Economics 12
Foundations	It is expected that students will: analyse factors that affect growth, the creation of wealth, and the distribution of income in an economy evaluate the components and assumptions of various economic theories, including the theory of supply and demand, and their effect on the development of modern economic systems evaluate the effect of economic activity (including home-based, non-profit, and non-market economies) describe the roles of individuals, business, and government in the business cycle and analyse the impact of that cycle on economic decision making apply economic principles when making personal and career decisions assess the way in which economic principles are applied differently to individuals, businesses, and nations evaluate an economic system's performance based on criteria including: freedom, environmental impact, international, standards of ethics, efficiency, equity, security, employment, stability, growth
Applied Research	It is expected that students will: explain how economic theory is applied in various careers and occupations describe how economic performance is monitored, measured, and reported outline the strengths, limitations, and biasses of economics research tools analyse, create, and evaluate economics graphs apply basic statistical analysis to interpret economic data from primary, secondary, and tertiary sources evaluate the structure of economic surveys and polls and their effect on economic decision making
Factors of Production	It is expected that students will: outline factors that can influence levels of employment in an economy describe how labour law, gender equity, affirmative action, and inclusion of minorities have changed labour as a factor of production describe the roles of capital, labour, property, and organization as factors of production evaluate the impact of information technology on the factors of production in an economic system compare the impact of government decisions and business decisions on factors of production appraise entrepreneurial activity and the roles played by entrepreneurs in an economy predict the characteristics, skills, and processes that are important to entrepreneurial success analyse how a factor of production may change over time and affect the economy
Role of Markets	It is expected that students will: explain the economic effects of various kinds of trade on individuals and jobs analyse factors, including opportunity cost, that influence levels of investment, innovation, and technological advancement in an economy explain why nations vary in terms of their economic development, including the effect of the global economy on Canadian markets explain the role of the central bank of Canada in regulating Canadian money markets evaluate the role, function, history, and future of currency in a global economy analyse the relationship between debt for investment and debt for consumption describe the role of multinational corporations in shaping economic decisions and government policies identify and evaluate trends in individual, national, and global trading patterns assess the impact of government borrowing and debt on markets assess the impact of information technology on market structures describe the role and diversification of capital formation and investment strategies, including investment markets, in an economy
Role of Government	It is expected that students will: outline and give examples of the various policies that a government can use to influence its economy describe factors that can influence government policy decisions outline the economic philosophies and factors behind government decision making evaluate the methods governments use to collect revenue and the impact of these methods on society and business formulate hypotheses on the relationship of the national debt to the level of economic activity describe the effect of federal and provincial transfer payments on the levels of economic activity and employment explain the role of government in producing goods, delivering services, and regulating the economic endeavours of business compare economic options and the opportunity costs involved in each for private or public projects

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