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Course Profile Analysing Current Economic Issues (CIA4U),
Grade 12, University Preparation, Public
Course Overview
Prerequisite: Any University or University/College Preparation course in
Canadian
and World Studies, English, or Social Sciences and Humanities
This
course explores the choices that individuals and societies make about the use
of resources in a competitive global economy. Students will use economic
concepts and models, as well as methods of economic inquiry to analyse current
economic issues and make informed economic choices based on their analysis.
The course, Analysing Current Economic Issues,
provides students the opportunity to explore the choices that individuals and
societies make about the uses and allocation of resources in a competitive
global economy. Through the use of key foundational economic concepts and
models, as well as methods of economic inquiry, students begin this exploration
by studying how the allocation of resources can be made individually and
collectively to satisfy the often conflicting objectives of wealth, freedom,
and equity. As the scope of this study moves from the individual to economic
institutions, students will appreciate the need and role of both private and
public stakeholders in achieving the desirable economic goals of security,
freedom, equity, performance, and well-being.
As students move from a micro study of resource
allocation to a macro perspective, they also begin to appreciate their role in
defining what economic changes need to be made to ensure economic prosperity in
the twenty-first century. By evaluating current and historical economic
statistics, students come to better understand how the well-being of citizens
can be measured and effectively compared both nationally and globally. In
completing this evaluation, they naturally extend their assessment of economic
measures, generally obtained by public institutions, to an assessment of the
role of government in meeting a nation’s economic objectives. They also develop
an understanding of the integral relationship between the study of politics and
the study of economics. As a natural extension of this understanding, students
move their exploration of resource allocation to an international level, to
investigate the incentives for, and the effects of, a country trading
internationally in order to better protect and respect globally a
To consolidate student understanding of key
economic concepts, models, and theories, students end the course by exploring
the nature and reasons for economic conflict and, in the context of analysing
current economic issues, demonstrate how informed economic choices can be made
to balance the conflicting economic objectives, rights, and responsibilities of
various economic stakeholders.
All considerations for planning and
implementation, specific rationales for the course mapping and presentation, as
well as why the expectations are clustered, are stated in the remaining text of
this overview. Activities developed in Unit 6 address bias by including
supporting materials reflecting a wide range of socio-economic, family, gender,
race, and ethnocultural interests. As well, students will be examining their
own belief systems and the belief systems underlying various national cultures
in several units in this Course Profile. This will ensure that more than one
point of view is promoted.
The teacher should be aware of the
level of difficulty and sophistication of a number of the activities in this
course and the skills needed to complete them. However, many of these
activities are designed to provide students with the skills necessary for the
culminating activities. As well, many of these activities have been directly
applied in the classroom with much su
Teachers should also be aware that much of the
theory in this course rests on two assumptions: first, that governments and
economic institutions intervene only in the best interests of all Canadian
citizens, and secondly that the market serves the public good and governments
intervene appropriately only when necessary. As a result, teachers of economics
should consider equity issues throughout the course.
This
Course Profile has incorporated a balance of individual and group work
activities. As such, teachers must be aware of the potential difficulties that
arise in group work situations particularly with respect to a
|
Unit 1 |
Applying
Theories of Economic Choice to Maximize the Welfare of a Nation and its
Citizens |
20
hours |
|
Unit 2 |
Economic
Institutions: Changes Needed to Ensure Economic Prosperity in the
Twenty-First Century |
15
hours |
|
Unit 3 |
The
Validity of Economic Measures of Performance |
20
hours |
|
Unit 4 |
Economics
and Politics: The Role of Government in the Economy |
20
hours |
|
Unit 5 |
Freer
International Trade: Incentive, Costs and Benefits |
15
hours |
|
* Unit
6 |
Economic
Conflict: Balancing the Interests of Economic Stakeholders |
20
hours |
* This
unit is fully developed in the Course Profile.
Time:
20 hours
Unit
Description
What type
of economic system best allocates resources to maximize national wealth? How
can a nation’s resources be allocated individually and collectively to best
meet the needs and desires of its citizens? Students explore responses to these
two central questions by applying fundamental economic concepts to the study of
an economics issue dealing with welfare economics. Through the use of
problem-set type questions, students demonstrate an understanding of key
economic concepts such as indifference curves, production possibility
frontiers, and budget lines. The application of these concepts in the context
of welfare economics allows students to use marginal analysis to explain how
consumers, producers, and governments make important economic choices to
satisfy the interests of individual stakeholders and the interests of a nation
as a whole. Using application questions, students also evaluate how the quality
and quantity of consumer information, among other factors, can impact on a
consumer’s optimal choice by having them apply the theories of supply and demand
to determine the overall effect on equilibrium achieved in a market. Many of
these concepts are reinforced through a seminar on Adam Smith, modelled by the
teacher and summarizing Smith’s ideas and theories in the context of welfare
economics.
This seminar also serves as a lead into the study of the component parts of
economic theories in which students compare and contrast models of economic
theory with those of the pure sciences. Through this comparison, students
identify the concepts of “normative” and “positive” economics and then apply
them to an evaluation of whether a current trend like globalization effectively
satisfies the often conflicting goals of freedom and equity. This provides yet
another opportunity for students to practise the application of welfare
economics theories. To prepare students for the unit’s culminating activity,
they are introduced to the concept of an economic spectrum, and in pairs,
present a current or historical case study representative of one of the
positions on this spectrum. This presentation focuses on defending the case
study they chose as an a
Unit
Overview Chart
|
Activity |
Learning Expectations |
Assessment Categories |
Focus |
|
1 |
DMV.02, DM1.01,
SIV.01, SIV.02, SI1.02, SI1.03, SI1.04, SI 2.02, SI4.03 |
Knowledge/Understanding
Application |
Welfare
economics: |
|
2 |
DMV.01,
DMV.03, SIV.01, SIV.04, ECV.01, DM2.01, DM2.02, DM2.03, DM2.06, DM3.02, SI1.01,
SI1.02, SI1.03, SI2.01, SI2.02, SI4.03, EC5.04 |
Thinking/Inquiry
Communication |
Comparing
the economic theories of Adam Smith and Karl Marx: seminars |
|
3 |
DMV.01,
DMV.03, ESV.01, ESV.03, DM1.01, DM1.04, DM2.03, DM2.04, DM3.01, ES3.01,
ES3.03 |
Knowledge/Understanding |
What,
how and for whom to produce? Case study presentations |
|
4 |
DMV.01,
DMV.02, DMV.03, ESV.01, ESV.03, SIV.01, SIV.04, DM2.03, DM2.06, DM3.04,
ES3.01, SI1.02, SI1.03, SI2.02 |
Knowledge/Understanding |
Culminating
Activity: Defending a charge against capitalism/communism and unit test |
Unit
Culminating Activity
Following
several assessed applications of the theory of welfare economics, students
write a closing statement from the perspective of a defence lawyer in which
they try to convince a jury of either capitalism’s or communism’s innocence in
relation to a criminal charge. The charge is: Capitalism/communism is charged
with the blatant disregard for human dignity and the environment, and with the
inefficient allocation of resources, all of which negatively impact national
wealth.
Time: 15 hours
Unit
Description
Students
learn to identify the different types of Canadian economic institutions and to
assess how their relative strengths and weaknesses have impacted on our economy
over time. Through a further examination of these various private and public
stakeholders, students determine their role in the achievement of the desirable
economic goals of security, freedom, equity, performance, and well-being.
Students begin their analysis by writing a short opinion paper evaluating the
merits of Canada’s private and financial sectors as economic engines for
growth. The teacher uses problem-set type questions to support student
understanding of the microeconomic concepts addressed in their papers. These
questions address microeconomic theory, e.g., various types of competitive
market structures and financial structures and production theory. In their
papers, students examine the degree to which Canadians have historically relied
upon governmental intervention for economic support and begin to assess
continued need for it. Following a study of the Canadian public sector and
foreign institutions, such as the International Monetary Fund (IMF) and the
International Bank for Reconstruction and Development (IBRD), students present
an assessment of how effectively their chosen organization has contributed
towards Canada’s economic development. Responding to changes brought about by
recent trends towards globalization, students next investigate source documents
and other materials to determine the viability of such measures as
deregulation, privatization, and mergers to counteract Canada’s mounting
economic instability. The class shares the results of these document analyses
in the form of round table discussions focusing on the question, What changes
should Canada make to ensure economic prosperity in the twenty-first century?
The su
Unit
Overview Chart
|
Activity |
Learning Expectations |
Assessment Categories |
Focus |
|
1 |
SIV.02,
EIV.01, EI1.01, EI1.02, EI3.02 |
Knowledge/Understanding |
Private
sector institutions/ Writing to convince; Short opinion paper |
|
2 |
EIV.02,
EIV.03, ECV.05, DM3.04, EC3.01 |
Knowledge/Understanding |
Public
sector and international institutions/ Individual and group presentations |
|
3 |
ECV.04,
DM3.02, EC1.03, EC2.04, EC5.01 |
Knowledge/Understanding |
Deregulation
and privatization of the economy/ Document analysis and discussion |
|
4 |
DM2.04,
DM3.01, SI4.02, EI1.04, EC1.04 |
Knowledge/Understanding |
Culminating
Activity: Utopia argumentative paper, Unit Test |
Unit
Culminating Activity
In
groups, students research and produce argumentative papers that recommend
Utopian-style solutions to Canada’s current economic problems by proposing
changes to the role of private, public, and foreign economic institutions in
our economy. In groups of three, students first research excerpts of major
Utopian theories, such as, but not limited to, Plato’s Republic, More’s Utopia,
Engels’ Socialism: Utopian and Scientific, and later twentieth century
examples to more fully understand the historical context behind the concept of
“Utopia.” Students then divide up the three institutional categories and
prepare viable recommendations that ultimately work together to ensure
continued Canadian prosperity. Students create a formal group paper that
presents a unified and workable plan for the attainment of Canada’s economic
goals in the twenty-first century.
Time: 20 hours
Unit
Description
How well
have measures of Canada’s economic performance really measured the well-being
of its citizens relative to other countries of the world? How has the standard
of living across various regions of Canada differed? Commonly used measures of
economic well-being such as GDP, inflation, unemployment, and national income
are frequently used to answer these central questions. Students critically
evaluate the validity of these measures and, in a panel discussion, present
their own responses to these questions. Students demonstrate a fundamental
understanding of each of these measures, their meaning, how they are
calculated, what factors affect them, and how they may be interpreted by
completing an assessed series of problem-set type questions. With this
fundamental understanding, students then complete a series of tasks that allow
them to evaluate the validity of each significant measure independently.
Through the use of a supported opinion paper, students respond to the focus
question, i.e. is the GDP statistic a valid measure of economic growth. In
responding to this question, students consider the costs and benefits of
economic growth as well as its limitations as a measure of well-being. Students
evaluate such concepts as inflation, unemployment, and the standard of living
as valid measures of economic well-being through case studies supported by students
responses to their validity. Lastly, students present their positions on the
validity of income statistics through a visual representation in the form of
their choosing. This visual representation must address the composition and
distribution of real incomes in the Canadian economy and focus on the validity
of income statistics in measuring poverty. In culmination, each of these tasks
supports the completion of the unit culminating activity described below and
requires that students apply and evaluate various types of economic
information.
Unit
Overview Chart
|
Activity |
Learning Expectations |
Assessment Categories |
Focus |
|
1 |
DMV.02,
DMV.03, EIV.04, ECV.01, ECV.02, DM1.02, DM 3.03, DM3.04, EI4.01, EC1.01,
EC1.02, EC 2.01, EC2.02 |
Knowledge/Understanding |
Supported
opinion paper on: Is the GDP statistic a valid measure of economic growth? |
|
2 |
DMV.03,
ECV.01, ECV.02, ECV.05, DM3.01, DM3.03, EC1.01, EC1.02, EC3.02 |
Knowledge/Understanding |
Creation
of case study with response on unemployment and inflation, Seminar |
|
3 |
DMV.03,
ECV.01, ECV.04, ECV.05, DM3.03, EC1.02, EC1.03, EC4.01 |
Knowledge/Understanding |
Visual
Representation of the validity of income as a measure of poverty |
|
4 |
DMV.02,
EIV.04, ECV.01, ECV.02, ECV.04, ECV.05, DM1.02, EI4.01, EC1.01, EC1.02,
EC1.05, EC2.01, EC2.02, EC3.02 |
Knowledge/Understanding |
Unit
Culminating Activity: Panel discussion, unit test |
Unit
Culminating Activity
In a
panel discussion, students present their evaluation of the validity of several
key economic measures of well-being and defend their own personal responses to
two questions; How well has Canada’s economic performance really measured the
well-being of its citizens relative to other countries of the world both today
and in the past? and How has the standard of living across various regions of
Canada really differed? In groups of five, students assume one of the following
roles: a UN representative, provincial representatives (of two distinctly
different economic regions of Canada), a federal representative, and a
moderator. Each student generates a series of questions to be used in a panel
discussion, prepares responses to these questions reflecting the positions they
intend to defend, and applies these questions and answers in the panel discussion.
Students then formally present their response to one of these questions in the
form of a short position paper.
Time:
20 hours
Unit
Description
What
role does the government play in meeting the economic objectives of a nation’s
economy? How effectively does the government fulfill this role? Building on
their understanding of the circular flow model of the economy, students explore
responses to these questions through the study of monetary and fiscal policy.
Through the use of problem-set type questions, students describe the
involvement of various levels of government in the economy in the role of
producer, consumer, regulator, and redistributer of wealth. They also identify,
classify, and determine the relative importance of the various sources and
types of government revenue available to support this involvement, and explain
how fiscal and monetary policy tools can be used by the government to regulate
and stabilize the economy. Using a graphic organizer, students then do a
comparative analysis of various fiscal or monetary policy options. Students
evaluate the effectiveness of these policies at achieving the goals of economic
stability and enhancing citizens economic security the unintended consequences
and side effects of their policy actions.
Completing
another series of problem-set questions gives students the opportunity to
develop an understanding of the difference between debt and deficit at
different levels of government, of how the forms and functions of money affect
monetary policy in Canada, and of how the factors that influence the exchange
rate can impact indirectly on the economy. Students examine the recent trends
in debts and deficits.
In
preparation for a mock election in their schools, students also identify the
conflicting objectives of different economic stakeholders, the economic goals
of previous governments, and form opinions about what the economic goals of
government should be to meet the needs of these stakeholders. Students compare
competing policy options that already exist and identify which monetary or
fiscal policy directives most closely reflects their views. They then
synthesize their understanding of the key concepts in this unit to form political
parties and develop economic platforms representative of their group’s views.
This platform should include the creation of a budget that outlines a proposed
revenue model and the creation of a series of posters to market their proposed
monetary and fiscal policy solutions. Lastly, each group presents its platform
to the class and provides the other parties with a one-page flyer outlining its
platform. Where possible, an audience comprised of students from different
courses or members of the community provides an authentic forum for assessment.
Students practise the use of decision-making matrices to peer assess the
policies of each party. Based on platform presentations, students elect a
winning party.
Unit
Overview Chart
|
Activity |
Learning Expectations |
Assessment Categories |
Focus |
|
1 |
SIV.03,
EIV.02, ECV.03, ECV.04, SI3.03, EI2.01, EI2.03, EI2.05, EC3.03, EC3.04,
EC4.03 |
Knowledge/Understanding |
Public
policy cost benefit analysis supported by a graphic organiser |
|
2 |
DMV.03,
ESV.02, EIV.02, DM3.01, DM3.02, ES2.04, EI2.02, EI2.03, EI2.04 |
Thinking/Inquiry |
Creation
of an economic budget |
|
3 |
DMV.03, EIV.02, ECV.03, DM3.04, EI2.03,
EC3.03 |
Communication |
Creation of a marketing poster |
|
4 |
SIV.02,
EIV.02, ECV.03, ECV.04, SI2.03, EI2.01, EI2.03, EI2.05, EC3.03, EC4.03 |
Thinking/Inquiry |
Platform
flyer and presentation |
|
5 |
DMV.03,
ESV.01, ESV.02, SIV.02, ECV.03, DM3.04, ES1.03, ES2.04, SI2.03, EC3.04 |
Knowledge/Understanding |
Culminating
Activity: Report on how well does government supports the goal of economic
stability |
Unit
Culminating Activity
Based on
the election process described above, students apply their understanding of
fiscal and monetary policy to assess the strength or weakness of the winning
party’s economic platform. Students create a decision-making matrix to evaluate
the winning party’s platform and write a brief report identifying what they
perceive to be the consequences, positive and negative of instituting the
winning party’s budget and how well the party’s fiscal and monetary policy
supports the goal of economic stability.
Time:
15 hours
Unit Description
What
are the incentives for a country to participate in international trade? What
are the effects of freer international trade on different stakeholders?
Students address these questions by exploring the costs and benefits of
international trade as the world’s economies move toward greater global
interdependence. Using a diagnostic assessment, students begin this
investigation by reviewing different models of economies. While revisiting
these models, students select one of various national economies representative
of either, capitalist, socialist, or command models. Students then compare
these economies, (which include models of developing economies), their
respective methods of decision making, their ownership and allocations of
resources, and their ability to satisfy stakeholder needs and achieve common
economic goals. Students also use them throughout the unit to prepare for the
culminating activity.
Using
a second diagnostic activity, students review the economic rights and
responsibilities of individuals, either as an extension of Grade 10 Civics or
by revisiting these rights and responsibilities in the context set out in the
Grade 11 Economics Course Profile. Students also apply these concepts to the
economy they selected by comparing the economic rights and responsibilities of
the individuals in that nation as defined by the UN’s Declaration of Human
Rights to those protected by law in Canada’s Charter of Rights and Freedoms. To
facilitate this comparison, students also explore the social and political
values prevalent in the nation selected. The concepts of “comparative
advantage,” “absolute advantage” and “specialization” will then be applied in
an assessment of how international trade can serve to satisfy the rights and
responsibilities in the nation of their choice. Students summarize their
findings in the form of a visual mind map. Problem-set type questions assist
students in developing a fundamental understanding of the concepts of
comparative and absolute advantage, the benefits of specialization and
international trade, and provide an opportunity for students to apply and
analyse current and historical data on Canada’s national balance of payments.
Returning
to the focus questions for this unit, students first describe the nature of
international economic agreements and institutions such as World Trade
Organization (WTO), General Agreement on Tariffs and Trade (GATT), North
American Free Trade Agreement (NAFTA), and the European Union (EU), and then
analyse the role they play in the national economies they selected. To increase
the complexity of this analysis, students also explain how and why external
events, such as the creation of Organization of the Petroleum Exporting
Countries (OPEC) in 1973, the Mexican debt crisis of 1982, the stock market
crash in 1929, or the September 11, 2002 terrorist attack on the US, may have
affected their national economy. To practise the skills needed to complete this
analysis, students use Canada as a model to illustrate how events in other
parts of the world can affect the Canadian economy and its stakeholders. Based
on the students’ analysis of their respective economies, the class creates a
visual timeline that identifies important economic events, the dates their
nations ratified specific treaties, and describes how their selected economies
were impacted upon by these events and treaties. This timeline allows students
to identify the concerns of both domestic and foreign stakeholders with respect
to globalization and economic rights treaties. Students also use it to produce
a brief report outlining the costs and benefits to Canadian stakeholders of the
trend towards freer international trade.
Unit
Overview Chart
|
Activity |
Learning Expectations |
Assessment Categories |
Focus |
|
1 |
ESV.02, ESV.03,
SIV.03, ES2.01, ES3.02, ES3.03, SI3.01, SI3.02 |
Knowledge/Understanding
Thinking/inquiry |
Diagnostic
assessment on economic systems and rights and responsibilities |
|
2 |
SIV.03,
ECV.05, SI3.01, SI3.02, EC5.01, EC5.02, EC5.03 |
Knowledge/Understanding |
Economic
rights and responsibilities: Visual mind map |
|
3 |
DMV. 03,
ESV.02, SIV.03, EIV.03, DM3.01, ES2.01, SI3.04, EI3.01 |
Thinking/Inquiry |
Country
Profile: Describing the economics of a Nation |
|
4 |
DMV.03,
SIV.03, EIV.03, ECV.01, ECV.05, DM3.04, SI3.04, EI3.03, EC1.05, EC5.02,
EC5.03 |
Thinking/Inquiry |
Timeline
of international events and cost/benefit report |
|
5 |
DMV.02,
DMV.03, ESV.02, ESV.03, SIV.03, EIV.03, ECV.05, DM2.04, DM3.04, ES2.04,
ES3.02, SI3.01, EI3.01, EC5.03 |
Knowledge/Understanding |
Culminating
Activity: Trade treaty and letter to leader |
Unit
Culminating Activity
Students
create a draft economic trade agreement/treaty. Students have researched and
analysed the interests of particular nations and their stakeholders with
respect to freer international trade. These previous activities provide
students with the information needed to draft a list of points they wish to
include in the agreement. Students then negotiate with countries of their
choice. After ratifying a legal international trade treaty, students write a
letter to the leader of the country they represented explaining the terms of
the new agreement, how it will benefit their country, and what restrictions it
will place on it.
Time: 20 hours
Unit
Description
Students
examine and critically assess reasons for the conflict of interests among the
various stakeholders in the Canadian economy. Students begin by identifying the
major stakeholder groups and the economic choices they make, including
stakeholders associated with the “hidden economy.” A panel discusses the issue
of “economic instability and how we can work together to avoid it” in order to
identify strategies to achieve the economic goal of efficiency. Students then
select a major economic stakeholder group and research the group’s historic
involvement in the Canadian economy, in order to more completely understand the
rationale for the economic choices they make. Each student synthesizes this
research by creating a visual cost-benefit analysis of their findings for the
class to use in identifying overall economic trends. In a short argumentative
paper, students take a position on the issue Economic Rights vs. Economic
Responsibilities; can self-interest co-exist alongside economic stewardship?
The ability of individual students to critically examine the opportunity costs,
or externalities, of economic conflicts as they pertain to the achievement of
fundamental economic goals is a prime focus of this activity. Students engage
in a culminating activity that applies and evaluates their comprehension of the
material with a series of real world economic problems.
Unit
Overview Chart
|
Activity |
Learning Expectations |
Assessment Categories |
Focus |
|
1 |
EIV.04,
ECV.02, ECV.03, ES1.01, ES1.02, EI4.02 |
Knowledge/Understanding
Thinking/Inquiry |
Hidden
economy and economic instability/Panel discussion |
|
2 |
DMV.02,
DMV.03, DM3.01, EC1.03, EC4.02 |
Knowledge/Understanding
Thinking/Inquiry |
Research
economic performance/Multiple Intelligence presentation |
|
3 |
SIV.01,
DM2.04, DM3.02, ES2.02, ES2.03, EI4.03, EI4.04 |
Knowledge/Understanding
Thinking/Inquiry |
Economic
rights and responsibilities-stewardship/Revised Simulation Activity |
|
4 |
SIV.04, DM1.03,
DM2.05, DM3.04, SI4.01, SI4.04, EC2.03 |
Knowledge/Understanding
Thinking/Inquiry |
Culminating
Activity: Court trials on the costs of self-interest motives |
Unit
Culminating Activity
Students
select from a variety of teacher-generated topics an authentic, real world
issue of Canadian economic conflict. This activity takes the form of a court
trial in which the opposing parties research and defend their respective
economic positions and goals, and at the same time compile a case against their
opponents. The wide variety of roles available for students ensures that the
greatest number of learning styles and modes of communication can be
incorporated into the trial. Students organize themselves into groups of eight
to ten, and select a topic from the list provided that may include Halifax’s
Africville, Newfoundland’s outports, the TransCanada Pipeline, coastal fishing
rights, the Athabaska Tribal decision, or any other pertinent economic conflict
of the twentieth century. Each student can choose the role of litigant,
appellant, barrister, solicitor, or witnesses and then demonstrate the skill of
communicating and defending their arguments in the style of a formalized court
trial, using the remaining students in the class as a jury. This activity is
designed to permit multiple trials, so that every student has the opportunity
to be both a juror and a court trial participant.
The
challenge presented by this course is the depth to which economic concepts and
theories need to be explored. Since a variety of courses may be used as
prerequisites for this course, students have not necessarily taken the Grade 11
economics course. These challenges make it incumbent upon the teacher to
carefully craft a course which simultaneously engages student interest while
developing their ability to read critically and process information
analytically, to critique other forms of information, and to thoughtfully
respond to issues in a clear and original manner.
Critical
to student su
It
is suggested that teachers use an issues/theme approach to provide students
with a focus for their study and an opportunity to learn from a variety of
sources. While teachers may choose to introduce the central issues/themes and
lay the foundations for students, through lectures and readings; these
issues/themes can/will act as a springboard for students to explore economic
trends and draw conclusions based on their own beliefs and values. To be truly
engaged in their learning and ultimately su
Designated
as a university preparation course, this course must assist students in the
development of certain skills. Paramount among these is the ability to read for
meaning and critique documents both written and graphical, such as graphs and
tables. To be su
The
following teaching-learning cycle, applied in the development of each unit, can
assist teachers in designing a program which ensures all types of learners
needs are addressed and that various types of assessment are woven into the
program in a coherent and meaningful way. This model of curriculum design is
the model all of the activities in this Course Profile, and provides teachers
with a model of the teaching-learning wheel in practice.
Step
One: Teacher as Motivator
Teacher establishes the central theme/issue to
be addressed
Through class/group discussions teachers gauge
prior learning and biases/misconceptions students are bringing to the class
regarding the theme/issue to be studied.
Appeals to the Concrete Reflective Learner
Assessment: Diagnostic
Step
Two: Teacher as Expert
Teacher lays critical foundations through
lectures, readings, videos
This provides students with the necessary
framework from which to begin their own exploration of the theme/issue.
Appeals to the Abstract Reflective Learner
Assessment: Diagnostic and Self, Peer,
Parent/Community, or Teacher Formative
Step Three: Teacher as Coach/Facilitator
Students begin to explore the
theme/issue through research, group activities
This is the students opportunity to
apply and practise what they have been learning without fear of failure.
