Economics 12 - Description

Economics 12 provides students with opportunities to analyse the effects of economic activity on their society, the nation, and the global community, and it gives them a deeper understanding of the principles behind government and social policies. Students study the principles underlying the exchange of goods and services for value both within the market system and in non-market-oriented sectors (e.g., households, volunteer organizations). This adds a critical dimension to students' understanding of society.

Through the study of economics, students also gain an understanding of the significant personal, professional, and business decisions regarding the allocation of resources that they will be required to make throughout their lives. As well, the study of current economic developments, trends, and issues enables students to improve their educational and career choices. Students will be better able to take advantage of global career opportunities when they understand how the global marketplace functions.

The aim of Economics 12 is to provide students with a framework from which they can:

• increase their understanding of economic principles
• gain knowledge of the structure and operation of the Canadian economic system
• gain the competencies required to study economics successfully at the postsecondary level

• understand and use economic terms and concepts correctly
• understand the exchange of goods and services
• understand the assumptions, theory, and practice of the economic system in which they live
• understand the roles of property, capital, labour (particularly entrepreneurship), and organization in an economic system and how government activities affect these elements
• increase their awareness of local and global economic trends
• apply their economic understanding in their personal financial decision making

Course Organizers

Organizers used to cluster learning outcomes within Economics 12 are as follows:

• Foundations
• Applied Research
• Factors of Production
• Role of Markets
• Role of Government

Foundations

Foundations focusses on the central problem in economics: limited resources versus unlimited wants and needs. Students learn basic theories of supply and demand as well as theories and examples of how a society allocates resources. The prescribed learning outcomes emphasize:

• understanding various economic theories
• the role economics plays in decision making
• the role of the business cycle in economic theory

Applied Research focusses on evaluating economic data, drawing conclusions from the data, and presenting this information in an understandable form. Students develop skills in research, evaluation, and problem solving. The prescribed learning outcomes emphasize:

• knowledge and skills needed to formulate questions, analyse economic data, and use information to solve problems
• practical use of research tools and data

Factors of Production examines the economy as a dynamic, changing system. Analysing the factors of production enable students to observe how changes in one sector of the economy can impact other sectors. The prescribed learning outcomes emphasize:

• the economy as a dynamic and interrelated system
• the role that factors of production play in an economy

Roles of Markets examines the roles of technology, capital formation, trade, and currency exchange rates. Students learn how these forces act on one another. The prescribed learning outcomes emphasize:

• how capital is formed for investment and spending
• how the market for currency and investments affects trade
• how natural and economic factors affect trade

Role of Government examines the impact of government decision on an economic system. Students learn how to understand and assess government actions and decision relating to economics (e.g., taxes, tariffs, central bank policies). The prescribed learning outcomes emphasize:

• the philosophical framework on which government decision making is based
• the circumstances under which governments regulate commerce, employment, fiscal policy, and taxation

Planning Your Program

Economics 12 provides students with a theoretical framework, skills, background, and experience that may encourage them to study economics at higher levels. As the same time, it provides a context for understanding business practices. The interests of students and the expertise of teachers will determine the best approach to take with this course. In planning a program that is interesting and relevant to learners, teachers may want to find out about the activities and materials used in courses that lead to Economics 12. Teachers are therefore encouraged to examine the Business Education 8 to 10 and Social Studies 11 Integrated Resource Packages. When planning, teachers should also consider that the prescribed learning outcomes in the Foundations organizer focus on the background necessary to be successful in other organizers.

Teachers are urged to use current data and materials whenever possible. Canadian content should also be used, keeping in mind the global nature of the course. Teachers are encourages to use interactive technology to simulate various economic situations. As well, they should encourage students to use a variety of media and resources (e.g., print, TV, computer networks, CD ROMs, the Internet to learn about economic situations at local, national, and international levels. Economic conditions change rapidly, and students must be prepared to interpret and evaluate trends and make informed decisions based on their understanding of economic data. The study of clear, practical, real-life situations allows the economic principles studied to become an integral part of students' lives.

Throughout the Economics 12 curriculum, several economic terms are used. The terms and their definitions, in the context of this course, are provided below.

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