CIA4U (Grade 12 Economics)

Grade 12

Course Title: Analyzing Current Economic Issues

Course Code: CIA4U

Course Type: University Preparatory Course

Credit Value: 1.0

Pre-requisite courses: Preparatory courses in any University (U) or University/College (M) Social Sciences and Humanities, English or Canadian and World Studies.

Course Description

This course examines current Canadian and international economic issues, developments, policies and practices from different perspectives. Students will explore the decisions individuals and institutions (including governments) make in response to economic issues such as globalization, trade agreements, economic inequality, regulation, and public spending. Students will apply concepts of economic thinking and the process of economic inquiry, as well as economic models and theories, to investigate and form informed opinions on economic trade-offs, growth, sustainability and related economic issues.

Unit title and description

economic reasoning

The first unit of this course begins with students exploring basic economic concepts such as the production possibility curve, scarcity, choice and opportunity cost. The second half of the unit deals with different types of economies, including traditional, command, market and mixed economies, and also examines key figures in economics such as Adam Smith and Karl Marx.

demand, supply and price

The second module explores in depth all the important aspects and determinants of market demand, market supply and market prices. Covers the law of supply and demand, as well as the concept of price elasticity.

Microeconomics: Market Analysis

In this unit, students understand the role of production and cost through examples. Production under perfect and imperfect competition is studied through an in-depth study of topics such as profit maximization, monopoly, and oligopoly. Students conclude this unit with an analysis of the labor market, understanding changes in supply and demand, wages and other labor market issues.

Measuring macroeconomic performance

Now that students have learned the basics and understand microeconomics, they begin to explore large-scale economic phenomena. This unit provides students with an understanding of GDP, including expenditure and income methods. They will also learn to calculate a country's GDP. Other major topics, such as unemployment and inflation, are also covered in detail.

Booms, busts and equilibrium: economic instability and fiscal policy

Students study economic volatility and fiscal policy in this unit. Covering aggregate demand and aggregate supply models, students will learn how to draw and use sketches to show how certain factors will affect AD curves. It also explores the potential impact of shocks on the economic system, such as changes in government spending, changes in net exports, and changes in investment. The second half of the department delves into fiscal policy. Covers expansionary and contractionary fiscal policy, and analyzes topics such as multiplier effects, automatic stabilizers, and the pros and cons of fiscal policy

Booms, busts, and equilibrium: money, banking, and monetary policy

This unit takes a close look at three main themes: money, banking and the money creation/destroying process, and monetary policy. Students will learn about the evolution and importance of money, the measurement of money supply, and money markets. Then do a thorough study of banks and multi-bank systems and learn the formula for monetary expansion. The final part of the unit provides students with an understanding of central banks and monetary policy, and how this affects the real economy.

Canada in the World Economy: International Trade Finance and Economic Growth

In the final unit of the course, students will learn about Canada as a trading nation, and the benefits and pressures of international trade. The principles of international trade theory are explored, as well as trade barriers and international trade policy. The second part of the module studies balance of payments issues, the value of the Canadian dollar and fluctuating exchange rates, and students will learn how to read foreign exchange rate tables. Finally, economic growth will be discussed in the final section. The meaning, measures and sources of economic growth are detailed, and students also study topics such as promoting capital investment and technological progress.

final assessment

exam

This is a proctored exam that counts for 30% of the final grade.

Overall Course Expectations

A. Economic inquiry and skills development

A1

Economic Inquiry: Use the economic inquiry process and economic thinking concepts when investigating current Canadian and international economic issues

A2

Develop transferable skills: apply skills developed through economic investigation in everyday settings and identify a variety of occupations where economic background can be an asset

B. Fundamentals of Economics

B1

Scarcity and Choice: Demonstrate an understanding of the importance of the concept of scarcity and how it affects the economic choices and decisions of various economic stakeholders

B2

Supply and Demand Models: Demonstrate an understanding of supply and demand models, including how to apply these models, and the factors that affect supply and demand

B3

Economic Thought and Decision-Making: Analyzing how economic and political thought and various sociocultural factors influence economic decision-making

C. COMPANY, MARKET AND ECONOMIC STAKEHOLDERS

C1

Firm and Market Structure: Demonstrate an understanding of market and firm theory

C2

Economic trade-offs and decision-making: Analyzing economic trade-offs from the perspective of different stakeholders, including those in different countries, and how trade-offs affect economic decision-making

C3

The Government's Role in Correcting Imbalances: Explaining How Canadian and International Governments Intervene in the Economy to Help Address Social Needs and Economic Imbalances

D. Macroeconomics

D1

Macroeconomic Models and Measures: Demonstrate an understanding of various macroeconomic models and measures, including indicators used to measure economic inequality, and assess their effectiveness

D2

Fiscal Policy: Demonstrate an understanding of Canadian fiscal policy, including how it is formed and its impact

D3

Monetary Policy: Analyzing various aspects of Canadian monetary policy and its impact on the economy

E. Global interdependence and inequality

E1

International Trade Theories and Models: Analyse various theories, models and issues related to international trade

E2

International Economic Development: Analyse the impact of some important international economic events and developments and the various responses to them

E3

International economic power and inequality: explaining the main causes and effects of global economic disparities and assessing the effectiveness of addressing them

teaching strategy:

The Canadian and World Studies program will prepare students for responsible citizenship in which they think critically about the events, developments and issues of everyday life. Economics studies how markets, prices and governments influence economic decisions. It will help students make better choices as consumers of goods and services, economic contributors and economic citizens. At their own pace, students will work towards:

● Understand how to conduct a disciplined and thoughtful economic analysis of issues and options, considering economic, environmental and social impacts. Students learn how to make appropriate and meaningful choices to improve economic well-being;

● Identify Canada's economic institutions, recognize their roles, analyze and assess their effectiveness, and determine the balance of public and private sector activities that make the most efficient use of scarce resources;

● analyze economic activity and economic choices to make choices consistent with their values and priorities;

● Use a variety of economic survey methods to explain past events and forecast trends.