Page 117 - THE ONTARIO CURRICULUM, GRADES 11 AND 12 | Canadian and World Studies

C. ECONOMIC FUNDAMENTALS OVERALL EXPECTATIONS
By the end of this course, students will:
C1. Scarcity and Choice: demonstrate an understanding of scarcity and some other key economic concepts, and analyse how they affect economic decision making (FOCUS ON: Economic Significance; Stability and Variability)
C2. UnderstandingtheCanadianEconomy:demonstrateanunderstandingofsomeeconomicconcepts and how they are related to key aspects of the Canadian economy (FOCUS ON: Stability and Variability; Economic Perspective)
C3. TheRoleofLabour:analysetheroleoflabourintheCanadianeconomy(FOCUSON:CauseandEffect; Economic Perspective)
C4. Stakeholders’ViewsonEconomicIssues:analyseavarietyofeconomicissuesfromtheperspectives of different stakeholders (FOCUS ON: Stability and Variability; Economic Perspective)
SPECIFIC EXPECTATIONS
C1. Scarcity and Choice
FOCUS ON: Economic Significance; Stability and Variability
By the end of this course, students will:
C1.1 demonstrate an understanding of the economic concepts of scarcity, trade-offs, and opportunity costs, analysing how they apply to various economic decisions, including some of their own decisions (e.g., with reference to allocating time, money, and skills; prioritizing their needs and wants while considering their limited resources; calculating the opportunity costs of different decisions)
Sample questions: “What do economists mean when they talk about ‘scarcity’? In what ways do you see this concept at work in your own life?” “What do people mean when they say ‘There is no such thing as a free lunch’? What is the significance of this saying in economics?” “What are the trade-offs of working part time while going to school rather than having a full-time job?” “How might a community weigh the opportunity costs of a decision to turn an area into parkland rather than zoning it for business or residential use?”
C1.2 analyse the interrelationship between scarcity, their needs and wants, and their personal values
Sample questions: “How do your personal values influence the criteria you use when determining what you do with your pay cheque? How might your choices change if you received a raise or lost your job?”
C2. Understanding the Canadian Economy
FOCUS ON: Stability and Variability; Economic Perspective
By the end of this course, students will:
C2.1 demonstrate an understanding of economic inputs (i.e., the resources of land, labour, capital, and entrepreneurship) and outputs (i.e., goods and services) and their role in Canada’s economy
Sample questions: “Should unpaid housework be included in official measures of economic inputs or outputs? Why or why not?” “How do a country’s natural resources influence labour opportunities?”
C2.2 compare key characteristics of market, mixed, traditional, and command economies, and analyse their significance for different groups
Sample questions: “What economic system does Canada have? What are some of the advantages and disadvantages of this system?” “Why might an entrepreneur prefer to do business in a market economy rather than a command economy?”
ECONOMIC FUNDAMENTALS
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Making Personal Economic Choices
CIC4E