Page 98 - THE ONTARIO CURRICULUM, GRADES 11 AND 12 | Canadian and World Studies

Grade 12, University Preparation
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)
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)
B3. Growth and Sustainability: analyse aspects of economic growth/development, including its costs, benefits, and sustainability (FOCUS ON: Cause and Effect; Economic Perspective)
B4. Economic Thought and Decision Making: analyse how economic and political ideas and various sociocultural factors affect economic decision making (FOCUS ON: Economic Significance; Economic Perspective)
THE ONTARIO CURRICULUM, GRADES 11 AND 12 | Canadian and World Studies
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SPECIFIC EXPECTATIONS
B1. Scarcity and Choice
FOCUS ON: Economic Significance; Stability and Variability
By the end of this course, students will:
B1.1 compare, with reference to specific countries, how different economic systems (i.e., market, mixed, traditional, command) answer the three fundamental economic questions about produc- tion (i.e., what, how, and for whom to produce)
Sample questions: “How would you characterize the economic systems of Canada, Cuba, and Sweden? What impact do these systems have on how these countries make decisions about production?”
B1.2 explain, using both normative and positive economic analysis, the interrelationship between needs/wants, production decisions, and consumer choices and decisions
Sample questions: “How might normative
and positive economic analyses differ in their assessment of the role of planned obsolescence?” “What role does marketing play in production decisions? What impact can marketing/adver- tising have on people’s wants and what they may perceive to be their needs?” “If positive economic analysis focuses on facts, how can positive analyses of the same issue reach different conclusions or support different economic decisions?”
B1.3 demonstrate an understanding of production possibilities curves (PPCs) and how they can be used to guide economic decisions about the allocation of scarce resources (e.g., decisions about how to achieve full employment; trade-offs with respect to the production of consumer goods and capital goods; whether to invest in new technology, given its likely impact on production)
Sample questions: “Why do economists often use ‘guns’ and ‘butter’ as alternatives when explaining PPCs? What do these goods signify?”
B1.4 explain how the concepts of scarcity and opportunity costs influence economic decisions, at both the personal and societal levels (e.g., the opportunity costs of going to university or college or of entering the workforce after high school; the allocation of limited government resources to infrastructure, education, or health care)
Sample questions: “What is the relationship between scarcity and opportunity costs?” “What are some economic decisions in your own life and/or that of your family in which opportunity costs were assessed in order to reach a decision?”
B1.5 explain the costs and benefits of some individual financial choices (e.g., saving for
the future or spending money now, getting a student line of credit or a student loan, enrolling in postsecondary education or taking employment, renting or buying a home)
B. FUNDAMENTALS OF ECONOMICS OVERALL EXPECTATIONS
By the end of this course, students will: