This sub-organizer contains the following sections:
Prescribed Learning Outcomes
Suggested Instructional Strategies
Suggested Assessment Strategies
Recommended Learning Resources

PRESCRIBED LEARNING OUTCOMES

• prepare and interpret a simple supply-and-demand graph and apply the interpretation to a business problem
• explain the significance of competition and co-operation in business
• outline methods used to facilitate and predict economic development
• describe common economic indicators and explain how they apply to the standard of living

To view the prescribed learning outcomes for Economics in other grades click on an icon below.

SUGGESTED INSTRUCTIONAL STRATEGIES

• Guide students through the development, interpretation, and analysis of a simple supply-and-demand graph. Define equilibrium point, demand curve, and supply curve . Challenge students to explain effects on the curves and equilibrium point given various business scenarios (e.g., changes in cost of production, product popularity, competition). Discuss limitations on the application of supply-and-demand curves in a dynamic economy. Finally, ask students to research simple products or services to sell in the school and create supply-and-demand graphs based on the results.
• As a class, discuss various types of competition (e.g., perfect, oligopolistic, monopolistic) and co-operation in an economic system. Invite students to examine the effects of competition and co-operation on various aspects of business (e.g., pricing, advertising, quality, profits, the creation of new business opportunities). Form groups and ask each group to create posters depicting both competition and co-operation within a specific business sector (e.g., labour market, service, telecommunications).
• Brainstorm methods used to influence the economy (e.g., taxation, licensing, monetary policies, revenue distribution, minimum wage). Ask each student to choose and research one method and give a short presentation on it.
• Provide economic and standard-of-living statistics from a range of countries. Define economic indicators and invite students to explain differences between countries. For example, have students account for differences in standard of living between countries after World War II (e.g., Japan and Germany compared to other countries) or in the 1960s and 1970s (e.g., Pakistan and Brazil compared to other countries). Challenge students to describe the contributions of business, employees, consumers, and government to the standard of living in Canada.

SUGGESTED ASSESSMENT STRATEGIES

• Discuss with students how economic indicators apply to standard of living. Have them research current economic indicators, hypothesize what effect a drop or increase in each of these indicators might have on standard of living, and give reasons to explain these effects. Students could present their predictions in charts. Review students' work and note the extent to which they recognize relationships between the indicators and standard of living.
• Ask students to keep journals to record examples from news reports and class work of methods used to regulate the economy (e.g., subsidies, taxation, tariffs, interest rates, international trade agreements). Have them add comments on the effects of such regulation. Check their journals and provide feedback on the extent to which students:
  • understand the effects of regulation on the economy
  • identify regulations, predict outcomes, and justify predictions with theory
  • evaluate their predictions against actual outcomes (where possible)

RECOMMENDED LEARNING RESOURCES

• An Introduction to the Stock Market - A Canadian Perspective

Video

• Credit Cards

Multimedia

• Exploring Business
• The Pacific Rim Dimension
• Personal Finance Portfolio

Note: It is anticipated that existing classroom and school materials will also be used to support the prescribed learning outcomes until additional learning resources are identified.

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