Economics & Essential Skills

 

 

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Econ Course Objectives

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.

Skills Objectives
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.

 

 

 

 

Success comes in cans, failure in can'ts.
- Author Unknown

 

 

Opportunity is always knocking. The problem is that most people have the self-doubt station in their head turned up way too loud to hear it.
- Brian Vaszily

 

 

Opportunity dances with those who are already on the dance floor.
- Jackson Brown

 

 

 

People often say that motivation doesn't last. Well, neither does bathing - that's why we recommend it daily.
- Zig Ziglar

 

 

 

Life is not about how fast you run, or how high you climb, but how well you bounce.
- Unknown

 

 

 

Concepts/Topics to be Learned

Introduction to Economics
Fundamental economic concepts (beginning with Scarcity...), decision making, division of labor, trade, economic systems, and productivity.

Microeconomics :  
Consumption, Production, Principles of demand and supply, Types of Markets, Role of government, Determining prices, Elasticity, and Entrepreneurship

Macroeconomics:
Economic Measurement: Aggregate Demand and Supply, Federal Budget, Business Cycles, Economic Indicators Monetary and Fiscal Policy: Monetary Policy and The Federal Reserve System, Fiscal Policy, Economic Growth, Employment and Unemployment

International and Global Economics:
Absolute and Comparative Advantage, Benefits of Trade, Barriers to Trade, Balance of Trade and Balance of Payments, Foreign Exchange Rates

Personal Finance:
Decision Making, Money Management, Saving and Investing, Risk and Return, Insurance

 
Week Concept Topic/Activity
1-3

Scarcity

Factors of Production

Choice and Opportunity Cost

Production Possibilities Frontier

Introduction to Economics

*Begin stock Market

Project*

* Economic Game Board*

 

3-6

Law of Demand, Graphing Demand

Change in quantity demanded

Determinants of demand

Change in Demand

Demand Elasticity/Inelasticity

 

Demand, Supply, and Price

 

6--8

Role of Competition

Forms and Types of Competition

Business Combinations

Role of Government in Regulating

Business

 

Business and Labor

* Invention Convention

Project will be due*

 

8--11

Use of Money

Characteristics of Money

History of U.S. Banking

Measuring Money Supply

Role of Financial Institutions

 

Banking, The Fed and

Monetary Policy

* Fed. Reserve Simulation

Project will be due*

 

11--13

GDP: Real vs. Nominal

Aggregate Demand

Aggregate Supply

Business Cycle

Economic Indicators

 

Measurement of Economic

Performance: GDP,

Inflation, and

Unemployment

 

13--15

The Role of Taxation

Theories of Taxation

Types of Taxes

Government Programs and Public

Services

 

Economic Stabilization:

Government Taxation,

Spending and Fiscal Policy

 

15--16

The Benefits of Trade

Barriers to Trade

Balance of Trade

 

International Trade

 

16--18

Understanding Interest

Avoiding and eliminating credit

card debt

Types of bank accounts and

maintaining a bank account

Balancing a checkbook

Types of loans available

Understanding Insurance

Stock Market

Rights and responsibilities of

renting or buying a home

Charitable giving

 

Personal Finance

** Economic Museum

Poster Due**

** Economics in the Movies

Essay Paper Due**

 

Academic Integrity

We follow ALL the rules and guidelines set forth in the Oxbridge Academy Student Handbook.

All students must be honest and forthright in their academic studies. Students are expected to do their own work and to neither give nor receive unauthorized assistance. Falsifying one's research, stealing the words or ideas of another, cheating on an assignment, or allowing or assisting another to commit these acts corrupts the educational process. Any violation of this standard will be considered dishonest behavior and will be dealt with accordingly by the instructor and administration. Dishonest behavior includes, but is not limited to:
   1. Plagiarism. Plagiarism can be defined as the inclusion of another's ideas, words, expressions, or data in writing or presentation without properly acknowledging the source.
   2. Unauthorized use off another person's password/login. Student logins/passwords are confidential information that should not be shared with others.
   3. Cheating. Cheating can be defined as the act or attempted act of deception by which a student seeks to misrepresent his submitted work as uniquely his own completed without assistance. Cheating includes copying another student's work and submitting it as your own or giving another student your work to submit as his own.
   4. Falsification and/or misrepresentation of data. This can be defined as the submission of false or contrived data or sources.
   5. Computer crimes. This may include damaging computer programs, hacking, constructing viruses, introducing viruses into a system, copying programs, etc.

 

 

 

 

 

 

 

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