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Economic Principles focuses on both microeconomic and macroeconomic principles including systems and structures, supply and demand, market influences, the global market, and decision-making related to economic factors. This course is designed for learners wanting to learn more about how the economy impacts their personal and business decisions at a local, national, and global level. Learners will learn more about their role in the economy and how economic conditions affect short- and long-term decision-making.
Since everyone is a participant in our economic system, all learners would benefit from taking this course. It is also an excellent course for learners interested in pursuing post-secondary studies in the area of business, accounting, or economics.
The Guiding Principles for the Design of Learning Experiences and Assessment Practices provide guidance to all Manitoba educators as they design learning experiences and classroom assessments to strengthen, extend, and expand student learning. Planning with the learner, the context, and the curricula in mind creates opportunities for the co-construction of inclusive learning experiences and assessment practices where the diverse learning needs, abilities, and interests of each learner are met.
Assessment for and as learning involve learners in the process and support learner reflection; assessment of learning (commonly known as summative evaluation) measures final outcomes. All aspects, when done well, contribute to informed teaching and reliable judgment of learner progress.
The Guiding Principles for Evaluation and Reporting are currently still under development and not yet available. When completed, a notification will be added to the Manitoba Framework for Learning “What’s New?” page on the website.
GLO 1.1: Demonstrate critical, creative, and innovative thinking.
12B.1.1.1 Formulate questions to generate new ideas.
12B.1.1.2 Evaluate information and perspectives related to the thinking process.
12B.1.1.3 Evaluate patterns and connections related to critical, creative, and innovative thinking.
GLO 2.1: Employ current and emerging technologies used in business and industry.
12B.2.1.1 Evaluate appropriate current technologies for use in business and industry.
12B.2.1.2 Utilize appropriate current technologies used in business and industry.
12B.2.1.3 Identify and use technology for specific tasks to improve productivity and efficiency.
12B.2.1.4 Evaluate the utility of emerging trends in technology.
GLO 2.2: Demonstrate an awareness of digital footprints.
12B.2.2.1 Analyze the impact of one’s own digital footprint.
GLO 3.1: Demonstrate business communication skills.
12B.3.1.1 Define and use appropriate business language and terminology.
12B.3.1.2 Demonstrate appropriate business etiquette and protocols.
12B.3.1.3 Employ conflict resolution techniques.
12B.3.1.4 Produce business documents.
12B.3.1.5 Present information and ideas.
GLO 4.1: Demonstrate an understanding of ethical and legal standards
12B.4.1.1 Differentiate between ethics and legal business practices.
12B.4.1.2 Discuss ethical business strategies.
12B.4.1.3 Discuss laws, codes, and regulations related to economics.
GLO 5.1: Identify historical influences as innovative sources for business.
12B.5.1.1 Describe historical influences on the evolution of economics.
GLO 5.2: Analyze emerging trends in business.
12B.5.2.1 Identify emerging trends in economics.
12B.5.2.2 Analyze emerging trends in economics.
12B.5.2.3 Predict future trends in economics.
GLO 6.1: Demonstrate an awareness of sustainability in business.
12B.6.1.1 Demonstrate human sustainability practices while considering financial and environmental sustainability.
12B.6.1.2 Demonstrate sustainable environmental practices while considering human and financial sustainability.
12B.6.1.3 Demonstrate sustainable financial practices while considering human and environmental sustainability.
GLO 7.1: Demonstrate an understanding of the impact culture and diversity have on business.
12B.7.1.1 Reflect on how culture impacts business decisions, which may include
12B.7.1.2 Examine First Nations, Métis, and Inuit perspectives and how they relate to business.
GLO 8.1: Describe and demonstrate employability skills.
12B.8.1.1 Demonstrate the ability to read and write text, use documents, work with numbers, communicate orally, use technology, learn continuously, and think critically.
12B.8.1.2 Demonstrate positive attitude and behaviours, responsibility, adaptability, and safe work practices.
12B.8.1.3 Demonstrate time management and punctuality.
12B.8.1.4 Demonstrate the ability to work with others and participate in projects and tasks.
GLO 9.1: Explore education and career opportunities.
12B.9.1.1 Explore education and career opportunities related to economics.
GLO 10.1: Analyze the role of business in society.
12B.10.1.1 Analyze the role of economics.
This course has no applicable learning outcomes for this ACE goal.
This course has no applicable learning outcomes for this ACE goal.
GLO 13.1: Demonstrate an understanding of basic economic concepts.
12B.13.1.1 Define economy.
12B.13.1.2 Distinguish between microeconomics and macroeconomics.
12B.13.1.3 Analyze types of economic systems, which may include
12B.13.1.4 Analyze the sectors and their function in the economy, which may include
12B.13.1.5 Demonstrate an understanding of the role and importance of currency within an economy.
12B.13.1.6 Calculate and explain economic formulas and ratios, which may include
GLO 13.2: Demonstrate an understanding of the law of supply and demand.
12B.13.2.1 Define terms related to supply and demand, which may include
12B.13.2.2 Analyze and illustrate the relationship between supply and demand.
12B.13.2.3 Analyze factors which affect the demand and supply curve, which may include
12B.13.2.4 Analyze the concept of elasticity on supply and demand.
12B.13.2.5 Apply the concept of supply and demand to a variety of markets, which may include
GLO 13.3: Demonstrate an understanding of market influences.
12B.13.3.1 Compare and contrast market structures, which may include
12B.13.3.2 Analyze the cause and effect of market influences, which may include
GLO 13.4: Demonstrate an understanding of the economic life cycle.
12B.13.4.1 Analyze the impact of each stage of the economic life cycle, which may include
12B.13.4.2 Define inflation and deflation.
12B.13.4.3 Identify indicators of inflation and deflation in the economy, which may include
12B.13.4.4 Explain the relationship between economic indicators and the financial well-being of consumers, businesses, and government.
12B.13.4.5 Use a variety of statistical measures to evaluate a market, which may include
GLO 13.5: Demonstrate an understanding of the global market.
12B.13.5.1 Evaluate an economic system’s performance based on criteria, which may include
12B.13.5.2 Analyze the roles of individuals, business, and government in economic decision-making.
12B.13.5.3 Analyze factors that affect global trade, which may include
GLO 13.6: Demonstrate an understanding of how economic factors influence decision-making.
12B.13.6.1 Demonstrate an understanding of how economic factors influence personal, consumer, business, and government decision-making.
12B.13.6.2 Apply economic principles and concepts to complete an economic impact study (e.g., what are the causes and effects of ...?).
Curriculum Implementation Resources
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