Economics is the study of how people satisfy their wants in the face of limited resources. There are two main branches of economics: macroeconomics and microeconomics. Macroeconomics is concerned with economy-wide factors such as inflation and unemployment. Microeconomics deals with the behavior of individual households and firms. Students will study how households make decisions about what goods to buy, and will also learn how firms make decisions about what to produce and how to produce it. Examining the behavior of households and firms will give students the necessary insight to understand how the interaction between consumers’ demands and producers’ supplies determines prices in the marketplace.

PRE-REQUISITES: None

ESTIMATED COMPLETION TIME: 16-18 weeks or approximately 65 – 75 hours

MAJOR TOPICS AND CONCEPTS 

Basic Economic Concepts

  • Economics and the Economic Problem
  • Opportunity Cost and Marginal Analysis
  • Production Possibilities Frontier
  • Economic Systems Models
  • Characteristics of a Market Economy
  • Circular Flow

Supply and Demand

  • Demand
  • Supply
  • Supply and Demand
  • Diminishing Marginal Utility
  • Diminishing Marginal Returns
  • Price Elasticity of Demand/Price Elasticity of Supply

Public and Private Sectors

  • Functions of Money
  • Money Creation
  • The Structure of the Federal Reserve System
  • Monetary Policy

Production Decisions and Market Structures

  • Demand for Resources
  • Costs of Production
  • Firm Behavior and Competitive Markets
  • Monopoly and Oligopoly

LINKS TO FULL COURSE CURRICULUM MAPS

SEGMENT A/B