Economics

Course Essential Questions

• Why is the study of economies vital to society?
• How do individuals and societies make choices given there is a scarcity of resources?
• How is economic health measured and supported?
• How should economies around the world be structured to meet the needs and wants of people?
• What is the dilemma between economic efficiency and equity?

Course Learning Objectives

• Identify society’s key economic resources and describe the basic forces of supply and demand that determine what is produced, by whom, and for whom.
• Explain the influence of behavioral economics and the ways people compare costs and benefits to meet their interests.
• Describe the various roles of government in influencing the way resources are used in the economy.
• Analyze the basic functions of money and the role of financial institutions.
• Describe challenges to economic development due to the effects of globalization.

Unit 1: What is Economics? (Weeks 1-4)

Unit Level Essential Question

• How do we use models and systems to understand economics?

Week 1: We Are All Economists!

Weekly Learning Objectives

• Describe what economics is and why it's important.
• Analyze the difference between needs and wants.
• Define the meaning of opportunity cost and explain the reasons people must make tradeoffs.

Week 2: Economic Systems

Weekly Learning Objectives

• Define the term 'scarcity' and correlate it to economics.
• Differentiate between economic systems.
• Explain the goal of efficiency as related to economic growth.
• Demonstrate and analyze tradeoffs using a production possibilities curve.

Week 3: Going to Market

Weekly Learning Objectives

• Illustrate the Circular Flow Model of Economics.
• Define the characteristics and purposes of economic models.
• Analyze the labor market using the Circular Flow Model.
• Describe how governments promote equity in the market through public goods.

Week 4: Making Choices

Weekly Learning Objectives

• Integrate the concept of Behavioral Economics and the ways psychology merges with economics.
• Explain the concept of opportunity cost and the ways people make tradeoffs.
• Analyze the differences between fixed and growth mindsets.
• Associate economic growth with maintaining a country's standard of living.

Unit 2: Supply & Demand (Weeks 5-7)

Unit Level Essential Question

• How is a market influenced by supply and demand?

Week 5: The Consumers' Demand

Weekly Learning Objectives

• Draw the demand curve on a graph and use it to define the law of demand.
• Describe the factors that cause the market demand to shift.
• Identify what makes the demand for a good more or less sensitive (elastic versus inelastic) to changes in its price.

Week 6: The Sellers' Supply

Weekly Learning Objectives

• Draw the supply curve onto a graph and use it to define the law of supply.
• Analyze competition and how cost relates to production.
• Identify the factors that cause the market supply curve to shift.

Week 7: Buyers & Sellers

Weekly Learning Objectives

• Draw the demand and supply curves onto a graph and use it to illustrate how equilibrium price is determined.
• Graph and explain the conditions of surplus and shortage.
• Analyze the various ways that firms grow their business.

Unit 3: Business and Market Structure (Weeks 8-10)

Unit Level Essential Question

How does business impact the health of market economies?

Week 8: How Business Works

Weekly Learning Objectives

• Compare and contrast different business structures.
• Analyze the various ways that firms grow their business.
• Discuss business ethics and evaluate the meaning of corporate social responsibility.

Week 9: Profits

Weekly Learning Objectives

• Relate profit-maximization and the ways in which it determines output levels.
• Differentiate and compare fixed and variable costs.
• Reflect upon your experience in Economics thus far.

Week 10: Market Structure

Weekly Learning Objectives

• Relate the importance of competition between producers in the market.
• Define and describe the characteristics of a monopoly.
• Associate the government's role in upholding antitrust policy.
• Analyze barriers to entry that which prevent firms from entering markets.

Unit 4: Money & Finance (Weeks 11-12)

Unit Level Essential Question

• How does the government influence the economy?

Week 11: The Price of Government

Weekly Learning Objectives

• Analyze how the government uses taxing and spending to support communities.
• Distinguish between progressive, regressive, and proportional taxes.
• Describe how budget deficits and surpluses are related to the national debt.
• Define the challenges associated with globalization

Week 12: Understanding Money

Weekly Learning Objectives

• Create a personal budget and differentiate between assets and liabilities.
• Compare and contrast credit, savings, and investment services available to the consumer.
• Recall the history and role of the Federal Reserve Bank.
• Define the challenges associated with globalization.

Unit 5: Globalization (Weeks 13-15)

Unit Level Essential Question

• Is globalization good for the world?

Week 13: Measuring Performance

Weekly Learning Objectives

• Explain how Gross Domestic Product (GDP), economic growth, unemployment, and inflation are calculated.
• Identify key factors that contribute to economic growth.
• Use GDP to compare the standard of living in different countries around the world.
• Define the challenges associated with globalization.

Week 14: Trade - The Oldest Business

Weekly Learning Objectives

• Analyze the benefits of trade.
• Define trade barriers, such as quotas and tariffs.
• Examine why countries use barriers to trade.
• Define and distinguish between absolute and comparative advantage and how it affects trade, goods, and services.
• Define the challenges associated with globalization.

Week 15: It's a Small World

Weekly Learning Objectives

• Evaluate challenges faced by countries as a result of globalization.
• Define extreme poverty and analyze differences in living standards between countries.
• Reflect on what you learned in this course.