Appeals to the Abstract Active Learner
Assessment: Self, Peer, Parent/Community or
Teacher Formative
Step Four: Teacher
as Colleague/Evaluator
Students use the research they have gathered
and ideas generated through group activities to fashion an end product – from a
written response to mock elections or jury trials.
Appeals to the Concrete Active Learner
Assessment: Teacher/Community Expert Formative
and Summative
The four-step teaching-learning wheel ensure
all types of learners are comfortable at some point and challenged to continue
to work in areas that are not their strengths. It also provides a template for
teachers in planning activities so that their course becomes a carefully woven
quilt focused on student su
The
teaching-learning wheel is an effective template at the course, unit, and
activity level. At a course level, teachers consider the “big questions” of the
course, the foundational skills students require to be su
At
a unit level, teachers identify the central theme and or issue(s) of the
particular unit and the specific skills students need to complete the unit
culminating activity. Students then have an opportunity to apply what they
learn on a daily basis to the broad unit theme.
At an
individual activity level, teachers identify the specific theme/issue to be
addressed. They carry out a diagnostic activity with students, then lay the
foundations through a lecture, reading, etc. Students are then asked to apply
the theories/ideas to a particular issue and to produce a demonstration of their
learning.
For
students to be engaged in what they are learning, they must see a relevance to
their lives and see themselves represented in the material presented. In the
diverse classrooms of today, it is crucial that every effort be made to draw on
readings, visual sources, and other learning aids which reflect a balance in
gender, religion, race, and regions of the world. Where possible, students
should explore answers to central economic questions by examining the lives and
works of women as well as men, and the economics of all parts of the world. As
well, interdisciplinary considerations must be made to meet the expectations
and interests of the students. Students should explore many of the questions raised
through a variety of media, including contemporary music, film, literature, and
art.
Problem
Set Portfolios: The
Course Profile, Analysing Current Economic Issues, is designed around the use
of problem-set portfolios to monitor and support student progress. Each
problem-set portfolio contains a set number of questions or tasks designed to
have students demonstrate su
Unit
Culminating Activities
In
addition to a series of portfolio tasks in each unit, students may be required
to complete a unit culminating activity which demonstrates student su
|
Unit |
Culminating Activity |
|
1 |
Defence
lawyer’s closing statement to a jury defending capitalism or communism in the
charges of a blatant disregard for human dignity, the environment, and the
inefficient allocation of resources, all of which negatively impact on
national wealth. |
|
2 |
Group argumentative
paper on the structure of economic institutions best able to ensure economic
prosperity for Canada in the twenty-first century. |
|
3 |
Panel
discussion addressing the question: How well has Canada’s economic
performance really measured the well-being of its citizens nationally and
globally? |
|
4 |
Report
on mock election results identifying the consequences of instituting the
winning party’s platform. |
|
5 |
Drafting
an international trade treaty and letter reporting the terms of the new agreement
and the costs and benefits of the agreement to the nation represented. |
|
6 |
Jury
trial on conflicting economic objectives, rights, and responsibilities
relating to a current high profile economic issue. |
Unit
Tests
In each
unit, students complete a unit test comprised of multiple-choice questions and
a written component. These questions focus on three areas of the Achievement
Chart categories: Knowledge/Understanding, Thinking/Inquiry, and Application.
The written component is based on a reading sample and is consistent with the
forms of reading and writing and the literacy skills developed throughout the
unit. The structure of this test is consistent with test writing formats and
standards generally prevalent in university economic courses.
Seminars
Two to
three times in each unit, pairs of students lead a small informal group
discussion on a primary source reading assigned by the teacher to the class.
The first seminar discussion is teacher-led and serves as a model of the
evaluation criteria at Level 4. All four categories of the Achievement Chart
are linked to the evaluation criteria for the preparation and leadership of a
seminar. Seminars are specifically designed to allow students to develop the
skill of questioning at all levels along a thinking skills continuum. They also
meet the specific expectation “to evaluate different types of economic
information to determine main ideas and the supporting factual details
contained in each, the assumptions made, the opinions expressed, and the degree
of logical consistency, relevance and validity” (DM3.03). As well, selected
seminar readings link directly to the key concepts addressed in the
expectations of the unit. Students assigned to lead each seminar are required
to complete pre-seminar tasks to be submitted to the teacher at least one week
prior to their leadership of the seminar. This allows students the opportunity
to confer with the teacher for assessment and to make revisions for
improvement. This evaluation activity is also designed to align with the
reading skills required by students to su
Final
Evaluation
Seventy
per cent of the student’s grade will be based on evaluations conducted
throughout the course. Thirty per cent of this grade will be based on a final
evaluation. It is recommended that the final evaluation for the course,
Analysing Current Economic Issues, consists of three parts: first, a
formal written examination consisting of multiple-choice questions; second, a
course-long culminating activity supported by activities completed throughout
the course; lastly, a formal opinion paper based on a focus question provided
to the students at the start of the course requiring the use of concepts,
theories, and ideas drawn from the seminars presented throughout the course.
Formal
Written Examination:
A formal written examination consisting of multiple-choice questions has been
included to provide students the opportunity to practise the skill of writing
an exam in the format typically required in university economics courses.
Course-long
Culminating Activity:
Let the Games Begin: Students, working in teams of three, create a board
game with a theme other than economics, such as politics, psychology, history,
geography, law, science, entertainment, or arts and literature. This theme
requirement serves to ensure effective cross-curricular integration by which
students transfer their understanding of economic concepts to other areas of
study and hence demonstrate the high level thinking skill of Application. Each
student on the team creates five multiple-choice questions for each of the
units in the course focusing on the key concepts and theories in the unit. This
task allows students to develop an in-depth understanding of the construction of
multiple-choice questions. This leads inherently to an increased ability to
respond to such questions, providing for greater su
Formal
Opinion (Thesis) Paper: Students receive an open-ended focus question at the beginning of the
course which will allow them to draw on information, statistics, theories,
concepts, and ideas from the seminars presented throughout the course. The
teacher may choose to assign this essay question either as part of the formal
written examination or independent of this exam as a separate part of the final
evaluation for this course in which case process work may be completed
throughout the course to guide and monitor student progress.
For any
assessment or evaluation designed for this course, appropriate tools including
checklists, rubrics, and marking schemes will be provided to assist students
along a learning continuum.
