What is Economics?

Economics is the study of how a society makes use of scarce resources. Unfortunately, we live in a world of scarcity where there simply isn't enough goods or services to meet the unlimited wants of all individuals. Economics looks at how society decides to distribute those resources, who gets what, and the implications.

The goal of Economics Q1 is to provide students with an understanding of the field of Economics and how US mixed market economy functions. Students will explore their own view on government intervention in the economy and the challenges faced by governments in Mixed Economies. Furthermore, students will learn about the role of supply and demand in the American Economy.

This class is to provide students a basic understanding of the way in which economics affects the functions of individual consumers, business owners and the global economy. Key elements of this course encompasses principals of both micro and macroeconomic which includes the law of scarcity, supply and demand, market structures, role of governments, money and role of financial institutions and trade. Students will be required to use critical thinking skills to learn how to make reasoned economic decisions, apply tools (such as graphs, tables, statistics and equations) and engaging in discussion. Student will learn about fiscal policy and monetary policy, along with the impact of the Federal Reserve on fighting inflation and growing the economy as part of the Macroeconomics unit.

Towards the final section of the course, students will learn more about the practical everyday economic tools to survive the real world. Students will learn about banking, credit, budgeting, finding a place to live, and investing among other topics. Students will also develop a Google Site that provides advice to high students on issues of financial literacy. These activities include: surveying your wants and needs, watching and responding to questions on the movie Maxed Out, writing a credit advice column, writing a rental email, and much more!

Guiding Question:
How can we use our knowledge of Economics to be prosperous and successful? To make good decisions as consumers, producers, and voters?

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