Economics & Essential Skills

 

 

 

 

 

 

 

 

 

 

 

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Course Objectives and Syllabus

 

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Class 001

Scarcity!
In our quest to figure out the confusing world of economics we start with scarcity and money. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class 002

Trade Offs and Opportunity Costs
Because of scarcity, people must make choices about how they will use their resources. Choices are explained in terms of trade-offs or alternatives that are available whenever a decision is made. The cost of every decision is measured in terms of its opportunity cost, which is the cost of the next best alternative use of money, time, or resources when one choice is made rather than another.

 

We'll also keep discussing something very dear to all of you--money!

 

Class 003
Marginal Analysis and Decision Trees: Thinking like an economist
What does it mean to think at the margin? It means to think about your next step forward. The word "marginal" means "additional." The first glass of lemonade on a hot day quenches your thirst, but the next glass, maybe not so much. If you think at the margin, you are thinking about what the next or additional action means for you.

 

Class 004

Banks, Banking, and Compound Interest

Everyone is aware of banks and banking. A bank is a financial establishment that invests money deposited by customers, pays it out when required, makes loans at interest, and exchanges currency. But wait! There's more...

 

Class 005
The Fed
One of the more mysterious areas of the economy is the role of the Fed. Formally known as the Federal Reserve, the Fed is the gatekeeper of the U.S. economy. It is the central bank of the United States -- it is the bank of banks and the bank of the U.S. government. The Fed regulates financial institutions, manages the nation's money and influences the economy. By raising and lowering interest rates, creating money and using a few other tricks, the Fed can either stimulate or slow down the economy. This manipulation helps maintain low inflation, high employment rates, and manufacturing output.

 

Class 006

Stocks
Companies initially raise money by selling their stock. A share of stock represents fractional ownership of a business. When you buy shares of stock in a company, you are buying a small fraction of the business and all the profits that go along with it. Our class will be participating in a stock market simulation. We have six teams, $100,000, and three months to invest and learn.

 

Class 007

Game Theory

Popularized by movies such as "A Beautiful Mind", game theory is the mathematical modeling of strategic interaction among rational (and irrational) agents. Beyond what we call 'games' in common language, such as chess, poker, soccer, etc., it includes the modeling of conflict among nations, political campaigns, competition among firms, and trading behavior in markets such as the NYSE. That's where this class comes in...

 

Contact Mr. Y at:
DYuzenas@oapb.org

 

Trust, but verify...
- Ronald Reagan

 

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

 

"Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist."
-
John Maynard Keynes