Page 82 - THE ONTARIO CURRICULUM, GRADES 11 AND 12 | Canadian and World Studies

Grade 11, University/College Preparation
B1. Scarcity and Choice: analyse the relationship between scarcity and choice and how these considerations affect economic decision making (FOCUS ON: Economic Significance; Cause and Effect)
B2. Economic Models: apply economic models to analyse economic choices and issues affecting Canada and Canadians (FOCUS ON: Cause and Effect; Stability and Variability)
B3. PoliticalandEconomicSystems:analysehowdifferentpoliticalandeconomicsystemsandentities, including governments in Canada, make economic decisions (FOCUS ON: Stability and Variability; Economic Perspective)
B4. FinancialPlanning:demonstrateanunderstandingofkeyconsiderationsrelatedtopersonalfinancial planning, and use economic data to analyse the costs and benefits of personal financial decisions (FOCUS ON: Economic Significance; Economic Perspective)
THE ONTARIO CURRICULUM, GRADES 11 AND 12 | Canadian and World Studies
SPECIFIC EXPECTATIONS
B1. Scarcity and Choice
FOCUS ON: Economic Significance; Cause and Effect
By the end of this course, students will:
B1.1 explain the concepts of scarcity and oppor- tunity costs, and analyse how individuals, governments, and organizations apply these concepts as they make economic choices (e.g., the opportunity costs of a firm deciding to invest in research and development rather than adding to its immediate profits, or of a government using limited resources to pay down the debt, invest
in infrastructure, or increase funding for social programs)
Sample questions: “What is the opportunity cost of doing your homework this evening instead of going out with friends? What type of scarcity is implicit in this choice?” “How would you assess the opportunity costs of renting versus buying a home?”
B1.2 describe the two major branches of economics (i.e., micro, macro) and the two forms of economic analysis (i.e., normative, positive), demonstrating the understanding that they
all consider questions of scarcity and choice
Sample questions: “What are the main concerns of microeconomics? How are they different
from those of macroeconomics?” “What is the role of normative economics in government policies related to poverty? How do questions of economic fairness compete with those related to the efficient use of scarce resources when such policies are being formulated?”
B1.3 analyse how the scarcity of the factors of production (i.e., land, labour, capital, entrepreneurship) influences productivity and specialization
B1.4 explain how needs (e.g., clean water, food, shelter, leisure time), wants (e.g., designer jeans or running shoes, a new smartphone, sweatshop-free clothing, fair-trade produce), and values (e.g., fairness, individualism, community mindedness) influence consumer decisions
Sample questions: “Which of your own values have the greatest influence on your decisions as a consumer? What impact do these values have on your behaviour as a consumer?” “Why might an individual pay more for a fair-trade product?”
B1.5 compare prices in different communities in Canada (e.g., the price of groceries on a fly-in First Nation reserve, in the North, in large urban centres, in rural communities; housing prices in Toronto and Windsor; the price of gasoline in Calgary and
B. FUNDAMENTALS OF ECONOMICS OVERALL EXPECTATIONS
By the end of this course, students will:
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