Course Overview

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

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

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

Canadian and World Studies, 2000

Course Description

This course explores economic concepts relating to the Canadian economic system, which will help students make informed decisions about how to use resources to satisfy wants and needs. Students use economic concepts and models, as well as methods of economic inquiry, to analyse the choices they make during their lives as consumers, contributors, and citizens in a mixed economy. The University/College Preparation course equips students with the knowledge and skills they need to meet the entrance requirements in specific programs offered at universities and colleges.

Course Notes

Economics impacts upon every individual daily. An understanding of economic forces and an ability to assess their impact both personally and generally provide students with valuable insights into their world.

Students are introduced to economic concepts in elementary school. In Grade 6, they study ‘Canada and its Trading Partners and in Grade 8 Geography, they study economic systems. Some students may not have had this previous study. This economics course provides students with opportunities to expand their understanding of economics in their life, as well as prepare them for further study in Economics.

It also provides students with opportunities to apply economic decision-making skills, evaluate economic stakeholders, analyse the role of self-interest and interdependence in their lives, analyse economic institutions and assess economic change. This course is designed to equip students with the skills and knowledge they need to prepare for specific programs offered at the universities and colleges, and may be used as a graduation requirement.

The course is designed to introduce economic concepts throughout each of the six units. Students are introduced to basic economic concepts and models with opportunities to apply these concepts in their own lives and the world around them. Each unit has a culminating activity, providing opportunities for students to develop skills and knowledge, which are demonstrated in the culminating unit.

The units were organized by clustering expectations for students to focus on themselves and microeconomics in the early units, then shift to a macroeconomic focus in the late units. Economic concepts introduced in the early units are developed as the course progresses. The learning expectations are clustered to provide students with a logical progression of knowledge, understanding, and skills development.

Units: Titles and Times

* Unit 1	The Nature and Importance of Economics	20 hours
Unit 2	Supply and Demand and the Market for Labour	20 hours
Unit 3	Financial Management and Business Organization	18 hours
Unit 4	Economic Stability and Stabilization Policy	18 hours
Unit 5	Canada and the Global Economy	18 hours
Unit 6	Current Economic Issues and The World	16 hours

* This unit is fully developed in this Course Profile.

Unit Overviews

Unit 1: The Nature and Importance of Economics

Time: 20 hours

Unit Description

How does economics play a role in life decisions? Students are introduced to basic economic concepts such as scarcity, opportunity costs, basic economic choices, production possibilities, in addition to economic systems, the economic rights and responsibilities of citizens, the ways in which governments play a role in the economy, the circular flow model and the uses of money.

The concepts are introduced using a children’s story, and are applied to a selection that the student chooses. Students apply a decision-making model, and practise analysis and oral presentation skills. The culminating activity is a presentation and bulletin board display of the impact of an environmental problem on a student-developed model.

In Unit 1, the skills of decision-making, cooperative group work, report writing, and analysis are introduced and practised in the following units to prepare for the culminating unit. This unit introduces students to basic economic concepts that are expanded and developed in the following units. All of these economic concepts and skills are brought together in the culminating unit. Expectations are clustered to permit students to practise skills and gradually develop their understanding of economic concepts in manageable portions.

Unit 1 Overview Chart

Activity	Expectations	Assessment	Focus/Activity
1	DMV.01, DMV.02, DMV.03, ESV.01 DM1.01, DM1.03, DM2.01, DM2.02, DM2.03, DM3.04, ES1.01	Knowledge/Understanding Thinking/Inquiry Application	Economic choice and decision making: How does economics play a role in life decisions?
2	DMV.01, DMV.03, SIV.01, EIV.01, DM1.02, DM3.04, SI1.01, EI1.04	Knowledge/Understanding Application	Economic systems and choices
3	DMV.01, DMV.03, ESV.04, SIV.03, EIV.01, DM1.04, DM3.04, ES4.02, SI3.01, SI3.02, SI3.03, EI1.02	Knowledge/Understanding Communication Application	Introducing the circular flow model: Creating an economic spectrum
4	DMV.02, DMV.03, ESV.04, ECV.01, DM2.03, DM3.01, DM3.02, DM3.03, DM3.04, ES4.01, ES4.02, ES4.03, EC1.03	Knowledge/Understanding Thinking/Inquiry Communication Application	Balancing economic rights and responsibilities: An economic analysis of environmental issues

Unit 1 Culminating Task

The culminating activity consists of four components which are introduced in the first activity. The first is a written report on applying basic economic concepts to a favourite movie or story. Each student then completes a decision-making matrix to determine which movie/story best applies a series of basic economic concepts by analysing opportunity costs. These tasks are completed individually. Working in small groups, the matrices are used to select the one movie/story they use to complete the third task. In the third task, students, in small groups, develop a model of an economy that best represents the chosen movie or story plot and character developments.

