The objective of this unit is to introduce students to economic decision making. Economic activity is a part of the everyday lives of all people. Learning to understand the fundamentals of economics, and how economic organizations behave, is an important part of learning how to function effectively within society. Students are introduced to the concept of scarcity and its consequences.
Scarcity is a reality for both individuals and societies.
Economic organizations are created to make decisions about the best use of scarce resources in the production of goods and services. Students will learn that the consequences of making bad economic decisions is a reduction in the standard of living that can be achieved by a society. Students will examine how economic decisions are made both by individuals and various economic organizations within Canada. The benefits and problems associated with the market system of decision making will be studied. Some alternative decision making models will also be examined.