Economics

ECONOMICS:  In this course, students will explore how resources are used and exchanged in a world of limited supply. They’ll start by examining scarcity and economic reasoning—the idea that there aren’t enough resources to meet everyone’s wants and needs. They’ll look at different types of resources, like natural resources (such as water and minerals), human resources (like labor), and capital (such as machinery), and learn how choices about these resources come with costs and trade-offs. Students will also use tools like the production possibilities curve to understand key economic concepts, including opportunity cost, growth, and productivity.

 

Next, in the supply and demand unit, students will learn how these forces shape the market, influencing what gets produced and at what price. Through examples like the price of popular products, they’ll see how consumers and producers react to supply and demand changes. Students will also learn about price elasticity, which explains how sensitive consumers are to price changes, and how this affects decision-making.

The course then examines different market structures and the role of government. Students will explore the characteristics of various business types—like sole proprietorships and corporations—and different kinds of markets, from monopolies to pure competition. They’ll also learn how the government helps address market failures, like the underproduction of public goods (such as national defense) and how it tries to correct issues like pollution with taxes and subsidies.

Finally, students will look into economic performance, the role of financial institutions, and global trade. They’ll learn about key indicators like GDP, inflation, and unemployment, which help measure a country’s economic health. By understanding the role of banks and the Federal Reserve, they’ll see how interest rates influence saving and borrowing. The course wraps up with a look at trade and the impact of tariffs and free trade, helping students understand the pros and cons of trading with other nations.

 

Length: Semester

Offered: Fall and Spring

Number of Periods per Semester: One

 

Grade Level: 12

Course Prerequisites: None

 

Application: None

Tryout :  None

Counselor Approval Required: None

 

Dual Credit: No

Weighted: No

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Diploma Path:  Fulfills a Social Studies requirement for the General Diploma, Fulfills the Economics Requirement for Core 40. Academic Honors, and Technical Honors Diplomas

Quantitative Reasoning: Yes

 

Other: