Economics 12 - Applied Research

PRESCRIBED LEARNING OUTCOMES

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 economics decision making

SUGGESTED INSTRUCTIONAL STRATEGIES

• Guide students in using census material such as Statistics Canada resources (publications, CD-ROMs, and the Internet) to research a particular problem. For example, ask students to analyse societal, political, economic, and technological influences that may have changed opportunity costs over a 10- or 20-year period.
• Ask students to analyse the impact of economic change by researching historic trends in different economic categories (e.g., women in the work force, the per capita income of Aboriginal people). As an extension, invite guest speakers to discuss the impact of economic change on their lives.
• Have students research gross domestic product, inflation, employment rates, debt, taxation, and social services by comparing economic activity in a predetermined list of countries. Ask them to work in small groups to produce multimedia presentations of their findings, including charts and graphs.
• Have student teams create and conduct surveys that measure consumer confidence. Ask each team to analyse its results and present and defend a report, outlining any difficulties in interpreting their data. As an extension, have them interview business leaders to determine how official consumer confidence surveys influence their decisions.
• Have students brainstorm businesses that apply economic theory in their day-to-day operations and discuss which theories would be useful to different businesses. Students can then interview business leaders about if and why they apply economic theories in their daily operations.

SUGGESTED ASSESSMENT STRATEGIES

• After students participate in classroom activities to develop research skills, assign independent projects such as the following to assess the extent to which they have accomplished the outcomes for applied research:
  • Research and report on the need for and cost of installing or replacing a specific infrastructure element. Reports should outline alternatives; make recommendations; and include analyses of demographics, employment, public debt, and the potential for private and public financing.
  • Analyse competition on a worldwide scale (e.g., soft drinks, fast-food chains, automobiles) in terms of social values; compare the marketing strategies of oligopolies versus small companies; and review the effect of economies of scale on production, distribution, and marketing. Determine under what conditions a small company could compete with international organizations.
  • Prepare a cost-benefit analysis of private versus public transportation. Use criteria such as the following to assess the research projects:
  • questions and issues are clearly and effectively stated in economic terms
  • research plan, including instruments required, is thorough and appropriate
  • sources are credible and relevant
  • data are presented clearly; economic graphs are used effectively
  • statistical analyses are accurate and relevant
  • analyses and conclusions are logical and defensible
  • interpretation includes strengths and limitations of the research tools and economic data

• The Canadian Economy
• Economics for Today: Issues and Applications
• The Economics Scrapbook
• Made in Canada: Economics for Canadians, Third Edition
• Working With Economics, Fourth Edition

• Real World Economics: Getting the Right Mix
• Venture: $100 Bills
• Venture: Omnibus
• W5: Iceland

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