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Economics
11
ECONOMICS ELEVEN
"One of the greatest pieces of economic wisdom is to know what
you do not know."
~ John Galbraith (1908-2006)
Canadian economist
Course Description
The grade eleven economics course is meant to be a comprehensive
study of the Canadian, and global economy covering the main issues
in both micro and macroeconomics. 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
capitalism and communism 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. As well, an ongoing examination of current
economic events will help take our learning outside the classroom.
The text we will use is "Made in Canada : Economics for Canadians".
3rd edition. Toronto, Oxford University Press, c1996 by James D.
Thexton.
Course Themes
The overall organizational themes for the course are broken down
into thirteen topics. These shape the content of the course and are
identified below.
Unit 1: Fundamental Economic Concepts
Fundamental Principles and Concepts
Economic Systems
Unit 2: Microeconomic Concepts
Demand and Supply
Market Structures
Labour Market and Labour Unions
Unit 3: Macroeconomic Concepts
National Economic Performance
The Role of Government
Unit 4: Global Economic Concepts
Trade
Global Economics
Unit 5: Economic Issues
Distribution of Income and Standard of Living
Sustainability
Personal Finance
Unit 1
Fundamental Economic Concepts: Fundamental Principles of Economics
Economic Systems
Unit 1 introduces economics as a discipline - what it is, how it is present in
everyday life and why one should study economics. This unit introduces the
student to the fundamental concepts of economics - scarcity and opportunity
cost. 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. This unit also examines the three basic economic
systems - traditional, command and market economies. Each of these
systems approaches 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 concludes with an overview
of the Canadian economic system and Canada’s economic goals.
Unit 2
Microeconomic Concepts: Demand and Supply
Market Structures Labour Market and
Labour Unions
Unit 2 is broken into three sections. The first section addresses demand and
supply. Producers and consumers play an integral role in the market place.
As demand goes up, the price goes up encouraging more producers to enter
the market. Conversely, rising prices while enticing to suppliers discourages
consumers. Prices fluctuate up and down until demand equals supply
establishing an equilibrium point. The second section outlines the various
forms of business and market structures. There is an emphasis on the
corporation and the stock market. Participation in a stock market simulation
provides an enjoyable educational forum for understanding the intricacies of
buying and selling shares. The third section focuses on the contribution and
value of labour in the market. Over time with technological and social
changes labour trends also change and productivity increases. Labour unions
also play an integral role in shaping and determining the role of organized
workers which impacts on productivity.
Unit 3
Macroeconomic Concepts: National Economic Performance
The Role of Government
Unit 3 introduces students to the macroeconomic concepts of Gross
Domestic Product (GDP), Gross National Product (GNP), Consumer Price
Index (CPI) , inflation, unemployment, recession and depression. These
economic indicators prompt government to make fiscal and monetary
policies that affect government spending and tax decisions in pursuit of
economic stabilization. Decisions made at the federal government level
trickle down to the provincial/territorial and municipal levels.
Unit 4
Economic Issues: Distribution of Income and Standard of Living
Sustainability
Technology
Personal Finance
Unit 4 provides an opportunity for teachers to select two economic issues
out of four. The options available enable the teacher to either integrate a
topic throughout the course or to treat the two topics independently.
Distribution of income, sustainability, technology and personal finance may
easily be integrated throughout the course. This unit ties in the role of money
and personal finance. Money makes ‘the world go round’ and these days ecommerce and e-banking are revolutionizing the world of money and
commerce. After learning about money, students realize that the world’s
wealth and resources are not distributed evenly. There is a distinction made
between ‘developed nations’ and ‘developing nations’, ‘have’ provinces and
‘have not ‘ provinces. Unlimited wants are putting a strain on the world’s
resources. Sustainable development is the key to ensuring resources for
future generations while providing for the needs of the present.
Unit 5
Global Economic Concepts: Trade
Global Economics
Unit 5 outlines various reasons for and against international trade. With
increasing interdependence on other countries for products and services,
there is a move to freer trade or a removal of barriers to trade. Many
countries are initializing this effort by forming trading blocs with their
closest trading partners. Increased international trade leads to continual
fluctuations in exchange rates between countries. Governments continually
monitor international trade struggling to achieve a balance of trade where
exports exceed imports. Many countries, however, face balance of payments
difficulties and look to global organizations such as the International
Monetary Fund or the World Bank to help alleviate the burden.
Advancements in communication and transportation have enhanced world
trade and have in effect made the world a smaller place - a global village.