This model takes on a visual format, whether physical, computerized, or artistically designed. The fourth task requires that students impose an environmental crisis on their model economy to determine how stakeholders’ economic rights and responsibilities must be balanced to maintain economic and environmental sustainability. This evaluation is demonstrated with a bulletin board display/electronic slide presentation, which is used to support the model economy created in the third task.

Unit 2: Supply and Demand and the Market for Labour

Time: 20 hours

Unit Description

This unit introduces students to the key economic concepts of supply and demand and then uses the theory to study and analyse the market for labour. Through a systematic approach and a variety of practical activities, students apply the concepts of demand, supply, and the difference between a change in the quantity as a response to a change in price and a change caused in the market. The numerous factors, other than price, that affect the demand for and supply of a good or service in the market are analysed.

Students are introduced to the roles of buyers and sellers and examine and analyse the important part that each plays in the marketplace in Canada. The interaction between consumers and producers is identified as students describe and demonstrate how demand and supply determine the equilibrium selling price and quantity of a good or service sold in a market. Students identify and learn how resources are priced. They also study the impact of government intervention in the marketplace caused by the imposition of price ceilings and price floors. These basic economic concepts and models are then applied to the labour market. The causes and consequences of a change in the economic factors that affect the demand and supply for labour are analysed. The role and impact of labour organizations on the labour market are examined.

Unit 2 Overview Chart

Activity	Expectations	Assessment	Focus/Activity
1	ESV.01, SIV.01, EIV.02, ES1.01, ES1.02, SI1.02, SI1.03, EI2.03	Knowledge/Understanding Application	The theory of demand, supply, and price mechanism
2	SIV.03, EIV.02, SI3.02, SI3.03, EI2.01	Knowledge/Understanding Thinking/Inquiry	The role of government in the marketplace
3	ECV.01, EC1.01, EC1.02, EC1.03, EC1.04	Knowledge/Understanding Application Communication	How supply, demand, and price interact (e.g., in the housing market)
4	ESV.02, SIV.01, EIV.04, ECV.03, ES2.01 SI1.04, EI4.01, EI4.02, EI4.03, EI4.04, EC3.03, EC3.04, EC3.05	Knowledge/Understanding Thinking/Inquiry Application Communication	The labour market and the role and impact of labour organizations
5	DMV.02, DMV.03, DM2.01, DM2.02, DM2.03, DM3.01, DM3.02, DM3.03, DM3.04	Knowledge/Understanding Thinking/Inquiry Application Communication	Culminating Task: Exploring how changing market conditions affect career opportunities and income potential

Unit 2 Culminating Task

The culminating activity, which builds towards the culminating unit, has students examine their future in the labour force. Revisiting work done in Grade 10 Career Studies course and TAP, students examine forces that impact on supply and demand in a specific labour market of their choice. They also assess the working and labour conditions, and how factors that affect supply and demand impact a career. Students record their findings and report orally on their research.

Unit 3: Financial Management and Business Organization

Time: 18 hours

Unit Description

An individual’s decision to save, spend, or invest his/her income or acquired wealth varies at different stages in life. As a result, learning how to effectively plan for one’s current and future financial needs and wants is a skill that is much needed in all of these stages. In this unit, students demonstrate an understanding of the importance of such skills by applying financial criteria and explaining the principles of sound financial planning in making effective financial decisions.

Before completing the culminating task successfully, students study and analyse a number of financial alternatives available to individuals interested in making financial choices. The basic financial choices of whether to consume, save, or invest are investigated so that viable financial alternatives can be determined and analysed by students on behalf of their clients. In considering consumption, students evaluate consumer information sources and determine the best method of payments in making consumer purchases. In considering savings as an option, students differentiate among forms of savings and their respective incomes, and describe how savings can benefit the individual and the economy.

