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INTRO TO ECONOMICS
2009 - 2010
Instructor: Mr. Jeff Nauman
Email: [email protected]
Classroom: E130
Office: NA
Office Hours: NA
Credits/Length: 1 Credit/ 1 Semester
Textbook, Software, Online Resources:
Economics, Principles in Action
Required Material: Notebook, pen, pencil
Course Description:
COURSE: INTRODUCTION TO ECONOMICS
OVERVIEW
UNIT
TOPIC
ESTIMATED TIME
(Weeks)
2
I
THE ECONOMIC PROBLEM
II
THE MARKET ECONOMY
2
III
PERSONAL ECONOMIC DECISIONS
4
IV
HOW BUSINESSES WORK
2
V
GOVERNMENT AND THE ECONOMY
2
VI
MONEY AND THE ECONOMY
2
VII
STABILIZING THE ECONOMY
2
VIII
THE GLOBAL ECONOMY
2
THE RELATIONSHIP OF CURRICULUM TO TEXTBOOK AND OTHER TEACHING
MATERIALS
This curriculum reflects generally accepted standards for the study of economics
in high school. The Minnesota Standards for Economics closely follow the standards
developed by the National Council on Economic Education (NCEE). These in turn are
embodied in most major high school text books. As of this writing (October, 2005), no
text has been adopted for this course. The teacher is directed to the wealth of free and
low-cost materials available from NCEE, as well as to programs of teacher education
and student involvement through the Minnesota Council.
Specific activities and assessments will follow from the curriculum materials
selected for the course.
The Minnesota Standards document is referenced throughout this curriculum
map. This document is extremely helpful in framing questions and topics for both
introductory and more advanced study, and includes many useful activities. Materials
for most of these activities are available from the NCEE and MCEE, and are also
included in most standard texts available.
Prerequisite Courses: NA
Subsequent Courses: NA
Learning Objectives:
COURSE: INTRODUCTION TO ECONOMICS
UNIT 1: THE ECONOMIC PROBLEM
Unit of Study (Describe):
Students are introduced to the basic economic problem: scarcity. They
examine decisions they make using economic concepts, leading them to understand
that the interaction of people through markets serves to allocate most resources in our
society.
Essential Questions
What is economics, and why is it important?
How do markets and voluntary exchange help organize production and distribute goods
and services?
What do scarcity and opportunity cost mean, and why are the important to economics
and in our lives?
What are trade-offs, marginal costs, and marginal benefits, and how do they affect our
daily decisions?
What are the basic economic choices facing all societies?
Summative Assessments
Unit Test
Problem-solving Essays
Key Activities and Resources
Junior Achievement partnership with Avery/Weigh-Tronix
JA/Capstone study guide materials
Journal of choices regarding time, abilities and money
COURSE: INTRODUCTION TO ECONOMICS
UNIT II: THE MARKET ECONOMY
Unit of Study (Describe):
Students are introduced to the laws of supply and demand, and examine how
these laws explain the economic behavior the individuals and societies.
Essential Questions
What role do prices play in a market economy?
What is demand, and how does it illustrate the price effect?
What is supply, and how does it illustrate the price effect?
What is price elasticity, and what determines it?
What is the difference between price effect and changes in supply and demand?
How does market competition determine an equilibrium price?
Under what conditions do shortages and surpluses occur?
How do market-clearing prices ration goods and services?
Summative Assessments
Unit Test
Problem-solving Essays
Key Activities and Resources
Junior Achievement partnership with Avery/Weigh-Tronix
JA/Capstone study guide materials
Journal of price-based decisionmaking
COURSE: INTRODUCTION TO ECONOMICS
UNIT III: PERSONAL ECONOMIC DECISIONS
Unit of Study (Describe):
This unit is focused on personal economic decision making. Students learn
about personal money management, and personal economic choices in relationship to
their money, their time, and their abilities.
Essential Questions
What are the main sources of personal income?
How do personal budgets help you make wise choices as a consumer and saver?
What are some alternative places to put your savings?
How does investing help your wealth grow?
What are the advantages and disadvantages of using credit?
How does insurance work, and how does it help you budget for emergencies?
What protects consumers’ interests in a free market economy?
Summative Assessments
Unit Test
Problem-solving Essays
Key Activities and Resources
Junior Achievement partnership with Avery/Weigh-Tronix
JA/Capstone study guide materials
Develop personal budget and financial plan
On-line Stock Market Game
COURSE: INTRODUCTION TO ECONOMICS
UNIT IV: HOW BUSINESSES WORK
Unit of Study (Describe):
Students are first introduced to the concept of entrepreneurship and think about
starting their own businesses and go on to consider other forms of business information.
They look at the stock market again, this time from the point of view of corporations, as
a tool for acquiring business capital. They learn about market structures and how
competition is different in each of these. Finally, they study the changing relationship
between labor and management.
Essential Questions
How does free enterprise encourage entrepreneurship?
What are the advantages and disadvantages of sole proprietorships, partnerships and
corporations?
How do financial markets help business obtain capital resources?
How do businesses borrow and save?
What is the stock market, and why is it important?
What is productivity, and how is affected by technology and training?
How do supply and demand affect the cost of labor?
What major changes have occurred in the labor force over the years?
What is meant by pure competition, monopolistic competition, oligopoly and monopoly?
What is marketing, and why is it important to business?
Summative Assessments
Unit Test
Problem-solving Essays
Key Activities and Resources
Junior Achievement partnership with Avery/Weigh-Tronix
JA/Capstone study guide materials
COURSE: INTRODUCTION TO ECONOMICS
UNIT V: GOVERNMENT AND THE ECONOMY
Unit of Study (Describe):
Students examine the role of government in the free-market economy.
