting viewpoints on economic issues, students are encouraged to examine their own ethics to determine their positions. Students call upon their Catholic faith and values to help them find this position.

This University/College Preparation course provides students with many opportunities to study economics and to express their understanding and application in varied ways. Students should become better readers and writers as they have numerous hands-on opportunities to research, create, and explain the results of their investigations.

Every effort is made to utilize “real-life” economic events. These events may be examined as they occur and are presented in the media. As an alternative, some events may be better understood as historic events. This examination of real-life events serves to embellish the study of economic theory, and can ultimately lead to a more powerful understanding of economics in theory and practice.

Rationale for Units

The course is clustered into seven units. While some educators might choose to group the course into a different set of units, the writers believe the units selected will provide teachers with an effective framework where students can achieve the required learning expectations and the Catholic Graduate Expectations in a logical progression.

Unit 1 provides students with an examination of some introductory terms and ideas. This unit is designed to introduce students to a “way of thinking and inquiry”, which examines the inherent tradeoffs an individual and a society must make due to limited resources compared to virtually unlimited wants and needs. This unit also establishes the importance of the circular and interdependent relationship between businesses/producers and workers/consumers in an economy.

Once students have been introduced to basic economic concepts (Unit 1), Unit 2 examines the theory of demand and supply, and then applies that theory to practical applications such as wage ceilings or floors, marketing boards, or other forms of government intervention. Students need to understand market equilibrium in order to develop an understanding of concepts to be studied later in the course.

Unit 3 examines the relationship between business and labour in Canada within a variety of different market structures. The concepts of scarce resources and tradeoffs, first introduced in Unit 1, will once again be examined in the context of the interaction of management and unions as each attempts to obtain its objectives within the collective bargaining process. An examination of the demand and supply of labour, and the resulting impact on wage levels, is a logical progression from the second unit.

The study of personal finance in Unit 4 helps students to develop an understanding of various practical financial matters related to their own personal wealth. This unit groups together the learning expectations related to personal investment, credit management, and budgeting. Its placement at this point in the course provides a conclusion to the micro-economic concepts studied so far.

The next two units examine macro-economic elements. The fifth unit examines national economic indicators and their relevance for the Canadian economy as well as for individuals. The sixth unit examines the importance of international trade to the economic well being of Canada. Students study important historical events, as well as the importance of Canada’s major trading partner (the United States). This unit is designed to help students to better understand Canada’s role in the global economy. By examining international trade later on in the course, students should become better equipped to understand the more complex relationships involved in international trade, in addition to applying concepts learned during the previous units.

The final unit, the examination of current economic events, provides teachers with the opportunity to have students apply concepts learned throughout the course to practical, “real world” events. These events may be unfolding as the course is being taught, or could include recent events which warrant further study and thereby assist students in applying theory to practice. This unit could be used as a culminating activity during the final ten hours of the course. Used in this manner, this unit may take the form of a major paper for class presentation. Alternatively, this unit could be an opportunity for students to examine current economic events throughout the duration of the course on a regular basis.

Units: Titles and Times

Unit 1	Introduction to Economics	20 hours
Unit 2	Supply and Demand	18 hours
Unit 3	Business and Labour in Canada	16 hours
Unit 4	Personal Financial Management	15 hours
Unit 5	Macro Economic Indicators	15 hours
* Unit 6	International Trade	16 hours
Unit 7	Current Economic Issues and Applications	10 hours

* This unit is fully developed in this Course Profile.

Unit Descriptions

Unit 1: Introduction to Economics

Time: 19 hours

Unit Description

Students acquire knowledge and terminology critical to understanding economic concepts studied throughout the course. The unit begins with an examination of the factors which relate to decision-making. Through personal, family, and social choices, students acquire a better understanding of factors and Catholic values which influence decision-making. A closer look at government and individual decision making helps students understand the economic rights and responsibilities of each of Canada’s economic stakeholders. Students are introduced to the spectrum of economic systems including the market, command, and mixed economies. The unit concludes with a look at the interdependence of businesses and individuals as key elements in the circular flow of wages, products, money, work effort. Students are introduced to the requirements of Independent Study in Unit 7.

