Economics is a comprehensive survey of the ways in which human decisions impact the world every day. Microeconomic concepts including supply and demand, business transactions, the fundamentals of work, and others offer students a glimpse into the effect of personal economic decisions upon the world. Macroeconomic concepts such as the fiscal policy of governments, trade, natural resource use, and other big picture topics offer a more broad view of the world’s economic systems. In its entirety, this course illuminates the ways in which people from around the world are connected to one another and their natural surroundings every day.
Basic economic principles
Factors that influence production
The laws of supply and demand
Features of a free market economic system
Labor and wages Scarcity and opportunity cost
Profit and production
Monopolies and oligopolies
Entrepreneurship and partnerships
Government and the economy
Explain that economics is about the allocation of scarce resources, that scarcity forces choice, that trade-offs exist, and that every choice has an opportunity cost.
Analyze how demand and supply for a good in a competitive market are determined and explain how demand and supply together determine equilibrium price.
Analyze the roles and decisions of producers and consumers in a market. Analyze the role of prices in allocating scarce resources in market economies and explain the consequences of price controls.
Explain how prices and outputs are determined in markets characterized by just one seller (monopolies), a few sellers (oligopolies), or many sellers of unique but similar products (monopolistic competition).
Analyze the role of market failure in government decisions.