This
Course Profile has been crafted to meet the needs of a diversity of learners
considering learning styles and multiple intelligences. In addition, specific a
There
is a variety of strategies for exceptional students. Economics teachers are
encouraged to review students’ IEPs to decide the best course of action to
assist them in meeting the expectations of the
Grade 12 Economics course. The variety of learning strategies and student
performance tasks provide teachers with some guidance, but each student’s
program will require appropriate a
A
·
Break
down tasks into manageable chunks with deadlines for each chunk.
·
Allow
a
·
Provide
allocated time to use adaptive equipment such as the Kurzweil reader.
·
Provide
data charts into which students record information
·
Consider
preferential seating for students with vision, hearing or attention
difficulties.
·
Chart
key words for student note-taking.
·
Allow
scribes in note-taking.
·
Use
tape recorders or computers as an alternative to written responses.
·
Assess
student reading comprehension level as early as possible to ensure proper a
·
Allow
extra time to complete assignments.
·
Provide
visual cues.
·
Provide
ample scaffolding to assist students in generating and organizing ideas before
completing tasks.
·
Provide
a glossary of terms for their reference.
·
Provide
a vocabulary list to assist in the reading of assigned materials.
·
Model
skills for students when they are expected to draw inferences, conclusions, or
assess the implications of case study material.
·
Make
appropriate adjustments to performance tasks for students with visual
impairments or with significant motor dysfunctions.
·
There
are many enrichment opportunities in this course for gifted students who may
wish to explore interdisciplinary connections, issues, and economic theory in
greater detail.
·
To
ensure all students are able to be su
Units in
this Course Profile make reference to the use of specific texts, magazines,
films, videos, and websites. The teachers need to consult their board policies
regarding use of any copyrighted materials. Before reproducing materials for
student use from printed publications, teachers need to ensure that their board
has a Cancopy licence and that this licence covers the resources they wish to
use. Before screening videos/films with 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. The teachers are reminded that much of the material on the Internet is
protected by copyright. The copyright is usually owned by the person or
organization that created the work. Reproduction of any work or substantial
part of any work from the Internet is not allowed without the permission of the
owner.
The URLs
for the websites were verified by the writers prior to publication. Given the
frequency with which these designations change, teachers should always verify
the websites prior to assigning them for student use.
Bank
of Canada – http://www.bankofcanada.ca/en/.
Campaign
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Canadian
Centre for Policy Alternatives – www.policyalternatives.ca.
Canadian
Council on Social Development – www.
C.D.
Howe Institute – www.cdhowe.org.
Canadian
Environment Industry Association (CEIA). Home Page. – http://www.ceia-acie.ca/.
Canada.
Department of Finance Canada. – http://www.fin.gc.ca/fin-eng.html.
Canada.
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Canada.
Department of Justice. Canadian Charter of Rights and Freedoms.
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Canadian
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The
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Department
of Economics, New School University. History of Economic Thought.
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Everyteacher
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European
Parliament. The Charter of the Fundamental Rights of the European Union. December
2000.
– http://www.europarl.eu.int/charter/defaulten.htm.
Economics
America. Home Page. National Council on Economics Education.
– http://www.economicsamerica.org.
Economics
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The
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The
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Gates,
Jacqueline Armstrong, and Paul Calarco. Mock Trial Tournament Introduction.
Ontario Bar Association, 2002. – www.oba.org/lawday_en/mock_trial.asp.
Giles,
David. Modelling the Underground Economy. Victoria, B.C.: Department of
Economics, University of Victoria, November, 2001. –
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Global
Policy Group. Home Page. Washington, D.C., 2002. – www.globalpolicy.com.
Greenpeace.
Home Page. – http://www.greenpeace.org/.
Jennings,
Bill. Survival: A Simulation to Introduce Students to the Study of Economics
– www.cfee.org.
Jennings,
Bill. Analysing Information about Controversial Issues. – www.cfee.org.
Jennings,
Bill. Cost Benefit Analysis. – www.cfee.org.
Jokinen,
Anniina. Thomas More’s Life and Works.
Marxist
Internet Archive, – http://www.marxists.org/, November 2001.
New
York Public Library. Utopias
– http://www.nypl.org/utopia/homepage_noqt.shtml#redirect, November 2001.
Ontario
History and Social Science Teacher’s Association (OHASSTA). Home page.
– http://www.ohassta.org/rapport/.
Organization
for Economic Cooperation and Development (OECD) – www.oecd.org
Plato.
The Republic. – http://books.mirror.org/gb.plato.html, February 1, 1999.
The
Political Economy Research Center, Bozeman, Montana. – http://www.perc.org/.
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Canada Website. –
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Nations. The United Nations International Covenant on Economic, Social and
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Nations Development Programme. Human Development Report.
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Nations Development Programme. Human Development Report.
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Nations. United Nations Statistical Division. –
http://www.un.org/Depts/unsd/sd_economic.htm.
United
Nations. – http://www.un.org/Pubs/CyberSchoolBus/infonation/e_infonation.htm.
World
Bank – www.worldbank.org.
World
Bank. Country Data. –
http://www.worldbank.org/data/countrydata/countrydata.html.
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Trade Organization. – www.wto.org.
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Maude and Tony Clarke. Global Showdown. Toronto: Stoddart, 2001.
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Keith G. et al. The Review of Economic Performance and Social Progress: The
Longest Decade: Canada in the 1990’s. Montreal: Institute for Research on
Public Policy and the Centre for the Study of Living Standards, 2001.
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Barrie and Carol Rolheiser. Beyond Monet: The Artful Science of
Instructional Integration. Toronto: Bookation Inc., 2001.
Bronk,
Richard. Progress and the Invisible Hand: The Philosophy and Economics of
Human Advance. New York: Warner Books, 1999.
Canadian
Foundation for Economic Education. Canada's Charitable Economy. Toronto:
CFEE, 1992.
– www.cfee.org.
Cantu,
D.A. “An Internet Based Multiple Intelligence Model for Teaching High School
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www.ohassta.org/rapport.htm.
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David. A Dictionary of Canadian Economics. Edmonton: Hurtig Publishers,
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Judy. Dollars and Democracy: Canadians Pay the Price of Privatization.
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John Alfred. Business History: Canada in the Global Community. Toronto:
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Wayne. The No-Nonsense Guide to Globalization. Toronto: New
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Conor. Global Trade, Labour and Human Rights. London: Amnesty
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Edward, ed. The Case Against the Global Economy and For Localization.
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John. A Handbook of Economic Indicators. Toronto: University of Toronto
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Michael, et al. Caring Canadian, Involved Canadians. Ottawa: Statistics
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Ian. World Affairs: Defining Canada’s Role. Toronto: Oxford University
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Gary Clyde. NAFTA and the Environment: Seven Years Later. Washington
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Robert. Global Links: Connecting Canada. Toronto: Oxford University
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Coded
Expectations, Analysing Current Economic Issues, Grade 12, University
Preparation, CIA4U
DMV.01 · explain the cause and nature of
the three types of choices that all economic systems must make;
DMV.02 · apply the concepts, models, and
processes of economic inquiry to the study of economic choice;
DMV.03 · evaluate different sources and
types of current economic information.
