Canada · Ontario Curriculum Expectations
Grade 12 Economics
This course examines how individuals and societies manage scarcity through economic decision making. Students analyze market structures, government policy, and international trade to understand the complexities of the modern global economy.
The Economic Way of Thinking
Foundational concepts of scarcity, opportunity cost, and the basic economic problem of resource allocation.
Exploring how limited resources force individuals and societies to make trade-offs.
Using the Production Possibilities Curve to visualize opportunity cost and economic growth.
Analyzing how specialization and trade lead to increased efficiency and wealth.
Price Discovery: Supply and Demand
Analysis of how buyers and sellers interact in a competitive market to determine prices and quantities.
The mechanics of price determination and the role of the price mechanism in clearing markets.
Measuring the responsiveness of consumers and producers to changes in price and income.
Evaluating the impact of price floors, price ceilings, and subsidies on market outcomes.
Market Structures and Firm Behavior
Examination of how different competitive environments influence pricing, output, and innovation.
Comparing the extremes of market structures from price takers to price makers.
Studying strategic behavior and interdependence among a few large firms.
Analyzing situations where the market fails to allocate resources efficiently, such as pollution.
Macroeconomic Indicators and Policy
Measuring the health of the national economy and the tools used to manage economic cycles.
Understanding GDP, its components, and the limitations of using it as a measure of well-being.
Analyzing the causes and consequences of price instability and joblessness.
The roles of government spending, taxation, and central bank actions in stabilizing the economy.
Personal Finance and Wealth Management
Empowering students with the tools to manage their own financial futures and navigate credit markets.
Evaluating different investment vehicles and the power of compound interest.
Understanding the costs of borrowing and the importance of credit scores.
Analyzing how individuals protect themselves against financial loss.
Global Markets and International Trade
Exploring the interconnectedness of world economies and the impact of globalization.
How the value of money is determined in international markets and its effect on trade.
The debate over protectionism versus free trade and the role of international organizations.
Analyzing the factors that allow some nations to grow rapidly while others struggle with poverty.