Download Biology 12 – BIO12 Course Outline

Economics 12 – ECO12
Course Outline
The grade 12 Economics course is meant to be a comprehensive and practical study of
the Canadian, and global economy covering the main issues in both microeconomics
and macroeconomics. Term one will involve an examination of microeconomics. Term
two will focus on macroeconomics. Although Grade 11economics is not a prerequisite, it certainly will provide students with a sound background. Any student who is
considering commerce or business as a possible option in post-secondary studies
should strongly consider taking Economics 12. It examines the role of participants in
the economy from the individual consumer to the entrepreneur, to corporations and the
influence exerted by government and NGO’s(non governmental organizations). The
course also examines theoretical economic models such as the market system
(capitalism) and planned system (communism or command) and their real world
application. Other topics to be explored are; price theory, economic indices, market
forces, international trade, business organization, finance, investment, unions,
employment and unemployment, taxation, and social programs. On a daily basis
(through the use of multi-media, internet, and newspapers), we examine the real world
application of economic concepts to local, provincial, national and international decisionmaking.
TERM ONE: MICROECONOMICS- (the branch of economics that focuses on the
behavior of individual participants in various markets).
1.
WHAT IS ECONOMICS?
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CANADA’S ECONOMIC SYSTEM:
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The basic economic problem of scarcity, opportunity cost and production
possibilities
Productive inputs and their importance
the task of an economic system emphasizing efficiency and effectiveness
the three basic economic questions
market system with its advantages and disadvantages
the role of profits
market power
command system with it advantages and disadvantages
mixed economy or mixed free enterprise
BUSINESS ORGANIZATION IN CANADA
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The strengths and weaknesses, as well as the key characteristics of various
business types such as proprietorships, partnerships, corporations, crown
corporations and conglomerates
Privatization
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The role of small business and big business in Canada
4 AND 5. THE DEMAND SIDE AND THE SUPPLY SIDE OF MARKETS
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THE DYNAMICS OF COMPETITIVE MARKETS
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Demand, demand elasticity, demand inelasticity
Supply, supply elasticity, supply inelasticity
Price makers and price takers
Market power
The graphing of supply and demand
Price supports
Price ceilings
MARKET STRUCTURES
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Market structure
Monopolistic competition
Perfect competition
Product differentiation
Oligopoly
Monopoly
Price-fixing
Price stickiness
Price leadership
Cartel
TERM TWO: MACROECONOMICS- (the branch of economics that a wide-ranging
view of the economy, studying the behavior of economic sectors.
1.
INTRODUCTION TO MACROECONOMICS
Measuring the performance of the Economy Concepts to studied include:
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Demand side on a macroeconomic scale
Supply side on a macroeconomic scale
The economic cycle (from growth-prosperity- boom- to recession)
Inflation
GDP (Gross Domestic Product)
(Gross National Product)
CPI (Consumer Price Index)
Money GDP vs. Real GDP
Unemployment Rate
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SOURCES OF ECONOMIC PROSPERITY: THE SUPPLY SIDE
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Participation Rate
Hidden Unemployment
Full Employment
Seasonal Unemployment
Supply side
Productivity
Consumption
Investment
Saving
Economies of scale
Marginal tax rates
Tariffs
Aggregate supply curve
SOURCES OF ECONOMIC PROSPERITY: THE DEMAND SIDE
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Demand side
Aggregate demand
Personal disposable income
Consumer confidence
Interest rates
Personal savings
Personal savings rate
Retained earnings
Leakages
Injections
Real economic growth
Capacity output
Economics 12 – ECO12
General Curriculum Outcomes
Economics 12 – ECO12
Course Units and Outcomes
TERM ONE: MICROECONOMICS- (the branch of economics that focuses on the
behavior of individual participants in various markets).
1.
WHAT IS ECONOMICS?
Scarcity and opportunity cost will become consistent reference points as we investigate
the nature of all economic systems. In a world of limited resources students need to
employ a decision-making model to make choices. They will recognize that there are
trade-offs when making choices. Various economic systems approach economic
decision-making in different ways when answering the three economic questions - What
to produce? How much to produce? And for whom to produce? The unit includes an
overview of the Canadian economic system and Canada’s economic goals.
2.
