Economics

Economics

Recommended Prerequisite: None

Grades Offered: 9-12

Credit: 1/2

SDE Course Code: 3431

MNPS Course Code: SST5120

Course Description

In this course students explore how people, businesses and governments choose to use resources. This course provides an in-depth study of the American free enterprise system, including micro and macro economics. The role of America’s place in the global economy is also analyzed. Finally, major concepts in personal finance are covered. All students are required to take economics for graduation.

Course of Study

Basic Economic Concepts

Scarcity and opportunity cost
Factors of Production
Basic questions of economics (what, how and for whom to produce)
Economic systems
Economic philosophers

The American Economy

Pillars of our free enterprise system (profit motive, voluntary exchange, private
property, and competition)
Role of government in our economy
Circular flow diagram

Personal Finance

Personal savings options and strategies
Using credit wisely

Microeconomics

Supply, demand, price, surplus and shortage
Business organizations
Market structures
Technology and its effect on productivity

Macroeconomics

Business cycle and its indicators
Inflation and its effects
Government’s role in economic stabilization

International economics

Absolute and comparative economic advantage
Globalization; international trade and competition

Reading: In addition to use of the textbook, students are expected to read from a variety of sources including essays, studies, newspapers/periodicals, maps, charts, graphs, political cartoons, and government documents. Students are expected to gain literal understanding of readings and also interpret, analyze, and evaluate information from readings.

Writing: Students are expected to write regularly and effectively in various domains including narrative, descriptive, persuasive, analytical, and practical. Suggested written assignments include essays, book reviews, document based questions, journals, surveys, and research papers.

Standards

MNPS Economics Standards

http://www.mnps.org/PageFactory.aspx?PageID=3354

TN State Department of Education Standards

http://www.state.tn.us/education/ci/cistandards2001/ss/cisseconomics912.htm

Textbook

Miller, Roger. Economics: Today and Tomorrow. Columbus, Ohio: Glencoe/McGraw Hill, 2003. (Basal Adopted 2002)