Course Description: The course objective is to introduce students to the world of economic thinking. Students will begin to define economic concepts, understand why economists choose to view the world through a particular lens, and analyze the economic interactions of the people and businesses they observe in society. A primary goal is for students to become familiar with foundational market concepts such as scarcity, opportunity costs, comparative advantages and inflation (among many others). Students should then be able to appropriately apply their economic understanding to personal decisions, businesses activities and government policies. The course focuses mainly on microeconomics but will also touch on macroeconomics.
The course will be very engaging, including group discussions and activities. Students will be expected to contribute to class activities in the on-line classroom. Students will also have weekly homework assignments, which will reinforce and expand upon the classroom discussions. This course serves as a prerequisite to a future AP Microeconomics course.
Here is a preview of some of the weekly topics:
– Economic Basics: Scarcity, Resources, Opportunity Cost, Cost/Benefit Analysis
– Supply and Demand Shifts, Elasticity, Types of Goods
– Diminishing Returns, Allocation of Scare Goods, Specialization
– Trade in Competitive Markets (Why collaborate?), Transaction Costs
– Understanding Economic Institutions (Banks, Corporations, Cooperatives, Labor unions), Rules of the Game
– The Role of Government in the Economy (Taxes, Externalities, Regulations)
– Nature and Causes of Money (Valuation, Historical Development, Inflation)
– Comparing Economic Systems (Market, Command, Traditional, Mixed)
– International Trade and Economic Growth
– Stocks and Investment Options (What are the effects of saving and investment?)
There is an estimated 3 hours of work per week outside of the live class.