Unit Overview Chart

Cluster	Expectations	Assessment	Focus
1	DMV.02, DM1.01, DM1.02 DM1.03, EIV.01, ES1.01, EC3.03, DM1.04	Knowledge Thinking/Inquiry Application	Economic Concepts
2	EIV.02, DM2.03, ES1.03, ES1.04, DM3.03, CGE.7A	Knowledge Thinking/Inquiry Application	Decision Making and the Individual
3	ESV.04, ES4.01, ES4.02, ES4.03, EI1.01, EC1.04, CGE.7H	Knowledge Communication	Economic Rights and Responsibilities
4	EI1.04, CGE.3C	Knowledge Communication	Economic Systems
5	SIV.01, SIV.02, ES2.01, ES2.02, SI1.01, SI1.02, SI1.03	Knowledge Thinking/Inquiry Application	Economic Interdependence

Unit 2: Supply and Demand

Time: 18 hours

The supply and demand model is used to explain how markets function. With the use of tables and graphs, students determine product price and identify the forces that help determine this price. Once students understand the concept of market equilibrium, shifts or changes in supply and demand will be examined. The unit concludes with applications of supply and demand and an examination of the effects of government intervention, or other forms of intervention, which disrupt or stabilize free market conditions. The extent of the intervention is dependent upon the values of the society and/or the individual. Students may examine, for example, government-marketing boards, price ceilings such as salary caps in professional sports, etc.

Unit Overview Chart

Cluster	Expectations	Assessment	Focus
1	ESV.01, DMV.02, DM2.01, ES1.01	Knowledge Thinking Application	Supply and Demand
2	ECV.02, SI1.03, E12.01, CGE.4B, CGE.4G	Thinking Application	Market Equilibrium
3	EC1.01, EC1.02, DM2.02, ES1.02, SI1.04, CGE.3C	Knowledge Thinking Application	Shifts in the supply and demand curves
4	SIV.03, ECV.01, SI3.02, SI3.03, CGE.3F	Application	Intervention: Price Floors and Ceilings

Unit 3: Business and Labour in Canada

Time: 16 hours

Once again the tradeoffs prevalent throughout the study of economics are examined as both sides compete for scarce resources. Students examine the motives, which drive businesses (i.e., profit), as well as the motivation behind the labour movement, (i.e., the economic well-being of its members). Market types (monopoly, oligopoly, etc.) can affect the operation of both business and labour. Students revisit the supply/demand model (previously examined in Unit 2), to view how market equilibrium is determined in unionized labour markets. Students study the legal formats under which businesses may operate (partnership, corporation, etc.). The important role that entrepreneurs play in the Canadian economy is examined. The function of organized labour and unions and their interaction with company objectives is explored through a collective bargaining simulation activity.

Unit Overview Chart

Cluster	Expectations	Assessment	Focus
1	EIV.03, EI2.02, EI2.03, EI2.05	Knowledge Thinking Application	Market Structures
2	ES2.03, EI2.04, EC3.04	Knowledge Thinking Communication	Forms of Business Organizations
3	EIV.04, SI1.04, EI4.01, EI4.02, EI4.03, EC3.03	Thinking/Inquiry	Organized Labour
4	EI4.04, CGE.1D, CGE.3C, CGE.3F, CGE.4F, CGE.5B, CGE.5E	Communication Application	Collective Bargaining

Unit 4: Personal Financial Management

Time: 15 hours

This unit begins with an analysis and interpretation of the important macro economic indicators of Gross Domestic Product (GDP), inflation, and unemployment. These indicators are important when examining the performance of an economy. With the emphasis in this unit on personal financial planning, it is important to have a general knowledge of a country’s economic performance before making investment choices in that country. During this unit students demonstrate an understanding of various practical financial applications they may require during their lifetimes. Students formulate a financial plan, which includes an examination of the Canadian economic system as it relates to them. In addition, students examine the foreign exchange value of the Canadian dollar, interest rates, government spending, taxation rates, and stock market indicators. Also, students investigate measures of personal economic well being, tax planning, and credit management techniques.

