Course Description

This 1/2 credit course provides a broad view of the social science of economics. It builds on real-world economic applications to create a basic understanding of economic concepts and our economic system. It includes a range of both macro and microeconomic concepts with an emphasis on the American Free Enterprise System. This course relates economic principles through real-world situations students are familiar with. All content is provided in online format; no textbook is required.

Students will be introduced to the basics of economic principles, and they will learn the importance of understanding different economic systems. They will also investigate how to think like an economist. Students will explore different economic systems, including the American Free Enterprise System, and they will analyze and interpret data to understand the laws of supply and demand. Students will also be presented with economic applications in today’s world. From economics in the world of business, money, banking, and finance, students will see how economics is applied both domestically and globally. Students will also study how the government is involved in establishing economic stability in the American Free Enterprise System as well as the how the U.S. economy has a global impact.

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Objectives

Upon completion of Economics, students should be able to:

• Explain the basic concepts of economics.
• Compare and contrast four economic systems.
• Analyze principles of the American Free Enterprise System.
• Evaluate how supply and demand work together to set prices in the market.
• Describe economic factors involved in business and labor.
• Apply concepts of consumer economics.
• Explain ways to measure economic performance.
• Discuss components of the U.S. economy.
• Evaluate the global impact of the U.S. economy.
• Research and compile data on economic concepts using real-world examples.
• Compose evaluations of current economic events.

DoDEA Economics Standards may be viewed by clicking the link.

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Course Outline

Module 1 - Introduction to the Course

• Section 1 - Course Introduction
• Section 2 - Getting Started
• Section 3 - Research Project

Module 2 - Foundations of Economics and the Problem of Scarcity

• Section 1 - Foundations of Economics and the Problem of Scarcity: Introduction
• Section 2 - Thinking Like an Economist
• Section 3 - Scarcity and the Factors of Production
• Section 4 - Decision Making
• Section 5 - Production Possibilities Graphs
• Section 6 - Exam Preparation & Exam

Module 3 - Economic Systems

• Section 1 - Economic Systems: Introduction
• Section 2 - Answering Economic Questions and Prioritizing Economic Goals
• Section 3 - Free Market Economy
• Section 4 - Centrally Planned or Command Economy
• Section 5 - Mixed or Modernized Economy
• Section 6 - Exam Preparation & Exam

Module 4 - American Free Enterprise and U.S. Government Involvement

• Section 1 - American Free Enterprise and U.S. Government Involvement: Introduction
• Section 2 - Principles of the American Free Enterprise System
• Section 3 - The U.S. Government's Role in the American Free Enterprise System
• Section 4 - The U.S Government's Income and Expenditures
• Section 5 - U.S. Fiscal Policy
• Section 6 - U.S. Monetary Policy
• Section 7 - Exam Preparation & Exam

Module 6 - Business, Banking, and Finance

• Section 1 - Business, Banking, and Finance: Introduction
• Section 2 - Types of Business Organizations
• Section 3 - Money and Banking
• Section 4 - Saving and Investing
• Section 5 - Exam Preparation & Exam

Module 7 - Measuring Economic Performance

• Section 1 - Measuring Economic Performance: Introduction
• Section 2 - Gross Domestic Product
• Section 3 - Business Cycles
• Section 4 - Unemployment
• Section 5 - Inflation
• Section 6 - Exam Preparation & Exam

Module 8 - The Moduleed States and Globalization

• Section 1 - The Moduleed States and Globalization: Introduction
• Section 2 - International Trade
• Section 3 - Economic Development
• Section 4 - The World Bank
• Section 5 - Exam Preparation & Exam

Image: Terms frequently associated with the study of Economics; Shutterstock.com

Textbook

The textbook for Economics is:

Principles of Economics, 5th Edition, N. Gregory Mankiw

Publisher: South-Western Cengage Learning, 2009

Student Text ISBN 0-324-58997-2

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