Economics

Course Overview:

Economics (12) - semester - .50 credit *required for Graduation
This course will enable students to develop an understanding of the economic aspects of our society. It will include major topics such as the stock market, labor issues, employment and unemployment, monopolies, competition, taxes, production, income and foreign trade. This course makes many references to the role of government in the economy as well as to the history of our capitalistic economy. It also deals with economic implications on the business world, and financial literacy. Contemporary issues that will enable students to meet their responsibilities as citizens and participate in the economy will be discussed. The course will also involve important social issues, which constantly affect our changing economy. This class meets one period daily for ½ unit of credit.

Text Books:

1. Economics Today and Tomorrow (Glenco)

Assessments:

First Quarter- Pretest, Formative Assessments, and Summative Assessments
Second Quarter- Formative Assessment, Summative Assessments, Personal Finance Project (150 pts), and Final Exam

 

First Quarter: Chapters 1, 2, 7, 8, and 9

Standards/Learning Goals:

Economics

  1. Economists analyze multiple sources of data to predict trends, make inferences and arrive at conclusions.
  2. People cannot have all the goods and services they want and, as a result, must choose some things and give up others.
  3. Different economic systems (traditional, market, command, and mixed) utilize different methods to allocate limited resources.
  4. Markets exist when consumers and producers interact. When supply or demand changes, market prices adjust. Those adjustments send signals and provide incentives to consumers and producers to change their own decisions.
  5. Competition among sellers lowers costs and prices, and encourages producers to produce more of what consumers are willing and able to buy. Competition among buyers increases prices and allocates goods
  6. and services to those people who are willing and able to pay the most for them.

Second Quarter: Chapters 3, 4, 5, and 6

Standards/Learning Goals:

Economics

  1. Reading financial reports (bank statements, stock market reports, and mutual fund statements) enables individuals to make and analyze decisions about personal finances.
  2. Income is determined by many factors including individual skills and abilities, work ethic and market conditions.
  3. Employee earning statements include information about gross wages, benefits, taxes and other deductions. Financial decision-making involves considering alternatives by examining costs and benefits.
  4.  A personal financial plan includes financial goals and a budget, including spending on goods and services, savings and investments, insurance and philanthropy.
  5. Different payment methods have advantages and disadvantages.
  6. Saving and investing help to build wealth.
  7. Savings can serve as a buffer against economic hardship.
  8. Different costs and benefits are associated with saving and investing alternatives.
  9. Banks, brokerages and insurance companies provide access to investments such as certificates of deposit, stocks, bonds and mutual funds.
  10. There are costs and benefits associated with various sources of credit available from different types of financial institutions.
  11. Credit and debt can be managed to maintain credit worthiness.
  12. Consumer protection laws provide financial safeguards.
  13. Property and liability insurance protect against risks associated with use of property.
  14. Health, disability and life insurance protect against risks associated with increased expenses and loss of income.
  15. Steps can be taken to safeguard one’s personal financial information and reduce the risk of loss.