Unit Overview Chart

Cluster	Expectations	Assessment	Focus
1	EI1.02, CGE.4G	Knowledge Thinking	Money: its purpose and function
2	DMV.03, ESV.03, ES3.01, ES3.02, ES3.03, ES3.04, CGE.1A	Knowledge Thinking/Inquiry Communication Application	Savings: forms of savings and its importance
3	ES1.04, EC4.01, EC2.03	Knowledge Thinking/Inquiry Communication Application	Spending
4	ECV.04, EC4.01, EC4.02, EC4.03, EC4.04, EC4.05, CGE.5D, CGE.7A	Knowledge Thinking/Inquiry Communication Application	Investing

Unit 5: Macro Economic Indicators

Time: 15 hours

The concepts of the workings of a national economy and the relationship between various international economies provides students with an opportunity to view the impact of larger economic measures as well as those of the global economy. Concepts studied in previous units are elaborated on a wider scale, as students examine measures of national well-being. The relationship between inflation and employment is explored in addition to the other trade-offs, including those which governments are called upon to make through taxation and fiscal policy.

Unit Overview Chart

Clusters	Expectations	Assessment	Focus
1	ESV.02, ECV.05, EC5.01, ES2.04, DM3.01, DM3.02, EI1.03, CGE.2C, CGE.5C	Knowledge Thinking/Inquiry Communication Application	National Accounts
2	EC2.01, EC2.02, EC3.01, EC3.02, DM3.01, DM3.02, CGE.7B, CGE.7J	Knowledge Thinking/Inquiry Communication Application	Inflation and Employment
3	EI3.02, EI3.03, DM3.01, DM3.02	Knowledge Thinking/Inquiry Communication Application	Taxation and Fiscal Policy

Unit 6: International Trade

Time: 16 hours

This unit builds upon the macro economic concepts introduced in the previous units. The study of international trade requires students to examine the benefits which result when economies specialize and then trade with other economies which have also specialized. All countries gain when each “does what they do best”, as per the theory of comparative advantage. This examination of relative strengths and weaknesses between nations should help students to respect and affirm the diversity and interdependence of the world’s peoples and cultures in order for trade among nations to be used to the mutual benefit of all. Students consider the role and motivation of various stakeholders in Canada who stand to gain from international trade. These stakeholders include manufacturers, consumers, labour and government, as well as Canada’s trading partners.

To understand current trade trends as well as historical trade relationships, students examine statistics outlining imports and exports by various product types. Students are required to read data displayed in a variety of ways (e.g., graphs, charts, tables). This examination of current and past trends provides the basis for students to forecast future trends in trade.

Once students have examined the theoretical benefits of trade, have considered the role of the various stakeholders affected by trade, and have examined empirical statistics concerning Canada’s current and past trade patterns, they explore the importance of international trade to Canada’s economic health. Tariffs, quotas, and other trade barriers may be examined to demonstrate the negative ramifications of a world with reduced trade. The significance of Canada’s relationships with her major trading partners is identified. Students examine the important and unique trade relationship with the United States including an assessment of the North American Free Trade Agreement and other current issues. This unit concludes with a culminating activity intended to challenge students to use the knowledge and skills developed throughout the unit, to prepare a major paper or seminar related to international trade. This examination of international trade helps students to evaluate whether Canada’s trade patterns have upheld Catholic social teaching by promoting equality, democracy and solidarity for a just, peaceful and compassionate world.

Unit Overview Chart

Cluster	Expectations	Assessment	Focus
1	SI2.01, CGA.3A, CGE.3F, CGE.7F, CGE.7G	Knowledge/ Understanding	Foreign Trade
2	SI2.02, SI2.03, EI1.03, CGE.5E	Knowledge Thinking/Inquiry Application	Value of Trade to Canada
3	SI2.03, SI2.04, EC5.03, CGE.7H	Knowledge Thinking Application	Canada – U.S. Trade Relations
4	EC5.02, EC5.03, CGE.7F	Knowledge/ Understanding Communication Application	International Economic Organizations

Unit 7: Independent Study of Current Economic Issues and Applications

Time: 10 hours

Work on this unit occurs throughout the duration of the course. The decision about when to study a specific topic or event should be based on several criteria. Some topics may provide a reinforcement of concepts taught in a particular unit. For example, the “Green Movement” and personal and corporate environmental responsibility could be examined at the conclusion of Activity 3 (Economic Rights and Responsibilities), in Unit 1.

