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MAM3020 Business In The Canadian Economy

Advanced · 1 credit · BIT - Business, Admin, Finance and IT

Description
Students investigate and relate their knowledge of economics to how business decisions are made within the community, provincially, nationally and internationally.
Prerequisite
None
Parameters
No specialized equipment or facilities.
Supporting courses
MAM1010: Marketing & Management MAM2010: Managing for Quality

Outcomes The student will:

  • 1 identify and describe basic economic terms and concepts

    • 1.1 describe the important role of economics in our personal lives

    • 1.2 analyze how scarcity affects choices made by the individual and society

    • 1.3 describe how all choices are “trade-offs” or “opportunity costs”

    • 1.4 cite examples of opportunity costs

    • 1.5 describe the factors of production; e.g., land, labour, capital

    • 1.6 evaluate goods and services within the community and determine who produces and consumes them

    • 1.7 analyze the interrelationship of consumers and producers and how decisions are made

    • 1.8 explain key economic indicators for the following:

      • 1.8.1 gross domestic product (GDP)

      • 1.8.2 personal income

      • 1.8.3 consumer price index

      • 1.8.4 unemployment rates

      • 1.8.5 stock/bond markets

    • 1.9 compare the following different types of economic systems listing the characteristics, advantages and disadvantages of each:

      • 1.9.1 market

      • 1.9.2 command

      • 1.9.3 mixed

    • 1.10 research the laws of supply and demand by:

      • 1.10.1 analyzing the effects of supply and demand on price in a variety of market scenarios

      • 1.10.2 identifying recent examples of how the market has made adjustments to price and supply of various goods and services

  • 2 demonstrate knowledge of the Canadian economy

    • 2.1 research the various economic goals at the federal, provincial and local level

    • 2.2 explain the role of profit in our mixed economy

    • 2.3 research the circular flow of our economy and its effects on:

      • 2.3.1 consumers

      • 2.3.2 government

      • 2.3.3 business

      • 2.3.4 GDP

    • 2.4 describe how the business cycle fluctuates and responds to fluctuations

    • 2.5 explain actions the government might take to stabilize our economy

    • 2.6 explain how income is earned and spent

    • 2.7 describe the role of the Bank of Canada and other banking institutions in determining interest rates and the relationship interest rates have on items such as purchases and investments

  • 3 identify, describe and evaluate an economic issue challenging Canadian businesses

    • 3.1 identify key issues that challenge Canadian business at community, regional, provincial, national and international levels

    • 3.2 conduct in-depth research on a key issue and report the findings

  • 4 demonstrate basic competencies

    • 4.1 demonstrate fundamental skills to:

      • 4.1.1 communicate

      • 4.1.2 manage information

      • 4.1.3 use numbers

      • 4.1.4 think and solve problems

    • 4.2 demonstrate personal management skills to:

      • 4.2.1 demonstrate positive attitudes and behaviours

      • 4.2.2 be responsible

      • 4.2.3 be adaptable

      • 4.2.4 learn continuously

      • 4.2.5 work safely

    • 4.3 demonstrate teamwork skills to:

      • 4.3.1 work with others

      • 4.3.2 participate in projects and tasks

  • 5 create a transitional strategy to accommodate personal changes and build personal values

    • 5.1 identify short-term and long-term goals

    • 5.2 identify steps to achieve goals

Program of Studies 2009. Source document, © Alberta Education.