Course Overview:
This course provides students with a basic understanding of the essential relationships of economics to the individual and society. There is an emphasis on the United States' economic system and its impact on Americans individually and collectively.
The course begins with an introduction to economics as a social science to provide students with a solid foundation from which to begin. Topics throughout the course include resources and scarcity, three critical questions of economics, opportunity cost, economic systems, competition, free enterprise, and factors of production.
Micro- and macroeconomics are explored in-depth, along with supply and demand, profit, money, and banking. The U.S. monetary and fiscal policies that impact the economy are thoroughly discussed, as well as the country's budget, deficit, and debt and how those impact the economy. Labor, business structures, and entrepreneurship are practical topics that provide insight into the advantages, disadvantages, and strategies of starting a business of one's own.
A global economy section helps students understand international trade, currency, exchange rates, and globalization.
The knowledge and skills acquired will help the student make career decisions and wise choices for further study at a college or vocational school.
Note: This course is not designed for ELL (English Language Learners) students. ELL students may enroll in this course ONLY if they have adequate mentor support at their home school and are able to fulfill all course requirements.
Prerequisites:
Required Materials:
- Video and Audio recording device (Audio and Video can be directly recorded from the course platform if your device has a working microphone and a camera)
- Online presentation software such as: Google Slides or Microsoft PowerPoint
- Calculator (Recommended)
- Graphing paper (optional)
- Notebook and Writing supplies (optional)
Syllabus:
Section 1: Fundamentals of Economics
This section introduces Economics.
After completing this section, the student will:
- Understand the impact of economic decision-making
- Evaluate the roles of scarcity, incentives, trade-offs, and opportunity cost
- Know the three key questions of economics
- Understand economic systems
- Know the factors of production
- Understand competition and free enterprise
Lessons:
- Introduction to Economics
- Resources and Scarcity
- Questions of Economics and Economic Systems
- Factors of Production
- Competition and Free Enterprise
Section 2: Micro and Macro Economics
This section covers microeconomics and macroeconomics.
After completing this section, the student will:
- Understand microeconomics
- Know about supply and demand
- Understand elasticity, incentives, and market price
- Know what comparative and absolute advantage are
- Understand profit
- Know about macroeconomics
- Understand money, banking, and investments
Lessons:
- Introduction to Microeconomics: Supply and Demand
- Elasticity, Incentives, and Determining Market Price
- Profit and Absolute and Comparative Advantage
- Introduction to Macroeconomics
- Money, Banking, and Investing in Financial Markets
Section 3: Government Policy and Economics
This section focuses on government policy and economics.
After completing this section, the student will:
- Understand economic policy
- Know impact the U.S. government’s budget and debt have on the economy
- Understand labor
- Know about business structures
- Understand entrepreneurship
Lessons:
- The U.S. Government and the Economy
- The Impact of Budget and Debt on the U.S. Economy
- The U.S. Labor Market
- Business Structures and Entrepreneurship
Section 4: The Global Economy
This section focuses on the global economy and globalization.
After completing this section, the student will:
- Understand the role of comparative advantage in trade and global markets
- know how people across the world have addressed issues involved with the distribution of resources and sustainability
- Understand issues of international trade and explain how the U.S. economy affects, and is affected by, economic forces beyond the United States’s borders
- Be able to explain how current globalization trends and policies affect economic growth, labor markets, rights of citizens, the environment, and resource and income distribution in different nations
- Understand the costs and benefits of government trade policies from around the world in the past and present.
- Use economic indicators to analyze the current and future state of an economy
Lessons:
- International Trade, Currencies and Exchange Rates
- Globalization
- Trade Barriers and Agreements
- Economic Development