Other activities may require particular attention during an unrelated unit because the event is happening at that moment, and therefore receiving significant media coverage at that time. For example, a local labour strike may be appropriate to examine at the time it occurs, even though students are involved in Unit 1 and won’t study related concepts until the collective bargaining activity in Unit 3. There is a need for a balance to be struck between an orderly development of material and the timely discussion of current events. While current events cannot be allowed to drive the course, they are no doubt effective in enabling students to grasp how the theory is relevant in today’s world.

Students examine issues of particular interest to them and in their local community.
Examples of such issues include:

· economic progress in developing countries;

· the Green Movement and its economic implications;

· professional sports and the implications of escalating salaries and salary caps;

· mega projects and their economic impact on a community (e.g., the Confederation Bridge in P.E.I., the Olympics, the introduction of a major employer to a community);

· minimum wage laws;

· new bank technology and the cashless society;

· the Internet and its implications for an economy;

· eastern Europe’s adaptation of capitalism;

· managing a portfolio of stocks;

· labour flows between countries (based on wages and working conditions);

· the “Canadianization” of professional sports (e.g., migration of NHL teams to the U.S.,
the survival of the CFL);

· postsecondary education (e.g., how to finance, cost versus benefit);

· government budget-evaluation and impact analysis;

· case studies of specific businesses (both success and failure);

· requirements to become an entrepreneur in an emerging capitalist economy (Russia, China);

· advertising – a contributor to economic well-being? or an unnecessary cost to consumers?;

· labour practices (locally, globally).

The list provided above is not intended to be comprehensive, but rather a list of possible issues, which might, in some instances, prove worthy of further consideration. Students should be able to demonstrate their understanding of economic principles through examination of current economic issues as they unfold.

This examination of a particular topic listed should take the form of independent study to reinforce students’ understanding of the concepts taught throughout the course and to provide students with an opportunity to demonstrate their ability to apply these concepts to practical “real-world” situations. This independent study could take various forms, including but not limited to, a research paper, oral presentation, video presentation, group project, role play, situational re-enactment, etc.

Unit Overview Chart

Cluster	Expectations	Assessment	Focus
1	DM3.04, SI2.04, SI3.01, EI3.03, EC1.03, EC3.05, EC5.03, CGE.1D, CGE.2B, CGE.2C, CGE.2D, CGE.3C, CGE.5E, CGE.7E	Knowledge/ Understanding Thinking/Inquiry Communication Application	An examination of current economic issues reviewed as appropriate throughout the duration of the course

Teaching/Learning Strategies

· Provide students with a variety of learning strategies for greater opportunities for their success:

· Brainstorming	· Case studies
· Cooperative learning	· Teacher student conferencing
· Computer-assisted learning	· Discussion/debate
· Graphical analysis	· Guest speakers
· Role-playing	· Lectures
· Note-taking	· Presentations and reports
· Reading	· Researching
· Videos	· Games
· Seminars	· Culminating activity

· Integrate the technological tools and software available to promote student 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 in students’ IEPs to make appropriate accommodations based on student needs.

· Make reference to individual student’s Individual Education Plan (IEP) to establish a realistic framework for student work in the course.

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

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

· Teachers could introduce a culminating activity early in the course. This would allow students the opportunity to research a chosen topic, which may be presented at a future date.

Assessment & Evaluation of Student Achievement

To assess Knowledge/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

Assessment

Summative Assessment

The summative assessment should include an evaluation of:

· Writing and presenting a major paper

· Final written examination

Any summative form of evaluation should include all categories of evaluation (Knowledge/Understanding, Thinking/Inquiry, Communication, and Application)

Formative Assessment

· This form of assessment should be varied and should strive to accommodate a variety of learning styles. See Teaching/Learning Strategies.

