CIE3M Economics
Lesson Outline

Classes will proceed in the order indicated below. Students are responsible to check off the classes as they are completed and to always be mindful of the objectives and requirements associated with the next class. Students are expected to complete any required reading and print off any handouts for a given class BEFORE that class.

Unit #1: Foundational Economics

(Theme A: Introductory Concepts)

Lesson: 1    (Date Completed: _______________________)
Topic: Introduction to the study of economics: concepts of scarcity, direct cost, and opportunity cost
References: text, chapter #1, pages 2-6; class notes; handout

Lesson: 2    (Date Completed: _______________________)
Topic: Introduction to correlations and graphing
References: text, chapter #1, pages 20-23; class exercise

Lesson: 3    (Date Completed: _______________________)
Topic: Production Possibility Curve (PPC), the Law of Diminishing Returns
References: text, chapter #1, pages 8-13; class notes

(Theme B: The Operation of a Market)

Lesson: 4    (Date Completed: _______________________)
Topic: Introduction to a market system; the concept of demand
References: text, chapter #2, pages 30-35; assignment sheet

Lesson: 5    (Date Completed: _______________________)
Topic: Analyzing changes in demand
Reference: text, chapter #2, pages 35 - 38; assignment sheet

Lesson: 6    (Date Completed: _______________________)
Topic: The concept of supply;
References: text, chapter #2, pages 38 - 39; assignment sheet

Lesson: 7    (Date Completed: _______________________)
Topic: Analyzing changes in supply
Reference: text, chapter #2; pages 40 - 44; assignment sheet

Lesson: 8    (Date Completed: _______________________)
Topic: Establishing equilibrium
Reference: text, chapter #2, pages 44 - 49; assignment sheet

checkbox Lesson: 9    (Date Completed: _______________________)
Topic: Unit Test 1 Review: Foundational Economic Theory
Reference: review sheet

Lesson: 10    (Date Completed: _______________________)
Topic: Unit Test 1: Foundational Economic Theory
Reference: review sheet

Unit #2: Consumer Behaviour and Personal Financial Planning


Lesson: 11    (Date Completed: _______________________)
Topic: Price Elasticity of demand
Reference: chapter #2, page 58 - 66; assignment sheet

Lesson: 12    (Date Completed: _______________________)
Topic: Calculating elasticity
Reference: text, chapter #2, pages 58 - 69; assignment sheet

Lesson: 13    (Date Completed: _______________________)
Topic: Consumer Utility: utility / marginal utility, diminishing marginal utility, utility maximization, equimarginal principle
Reference: text, chapter #7; handouts: Exploring Consumer Behaviour; Types of Goods

Lesson: 14    (Date Completed: _______________________)
Topic: Consumer Surplus: "water-diamond paradox," utility of not spending (i.e. saving), consumer surplus, price discrimination
Reference: text, chapter #7; handouts: Exploring Consumer Behaviour; Types of Goods

Lesson: 15    (Date Completed: _______________________)
Topic: The Stock Market: An Overview: history and function of the stock market
Reference: text, chapter 2, pages 49 - 55

Lesson: 16    (Date Completed: _______________________)
Topic: The domestic stock market and the Canadian economy
References: online resources (see lesson plan)

Lesson: 17    (Date Completed: _______________________)
Topic: Investing for the Future: The accumulation of wealth, compound interest, dollar-cost averaging
Homework: Video Question Sheet
Reference: Article: A Guide To Jumpstarting A Retirement Plan In Your 20s; Video: Jump Start Your Future

Lesson: 18    (Date Completed: _______________________)
Topic: Extension Activity: Excel Lab: Compound interest and the Rule of 72
Homework: Excel Lab

Lesson: 19    (Date Completed: _______________________)
Topic: Tax Issues in Investment Planning: Canada's progressive tax system, tax deferrel products, RESPs, and RRSPs

Lesson: 20    (Date Completed: _______________________)
Topic: Unit Test #2 Review
Reference: review sheet

Lesson: 21    (Date Completed: _______________________)
Topic: Unit Test #2
Reference: review sheet


Unit #3: Government and the Market Economy


Lesson: 22    (Date Completed: _______________________)
Topic: Introduction to Government and the Market Economy: The theories of Adam Smith

Lesson: 23    (Date Completed: _______________________)
Topic: Welfare Analysis: Consumer surplus, producer surplus, social welfare, socially-optimal outcome, deadweight loss.

box Lesson: 24    (Date Completed: _______________________)
Topic: Potential Defects within a Free Market System: Market imperfections, third-party effects, unmet public goods; distribution of income.