In considering financial assets, students demonstrate an understanding of the characteristics of different structures of business organizations and market structures as well as what motives guide their actions. This understanding allows students to develop and identify factors that affect different forms of financial assets associated with the structures. Students apply concepts of financial planning over time and identify factors that affect the value of different financial assets and risks and benefits of investing in equities.

Unit 3 Overview Chart

Activity	Expectations	Assessment	Focus/Activity
1	ESV.01, ESV.03, SIV.01, ES1.03, ES1.04, ES3.01, ES3.02, ES3.03, ES3.04, SI1.01	Knowledge/ Understanding Thinking/Inquiry	Allocating wealth and income: to spend, save or invest?
2	DMV.03, ESV.02. EIV.01, EIV.02, DM3.03, ES2.03, EI1.01, EI2.02, EI2.04, EI2.05	Knowledge/ Understanding Thinking/Inquiry	Business organization and market structures: Analysing annual reports
3	ECV.02, ECV.04, EC2.03, EC4.01, EC4.02, EC4.03, EC4.04	Knowledge/ Understanding Thinking/Inquiry	Principles of financial planning: Making financial choices
4	DMV.02, DMV.03, ECV.01, ECV.04, DM2.01, DM2.02, DM2.03, DM3.01, DM3.04, EC1.03, EC4.05	Application Communication	Culminating Task: Preparing and presenting an asset portfolio

Unit 3 Culminating Task

Once students have studied the various alternatives available in making financial choices, students can finally apply criteria to evaluate the effectiveness and appropriateness of different types of financial assets and choices at different stages of life; a skill they will inevitably employ for years to come. The culminating activity in this unit requires students, individually to prepare and present an asset portfolio developed to meet their financial needs and desires, assuming, for example, they win $100 000. To effectively do so, students apply a decision-making model introduced in Unit 1 to evaluate financial alternatives against a set of personal financial criteria, which include global investments. The ranking of these criteria allows students to plan for their best potential financial future.

Unit 4: Economic Stability and Stabilization Policy

Time: 18 hours

Unit Description

This unit provides students with the opportunity to study economics at a macro level. Students are first introduced to an expanded concept of the circular flow model. The flow of money in the economy between stakeholders is key to understanding the role of government as well as business.

From this, the concept of national accounts is introduced. Students examine the importance of each sector to the economic well-being of Canada. The role of non-monetary economic activities, such as volunteering are considered as well. The reliability and bias of economic indicators are analysed.

Next, the economic concerns of inflation and unemployment are developed. Students learn how economic indicators are determined, and how to interpret them, and how to evaluate the reliability of these indicators. The types of unemployment are also analysed.

Finally, students examine the role of fiscal policy and taxation. The different taxes paid by different stakeholders are analysed, and their impact on the economy is introduced. Government tax data and spending data are used to identify trends and impacts. The role of government intervention in an attempt to resolve conflicting self-interests of different stakeholders is analysed. This leads into a discussion of the role of government in setting a budget and managing the economy, at either the provincial or federal level, in the culminating activity.

Unit 4 Overview Chart

Activity	Expectations	Assessment	Focus/Activity
1	DMV.02, ESV.03, SIV.03, DM2.01, DM2.02, DM2.03, ES3.02, SI3.01	Knowledge/Understanding Thinking/Inquiry Application Communication	Circular flow of money
2	DMV.03, ESV.02, EIV.01, ECV.05, DM3.01, DM3.02, ES2.04, EI1.03, EC5.01	Knowledge/Understanding Thinking/Inquiry Application Communication	National accounts
3	DMV.03, ECV.02, ECV.03, DM3.01, EC2.01, EC2.02, EC3.01, EC3.02	Knowledge/Understanding Thinking/Inquiry Application Communication	Inflation, unemployment
4	DMV.02, SIV.03, EIV.03, ECV.01, DM2.02, SI3.02, SI3.03, EI3.01, EI3.02, EI3.03, EC1.03	Knowledge/Understanding Thinking/Inquiry Application Communication	Taxation and fiscal policy
5	DMV.02, DMV.03, EIV.03, DM2.02, DM3.03, DM3.04, EI3.01	Knowledge/Understanding Thinking/Inquiry Application Communication	Culminating Task: Budget analysis

Unit 4 Culminating Task

In the culminating activity, students use data they have interpreted from a previous budget to develop their own budget. This could be done as a role-play, with students as Cabinet Ministers responsible for specific portfolios, dealing with specific scenarios such as a recession or a budget surplus.