Prior Knowledge & Skills

While this course has no prerequisite, some prior general knowledge and skill development would be preferred:

· Some knowledge of major events in Canadian and world history (e.g., the Great Depression)

· Ability to interpret a two variable graph

· Ability to locate specific websites

· Research skills 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 should become familiar with the Individual Education Plans of 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.

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 they 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 “student’s dictionary”

· Grouping students according to first language for brainstorming sessions

· Allowing practice sessions for oral presentations

· Pairing students with the same linguistic background

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

· Reinforcing main ideas by using peer-assessment strategies

Resources

Note Concerning Permissions

Units in this profile make reference to the use of specific texts, magazines, films, and videos. Before reproducing materials for student use from books and magazines, teachers need to ensure that their board has a Cancopy licence and that resources they wish to use are covered by this licence. Before screening videos for their students, teachers need to ensure that their board/school has obtained the appropriate public performance videocassette licence from an authorized distributor (e.g., Audio Cine Films Inc.). Teachers are also reminded that much of the material on the Internet is protected by copyright. That copyright is usually owned by the person or organization that created the work. Reproduction of any work or a substantial part of any work on the Internet is not allowed without the permission of the owner.

General

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

Samples of student 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.

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

CANADIAN STATISTICS www.statcan.ca/english/Pgdb
This site provides access to several important statistics (Latest Indicators; Economic Conditions; Finance and Services, etc.).

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 Assessing Economic Change.

LATEST RELEASE OF THE CONSUMER PRICE INDEX
http://www.statcan.ca/english/Subjects/Cpi/cpi-en.htm

LATEST RELEASE ON THE LABOUR FORCE FROM THE LABOUR FORCE SURVEY
http://www.statcan.ca/english/Subjects/Labour/LFS/lfs-en.htm

MONTHLY AND QUARTERLY RELEASES ON REAL GROSS DOMESTIC PRODUCT AND OTHER NATIONAL ACCOUNTS
http://www.statcan.ca/english/Release/2000.htm

DOWNLOADABLE PUBLICATIONS ON THE CONSUMER PRICE INDEX AND ON LABOUR
http://www.statcan.ca/cgi-bin/downpub/freepub.cgi

DATA AND ARTICLES ON THE ECONOMY: BUSINESS ENTERPRISES; NATIONAL ACCOUNTS; PRICES AND PRICE INDEXES; TRADE; ETC.
http://estat.statcan.ca/content/english/over.htm

GOVERNMENT POLICY AND THE ECONOMY http:www.statcan.ca/english/kits/econo1.htm
Through the study of fluctuations in Canada’s economic growth during the twentieth century, students see the effects of government policies in Canada’s “modified market” economy.

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 1990s.

THE CONSUMER PRICE INDEX: A MEASURE OF INFLATION
http://www.statcam/ca/emg;osj/kits/senior.htm
Students develop an understanding of how price changes affect their purchasing power and become aware that there are strategies for dealing with price changes.

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.

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 select and use appropriate methods and technology to communicate the results of geographic inquiries.

INCOME http://www.ststcan.ca/english/kits/Income.htm
The recession of the early 1990s 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.

EXCITE www.excite.com
A financial portal that serves as an organizer for stock portfolios and provides dozens of news sources.

WALL STREET JOURNAL INTERACTIVE EDITION www.wsj.com
Resource for up to the minute business news.

WALL STREET CITY www.wallstreetcity.com
This site provides market-oriented news on high tech companies in North America.

MARKET GUIDE www.marketguide.com
This site identifies financial variables used to analyse selected companies.

VALUE LINE www.valueline.com
This site provides free samples of Value Line research on featured stocks.

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.

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

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.

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.

Teacher Reference Books

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

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

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

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

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

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

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

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

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

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

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

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, balance of payment and 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 legislatures. 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 5 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 from exploitation of the environment for purely economic reasons to 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 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

Teacher/Student Safety:

Refer to local board policies

Coded Expectations, The Individual and the Economy, Grade 11, University/College Preparation, CIE3M

Economic Decision Making

Overall Expectations

DMV.01 · explain how the scarcity of economic resources requires individuals and societies to make economic choices;

DMV.02 · use economic concepts and models, and methods of economic inquiry, to analyse specific economic situations;

DMV.03 · make critical use of different types and sources of economic information.

