Economics
Course Description
A knowledge of economic institutions and monetary concepts is necessary to be a well-rounded citizen. The study of economics enables students to learn about the structures, functions, and processes of our economy. This course introduces students to basic economic concepts associated with our free enterprise/capitalistic economy, comparing the US economic system with those in other countries. Students will learn about scarcity, production, distribution, consumption, supply/demand, inflation, recession, business, labor, and banking. Students will have the opportunity to learn through independent research and discussion.
Grade Level(s): 10th-12th grades
Related Priority Standards (State &/or National): Missouri Learning Standards (6-12)
Essential Questions
- How are resources best allocated?
- Who determines what should be produced?
- How do you measure the success of the economy?
- What role does the government play in the economy?
- Why do countries trade?
Enduring Understandings/Big Ideas
- Economic decision-making requires making choices about cost, benefits and allocation of resources.
- Economic institutions evolve in a market economy to help individuals and groups accomplish their goals.
- There is an economic role for a government in a market economy whenever the benefits of a government policy outweigh its costs.
- Economic systems vary from country to country.
Course-Level Scope & Sequence (Units &/or Skills)
Unit 1 - Understanding Elements of the Economy
- What is scarcity and how does it drive decision-making and opportunity costs?
- How are people, governments, and societies constrained by economics in terms of choices they can make?
- How are the four factors of production in economics used to create goods that are most needed in society?
- What economic systems are widely used in societies around the world and in what ways do they allocate resources?
- How does economics analyze (or measure) the efficiency and/or effectiveness of a local or national economy?
Unit 2 - Market Economics
- How do people interact in market economies to realize the most efficient and least costly use of resources?
- To what extent do prices send signals to buyers and sellers in a market?
- How do economic models show change and shifts in particular markets?
- How do economic models show markets’ abilities to respond to price changes in demand and/or supply?
- What are the four market structures used in economics to show level of competition?
- How are production costs in markets used to show a firm’s profitability in each of the market structures?
Unit 3 - Measuring Performance in the United States Economy
- How is GDP an indicator of economic health and performance?
- How is unemployment an indicator of economic health and performance?
- How is inflation an indicator of economic health and performance?
- What role does government spending and tax policy play in our national economy?
- What are the sources of government revenue?
- How is our national debt different from our budget deficit? Is our national debt problematic?
- What are the historical roots of the Federal Reserve Banking system?
- How does the Federal Reserve Bank affect economic conditions and stabilize the macroeconomy?
Unit 4 - International Trade & Global Markets
- What role does comparative advantage play in the international trade of goods and services?
- What are the barriers to trade in the global economy?
- What role do currency values play in international trade?
- In what ways do international organizations/individual countries promote global economic development?
- What role does government spending and tax policy play in our national economy?
Course Resources & Materials
- Opportunity Costs CORE - Economics for a Changing World
- Decision making and scarcity CORE - Economics for a Changing World
- Allocation & Decision Making JA Economics Guide
- Economic Reasoning JA Economics Guide
- Resource Allocation Econedlink.org
- Today’s Economic Issues: Democrats and Republicans. Nancy S. Lind, Erik T. Rankin, and Gardenia Harris. Across the Aisle Santa Barbara, CA: ABC-CLIO, 2016. 387 pp. This book carefully examines the two parties’ respective policies, providing a detailed yet readable and understandable look at how the parties agree, disagree, and find compromise on the broad range of problems and issues facing American society in the 21st century.
- Income Inequality CORE - Economics for a Changing World
- Capitalism Defined, -private-property-markets-and-firms CORE - Economics for a Changing World
- Price Taking & Competitive Markets CORE - Economics for a Changing World
- Consumer Influence in the Market JA Economics Guide
- The Stock Market: What It Is and How It Works. Lisa A. Crayton and Kathy Furgang. Economics in the 21st Century New York, NY: Enslow, 2016. 95 pp. This text breaks down the complicated subject of the stock market and explains what it is, its history, what really happens on Wall Street, and how it can affect readers personally.
- Race and Economics. M. M. Eboch. Race in America Minneapolis, MN: Essential Library, 2018. 112 pp. This title examines the role race plays in people's economic well-being, delving into the historical institutions and laws that underpin today's system and exploring what governments and activists are doing to decrease disparities. Aligned to Common Core Standards and correlated to state standards.
- Socialism and Communism. John Murphy, ed. Political and Economic Systems New York, NY: Britannica Educational Publishing with Rosen Educational Services, 2015. 266 pp. The story of socialism and communism is a saga of idealism and cynicism, revolution and repression, power and powerlessness. The entire political and economic history of the modern era is contained in this account, forming a detailed and lively panorama.
- Fiscal Policy how governments can dampen and amplify fluctuations CORE - Economics for a Changing World
- Find Real GDP Tools for teaching with Federal Reserve Bank of St. Louis
- Monetary Policy, Functions of the FED Page One Economics, Federal Reserve Bank of St. Louis
- Role of Government in the Economy JA Economics Guide
- https://www.stlouisfed.org/education Econ Education at the FED
- Inflation, Deflation, and Unemployment. Laura Loria. Understanding Economics New York, NY: Britannica Educational Publishing with Rosen Educational Services, 2019. 48 pp.
- This book explains facets of the economy and how they are measured, offers age-appropriate, real-life illustrations of the concepts of inflation, deflation, and unemployment, and provides historical and current examples which support curricular standards outlined in the C3 Framework for Social Studies State Standards.
- Worldmark Global Business and Economy Issues. Thomas Riggs, ed. Vol. 2: Economy, Index. Farmington Hills, MI: Gale, 2015. 706 pp. 2 vols. This set covers current business and economic issues that have an impact globally.
- Critical Perspectives on Free Trade and Globalization. Bridey Heing, ed. Analyzing the Issues New York, NY: Enslow, 2018. 229 pp. This book will introduce students to the debate surrounding free trade and globalization to help them understand the nature of international commerce, cultural exchanges brought on through trade, and how the international economy is evolving.
- Open vs. Closed Economy/International Trade JA Economics Guide
- Beyond Free Trade JA Economics Guide
- Globalization and Deglobalization in the long-run CORE - Economics for a Changing World
- Brexit’s Opportunity Cost (Gale One File) New Statesman
- USMCA better than NAFTA? (Gale One File) The New American
Date Last Revised/Approved: May 2019