• Chapter #5, pages 102 - 103
• Chapter #12, pages 252 - 258;
• Chapter #13, page 266;
• Chapter #16, page 331;
• Chapter #17, page 349;
• Understanding Supply and Demand (Handout);
• Establishing Equilibrium (Handout);
• The Economic Cycle (Handout);
• Understanding the Economic Cycle (Handout);
• Exploring the Three Values of a Dollar (Handout);
• The Money Supply (Handout);
• Consumer Price Index (Handout);
• Consumer Price Index (Worksheet);
• Calculating Interest (Worksheet);
• Labour Force Characteristics (Worksheet);
• CBC News in Review: Recession (Video Question Sheet)

• Class Notes:
  • Lesson 15;
  • Lesson 16;
  • Lesson 17;
  • Lesson 18;
  • Lesson 19;

• Practice Multiple Choice Questions
• Practice Calculations
• Calculation Solutions

To successfully complete the upcoming unit test, the student must:

Understand the significance of the following five factors of production:

1. Land
2. Labour
3. Capital

** Class Notes; Text, Ch. #2

Know and understand the three fundamental economic questions which all societies must seek to answer through their economic system. ** Class Notes; Economic Systems Handout; Text, Ch. #2

You must understand and be able to explain the fundamental differences between Communism, Free Enterprise, and Modified Free Enterprise. ** Class Debate; Text, Ch. #2

You must be able to explain what is meant by the following terms:

• Factors of production (economic resources);
• Scarcity
• Economics;
• Demand;
• Demand Curve;
• Law of Demand;
• Supply;
• Supply Curve;
• Law of Supply;
• Elasticity (elastic vs. inelastic demand; elastic vs. inelastic supply)
• Equilibrium.

** Class Notes; Text, Ch. #2; Equilibrium Assignment

You must understand illustrate how the prices paid by consumers for goods and services are established by plotting both demand and supply curves. ** Class Notes; Equilibrium Assignment

You must be able to identify and explain the following elements of the money supply:

• Leakages:
  • Taxation
  • Imports
  • Savings

• Injections:
  • Government Spending
  • Exports
  • Investment

** Class Notes; Money Supply Diagram (handout)

You must be able to explain what is meant by the "economic cycle". You must be able to describe the characteristics of economic expansion and economic recession.

** Class Notes; Text, Ch. #12 , pp. 257-258

You must be able to discuss the unique conflict in Canadian social values referred to as the "Canadian Schism". (i.e. conflict between a) wanting economic "freedom" and, b) demanding that the government "control" the economy - especially when things go bad.)

 ** Class Notes; CBC News in Review Video regarding Recession

You must understand and be able to explain what is meant by inflation.

** Role Plays; Text book, Ch. #12, pp. 252-255

You must be able to explain how inflation is measured through the consumer price index.

** Text, Ch. #12, pp. 255-257

You must be able to correctly analyse the effects of inflation on various aspects of the economy.

** Class Notes; Text, Ch. #12, pp. 255-257

You must be able to explain what is meant by interest rates, as well as what causes interest rates to increase and decrease.

** Class Notes; Text, Glossary p. 608; Chapter #13, page 266; Chapter #16, page 331; Chapter #17, page 349;

You must be able to explain what the role of the Bank of Canada is, as well as what is meant by monetary policy.

** Lesson 18;

You must understand and be able to explain what is meant by the unemployment rate and how unemployment can affect the economy as a whole.

** Class Notes; Text, Ch. #5, pp. 102-3

You must understand how a dollar's value can be measured from three different perspectives:

1. How much does it cost to buy a dollar? (Exchange rate)
2. How much can a dollar buy? (Inflation rate)
3. How much does it cost to borrow a dollar? (Interest rate)

You must be able to explain why these rates change and how these changes will affect the economy.

** Class Notes (Diagram); Text, Ch. #12, pp. 255-7