The Economics course contains 9 modules and begins with an introduction of economics, including a review of the American free enterprise system. Students will then learn about markets, supply and demand, labor, and GDP. Grading Scale:
Grading Categories: In this class your grade will consist of the following:
Extension Activities: 31%
Review Test: 8% Course Objectives:
Unit 1: What is Economics: CE 1.1.1, 1.2.3, 4.1.1
Scarcity and the Factors of Production- Students will learn why scarcity and choice are basic problems of economics. They will also learn about the three factors of production, land, labor, and capital.
Opportunity Cost- Students will learn why every decision involves trade-offs, the concept of opportunity cost, and how people make decisions by thinking at the margin
Production Possibility Curve- Students will learn about production possibilities curves and how they show efficiency, growth, and cost. They will also learn how a country’s production possibilities depend on its available resources and technology.
Unit 2: Economic Systems: CE 1.4.1, 1.4.2, 1.4.4
The Three Economic Questions- Students will learn about the three key economics questions, as well as the characteristics of traditional, command, and market economies and the societal values that influence them.
The Free Market- Students will learn why markets exist, the self-regulating nature of the marketplace, and the advantages of a free market economy.
Centrally Planned Economics- Students will learn how a centrally planned economy, such as the former Soviet Union, is organized and identified the problems of a centrally planned economy.
Understanding Supply- Students will learn about the law of supply and the relationship between elasticity of supply and time.
Costs of Production- Students will learn how firms decide how much labor to hire to produce certain levels of output.
Changes in Supply- Students will learn how determinants such as input costs and government regulation can influence the supply of a good. They will also learn about supply and demand in the context of the global economy.
Unit 4: Demand: CE 1.3.2, 1.3.3
Understanding Demand- Students will learn about the concept of demand, demand curves, shifts, and elasticity. They will also learn about the general characteristics of an entrepreneur.
Shifts of the Demand Curve- Students will learn the difference between a change in quantity demanded and a shift in the demand curve. They will also learn how a change in the price of one good can affect demand for a related good.
Elasticity of Demand- Students will learn how to calculate elasticity of demand, identify factors that affect elasticity, and how firms use elasticity and revenue to make decisions.
Unit 5: Labor: CE 2.1.6
Labor Market Trends- Students will learn how the labor force has changed over the years, and well as how the real wage has declined over the years, while the cost of employee benefits have risen.
Labor and Wages- Students will learn how the size of the labor force and the amount of wages earned can be modeled with a supply-demand graph. They will also learn how factors like legislation and skill levels affect wages earned.
Organized Labor-Students will learn how unions rose to power during the Industrial Revolution and how unions have influenced legislation and helped workers improve working conditions.
Unit 6: Prices: CE 1.3.3, 2.1.1
Combining Supply and Demand-Students will learn how supply and demand creates balance in the marketplace, markets in equilibrium and disequilibrium, and the effects of price ceilings and price floors.
Changes in Market Equilibrium-Students will learn the determinates that create a change in price, and how a market reacts to a shift in supply or demand by moving to a new equilibrium.
The Role of Prices- Students will learn the role of prices in a free market, noting the advantages of a price-based system. They will also explain how a price-based system leads to a wider choice of goods and a more efficient allocation of resources.
Unit 7: American Free Enterprise: CE 1.4.3, 1.4.4, 1.4.5, 2.1.3, 2.1.4
- Benefits of Free Enterprise- Students will learn the basic principles of the U.S. free
enterprise system along with the specific roles that both the consumer and the
government play within the system.
- Promoting Growth and Stability- Students will learn how the government tracks business
cycles and how it creates policies intended to both stabilize and grow the economy.
- Providing Public Goods- Students will learn how the government provides public goods,
as well as about costs and benefits, market failures, and externalities associated with
providing public goods.
- Providing a Safety Net- Students will learn how the free market system causes an uneven
distribution of wealthy and how the government steps in to provide programs to aid poor,
disabled, and elderly people. Unit 8: Market Structures: CE1.2.1, 1.2.2, 1.2.3
Perfect Competition- Students will learn how perfect competition can exist in a market with many buyers and sellers. They will also learn how barriers to easily entering or exiting a given market create imperfect competition.
Monopolistic Competition and Oligopoly- Students will learn about monopolistic competition and oligopoly. They will also learn how firms compete without lowering prices and how monopolistically competitive firms set output.
Regulation and Deregulation- Students will learn how firms use market power and how the government regulates or bans certain market practices to protect competition. They will also learn about deregulation and its effects on several industries.