Economics: Syllabus

 

Economics: Syllabus

 

  1. What is Economics?

Students will learn about and develop an understanding of the main concepts of classical and modern economics, including such concepts as: scarcity, value, positive and normative economics, tradeoff, cost-benefit analysis, incentive, opportunity cost, Adam Smith – The Wealth of Nations

Among the inquiries that will be addressed will be:

  • How do individuals exercise opportunity cost on a daily basis?
  • How does society allocate the resources of production?

 

  1. The United States Economic System

Students will study how the American economic system has developed and changed since the nation’s agrarian beginnings, including such concepts as: circular flow of the economy, price system, the laws of supply and demand and how the stock market functions.

Among the inquiries that will be addressed will be:

  • What are the impacts of national economic goals on individuals?
  • What can happen if one sector of the economy fails?

 

  1. The Enterprise System and the United States Economy

Students will examine the features of the free enterprise system including: the types of business organizations, the Role of the entrepreneur, the moral, ethical, and legal issues of running a business

Among the inquiries that will be addressed will be:

  • What is involved in starting and operating a business?
  • What are the characteristics of an entrepreneur?

 

  1. Labor and Business in the United States

Students will learn about the relationships between labor and management in the American free-enterprise system, the economic theories of Karl Marx, the Value Theory of Labor, the roles of compensation and rewards in the workplace, the disagreements about the necessity of Unions.

Among the inquiries that will be addressed will be:

  • How have historic trends influenced the labor force?
  • What has led to the decline of labor unions in the US?

 

  1. Money, Finance, and Personal Finance

Students will come to a practical understanding about what is involved in managing personal finances including banking, balancing checkbook, budgeting money, developing personal financial goals. They will also investigate various aspects of Insurance, interest rates and the benefits and costs of credit.

Among the inquiries that will be addressed will be:

  • How do the goals of the national economy impact the individual?
  • Are banks sufficiently regulated?

 

  1. The Globalization and the Economies of Other Nations

Students will study the historical development of the global economy, the effects of globalization on the United States and other nations of the world, how foreign exchange works, international trade, and the effects of globalization on Global economic and financial issues and crises.

Among the inquiries that will be addressed will be:

  • How has international trade made the United States interdependent with the rest of the world?
  • How do nations contend with the basic economic problem of scarcity?                   􏰀  

 

  1. Making Fiscal and Monetary Policy

Students will learn: how the fiscal and monetary policies of the United States are mad, how the growth of the economy is measured (GDP) and how this growth is limited, how the federal budget is organized, what are the relationships between monetary policies, interest rates, unemployment and inflation

Among the inquiries that will be addressed will be:

  • What happens when a government is in debt?
  • What is the role of the Federal Reserve Bank?