Page 104 - THE ONTARIO CURRICULUM, GRADES 11 AND 12 | Canadian and World Studies

Grade 12, University Preparation
D1. Macroeconomic Models and Measures: demonstrate an understanding of various macroeconomic models and measures, including indicators used to measure economic inequalities, and assess their usefulness (FOCUS ON: Stability and Variability; Economic Perspective)
D2. Fiscal Policy: demonstrate an understanding of fiscal policy in Canada, including how it is shaped and its impact (FOCUS ON: Economic Significance; Cause and Effect)
D3. Monetary Policy: analyse various aspects of monetary policy in Canada and their impact on the economy (FOCUS ON: Cause and Effect; Economic Perspective)
THE ONTARIO CURRICULUM, GRADES 11 AND 12 | Canadian and World Studies
SPECIFIC EXPECTATIONS
D1. Macroeconomic Models and Measures
FOCUS ON: Stability and Variability; Economic Perspective
By the end of this course, students will:
D1.1 demonstrate an understanding of the business cycle model (e.g., recession, depression, peak, recovery, expansion) and various economic indicators (e.g., employment, gross domestic product, inflation)
Sample questions: “Are gains/losses within the business cycle proportionate for all groups of people in the general population?” “Why is GDP used as a reflection of the health of an economy?” “Why do economists advocate a low and steady rate of inflation?”
D1.2 use an aggregate demand and aggregate supply model to analyse how government macroeconomic policies can be used to achieve economic aims (e.g., low inflation, stable growth, high levels of employment)
Sample questions: “How might changes to
the tax system influence the level and growth of aggregate demand?” “Why does the Bank of Canada have an inflation control target?”
D1.3 explain how economists measure and represent standards of living and distribution of income (e.g., with reference to the Lorenz curve, Gini coefficient, low-income cut-off, market basket measure)
Sample question: “Which economic model best reflects the economic realities and choices facing people with low incomes?”
D1.4 assess the strengths and weaknesses of various macroeconomic indicators (e.g., GDP, gross national income [GNI], consumer price index, unemployment rate)
Sample questions: “How does the fact that unemployed workers who stop looking for work are not counted in unemployment rates affect the accuracy of this economic indicator?” “What are the implications of what ‘counts’ and does not ‘count’ in economic indicators? What is the significance of counting paid domestic work but not unpaid housework, or of not counting volunteer work, in GDP?” “What
are the limitations of using GDP as the basis
for economic policy?”
D1.5 describe alternative measures and models
of economic growth and well-being that are not based on the System of National Accounts (e.g., Human Development Index, Genuine Progress Indicator, happiness indicators, low-growth model), and assess their usefulness
Sample questions: “In what ways do alternative economic measures attempt to address short- comings of traditional economic indicators? Which do you think are more useful or realistic – the traditional or alternative measures? Why?”
D. MACROECONOMICS OVERALL EXPECTATIONS
By the end of this course, students will:
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