Big Ideas
Big Ideas
Financial and economic literacy
Examples for student inquiry:
promotes the financial and economic well-being of both individuals and businesses.
- What are the economics of both large and small luxury purchases?
- How might we be affected by the shifting value of the Canadian dollar?
- How might we be affected by changing interest rates?
- How might an economic recession affect individuals and societies?
- What are the economic impacts of automation and technical advances?
Business creates opportunities to enable change.
Tools and technologies
tools that extend human capabilities
can be adapted for specific purposes.
Content
Learning Standards
Content
Students are expected to know the following:
the economic problem
needs, wants, scarcity, resources, variables, production possibilities, systems, economic choices
macroeconomics and microeconomics
business cycle
structure and operation of the Canadian economic system
marginal utility theory
for example, satisfaction in goods and services versus the cost
opportunity costs and sunk costs
for example, impact of lower income taxes, “free” parking and its impact
law of diminishing returns
economic efficiency
invisible hand, price ceiling, price floor, consumer and producer surplus, deadweight loss, taxes and subsidies, measuring efficiency
and specialization
demand, supply, and equilibrium
consumer choice and elasticity
marginal utility, diminishing returns, income and substitution effect, normative and rational economics, elastic and inelastic demand, determinants of price elasticity of demand, total revenue and elasticity
government actions
for example, price controls, rent controls, taxes, fiscal policy, monetary policy
and impact on the market
economic indicators
gross domestic product (GDP), inflation, consumer price index (CPI), interest rates, unemployment rates
money
banks, currency, fiat money, demand, supply, deposits
and mediums of exchange
competition
perfect competition, monopoly, monopolistic competition, oligopoly
in the market
labour
unemployment, wages, supply and demand, unions
global markets
imports/exports, trade, tariffs, quotas, dumping
economics in everyday life
for example, situational contexts, real-life scenarios
behavioural economics
interpersonal and presentation skills
for example, professional communications, collaboration, follow-ups, and courtesies; technological or visual supports to accompany marketing or demonstrations at meetings and conferences; social media and networking
to promote products or services and to interact with potential customers/clients
industry best practices
career options and opportunities in various economic sectors
Curricular Competency
Learning Standards
Curricular Competency
Students are expected to be able to do the following:
Applied Design
Conduct research to understand and explain economic concepts
Choose or create various economic scenarios
for example, situational context, project, business, proposed idea, role-playing in a designed environment
, and identify potential issues, intended impact, and possible unintended negative consequences
Make decisions about premises and boundaries
limiting factors, such as surplus and scarcity, government actions, available technologies, expense, environmental impact, cultural appropriation, and knowledge that is considered sacred
that define economic scenarios
Generate ideas, individually and collaboratively
Critically analyze how competing social, ethical, and sustainability factors impact the economics of global needs for preferred futures
Identify patterns and trends to further understand economic systems
Identify, critique, and use a variety of sources of inspiration
may include aesthetic experiences; First Peoples perspectives and knowledge; the natural environment and places, including the land, its natural resources, and analogous settings; people, including users, experts, and thought leaders
and information may include professionals; First Nations, Métis, or Inuit community experts; secondary sources; collective pools of knowledge in communities and collaborative atmospheres both online and offline
Choose an appropriate form, scale, and level of detail for economic scenarios
Obtain and evaluate critical feedback from multiple sources
may include peers; users; First Nations, Métis, or Inuit community experts; other experts and professionals both online and offline
, both initially and over time
Apply the appropriate tools to measure economic activity and impact
Gather feedback to critically evaluate economic scenarios and make changes to design or processes
Identify tools, technologies, materials, processes, and time needed for the task at hand
Share progress to increase feedback and collaboration
Critically evaluate their ability to work effectively, both individually and collaboratively, including the ability to implement project management processes
setting goals, planning, organizing, constructing, monitoring, and leading during execution
Applied Skills
Communicate outcomes in multiple formats and in a clear and concise manner
Evaluate and apply a framework
for example, generic multi-step problem-solving processes, established multi-step problem-solving business frameworks
for solving problems and making decisions
Evaluate safety issues
for example, viruses, phishing, privacy (digital); ergonomics, lifting, repetitive stress injuries (physical)
for themselves, co-workers, and users in both physical and digital environments
Identify and critically assess the skills needed related to current or projected tasks, and develop specific plans to learn or refine skills over time
Demonstrate the ability to make responsible economic decisions as individuals and as members of society
Applied Technologies
Explore existing, new, and emerging tools, technologies, and systems to further support facts and findings
Evaluate impacts, including unintended negative consequences, of choices made about technology use
Analyze the role and personal, interpersonal, social, and environmental impacts of technologies in societal change
Examine and analyze how cultural beliefs, values, and ethical positions affect the economics of the development and use of technologies on a national and global level