Unit 5: Canada and the Global Economy

Time: 18 hours

Unit Description

This unit introduces students to the study of international trade. Using the concepts of absolute and comparative advantage, students explain the benefits of trade. Statistical data are used to develop these concepts. Students are introduced to the culminating task of a debate early in the unit and are encouraged to begin their research notes.

The role of trade in the Canadian economy is then introduced. Students interpret current data, describe the nature of Canada’s foreign trade, and consider how trade impacts the circular flow. The relationship with the United States and other trading partners as well as their impact on Canada’s economy are examined. The well-being of different stakeholders (consumers, producers, workers, and management/shareholders) is analysed and applied to the global economy.

The impact of world events on trade, as well as on the economy is also examined. This leads into the culminating task where students participate in a debate and analyse issues with respect to their impact on Canada. The teacher may want to re-introduce course the culminating unit at this time and instruct students to begin selecting topics and begin research.

Unit 5 Overview Chart

Activity	Expectations	Assessment	Focus/Activity
1	DMV.02, SIV.02, ECV.01, ECV.05, DM2.01, DM2.02, DM2.03, SI2.01, EC1.03, EC5.01	Knowledge/Understanding Application	Economic concepts of absolute/comparative advantage
2	SIV.02, ESV.03, EIV.02, SI2.02, SI2.03, ES3.01, ES3.02, EI2.03	Knowledge/Understanding Thinking/Inquiry Application Communication	Trade in the Canadian economy, statistics, value of trade
3	SIV.02, SIV.03, SI2.01, SI2.04, SI3.01	Knowledge/Understanding Thinking/Inquiry Application Communication	Influence of the United States in Canada’s trade
4	DMV.03, ECV.05, DM3.01, DM3.02, EC5.02, EC5.03	Knowledge/Understanding Thinking/Inquiry Application Communication	Comparing Canada’s trade with the rest of the world
5	DMV.03, SIV.02, SIV.03, DM3.01, DM3.02, DM3.03, DM3.04, SI2.03, SI3.01	Knowledge/Understanding Thinking/Inquiry Application Communication	Culminating Task: Debate on trade issues

Unit 5 Culminating Task

In the culminating activity, students participate in a debate. Students can debate the pros/cons of issues such as NAFTA, globalization, the World Trade Organization, the impact of trade sanctions, the impact of Team Canada trade missions, and questions of balancing human rights with the benefits that accrue from trade. Students are divided into teams of three and select an issue and a side. The number of debates depends on the number of students. The teacher will ensure that both sides of each issue are covered. Students then write a position paper on one of the issues debated, in which they consider both sides of the issue and develop their position on the issue.

Unit 6: Current Economic Issues and The World

Time: 16 hours

Unit Description

In this course culminating unit, students take the role of trade advisor for Canada. They research a specific country in detail, concentrating on that country’s current trade relationship with Canada. They also research the current economic, investment, and political opportunities and challenges afforded by that country and consider environmental issues and concerns, human and economic rights, government policy, and type of economic system. Students apply a decision-making model which includes economic concepts studied and determine whether there are opportunities for Canadian investors/businesses to pursue, which includes economic concepts studied. Students present their research to the class (in role as trade advisors) and the teacher (in role as Minister of Trade) orally. Time is provided for students to research and prepare for presentations. After hearing all presentations, students, in small groups, then apply their decision-making model to all countries researched, and determine with which countries Canada should expand trade relationships. Students individually prepare a written report with their recommendations.

Unit 6 Overview Chart

Activity

Expectations

Assessment

Focus/Activity

DMV.01, DMV.02, DMV.03, ESV.04, SIV.02, EIV.01, ECV.01, ECV.05, DM1.01, DM1.03, DM2.02, DM2.03, DM3.01, DM3.02, DM3.03, DM3.04, ES4.01, SI2.01, SI2.02, SI2.03, EI1.04, EC1.03, EC5.01, EC5.02, EC5.03

Knowledge/Understanding

Thinking/Inquiry

Application

Communication

Unit Culminating Activity: Trade relationships with Canada

Teaching/Learning Strategies

This course provides students with many varied opportunities to learn. Students are encouraged to work cooperatively, to research, to apply critical thinking/analysis on issues, to determine bias, and to communicate orally, visually, and in writing.

The teacher is encouraged to employ a variety of teaching/learning strategies. Suggestions include role-playing, research using the Internet, collaborative learning, independent study, brainstorming, and mind mapping. Teaching strategies could include Socratic lessons, guest speakers, film/video, debates, and seminars. Economics has a unique language/vocabulary that is used to develop concepts. Teachers need to assist students to understand the new vocabulary.

In keeping with the design-down philosophy of assessment, the culminating unit provides students with an opportunity to synthesize their learning after they have had opportunities to develop skills and knowledge of concepts.

In Unit 1, students develop a decision-making framework and use cooperative group work and report writing to develop skills and concepts. In Unit 2, a combination of Socratic lessons, student discovery, simulations, and research skills are used. In Unit 3, role-play is used, and research skills are practised. In Unit 4, investigations, and research skills are developed. In Unit 5, students analyse trade theory and statistics. They then participate in a debate on trade issues related to Canada and write a position paper. In the culminating unit, Unit 6, students use the skills, concepts, and knowledge developed over the course to participate in an authentic performance in a role as trade advisor to Canada.

Assessment & Evaluation of Student Achievement

Assessment and evaluation in this course are based on the Achievement Chart in The Ontario Curriculum, Grades 11 and 12, Canadian and World Studies, 2000, pp. 246-247. The four Achievement Chart categories are Knowledge/Understanding, Thinking/Inquiry, Application, and Communication. The descriptions of Level 3 are the provincial standard for student achievement.

The Ontario Curriculum, Grades 9 to 12, Program Planning and Assessment, 2000 outlines the guiding principles with respect to assessment and evaluation for Ontario teachers. The Course Profile suggests clusters of expectations that have a focus on topics and Achievement Chart categories the teacher may consider for assessment and evaluation. A combination of formative assessment and summative evaluation of the student is expected. Activities in Unit 1 include strategies and tools to assist the teachers.

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

· Provide opportunities for student learning to improve by using formative assessment tools in each unit (e.g., visual organizers, practice quizzes, self-/peer editing).

· Model the skill you want students to master (e.g., graphing, note-taking).

· Share clearly-developed criteria for assessment and/or develop the expectations with students.

· Accommodate a variety of learning styles and special needs through modifications suggested in Individual Education Plans for exceptional students.

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

· Rubrics should make it clear to students why they were assessed as they were and how to improve.

· Performances involving group work should include individual accountability and positive interdependence.

Seventy per cent of the grade will be based on assessments and evaluations conducted throughout the course. Thirty per cent of the grade will be based on a final evaluation in the form of an examination, performance, essay, and/or other method of evaluation and administered towards the end of the course.

Accommodations

The teacher should make every effort to support all students to achieve success in this course. Many students may require accommodations. Teachers should refer to exceptional students Individual Education Plans and work with special education teachers for specific information. Economics has a very specialized language. The use of a dictionary/glossary would assist most students in the course. Modifications can easily include extra time, providing scaffolding for performance expectations, the use of visuals, and oral interviews.

In addition, the proficiency levels outlined in The Ontario Curriculum, Grades 9 to 12, English as a Second Language and English Literacy Development provide teachers with a guide to receiving and accommodating these learners in the regular classroom.

Economics has a unique language/vocabulary that is used to develop concepts. All students may need assistance, but especially ESL/ELD students. Teaching/learning strategies should show formative attention to the following aspects of language in written and oral forms:

· Develop an ongoing Vocabulary Skills development activity that initially has teacher-demonstrated vocabulary strategies that include word families, word concepts webs, mnemonics, visualization, association with idiomatic expressions, etc.

· Encourage the use of a thesaurus for vocabulary development.