Evaluation
Evaluation
Explanation
Assignments
Tests & Quizzes
Based on text chapters and
materials presented in class
Percentage
40 %
Approx. 4-6 tests per term
Homework
On a regular basis.
Primarily text work and
writing assignments
25 %
Presentations, Term Reports
Term Project
& Econ. News Portfolios
25 %
Participation, Attendance,
Punctuation & Cooperation
10 %
Class Mark
Total
100%
Please Take Note
1. You are responsible for any work or assignments given during your
absence.
2. Any work or assignments missed due to unexcused absences (skips) will
be marked at zero.
3. Makeup tests can be written by those with excusable absences. (phoned
in).
4. Be on time and come to class prepared (pen, paper and text ) This will
be factored into your evaluation.
To gain an understanding of economics it is necessary to relate theory to
real world situations and the practice of economics. To this end students
will be expected to keep abreast of current affairs i.e. economic, political
and business news and be prepared to discuss the news in an informed
manner.
TERM PROJECTS
TERM ONE ASSIGNMENT – NEWS PORTFOLIO
Course --- Economics Eleven
Each student will be responsible for collecting a portfolio of Economic
related news stories. In their portfolios will include three (3) articles per
week. The three will include 1. International news story
1. National news story
1. Provincial / Municipal news story
Articles are to be presented in a organized and professional manner. A
scrapbook is recommended however a binder is an acceptable
substitute. Each article must be dated and labeled. Each article is to be
accompanied by a brief synopsis written by the student. Portfolios will
be collected twice per semester, one week before mid-term and one
week before final exams.
Evaluation will be based on presentation and content. Is the
portfolio professional in appearance ? Is the content valid? Does
the student display an understanding of the story in their synopsis?
Value______25% per term. The project will be marked out of 25
points.
Late Penalty ------ 2pts day 1 and 2 pts each additional day to a
maximum 10 pts
If the portfolio is more than 5 days late it will not be evaluated.
DUE DATE __/___________________
TERM TWO ASSIGNMENT - CLASS PRESENTATION
Presentation topic: To be approved by instructor. It must relate to the study of
Economics. The presentation may focus on such topics as: economic issues,
economists or individuals and political figures who have had an influence on
economics , businesses or specific topics in the field of economics. The
presentation can be done with a partner or individually.
Test: Each presenter(s) will prepare a 10 question quiz to be completed by the
class at the end of the presentation. Value 10 points.
Essay: Each student will complete an essay on their presentation topic. It will
be a formal essay i.e. cover page, bibliography and citations. The essay should
be approximately 1200-1500 words in length. Please make sure your essay is
double spaced.
Handout: Students are also required to prepare a one page handout sheet to
facilitate their presentation. This handout should highlight the key points of the
presentation as well as being a means for generating discussion.
Time allotted for each presentation: 30 minutes minimum to a maximum 35.
You will be stopped at 35 minutes and will only be marked on work completed.
Students are encouraged to be innovative in their approach eg. multi media,
games, debate etc.
Web Resources
Economic History Theory:
A History of the Canadian Dollar
Economic History Services
FutureCasts: Online Magazine
The Economy of Canada
Investment:
Bloomberg
Hoover's Online
Wilfred Laurier Stock Competition
CNN Money
StockHouse
Globe Investor Symbol Lookup
Telenium: TSX
NasDaq
Public Sector:
Atlantic Canada Opportunities Agency
Office of the Auditor General of Canada
Canadian Council of Social Development
Canadian Economy Online
CIA World Factbook
Department of Finance (Canada)
Department of Foreign Affairs and International Trade (Canada)
FedWorld (US)
Government Printing Office (US)
Bank of Canada
Royal Canadian Mint
Statistics Canada
Canadian Customs and Revenues Agency
Private Sector:
BBC News
Corporate Structures
The Co-operative Movement In Nova Scotia
Economy.com
Country Profiles:
ABC News Country Profiles
U.S. Department of State
BBC News Country Profiles
The World Factbook
Foreign Affairs Canada: Country Profiles
Fact Monster: Countries of the World
The Economist: Country Briefings
eldis: Regional and Country Profiles
Countries of the World
Profiles of Asian Countries
Country Profiles: The Spire Project
UN Department of Economic and Social Affairs
UN Statistical Division: Country Profiles
World Bank: Data by Country
World Health Organization: Countries
Country/Economic/State and Territory Fact Sheets
ECONOMICS JOKES
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