Page 94 - THE ONTARIO CURRICULUM, GRADES 11 AND 12 | Canadian and World Studies

Grade 12, University Preparation
Overall Expectations and Related Concepts of Economic Thinking
Big Ideas*
Framing Questions*
B. Fundamentals of Economics
B1. Scarcity and Choice: demonstrate an understanding of the significance of the concept of scarcity and how it influences economic choices and decisions of various economic stakeholders (FOCUS ON: Economic Significance; Stability and Variability)
Scarcity is a fundamental economic problem and has a major impact on economic choices and decisions .
How does scarcity affect the economies of different regions and countries?
What factors tend to contribute to economic change and stability?
How do different groups influence economic decision making?
Why is it important to try to find a balance between different ideas and stakeholders when making an economic decision?
B2. Supply and Demand Models: demonstrate an understanding of supply and demand models, including how to apply these models, and of factors that affect supply and demand (FOCUS ON: Cause and Effect; Stability and Variability)
Economists use supply and demand models to analyse and illustrate factors affecting economic choices .
B3. Growth and Sustainability: analyse aspects of economic growth/development, including its costs, benefits, and sustainability (FOCUS ON: Cause and Effect; Economic Perspective)
Economic growth and development can have social, cultural, and environmental consequences .
B4. Economic Thought and Decision Making: analyse how economic and political ideas and various socio- cultural factors affect economic decision making (FOCUS ON: Economic Significance; Economic Perspective)
When making major economic decisions, it is important to consider different theories and perspectives .
C. Firms, Markets, and Economic Stakeholders
C1. The Firm and Market Structures: demonstrate an understanding of markets and theories of the firm (FOCUS ON: Cause and Effect; Stability and Variability)
Firms and market structures affect, and are affected by, regulations and various stakeholders .
In what ways has technology changed
the dynamic between consumers and producers?
When investigating a current economic issue, why is it important to take the perspectives
of different stakeholders into account?
What are some ways in which governments address economic and social inequality?
Why might some governments choose economic prosperity
over other considerations when making an economic decision?
C2. Economic Trade-Offs and Decisions: analyse economic trade-offs from the perspective of different stakeholders, including those in different countries,
and how trade-offs influence economic decisions (FOCUS ON: Economic Significance; Economic Perspective)
Every economic decision involves a trade-off .
C3.The Role of Government in Redressing Imbalance: explain ways in which governments, both in Canada and internationally, intervene in the economy to
help address social needs and economic imbalances (FOCUS ON: Stability and Variability; Economic Perspective)
Governments in different countries take different approaches to address economic imbalances and allocate scarce resources .
THE ONTARIO CURRICULUM, GRADES 11 AND 12 | Canadian and World Studies
Overview (continued)
Throughout this course, when planning instruction, teachers should weave the expectations from strand A in with the expectations from strands B–E.
Strands B–E
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* See page 17 for a discussion of the purpose of big ideas and framing questions.