Page 72 - THE ONTARIO CURRICULUM, GRADES 11 AND 12 | Canadian and World Studies

Economics
Economic Significance
This concept requires students to determine the importance of economic policies, decisions, practices, issues, trends, theories, and/or developments . Economic significance is generally determined by the impact that such policies, decisions, and so on, have on individuals, groups, institutions, and/or nations . As they explore how scarce economic resources are allocated, students come to understand that the impact of those allocations may be different for different groups .
Related Questions*
– What impact has the moving of production from Canada to offshore locations had on Canadian manufacturing and the communities where such industries were located? (CIE3M, E3 .1)
– What factors might a government consider when deciding how to allocate funding for infrastructure development? How significant would the impact on the economy be as a criterion? (CIA4U, D2 .1)
– What impact does scarcity have on your own and others’ economic decisions? (CIC4E, Overview)
– What impact would an increase in the minimum wage have on the working poor in Ontario? (CIC4E, E1 .1)
Cause and Effect
This concept requires students to determine factors that affect or contribute to economic policies, decisions, practices, trends, and/or developments as well as the consequences of these policies, decisions, and so on . Students develop an understanding of the complexity of causes and effects, learning that something may be caused by more than one factor and may have many consequences, both intended and unintended .
Related Questions
− Why have some manufacturing and services moved to Asia in the past few decades? (CIE3M, E2 .3)
− Why might the federal government consider raising Employment Insurance (EI) premiums? How
might such a policy affect firms and workers? (CIA4U, D2 .4)
− How do the effects of economic marginalization contribute to its perpetuation? (CIA4U, E3 .1)
− What factors have the biggest influence on your own credit rating? Are there financial decisions that
you have made or are facing now that might affect your credit rating? Why is it important to consider the long-term consequences of these decisions? (CIC4E, B2 .3)
The Concepts of Economic Thinking
The four concepts of economic thinking – economic significance, cause and effect, stability and variability, and economic perspective – underpin thinking and learning in all economics courses in the Canadian and world studies program. At least one concept of economic thinking is identified as the focus for each overall expectation in strands B–E of these courses. The following chart describes each concept and provides sample questions related to it. These questions highlight opportunities for students to apply a specific concept in their studies. (See page 16 for a fuller discussion of the concepts of disciplinary thinking.)
THE ONTARIO CURRICULUM, GRADES 11 AND 12 | Canadian and World Studies
* The “related questions” are drawn directly from the overview charts that precede the Grade 11 and 12 economics courses and from the sample questions that accompany many specific expectations.
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