Government functions at many levels: to ensure fair competition, to regulate trade, to
maintain public safety and health. There are areas of controversy: How much
government is too much? Should government get out of some areas of the economy?
Is our tax system fair and efficient?
Essential Questions
What is the role of government in the market economy?
How does government ensure that markets function effectively?
How do federal, state, and local governments raise and spend money?
Who should pay taxes?
How do proportional, progressive, and regressive taxes differ?
What are the main federal taxes, and who pays them?
What is meant by a “flat tax” and “VAT”?
What is the federal deficit? the federal debt? Why do people worry about these?
Summative Assessments
Unit Test
Problem-solving Essays
Key Activities and Resources
Junior Achievement partnership with Avery/Weigh-Tronix
JA/Capstone study guide materials
Journal of impact of taxes and government on personal choice
COURSE: INTRODUCTION TO ECONOMICS
UNIT VI: MONEY, BANKING, AND THE ECONOMY
Unit of Study (Describe):
Students first learn the fundamentals of money: what is it, how does it work,
what are its forms? Learning about the banking system helps them understand how
money is created and circulates. Inflation and changes in the value of money over time
are also examined.
Essential Questions
What is money? What are its functions and characteristics?
What forms of money are used in the United States?
What services do banks and other financial institutions provide
How do banks “create” money?
What are the roles and responsibilities of the Federal Reserve System?
Why does the value of money change?
What is inflation, and why does it matter?
Summative Assessments
Unit Test
Problem-solving Essays
Key Activities and Resources
Junior Achievement partnership with Avery/Weigh-Tronix
JA/Capstone study guide materials
Journal of personal banking activity
COURSE: INTRODUCTION TO ECONOMICS
UNIT VII: STABILIZING THE ECONOMY
Unit of Study (Describe):
Since the 1930s, macroeconomic policies have been used to adjust and stabilize
the American economy. Students will look at the aspects of the economy that can be
affected by these policies, and learn the conditions under which they might be effective.
The political context of these policies will also be examined.
Essential Questions
What role does government play in economic stability?
What indicators are used to measure the health of the economy?
What are the characteristics of the business cycle: peak, recession, trough, and
expansion?
What are the strengths and weaknesses of fiscal and monetary policies?
How do these policies relate to larger political philosophies and issues?
Summative Assessments
Unit Test
Problem-solving Essays
Key Activities and Resources
Junior Achievement partnership with Avery/Weigh-Tronix
JA/Capstone study guide materials
Journal of views on how government should influence the economy
COURSE: INTRODUCTION TO ECONOMICS
UNIT VIII: THE GLOBAL ECONOMY
Unit of Study (Describe):
The global economy represents the newest challenge and opportunity to the
American economy. What role should Americans in this new environment? What are
the competing philosophies concerning trade? How does the global economy affect us
here at home?
Essential Questions
What is international trade an important component of the American economy?
How do imports and exports depend on each others?
What is meant by absolute and comparative advantage?
What are the arguments for and against barriers to trade?
What are exchange rates, and why do the rise and fall?
What is the balance of payments? the balance of trade?
What are some of the future challenges presented by the growing global economy?
Summative Assessments
Unit Test
Problem-solving Essays
Key Activities and Resources
Junior Achievement partnership with Avery/Weigh-Tronix
JA/Capstone study guide materials
Journal of impact of global economy on Fairmont
COURSE: INTRODUCTION TO ECONOMICS
ONGOING ECONOMIC TOPICS
1 – How does this topic affect my personal economic decisions?
C-1-2 (I)
2 – What moral or ethical issues are raised by this topic?
C-1-2 (I)
What is “normative” economics?
3 - How does this topic relate to local, national and global levels?
C-1-2 (I)
4 - How can economic concepts be used to understand today’s news?
C-1-2 (I)
5 - Who are some of the leading economic thinkers in history?
C-1-3 (I)
6 - Who are some of the leading economic thinkers today?
C-1-1 (I)
7 – How can I recognize and understand economic issues today?
8 – What are the newest ideas in economics?
(for example, in 2005, “neuroeconomics”)
Course Units: See Above
Grading Scale:
100 – 94.5
94.49 – 89.5
89.49 – 86.5
86.49 – 82.5
A
AB+
B
82.49 – 79.5
79.49 – 76.5
76.49 – 72.5
72.49– 69.5
BC+
C
C-
69.49 – 66.5
66.49 – 62.5
62.49 – 59.5
59.49 – 0
D+
D
DF
Assessments: Chapter tests that are a combination of Multiple Choice and Essay
Plagiarism Statement:
See addendum to Cheating policy in the Student Handbook.
Late Assignments/ Incomplete/Partial Credit: Turning in late work is frowned on!!
Late work will result in a reduction of the points received and at some point, you
will receive no points for the assignment!! If you need an extension, see me prior
to the due date and we will discuss the possibility. If there is no discussion, I will
assume the work will be turned in on time.
Make Up Work: Needs to be made up in a timely manner!! You will have one extra
day to make up the work for each day absent.
Classroom Conduct:
*Respect may be the most important term in this class. You need to respect your
fellow students, their ideas and me!!
*Come to class prepared to participate. This class is more enjoyable, and
interesting the more you participate!!
* Bring an open mind to class. We will be discussing topics and ideas that
undoubtedly are new to many people!!
I expect you to think, discuss, and write using your keenly developed
analytical/evaluative skills!!
*I expect you to be in class on time and to act as mature Seniors in High School!!
Cardinal Expectations:

Act in a Safe and Healthy Manner

Treat all Property with Respect

Respect the Rights and Needs of Others

Take Responsibility for Learning