Specific Expectations

Understanding Scarcity and Choice

DM1.01 – explain, using specific examples, the economic problem of scarcity and the choices and trade-offs that individuals must make;

DM1.02 – explain the three basic types of economic choices (i.e., what, how, and for whom to produce);

DM1.03 – describe the costs of an economic choice, using the model of the production possibilities curve and the concepts of explicit cost (i.e., money), non-monetary cost, and opportunity cost;

DM1.04 – distinguish clearly between economic resources (i.e., labour, natural resources, capital goods) and economic outputs (i.e., goods and services).

Using the Tools of Economic Analysis

DM2.01 – use economic concepts (e.g., supply and demand) to describe an economic reality or choice;

DM2.02 – use economic models (e.g., competitive market) to analyse economic relationships and to forecast outcomes (e.g., how changes in supply and demand affect price and output);

DM2.03 – apply methods of economic inquiry (e.g., cost-benefit analysis) to evaluate an economic choice from the perspective of the affected stakeholders.

Analysing Economic Information

DM3.01 – identify different types of economic information (e.g., statistics, forecasts, analysis, opinion) from a variety of sources (e.g., government, academic institutions, businesses, interest groups, the media, the Internet);

DM3.02 – analyse different forms of economic information (e.g., graphs, charts, tables) to determine their relevance, to accurately interpret their main ideas and significant details, and to distinguish between fact and opinion;

DM3.03 – evaluate the reliability of information by considering the authority of its source (e.g., based on expertise, absence of bias, or conflict of interest) and the quality of its content (e.g., use of logical arguments supported by evidence, avoidance of assumptions);

DM3.04 – effectively communicate questions, responses, and research results orally (e.g., in presentations), in writing (e.g., in reports or essays), and visually (e.g., in charts, graphs, computer presentations).

Economic Stakeholders

Overall Expectations

ESV.01 · demonstrate an understanding of the factors that influence consumer demand and satisfaction in the marketplace;

ESV.02 · identify how individuals contribute to the production process and the factors that determine what they receive in return;

ESV.03 · describe the benefits to individuals and the economy of different forms of saving and investment;

ESV.04 · describe the economic rights and responsibilities of citizens.

Consumers

ES1.01 – distinguish among wants, needs, and consumer demand (i.e., the willingness and ability to pay for goods and services);

ES1.02 – identify the factors that influence consumer demand (e.g., expectations, the availability of substitutes, taste, income);

ES1.03 – evaluate the sources and quality of information available to consumers about the products they wish to purchase;

ES1.04 – demonstrate an ability to analyse choices and determine the best method of payment (e.g., cash, credit, loan, rent, lease) when making major consumer purchases (e.g., cars, accommodation).

Contributors

ES2.01 – describe a variety of ways in which individuals contribute to the economy (e.g., as workers, investors, entrepreneurs);

ES2.02 – explain the connection between the income and productivity of a contributor to the economy;

ES2.03 – describe the traits, skills, and economic contributions that distinguish entrepreneurs from others such as inventors, employees, and managers;

ES2.04 – explain how and why some individuals contribute to the production of goods and services without financial remuneration (e.g., as volunteers, by bartering, as homemakers).

Savers

ES3.01 – demonstrate an ability to differentiate among forms of saving (e.g., through the purchase of financial assets) and capital investment done by firms;

ES3.02 – describe how saving benefits the individual and the economy;

ES3.03 – identify different forms of savings income (e.g., interest, dividends, capital gains, rent);

ES3.04 – demonstrate an ability to interpret current financial information from various sources (e.g., information from banks or stock markets that incorporates statistics and forecasts).