Understanding
Scarcity and Choice
DM1.01 – identify specific examples of
economic choices – both individual (e.g., for whom to work) and collective
(e.g., the level of government spending) – that Canadians must make because economic
resources are scarce;
DM1.02 – classify economic resources and
outputs by type (e.g., labour, capital, natural resource, good, service) and by
ownership (e.g., public, private);
DM1.03 – identify options and the explicit
and implicit (e.g., opportunity) costs associated with each option when making
an economic choice;
DM1.04 – compare the ways in which
different types of economic systems (i.e., market, command, and mixed
economies) make choices about what, how, and for whom to produce.
Using
the Tools of Economic Analysis
DM2.01 – compare the nature of economic
inquiry with that of scientific inquiry and identify the consequences (e.g.,
the certainty of conclusions) that result from these differences;
DM2.02 – demonstrate an understanding of
the major ideas and theories of prominent economists (e.g., Adam Smith, David
Ricardo, Thomas Malthus, Karl Marx, John Maynard Keynes) in the context of the
economic issues and challenges of their times;
DM2.03 – apply economic concepts (e.g.,
opportunity cost, demand, absolute advantage) and models (e.g., production
possibilities curve, the market, circular flow) that are used to identify and
analyse choices, forecast economic change, and define a reality, problem, or
issue;
DM2.04 – explain the criteria (e.g., economic
goals of efficiency, stability, growth, security, equity, freedom) used by
different groups of economic stakeholders (e.g., consumers, producers) and
economists to evaluate economic change, issues, and choices;
DM2.05 – apply the cost-benefit method of
inquiry to current economic issues to evaluate choices, using stakeholder
criteria and economic goals;
DM2.06 – explain the reasons for agreement
and disagreement among economists (e.g., positive compared to normative
economics).
Evaluating
Economic Information
DM3.01 – conduct research effectively to
locate information from a variety of different media (e.g., newspapers,
Internet sites), institutions (e.g., government agencies), businesses, interest
groups (e.g., Canadian Centre for Policy Alternatives, Fraser Institute), and
other sources;
DM3.02 – evaluate the reliability of
different sources of information, and identify possible bias;
DM3.03 – evaluate different types of economic
information (e.g., statistical data, charts, graphs, tables, commentaries,
opinions) to determine the main ideas and the supporting factual details
contained in each, the assumptions made, the opinions expressed, and the degree
of logical consistency, relevance, and validity;
DM3.04 – communicate economic information
and analysis clearly, effectively, and a
ESV.01 · identify economic stakeholder
groups and the criteria each uses to make economic decisions;
ESV.02 · explain the economic rights and
responsibilities of “the economic citizen”;
ESV.03 · compare the ways and the degree
to which different types of economic systems satisfy the needs of stakeholders.
Stakeholders
and Their Needs
ES1.01 – identify the major stakeholder
groups in the Canadian economy (e.g., consumers, contributors, socio-economic
groups, citizens);
ES1.02 – identify the criteria used by
different groups of economic stakeholders to make economic choices (e.g.,
consumers might use utility while producers use profit);
ES1.03 – produce an analysis of the costs
and benefits of an economic change or choice (e.g., a rise in interest rates)
for different stakeholder groups (e.g., consumers, purchasers, workers,
exporters).
The
Economic Citizen
ES2.01 – compare the individual’s economic
rights as defined by the United Nations’ Declaration of Human Rights with those
protected by law in Canada;
ES2.02 – explain the concept of
stewardship as it applies to specific examples of economic responsibility and
choice (e.g., in terms of pollution, income distribution, use of resources);
ES2.03 – compare markets and governments
with regard to their ability to respect and protect the individual’s economic
rights and to promote the objectives of economic stewardship and responsible
decision-making;
ES2.04 – apply the process, skills, and
concepts of economic inquiry to analyse public policy issues.
Stakeholder
Needs and Economic Systems
ES3.01 – analyse the power of different
stakeholder groups to make economic decisions in each type of economic system
(i.e., market, command, mixed);
ES3.02 – compare different national
economies (e.g., Canada, United States, Japan, China, Sweden) with respect to
ownership of resources, goods, and services (e.g., public or private) and
method of decision making (e.g., by individuals in markets or by a central
authority);
ES3.03 – compare capitalist, socialist,
and command economies with respect to their ability to satisfy stakeholder
needs and achieve economic goals.
SIV.01 · explain how stakeholders use self-interest
to make choices that maximize economic well-being;
SIV.02 · describe how groups of stakeholders and
markets within an economy are interdependent and may be affected simultaneously
by a change;
SIV.03 · assess the ways in which, and the
degree to which, people in Canada and other countries have become
interdependent in the global economy;
SIV.04 · identify examples of, and reasons
for, conflicts of self-interest that prevent the achievement of economic goals.
Self-Interest
SI1.01 – explain Adam Smith’s concept of
“the invisible hand”;
SI1.02 – explain, using concepts of marginal
analysis (e.g., marginal utility, cost, return), how different stakeholders
determine what economic choice is in their own best interest;
SI1.03 – describe how the self-interest of
buyers and sellers is expressed in a competitive market and maximizes the
efficient use of scarce resources and the satisfaction of stakeholders;
SI1.04 – explain how an understanding of
market activity is in the self-interest of stakeholders (e.g., because it
permits them to forecast change).
Economic
Interdependence
SI2.01 – explain how specialization
benefits stakeholders (e.g., through increased productivity) and creates
interdependence (e.g., between consumers and producers);
SI2.02 – illustrate the interdependence of
buyers and sellers in markets by describing how a change in demand or supply
affects price and quantity sold in one market and how that in turn affects the
self-interest and decisions of stakeholders in other markets;
SI2.03 – describe why and how one change
(e.g., a change in interest rates) can affect an entire economy (e.g.,
employment levels, prices, total output).
International
Economic Interdependence
SI3.01 – explain, using the concepts of
absolute and comparative advantage, the benefits of specialization and
international trade;
SI3.02 – analyse Canada’s balance of
payments data to establish the importance of trade to Canada’s economy and to
identify historical and evolving patterns of trade in both goods and services
and in capital flows;
SI3.03 – produce an analysis of the
factors that influence the exchange rate of the Canadian dollar and of the ways
in which changes in the dollar’s value affect the economy (e.g., output,
employment, prices);
SI3.04 – illustrate, using specific
examples, how events in another part of the world can affect the Canadian economy
and groups of Canadian stakeholders.