CANADA’S ECONOMIC SYSTEM:
The learning objectives in this unit will demonstrate how a market system provides
answers to each of the three basic questions of economics. It will explain how profits
and the profit motive contribute to the effective and efficient use of economic resources.
Explain how competition contributes to the efficient and effective use of economic
resources. And, explain why Canada’s economic system is appropriately described as
a mixed free enterprise system.
3.
BUSINESS ORGANIZATION IN CANADA
This unit examines and the key characteristics which ultimately influence the type of
business diversity that exists in Canada. This unit also investigates the most serious
problems facing both “big business” and “small business” in Canada. The importance of
“big business” in Canada, as it relates to output, employment and exports is also
discussed. This chapter also summarizes and evaluates the arguments in favor of
retaining government enterprises in the Canadian economy and the arguments in favor
of privatizing them.
4 AND 5. THE DEMAND SIDE AND THE SUPPLY SIDE OF MARKETS
This area of study focuses on a major component of microeconomics; that is the
relationship of supply and demand to pricing and availability of resources. We will draw
a demand/supply curve for a product from a demand/supply schedule showing the
quantity demanded/supplied at various prices. It will be explained how a given event
would increase or decrease the demand/supply for a particular product and show how
the event would affect the demand/supply curve. The concepts of elasticity and
inelasticity, as they apply to both supply and demand will be explained. We will also
determine whether a given event would make the demand for or, the supply of, an item
more elastic or more inelastic.
4.
THE DYNAMICS OF COMPETITIVE MARKETS
Many of the concepts studied in the previous units will be more specifically examined in
this unit. Graphing and price analysis will be applied and discussed as they relate to
various market conditions and changes. The role of the government in price-making will
be studied as it relates to the effects of a government price support that the price above
its equilibrium level and explain, with the aid of a graph, the effects on a market of a
government-imposed price control that holds the price below its equilibrium level.
5.
MARKET STRUCTURES
This final unit in our study of microeconomics deals with a variety of market structures,
their characteristics, and their influences on the economy and pricing. Once again,
graphing and understanding the relationship of pricing to various market conditions will
be examined. All of the above mentioned market structures will be discussed and
graphed with the intention of clearly demonstrating not only the theoretical, but also the
practical as it relates to society and its choices.
TERM TWO: MACROECONOMICS- (the branch of economics that a wide-ranging
view of the economy, studying the behavior of economic sectors.
1.
INTRODUCTION TO MACROECONOMICS
This is a unit that examines a variety of statistical categories, why they are important,
how they are calculated and the impact that they have on not only the Canadian
economy, but also the global economy. Students will learn the 5 key factors of the
supply side and the 4 components of the demand side of the economy. Students will
examine how the characteristics of the supply side and the demand side of a market
economy must work interdependently to function smoothly. Students will examine what
is measured by the GDP, list its 4 major components and show how the GDP is
calculated. Students will state what is measured by the CPI, how the CPI is constructed
to achieve its purpose, be able to calculate the rate of inflation from the CPI for 2
consecutive years. Finally, students will state the purpose of the labor force, describe
the main statistics that it generates and calculate the unemployment rate from Labor
Force Survey data.
2.
SOURCES OF ECONOMIC PROSPERITY: THE SUPPLY SIDE
This macro unit investigates the following learning objectives: students should
understand 2 reasons why high productivity is considered to be a fundamental
requirement for economic prosperity. Students will examine 6 main factors that
influence productivity, and explain how each factor affects productivity. Students will
come to understand why productivity is so important to a higher standard of living and
how Canada ranks among the leading economic nations of the world. We will also
examine the role of government in helping to strengthening our productivity levels.
3.
SOURCES OF ECONOMIC PROSPERITY: THE DEMAND SIDE
In this unit, students study the 4 components of AD, explain the 3 factors that have an
important influence on the amount of consumption spending and saving done by
households, explain the 2 main factors that influence the amount of investment
spending done by businesses, explain why savings can be seen as both a threat and as
a need, to economic prosperity, describe the operation of the saving-investment
process in a modern economy and explain its importance to the demand side of the
economy and the supply side of the economy. All of the above mentioned concepts will
be investigated rationally so that students not only understand the theory, but can
appreciate the practical application of these concepts as they relate to not only the
global picture, but more significantly to their own individual place in this global village.