Economic Citizens

ES4.01 – describe the economic rights guaranteed Canadian citizens by law (e.g., ownership of both private and public property, mobility rights, equality of economic opportunity);

ES4.02 – describe the economic responsibilities of Canadian citizens (e.g., stewardship of public resources, awareness of public issues);

ES4.03 – analyse a current issue (e.g., pollution), identifying how the economic rights of individuals must be balanced by economic responsibility and public accountability.

Self-Interest and Interdependence

Overall Expectations

SIV.01 · explain how self-interest in a market makes consumers and producers interdependent;

SIV.02 · describe the extent, nature, and impact of Canada’s economic interdependence with other nations;

SIV.03 · describe ways in which governments in Canada intervene in the economy to balance the competing self-interests of stakeholders.

Specific Expectations

Self-Interest and Interdependence

SI1.01 – explain why self-interest leads to the specialization of labour and the need to rely on others (i.e., interdependence);

SI1.02 – describe the criteria that consumers and producers each use to determine which of several choices is in their own best interest;

SI1.03 – explain how the interdependence of consumers and producers in a market determines an equilibrium price that maximizes the self-interest of all stakeholders in that market;

SI1.04 – describe the nature of economic interdependence in consumer markets (e.g., substitution effect) and in labour markets (e.g., derived and interdependent demand).

International Economic Interdependence

SI2.01 – explain the benefits to trading partners of international specialization and trade that arise from comparative advantage;

SI2.02 – demonstrate an ability to interpret trade data (e.g., current and capital accounts), and to describe the nature of Canada’s foreign trade;

SI2.03 – identify the value and significance of trade to Canada’s economy;

SI2.04 – describe how events in the United States and other parts of the world affect Canada’s economy and the well-being of different groups of Canadian stakeholders.

Conflicting Self-Interests

SI3.01 – describe examples of how the self-interests of different stakeholder groups may conflict (e.g., consumers and producers, workers and management/shareholders);

SI3.02 – describe how government intervention in the economy is intended to resolve the conflicting self-interests of stakeholders;

SI3.03 – explain the effectiveness of a specific example of direct government intervention in a market (e.g., minimum wage laws, competition policy, health and safety regulations, environmental protection) from the point of view of different stakeholders.

Economic Institutions

Overall Expectations

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

EIV.02 · explain the functions of markets, profits, and the decision-making process in the private sector;

EIV.03 · describe the role and impact of government in the Canadian economy;

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

Canada’s Economic System

EI1.01 – describe the distinguishing characteristics of the private, public, non-profit, and volunteer sectors of the Canadian economy;

EI1.02 – describe the uses of money (e.g., as a medium of exchange, measure of value) in a mixed economy;

EI1.03 – use National Accounts data to measure the contributions made by the private, public, non-profit, and international (i.e., expenditures on exports and imports) sectors of the economy;

EI1.04 – compare Canada’s mixed economy with the economies of other countries in terms of the ownership of goods, services, and resources (i.e., public and private) and methods of economic decision making (i.e., markets or central authority).

The Private Sector

EI2.01 – describe how the prices established in input markets (i.e., of labour and capital) and in consumer markets (i.e., of final goods and services) determine what, how, and for whom goods and services are produced;

EI2.02 – explain the importance of profit in the private sector and the factors that determine the profitability of a business (e.g., demand, production costs, amount of competition);

EI2.03 – explain how producers determine the most efficient way to use resources and how much to produce;

EI2.04 – compare the characteristics of the different structures of business organizations (i.e., sole proprietorship, partnership, corporation, co-operative);

EI2.05 – compare the characteristics of firms and of competition in perfectly and imperfectly competitive markets (e.g., monopoly and oligopoly).

The Public Sector

EI3.01 – identify the economic responsibilities of each level of government in Canada;

EI3.02 – describe specific taxes paid by different stakeholders (income tax, sales tax, property tax, corporate tax, capital gains tax, excise tax) and classify them by type (progressive, regressive, proportional, direct, indirect);

EI3.03 – use government tax data and spending data to identify trends.