Conflicting
Self-Interests
SI4.01 – illustrate, by specific example,
how the self-interest of one group of stakeholders may conflict with the
self-interest of another and prevent the achievement of economic goals;
SI4.02 – produce an analysis of the costs
and benefits of different types of competitive market structures (e.g.,
perfect, imperfect competition) from the point of view of different
stakeholders and the achievement of economic goals;
SI4.03 – evaluate the importance and quality of the
information that sellers in a market provide to help buyers make choices and
the importance of this information to the achievement of economic goals;
SI4.04 – explain how externalities (e.g.,
third party costs) result from conflicts of self-interest in a market and
prevent the achievement of economic goals (e.g., efficiency).
EIV.01 · compare the different types and
functions of institutions in Canada’s private sector;
EIV.02 · explain the nature and economic
functions of Canada’s public institutions;
EIV.03 · describe the nature of
international economic institutions and their impact on the Canadian economy;
EIV.04 · describe the nature, causes, and
consequences of economic institutions and activities that are part of the
“hidden” economy.
The
Private Sector
EI1.01 – identify ways in which different
forms of privately owned, profit-making institutions differ from collective
(e.g., cooperatives), non-profit, and charitable institutions in the private
sector;
EI1.02 – describe the role of Canada’s
different types of financial institutions (e.g., banking system, stock and bond
markets) as financial intermediaries in capital markets;
EI1.03 – describe the economic functions
performed by commodity futures markets;
EI1.04 – produce an analysis of the
advantages and disadvantages of privatization compared to the public provision
of a specific good or service (e.g., private versus public education, private
versus government-controlled liquor sales).
The
Public Sector
EI2.01 – describe how government is
involved in the economy (e.g., as a producer of consumer goods and services,
supplier of infrastructure, employer of resources, regulator of competition and
of aggregate demand, redistributor of income);
EI2.02 – classify total government
spending by level of government (i.e., federal, provincial, local) and by
function (e.g., the provision of goods and services, the redistribution of
income, debt payments);
EI2.03 – identify the specific sources and
types of municipal, provincial, and federal government revenues and the
relative importance of each;
EI2.04 – describe the difference between,
and the recent trends in, the debts and deficits of the three levels of
government;
EI2.05 – describe the forms and functions
of money in Canada’s economy and the ways in which the Bank of Canada controls
the money supply.
International
Economic Institutions
EI3.01 – describe the nature and role of
international economic agreements and institutions (e.g., the North American
Free Trade Agreement, the World Trade Organization, the International Monetary
Fund, the Organization for Economic Cooperation and Development);
EI3.02 – describe the nature of
private-sector multinational corporations and the reasons for their growth;
EI3.03 – produce an analysis of the costs
and benefits to Canadian stakeholders of the trend towards freer international
trade.
The
“Hidden” Economy
EI4.01 – identify specific examples of “hidden”
economic activity (e.g., housework, crime, volunteer work);
EI4.02 – explain why the institutions of
the “hidden” economy (e.g., illegal and barter markets) have developed and how
they work;
EI4.03 – produce an analysis of the
positive and negative economic consequences of “hidden” economic activity
(e.g., volunteer work, criminal activity);
EI4.04 – produce an evaluation of
proposals designed to recognize and encourage the positive effects and reduce
the negative consequences of activity in the “hidden” economy.
ECV.01 · describe the nature and specific
use of traditional and emerging methods of measuring economic well-being;
ECV.02 · explain the course, causes, and
consequences of Canada’s economic growth and the connection of this growth to
the economic goal of efficiency;
ECV.03 · analyse the causes and
consequences of economic instability and the effectiveness of stabilization
policies;
ECV.04 · describe changes in incomes and
in programs and policies designed to help Canadians achieve an appropriate
level of economic security;
ECV.05 · analyse the changing importance
of the public and private sectors of the economy and what this means to the
achievement of the goals of economic freedom and equity.
Economic
Well-Being
EC1.01 – define and calculate the
following statistical measures: economic output (gross domestic product, or
GDP), economic growth (changes in real GDP over time), standard of living (real
GDP per capita), balance of trade (exports versus imports), the value of total
demand (gross domestic expenditure), and productivity (output per worker);
EC1.02 – evaluate the validity of the most
commonly used measures of economic well-being (e.g., growth, standard of
living, inflation, unemployment, poverty);
EC1.03 – describe measures of economic
well-being and performance other than those based on the National A
EC1.04 – produce an analysis of the
current economic situation, the trends in the economy, and the strengths and
weaknesses of the economy;
EC1.05 – compare the performance of the
Canadian economy at different times, including the present, with the current
performance of other economies.
Economic
Growth and Efficiency
EC2.01 – describe the most important
factors affecting Canada’s economic growth both today and in the past;
EC2.02 – explain the benefits and the
costs of economic growth and of the efficient use of economic resources;
EC2.03 – produce an evaluation of
proposals (e.g., regulation, market incentives) to reduce the negative
consequences of growth (e.g., pollution, resource depletion);
EC2.04 – explain how the current trend
towards corporate concentration (e.g., bank mergers) may threaten or promote
economic growth and efficiency.
Economic
Stability
EC3.01 – describe the characteristics and
causes of economic instability in each phase of the business cycle;
EC3.02 – identify the types, causes, and
effects of inflation, deflation, and unemployment;
EC3.03 – explain how government fiscal
policy (e.g., government spending or taxation) and monetary policy (e.g.,
increasing or decreasing interest rates) can help stabilize the business cycle
and prices, and lower the unemployment rate;
EC3.04 – evaluate how well current fiscal
and monetary policies are achieving the goal of economic stability.
Economic
Security
EC4.01 – analyse changes in average real
income, its composition, and its distribution in the Canadian economy over the
last decade;
EC4.02 – explain the concept of the
poverty line and the characteristics of the groups of stakeholders that fall
below it;
EC4.03 – evaluate the effectiveness of
government legislation (e.g., minimum wage, conditions of work) and programs
(e.g., education, health care, unemployment insurance, pensions, welfare)
designed to enhance the economic security of Canadians.
Economic
Freedom and Equity
EC5.01 – describe how the economic
influence of markets and the public sector has changed (e.g., a reduced level
of public services, deregulation, privatization);
EC5.02 – analyse the causes of these
changes (e.g., deficits, debt, globalization);
EC5.03 – produce a cost-benefit analysis
of the results of this trend for different groups of stakeholders;
EC5.04 – produce an evaluation of whether this trend will help achieve the economic goals of equity and freedom.
Unit 6
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