Page 265 - Social Sciences Humanities - The Ontario Curriculum Grades 9 to 12 - 2013

E. ECONOMICSANDPERSONALFINANCES OVERALL EXPECTATIONS
By the end of this course, students will:
E1. Economic Influences: demonstrate an understanding of how global, national, and community economic factors affect the individual’s financial circumstances;
E2. Financial Institutions: describe ways in which financial institutions can assist in the management of personal finances;
E3. Benefits and Costs of Working: explain the benefits and costs of working.
SPECIFIC EXPECTATIONS
E1. Economic Influences
By the end of this course, students will:
E1.1 explain the impact of various economic changes on individual finances (e.g., changes in interest rates, consumer prices, employment rates; fluctuations in the value of the dollar; inflation; border closures; changes in the supply of or demand for various commodities)
E1.2 analyse the impact of employment changes on personal finances (e.g., layoffs, long strikes, downsizing, plant closures, promotions)
E1.3 identify and describe strategies they can use to plan for and manage unexpected financial crises (e.g., saving money, making investments, owning property, borrowing money, using credit, preventing and/or repairing the damage from identity theft and fraud)
Teacher prompts: “How can taking measures to keep accurate records help you avoid significant problems if you lose your wallet?” “How can setting money aside help to reduce the impact of an unexpected home repair?”
E2. Financial Institutions
By the end of this course, students will:
E2.1 identifyvarioustypesoffinancialinstitutions in the community (e.g., banks, credit unions, finance companies, trust companies, the stock market)
E2.2 compare the products and services offered by a variety of financial institutions (e.g., debit cards, credit cards, lines of credit, loans, mortgages, investment instruments, automatic teller machines, financial advisers)
Teacher prompt: “Which financial institution has the best combination of products and/or services to meet your current needs?”
E3. Benefits and Costs of Working
By the end of this course, students will:
E3.1 identify the economic and personal costs associated with working for pay (e.g., cost of clothing and uniforms, safety equipment, tools, transportation, food, childcare; job-related stress or illness; limited time to meet personal needs)
E3.2 explain the benefits of working for pay (e.g., opportunities to: make a living; develop relationships/networks; strengthen interpersonal skills; increase competencies; obtain personal gratification and/or satisfaction through making a contribution; offset feelings of boredom; expand professional skills, knowledge, and experience)
Teacher prompts: “If finances were not a concern, why might some people still choose to work?” “How does working teach transfer­ able skills that can increase an individual’s employability?”
E3.3 explain the typical deductions from a pay- cheque (e.g., union dues, income tax, employment insurance, private pension, Canada Pension Plan)
ECONOMICS AND PERSONAL FINANCES
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