Organized Labour

EI4.01 – describe a variety of forms of organized labour (e.g., unions, professional associations, workers’ cooperatives) and the needs they satisfy;

EI4.02 – explain how organized labour can affect supply in labour markets;

EI4.03 – compare the incomes, benefits, and working conditions of organized and unorganized workers;

EI4.04 – describe the effectiveness of the collective bargaining process and other ways of resolving labour-management issues in terms of their benefits and costs to different groups of stakeholders.

Assessing Economic Change

Overall Expectations

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

ECV.02 · explain how consumers are affected by changes in prices, in incomes, and in their own needs as they grow older;

ECV.03 · identify trends in labour markets and use this information to develop career plans;

ECV.04 · describe the principles of personal financial planning;

ECV.05 · evaluate current economic data to determine the economic well-being of Canadian stakeholders.

Specific Expectations

Effects of Market Changes

EC1.01 – identify an economic change, the market(s) affected, and how supply or demand will be affected;

EC1.02 – describe how a change in supply or demand in a particular market might influence the market price and the quantity consumed;

EC1.03 – analyse an example of current change in a particular market, explaining the causes of change, identifying the stakeholders involved, and forecasting how the stakeholders will be affected;

EC1.04 – explain how an understanding of markets is in the interest of consumers, producers, and other stakeholders.

Effects of Prices and Incomes

EC2.01 – describe the construction and use of a price index (e.g., CPI, GDP price deflator, TSE 300);

EC2.02 – interpret price and income data from different time periods to determine trends in average price level, real incomes, and purchasing power;

EC2.03 – produce a forecast of income needs and earnings at different life stages.

Influence of Employment Trends

EC3.01 – describe how changes in the labour force and in the participation rate affect rates of employment;

EC3.02 – analyse the causes of specific types of unemployment (e.g., frictional, seasonal, structural, cyclical);

EC3.03 – explain the factors that cause the patterns of demand for labour and the supply of labour to change (e.g., demographic trends, advances in technology);

EC3.04 – identify the knowledge, skills, and attitudes that employers consider crucial for success in the labour market;

EC3.05 – evaluate their own interests, abilities, and expectations as they relate to future employment and compare this information with an analysis of labour market trends.

Principles of Personal Financial Planning

EC4.01 – demonstrate an understanding of people’s ability and need to save at different stages of life (e.g., changes in individuals’ budgeting and investing needs);

EC4.02 – explain the principles of sound financial planning (e.g., starting to save early, taking advantage of the effects of compound interest, recognizing the value of diversification);

EC4.03 – identify the factors that affect the value of different types of financial assets (e.g., stocks, bonds, mutual funds, real estate);

EC4.04 – identify benefits and risks of investing in equities;

EC4.05 – apply financial criteria (e.g., yield, rate of return, liquidity, risk) to evaluate the appropriateness of different types of financial assets at different stages of life.

Meaning in Economic Data

EC5.01 – explain statistical indicators such as real gross domestic product and real gross domestic product per capita, and describe how each indicator contributes to our understanding of the well-being of Canadian stakeholders;

EC5.02 – explain other measures of economic well-being (e.g., United Nations Human Development Index);

EC5.03 – produce an analysis based on the various measures of economic well-being that compares the performance of the Canadian economy with that of other developed countries.

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 6 | Course Profiles Main Menu

Acknowledgments

Course Description

Consideration Of Catholic School Graduate Expectations

Course Notes

Rationale for Units

Units: Titles and Times

Unit Descriptions

Unit 1: Introduction to Economics

Unit 2: Supply and Demand

Unit 3: Business and Labour in Canada

Unit 4: Personal Financial Management

Unit 5: Macro Economic Indicators

Unit 6: International Trade

Unit 7: Independent Study of Current Economic Issues and Applications

Teaching/Learning Strategies

Assessment & Evaluation of Student Achievement

Assessment

Prior Knowledge & Skills

Accommodations

Resources

Websites

Teacher Reference Books

Video

OSS Considerations

Economic Decision Making

Overall Expectations

Specific Expectations

Economic Stakeholders

Overall Expectations

Self-Interest and Interdependence

Overall Expectations

Specific Expectations

Economic Institutions

Overall Expectations

Assessing Economic Change

Overall Expectations

Specific Expectations