Economics continues to develop the student’s understanding of the U.S. economy and the economic role of government covered in previous courses. The development of 21st Century skills is central. Students will describe the characteristics of command, market, traditional, and mixed economies and how they affect jobs and standards of living. They will compare and contrast methods of business organization. Students will describe the “circular flow” of economic activity and the role of producers, consumers, and government. They will explain how supply and demand represent economic activity and describe the factors that cause them to shift and define economic terms (e.g., elasticity, substitution, regulation, legislation) and identify examples of them in the current economy. Students will explain business cycles and how they affect producers and consumers and how economic indicators (including, but not limited to GDP, unemployment, Consumer Price Index [CPI], inflation) describe the condition of the economy. They will distinguish between fiscal and monetary policies, and describe the role and function of the Federal Reserve.
Students will explain the economic challenges to growth in developing countries, how the global economy has developed, describe the involvement of free trade, comparative advantage, IMF, WTO, World Bank, and technology. They will explain how the American labor system impacts competition and trade in domestic and world markets. Students will demonstrate the knowledge and skills necessary to make reasoned and responsible decisions as a consumer, producer, saver, and investor in a market economy. They will explain the function of the stock market.
Economics students will understand, learn, and use new vocabulary that is introduced and taught directly through informational text and direct instruction. Students will identify and/or summarize main ideas, facts, supporting details, and opinions in an informational and/or practical selection. Students will read and synthesize information found in various parts of charts, tables, or diagrams to reach supported conclusions. Students will demonstrate knowledge of spelling, grammar, punctuation, capitalization, and penmanship. The ultimate objective of this class is to lay a foundation for life beyond high school by developing an ability to think independently and intelligently about economic problems and to create solutions. Students will employ appropriate technologies in the performance of their class duties.