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

PRESCRIBED LEARNING OUTCOMES

• outline the effects on a local economy of changes both in consumer needs and wants and in the supply of and demand for resources

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

SUGGESTED INSTRUCTIONAL STRATEGIES

• As a class, develop a list of products and services (including local, industrial, and difficult-to-acquire items). Brainstorm reasons for differences in their ease of acquisition (e.g., location, culture, environment, cost, laws, quantity demanded). Ask students to consider how different economies influence ease of acquisition.
• Have students research current economic issues that illustrate the effects of real and apparent scarcity of resources, including labour skills, and present their findings in multimedia works, collages, or posters.
• Invite students to role-play an auction in which they bid on a variety of products and services. Information gathered could be used to discuss needs, wants, availability of resources, and demand.
• Give students a selection of local newspapers, magazines, and mail-order catalogues. Ask them to cut and paste examples of needs and wants into two columns. Then have them rank each item (on a scale of 1 to 5) according to the extent to which it would affect elements of a local economy (e.g., origin of resources, manufacture, distribution, point of sale, service, recycling, disposal).
• Ask students to speculate on how businesses influence consumer wants through the media. In particular, challenge students to identify business and employment opportunities that rely on creating or changing consumer wants.
• Choose a local industry (e.g., fur trapping, video rental). Have students first discuss and then illustrate through flow charts and graphs how changes in consumer demand for a product might affect product availability, other community businesses, labour, and the local economy.

SUGGESTED ASSESSMENT STRATEGIES

• Prior to an auction role play, have students determine the prices they are willing to pay for each item and give their reasons. As they participate in the auction, ask students to record the price each item was sold for and why they think it went for that price. Students could use a format such as:
  • Item ___________ .
  • I'm willing to pay $___________ because ___________ .
  • It sold for $___________ . I think it sold for that price because ___________ .

  Note the extent to which students recognize the effects of supply and demand of resources on purchase price.

• When students identify reasons for differences in the ease of acquisition of various products and services, record evidence that they recognize the relationship between supply and demand.
• Suggest that students conduct a bake sale to raise money for a class event. Following the sale, have students discuss its success. Have them respond in writing to the following questions:
  • Why did certain items not sell as well as others?
  • Could certain popular items have been sold for more?
  • Would lowering the prices on unpopular items have made them sell better?
  • What would you do at your next bake sale to raise more money?

  Collect their work and note evidence that students can identify the relationship between and factors that influence supply and demand.

RECOMMENDED LEARNING RESOURCES

• Exploring Business
• Personal Finance Portfolio

Software

• Looking Ahead

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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