Economics Syllabus

Economics

Instructor: Brian McKitrick

COURSE OBJECTIVES:

Economics is a nine weeks required course for students that addresses essential concepts necessary for students to completely and effectively participate in a complex global society. Content encompasses both microeconomic and macroeconomic principles. Key elements include the study of scarcity, supply and demand, market structures, the role of government, national income determination, money and the role of financial institutions, economic stabilization, and trade. Students use knowledge and critical-thinking skills learned in previous social studies courses to analyze issues and problems and contemporary economic systems. They examine consequences of public policies and their impact on a free market economy. Mastering economics knowledge and skills enables students to anticipate changes in economic conditions and take appropriate action to improve not only their lives, but also society in general.

COURSE GOALS:

  1. Introduction To Economics
    • What is Economics?
    • Want v. Needs
    • Scarcity and Shortages
    • Opportunity Cost and Trade-Offs
  2. Economic Systems
    • 3 Questions Every Society must answer
    • Economic Goals
    • 4 different types of economies
    • The Free Market
  3. Supply and Demand
    • Laws of Supply and Demand
    • Elasticity of Demand
    • Determinants
    • Supply & Demand Curves
    • Changes in Price and Quantity
    • Production Possibility Curves
  4. 4.B. Economic Measurements:
    • Consumer Price Index
    • Inflation
    • Unemployment Rate
    • Gross Domestic Product (Real and Nominal)
    • The Business Cycle
  5. International Trade:
    • Why countries trade
    • Comparative and Absolute Advantage
    • Trade Barriers (Protectionism)
    • Quotas
    • Tariffs
    • Embargos
    • Currency exchanges
    • Imports & Exports
  6. Federal Taxes
    • Taxes, structures, bases, brackets
    • The 1040EZ tax form and scenarios
    • Federal dependency rules
  7. Fiscal and Monetary Policy
  • Expansionary, Loose and Easy money
  • Contractionary and Tight money
  • Federal Reserve Board
  • Budgets (balanced, deficit, and surplus)

MATERIALS:

You will need the following materials for this course:

Textbook

Note book or paper to take notes in class

HOME WORK:

Homework will generally consist of reading assignments, completions of the study guides for each chapter, and essay questions along with the activities describe above. Progress will be monitored by taking quizzes and periodic tests as outlined in this syllabus.

GRADING:

Major grades will count for 60% of nine weeks grade (Tests and Major Projects)

Minor grades will count for 40% of nine weeks grade (Quizzes, Homework, Classwork)

Final Exam will make up 20% of final grade

ATTENDANCE:

1) Students will be expected to be in class on time. The policy adopted by Travelers Rest High School will be

followed.

2) Class work miss due to truancies may not be made up.

STUDENT RESPONSIBILITIES:

1) Students will be expected to bring text, notebook, paper, and working materials (paper and pencil) each day to class.

2) It will be expected that each student spend a minimum of 2 to 3 hours on reading and doing homework each week.

3) It is suggested that each student keep all assignments.