Lesson: 25    (Date Completed: _______________________)
Topic: Government Intervention: The theories of John Maynard Keynes

Lesson: 26    (Date Completed: _______________________)
Topic: Other Forms of Government Intervention: Price ceilings (ie. rent control), price floors (ie. minimum wage), excise taxes (ie. tobacco sales)

Lesson: 27    (Date Completed: _______________________)
Topic: Exploring our National Debt: Establishing the basics: budget deficits, surpluses, comparative measures of debt, marketable debt
Reference: Public Debt PowerPoint

checkbox Lesson: 28    (Date Completed: _______________________)
Topic: Negative Aspects of Public Debt: Inflationary impact, crowding out, burden on future generations, externally held debt, income redistribution, tax disincentives, potential conflict with monetary policy
Reference: Public Debt PowerPoint

checkbox Lesson: 29    (Date Completed: _______________________)
Topic: Unit Test #3 Review
Reference: review sheet

checkbox Lesson: 30    (Date Completed: _______________________)
Topic: Unit Test #3
Reference: review sheet

Unit #4: Macroeconomics - Understanding Our Economy


Lesson: 31    (Date Completed: _______________________)
Topic: Introduction to Macoeconomics
Reference: Text: Macro, Chapter #20

Lesson: 32    (Date Completed: _______________________)
Topic: The Exchange Rate: The Cost of Buying a Dollar

Lesson: 33    (Date Completed: _______________________)
Topic: Interest Rates: The Cost of Borrowing a Dollar

Lesson: 34    (Date Completed: _______________________)
Topic: Inflation: The Cost of Buying Something with a Dollar

Lesson: 35    (Date Completed: _______________________)
Topic: Unemployment: Who's working, Who's Not, and Who Wants to?

Lesson: 36    (Date Completed: _______________________)
Topic: Precarious Employment: The trend towards the casualization of labour

Lesson: 37    (Date Completed: _______________________)
Topic: GDP: Measuring Economic Growth via the National Accounts

Lesson: 38    (Date Completed: _______________________)
Topic: Unit Review: Macroeconomics

Lesson: 39    (Date Completed: _______________________)
Topic: Unit Test: Macroeconomics

Unit #5: Microeconomics: Understanding the Firm and the Market

Lesson: 40    (Date Completed: _______________________)
Topic: Introduction to Microeconomics: types of competition, market characteristics
Reference: text, chapter 10, pages 315, 326 - 332

Lesson: 41    (Date Completed: _______________________)
Topic: Introduction to Production Costs: the AOL production run simulation.
Reference: text, chapter #11, pages 343 - 351

Lesson: 42    (Date Completed: _______________________)
Topic: Production Costs continued: the production function: time periods, factors of production, production costs, increasing returns, diminishing returns, negative returns.
Reference: text, chapter #11, pages 343 - 351

Lesson: 43&44 (Date Completed: _______________________)
Topic: The Market Simulation: Students will play "Market Survival."

Lesson: 45    (Date Completed: _______________________)
Topic: Perfect Competition: the characteristics of pure competition and monopolistic competition
Reference: text, chapter #12, pages 369 - 376

Lesson: 46  (Date Completed: _______________________)
Topic: Imperfect Competition: the characteristics of monoploies and oligopolies.
Reference: text, chapter #13, pages 394 - 417

Lesson: 47    (Date Completed: _______________________)
Topic: The Competition Act: predatory pricing, price collusion, price discrimination
Reference: text, chapter #13, pages 417 - 423

Lesson: 48    (Date Completed: _______________________)
Topic: Unit Review
Reference: Review Sheet

Lesson: 49    (Date Completed: _______________________)
Topic: Unit Test
Reference: Review Sheet

Self-Directed Civic Engagement Projects

Lessons: 48 - 49  (Date Completed: _______________________)
Topic: Final Teacher-Student Conferences
Reference: Review Sheet

Exam Preparation

Lessons: 50 to 52   (Date Completed: _______________________)
Topic: Exam Review
Reference: online exam review materials

[Extension Topics]

Lesson: E1    (Date Completed: _______________________)
Topic: GDP and Social / Economic Welfare
Reference: Text: Macro, Chapter #20

Lesson: E2    (Date Completed: _______________________)
Topic: The Central Bank and Monetary Policy
Reference: text, chapter #7, pages 204 - 208; 221 - 229; chapter #8, pages 246 - 248

Lesson: E3    (Date Completed: _______________________)
Topic: The Bank Act and the Branch Banking System:
Reference: text, chapter #7, pages 208 - 220

Lesson: E4    (Date Completed: _______________________)
Topic: Monetary Policy Unit Test
Reference: Review Sheet

Lesson: E5    (Date Completed: _______________________)
Topic: Canada's Trade Relationships: partners and commodities
References: text, chapter #9, pages 265 - 270; class notes

Lesson: E6    (Date Completed: _______________________)
Topic: Barriers to International Trade: tariffs, counterveiling duties, and non-tariff barriers
References: text, chapter #9 , pages 276 - 282; class exercise

Lesson: E7    (Date Completed: _______________________)
Topic: Absolute vs. Comparative Advantage: why trade increases GDP for both partners; the effects of international trade
References: text, chapter #9 , pages 270 - 276 ; class exercise

Lesson: E8    (Date Completed: _______________________)
Topic: Reducing the Barriers to Trade: General Agreement on Tariffs and trade; Canada-United States Automobile Agreement
References: text, chapter #9, pages 284 - 289 ; class notes

Lesson: E9    (Date Completed: _______________________)
Topic: North American Trade Agreements: Free Trade Agreement; North American Free Trade Agreement
References: chapter #9, pages 289 - 295

Lesson: E10    (Date Completed: _______________________)
Topic: Trade Agreement Debates
References: text, chapter #9 , pages 296 - 299

Lesson: E11    (Date Completed: _______________________)
Topic: International Balance of Payments
References: text, chapter #9 , pages 296 - 299



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