You are here
Economics 12
o-o-o
Big Ideas
Grandes idées
Financial and economic literacy promotes the financial and economic well-being of both individuals and businesses.
economic literacy
Examples for student inquiry:- What are the economics of both large and small luxury purchases?
- How might we be affected by the shifting value of the Canadian dollar?
- How might we be affected by changing interest rates?
- How might an economic recession affect individuals and societies?
- What are the economic impacts of automation and technical advances?
Business creates opportunities to enable change.
Tools and technologies can be adapted for specific purposes.
technologies
tools that extend human capabilities Learning Standards
Show All Elaborations
Curricular Competencies
o-o-oo-o-o
o-o-oo-o-o
o-o-oo-o-o
o-o-oo-o-o
Students are expected to be able to do the following:
Applied Design
Conduct research to understand and explain economic concepts
Choose or create various economic scenarios, and identify potential issues, intended impact, and possible unintended negative consequences
economic scenarios
for example, situational context, project, business, proposed idea, role-playing in a designed environment Make decisions about premises and boundaries that define economic scenarios
boundaries
limiting factors, such as surplus and scarcity, government actions, available technologies, expense, environmental impact, cultural appropriation, and knowledge that is considered sacred Generate ideas, individually and collaboratively
Critically analyze how competing social, ethical, and sustainability factors impact the economics of global needs for preferred futures
Identify patterns and trends to further understand economic systems
Identify, critique, and use a variety of sources of inspiration and information
sources of inspiration
may include aesthetic experiences; First Peoples perspectives and knowledge; the natural environment and places, including the land, its natural resources, and analogous settings; people, including users, experts, and thought leaders information
may include professionals; First Nations, Métis, or Inuit community experts; secondary sources; collective pools of knowledge in communities and collaborative atmospheres both online and offline Choose an appropriate form, scale, and level of detail for economic scenarios
Obtain and evaluate critical feedback from multiple sources, both initially and over time
sources
may include peers; users; First Nations, Métis, or Inuit community experts; other experts and professionals both online and offline Apply the appropriate tools to measure economic activity and impact
Gather feedback to critically evaluate economic scenarios and make changes to design or processes
Identify tools, technologies, materials, processes, and time needed for the task at hand
Share progress to increase feedback and collaboration
Critically evaluate their ability to work effectively, both individually and collaboratively, including the ability to implement project management processes
project management processes
setting goals, planning, organizing, constructing, monitoring, and leading during execution Applied Skills
Communicate outcomes in multiple formats and in a clear and concise manner
Evaluate and apply a framework for solving problems and making decisions
framework
for example, generic multi-step problem-solving processes, established multi-step problem-solving business frameworks Evaluate safety issues for themselves, co-workers, and users in both physical and digital environments
safety issues
for example, viruses, phishing, privacy (digital); ergonomics, lifting, repetitive stress injuries (physical) Identify and critically assess the skills needed related to current or projected tasks, and develop specific plans to learn or refine skills over time
Demonstrate the ability to make responsible economic decisions as individuals and as members of society
Applied Technologies
Explore existing, new, and emerging tools, technologies, and systems to further support facts and findings
Evaluate impacts, including unintended negative consequences, of choices made about technology use
Analyze the role and personal, interpersonal, social, and environmental impacts of technologies in societal change
Examine and analyze how cultural beliefs, values, and ethical positions affect the economics of the development and use of technologies on a national and global level
Content
Students are expected to know the following:
the economic problem
economic problem
needs, wants, scarcity, resources, variables, production possibilities, systems, economic choices macroeconomics and microeconomics
business cycle
structure and operation of the Canadian economic system
marginal utility theory
marginal utility theory
for example, satisfaction in goods and services versus the cost opportunity costs and sunk costs
opportunity costs and sunk costs
for example, impact of lower income taxes, “free” parking and its impact law of diminishing returns
economic efficiency and specialization
economic efficiency
invisible hand, price ceiling, price floor, consumer and producer surplus, deadweight loss, taxes and subsidies, measuring efficiency demand, supply, and equilibrium
consumer choice and elasticity
consumer choice and elasticity
marginal utility, diminishing returns, income and substitution effect, normative and rational economics, elastic and inelastic demand, determinants of price elasticity of demand, total revenue and elasticity government actions and impact on the market
government actions
for example, price controls, rent controls, taxes, fiscal policy, monetary policy economic indicators
economic indicators
gross domestic product (GDP), inflation, consumer price index (CPI), interest rates, unemployment rates money and mediums of exchange
money
banks, currency, fiat money, demand, supply, deposits competition in the market
competition
perfect competition, monopoly, monopolistic competition, oligopoly labour
labour
unemployment, wages, supply and demand, unions global markets
global markets
imports/exports, trade, tariffs, quotas, dumping economics in everyday life
everyday life
for example, situational contexts, real-life scenarios behavioural economics
interpersonal and presentation skills to promote products or services and to interact with potential customers/clients
interpersonal and presentation skills
for example, professional communications, collaboration, follow-ups, and courtesies; technological or visual supports to accompany marketing or demonstrations at meetings and conferences; social media and networking industry best practices
career options and opportunities in various economic sectors
Note: Some of the learning standards in the PHE curriculum address topics that some students and their parents or guardians may feel more comfortable addressing at home. Refer to ministry policy regarding opting for alternative delivery.