Analyzing Economic Issues (CIA4U)

Name: __________________

Introduction to Economics
Unit 1 Outline
Introduction
This unit introduces students to the field of economics.
The essential economic question of what, how, and for
whom to produce will be examined within the
Canadian context. Students will examine and apply
concepts such as: scarcity, opportunity costs, marginal
analysis, normative and positive statements, economic
decision making, factors of production, economic
systems (command, market, mixed), comparative and
absolute advantage. Additionally, students are
introduced to the basic economic model of the
production possibility curve, and classical international
trade theory (Ricardian).

Big Questions
The main overarching essential question of this course is: How do individuals and societies
make sense of and assess economic information to make decisions?

By the end of this introductory unit, you will be able to answer the following guiding questions:

1. How do individuals and societies make economic choices?

2. How do economic models frame and inform decision-making?
3. How do international trade and specialization effect economic growth?

Assessment and Evaluation

Assessment for Learning Assessment of Learning Assessment as
(Formative) (Summative) Learning (Formative)
 Newspaper Analysis  Unit Test  Diagnostic
 Unit Quest (Google Form)  Settlers of Catan Report Worksheet
 Morton Workbook  Teacher-Student
Activities conferences
*See Learning Goals and Success Criteria Checklist at the end of this outline for more
information about our learning targets for this unit.*
 Analyzing Economic Issues (CIA4U)
Name: __________________

Key Terms, Concepts and Skills

Graphing & Numeracy Skills
1. Draw and interpret a PPC.
2. Calculate opportunity costs
3. Calculate and distinguish between absolute and comparative advantage.

Key Vocabulary

Scarcity Sunk Cost Normative Statements

Self-Interest Margin Ceteris Paribus (Other
Social-Interest Marginal Cost things being equal)
Rational Choice Marginal Benefit Microeconomics
Opportunity Cost Positive Statements Macroeconomics

More vocabulary!

Production Possibilities Frontier Economic Growth Marginal Benefit/Cost

Production Efficiency Absolute Advantage Increasing Opportunity
Tradeoff Comparative Advantage Costs
Free Lunch Specialization Allocative Efficiency
Intra-Industry Trade Economies of Scale Production Efficiency
Inter-Industry Trade Product Differentiation Subsidy
Import-Substitution Export-Oriented Tariff
Industrialization Industrialization
Heckshire-Ohlin Trade Theory Quota

Unit 1: Introduction to Economics (Lesson Thread)

Core Concepts
Economic Basics (Scarcity, Factors of
Production, Opportunity Costs)
Types of Economies (Market, Command,
Mixed)
Decision-Making (Rational Choice…)
Production Possibilities Curve (Productive
vs Allocative efficiency)
International Trade (Specialization,
Comparative vs. Absolute)
 Analyzing Economic Issues (CIA4U)
Name: __________________

Pre-Learning Assessment

1) How do individuals and societies make economic choices?

Pre-Learning (What do you think you Curiosity (What questions do you have?)
know?)

Post-Learning (What do understand now?)

I used to think/understand ______________ about economics. I now think/understand

_____________ because ____________________.
 Analyzing Economic Issues (CIA4U)
Name: __________________

2) How do economic models frame and inform decision-making?

Pre-Learning (What do you think you Curiosity (What questions do you have?)
know?)

Post-Learning (What do understand now?)

I used to think/understand ______________ about models and decision-making. I now

think/understand _____________ because ____________________.
 Analyzing Economic Issues (CIA4U)
Name: __________________

3) How do international trade and specialization effect economic growth?

Pre-Learning (What do you think you Curiosity (What questions do you have?)
know?)

Post-Learning (What do understand now?)

I used to think/understand ______________ about international trade. I now

think/understand _____________ because ____________________.
 Analyzing Economic Issues (CIA4U)
Name: __________________

Learning Goals and Success Criteria Checklist

LEVEL of SUCCESS CRITERIA ACCOMPLISHED

UNDERSTANDING
How do individuals and societies make economic choices?
Uni-/multi-structural I can name one/or more factors of production and define the
difference between wants and needs.

I can define the condition of scarcity.

Relational I can explain how the condition of scarcity influences economic
thinking and analysis.

I can compare the ways and degree to which different types of

economic systems satisfy the needs of stakeholders.
Extended abstract I can discuss how values, assumptions, and marginal analysis inform
economic choice and decision-making.

I can make meaningful connections between what I’ve learned in

economics and other subjects and the world around me.
How do economic models frame and inform decision-making?
Uni-/multi-structural I can define opportunity costs, ceteris paribus assumption,
production and allocative efficiency.

I can draw and calculate opportunity costs in a PPC model (table,

graph).
Relational I can identify and explain concepts like opportunity costs and
efficiency using the production possibilities and international trade
models.

I can modify the PPC model based on changes and unforeseen

events.
Extended abstract I can evaluate select economic models (PPC) based on their
assumptions and purpose.
How do international trade and specialization effect economic growth?
Uni-/multi-structural I can define economic growth and discuss the conditions that
produce it.
Relational I can discuss how countries benefit from trade and how different
groups are affected by it.
Extended abstract I can evaluate the underlying assumptions of the international trade
model.

I can write a reflection comparing the negatives and positives of

international trade.