Economics 

Unit 1: Economic Thinking & Decision Making

Essential Question: How do people make choices when resources are limited?

Scarcity and trade-offs

Opportunity cost

Marginal thinking

Sunk cost fallacy

Incentives

Unintended consequences

Economic growth and prosperity

Institutions 

Markets as systems of coordination and innovation

Unit 2: Supply, Demand & Market Equilibrium

Essential Question: How do markets determine prices and quantities?

Law of Demand

Demand curve shifts

Law of Supply

Supply curve shifts

Market equilibrium

Shortages and surpluses

Consumer surplus

Producer surplus

Market efficiency

Unit 3: Market Intervention & Elasticity

Essential Question: How do government policies and market responsiveness affect economic outcomes?

Price ceilings

Price floors

Shortages and surpluses

Rent control and agricultural price supports

Unintended consequences of price controls

Price Elasticity of Demand

Price Elasticity of Supply

Determinants of elasticity

Real-world applications of elasticity

Unit 4: Labor Markets, Money & Inflation

Essential Question: How do labor markets, money, and inflation affect the economy and our daily lives?

Measuring unemployment

Labor force participation

Frictional, structural, and cyclical unemployment

Labor force trends

Functions and characteristics of money

History and evolution of money

Causes of inflation

Hyperinflation

Winners and losers from inflation

Real vs. nominal wages

Borrowers, lenders, and inflation