· Such activities as reading/listening tasks (case study/video viewing) require a specific and concrete product expected of students, such as a note, report, completion of graphic organizer/re-enactment, or structured response.

· Note-taking/summarizing

· Words, phrases, and causal structures that indicate

· cause-and-effect relationships

· contrast/comparative/superlatives

· statements of opinion, interpretation, inference

· statements of speculation, hypothesis, prediction

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

· explanation of reason

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 would benefit greatly when models or scaffolds are initially provided for oral or written expectations.

Resources

Belsky, G. and T. Gilovick. Why Smart People Make Big Money Mistakes. New York: Simon and Schuster Trade, 1999.

Canadian Edition of Annual Editions: Economics. Whitby, ON: McGraw Hill Ryerson, 1999.

Fisher, S. and C. Turkington. Everything You Need to Know About Money and Investing. Toronto: Prentice Hall Canada Inc., 1999.

Koch, E., D. DeSalvo, and J. Langton. The Complete Idiot’s Guide to Investing Like a Pro for Canadians. Scarborough, ON: Prentice-Hall Canada Inc., 1999.

Rabbior, Gary. The BRIDGES Project Teaching Resource Kit. Toronto: CFEE, 1993.

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.

Canadian Foundation for Economic Education (CFEE) – www.cfee.org

WebEc: Resources in Economics – http://netec.wustl.edu/WebEc.html (General Economic Resources)

Government of Canada’s Business Gateway, Services for Canadian Business –
http://businessgateway.ca (Information on business startups, taxation, sector profiles)

Investor Learning Centre of Canada – http://www.investorlearning.ca

Canadian Statistics – www.statcan.ca/english/Pgdb
Access the Canadian Statistics table of contents: Latest Indicators; Economic Conditions; Primary Industries; Communication, etc.

The Daily News bin at – http://www.statcan.ca/cgi-bin/DAILY/mdaily.cgi
A wealth of materials for economics, especially for the Assessing Economic Change Strand, including:

a) http://www.statcan.ca/english/Subjects/Cpi/cpi-en.htm (CPI)

b) http://www.statcan.ca/english/Subjects/Labour/LFS/lfs-en.htm (Labour force survey)

c) http://www.statcan.ca/english/Release/2000.htm (GDP, national accounts)

Access free downloadable publications at table of contents –
http://www.statcan.ca/cgi-bin/downpub/freepub.cgi

http://estat.statcan.ca/content/english/over.htm

Free teaching materials for economics in Teaching Resources under Education Resources – http://www.statcan.ca/english/kits/index.htm
Lessons for economics – http://www.statcan.ca/english/kits/cour17.htm

Students see the effects of government policies in Canada's “modified market” economy – http://www.statcan.ca/english/kits/econo1.htm

Canada’s Federal and Provincial governments, students are shown the difficulties of managing deficits and debt in the 1990s – http://www.statcan.ca/english/kits/defic1.htm

Students should understand how price changes affect their purchasing power and become aware that there are strategies for dealing with price changes. This lesson plan uses Canadian Social Trends – http://www.statcan.ca/english/kits/senior.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. This lesson is part of the Canada Year Book 1999 Teacher’s Kit – http://www.statcan.ca/english/kits/econo4.htm
http://www.statcan.ca/english/kits/Income.htm (income, family budget)

OSS Considerations

This profile is designed to assist teachers in developing and delivering the course The Individual and the Economy, Grade 11, University/College Preparation based on The Ontario Curriculum, Grades 11
and 12, Canadian and World Studies, pp. 14-22. 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 to 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 are outlined on pp. 13-16 of The Ontario Curriculum, Grades 9 to 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. Students began the career exploration process in both the Teacher Advisor Program and Grade 10 Career Studies.

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.

Unit 1 | Course Profiles Main Menu

Acknowledgments

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

Course Description

Course Notes

Units: Titles and Times

Unit Overviews

Unit 1: The Nature and Importance of Economics

Unit 2: Supply and Demand and the Market for Labour

Unit 3: Financial Management and Business Organization

Unit 4: Economic Stability and Stabilization Policy

Unit 5: Canada and the Global Economy

Unit 6: Current Economic Issues and The World

Teaching/Learning Strategies

Assessment & Evaluation of Student Achievement

Accommodations

Resources

Websites

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