SLO 12B.13.1.3: Analyze types of economic systems

Economic Principles

First Section

Goal 1: Demonstrate critical, creative, and innovative thinking.

LO 1.1: Demonstrate critical, creative, and innovative thinking.
SLO 12B.1.1.1: Formulate questions to generate new ideas.
SLO 12B.1.1.2: Evaluate information and perspectives related to the thinking process.
SLO 12B.1.1.3: Evaluate patterns and connections related to critical, creative, and innovative thinking.

Goal 2: Employ current and emerging technologies used in business and industry.

GLO 2.1: Employ current and emerging technologies used in business and industry
SLO 12B.2.1.1: Evaluate appropriate current technologies for use in business and industry.
SLO 12B.2.1.2: Utilize appropriate current technologies used in business and industry.
SLO 12B.2.1.3: Identify and use technology for specific tasks to improve productivity and efficiency.
SLO 12B.2.1.4: Evaluate the utility of emerging trends in technology
GLO 2.2: Demonstrate awareness of digital footprints.
SLO 12B.2.2.1: Analyze the impact of one’s own digital footprint.

Goal 3: Demonstrate business communication skills.

Goal 4: Demonstrate an understanding of ethical and legal standards.

Goal 5: Identify historical influences and emerging trends as innovative sources for business.

Goal 6: Demonstrate awareness of sustainability in business

GLO 6.1: Demonstrate awareness of sustainability in business
SLO 12B.6.1.1: Demonstrate human sustainability practices while considering financial and environmental sustainability
SLO 12B.6.1.2: Demonstrate sustainable environmental practices while considering human and financial sustainability.
SLO 12B.6.1.3: Demonstrate sustainable financial practices while considering human and environmental sustainability.

Goal 7: Demonstrate an understanding of the impact culture and diversity have on business.

GLO 7.1: Demonstrate an understanding of the impact culture and diversity have on business.
SLO 12B.7.1.1: Reflect on how culture impacts business decisions,
SLO 12B.7.1.2: Examine First Nations, Métis, and Inuit perspectives and how they relate to business.

Goal 8: Describe and demonstrate employability skills

SLO 12B.8.1.1: Demonstrate an ability to read and write text, use documents, work with numbers, communicate orally, use technology, learn continuously, and think critically.
SLO 12B.8.1.2: Demonstrate positive attitude and behaviours, responsibility, adaptability, and safe work practices.
SLO 12B.8.1.3: Demonstrate time management and punctuality.
SLO 12B.8.1.4: Demonstrate the ability to work with others and participate in projects and tasks.

Goal 9: Explore education and career opportunities.

Goal 10: Analyze the role of business in society.

Goal 11: Demonstrate an understanding of personal finance

Goal 12: Demonstrate an understanding of the accounting procedures required to complete the accounti

Demonstrate an understanding of the accounting procedures required to complete the accounting cycle.

Goal 13: Demonstrate an understanding of economics and the global market.

GLO 13.1: Demonstrate an understanding of basic economic concepts.
SLO 12B.13.1.1: Define economy.
SLO 12B.13.1.2: Distinguish between microeconomics and macroeconomics.
SLO 12B.13.1.3: Analyze types of economic systems
SLO 12B.13.1.4: Analyze the sectors and their function in the economy,
SLO 12B.13.1.5: Demonstrate an understanding of the role and importance of currency within an economy.
SLO 12B.13.1.6: Calculate and explain economic formulas

GLO 13.2: Demonstrate an understanding of the law of supply and demand.

SLO 12B.13.2.1: Define terms related to supply and demand
SLO 12B.13.2.2: Analyze and illustrate the relationship between supply and demand.
SLO 12B.13.2.3: Analyze factors which affect the demand and supply curve
SLO 12B.13.2.4: Analyze the concept of elasticity on supply and demand.
SLO 12B.13.2.5: Apply the concept of supply and demand to a variety of markets,

GLO 13.3: Demonstrate an understanding of market influences.

GLO 13.4: Demonstrate an understanding of the economic life cycle.

LO 12B.13.4.1: Analyze the impact of each stage of the economic life cycle
SLO 12B.13.4.2: Define inflation and deflation.
SLO 12B.13.4.3: Identify indicators of inflation and deflation in the economy
SLO 12B.13.4.4: Explain the relationship between economic indicators and the financial well-being of consumers, businesses, and government
SLO 12B.13.4.5: Use a variety of statistical measures to evaluate a market,

GLO 13.5: Demonstrate an understanding of the global market.

SLO 12B.13.5.1: Evaluate an economic system’s performance based on criteria
SLO 12B.13.5.2: Analyze the roles of individuals, business, and government in economic decision making.
SLO 12B.13.5.3: Analyze factors that affect global trade

GLO 13.6: Demonstrate an understanding of how economic factors influence decision making.

SLO 12B.13.6.1: Demonstrate an understanding of how economic factors influence personal, consumer, business, and government decision making.
SLO 12B.13.6.2: Apply economic principles and concepts to complete an economic impact study (for example what are the causes and effects of ...).

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