Download Economics Syllabus - The Woodlands High School

Economics Syllabus
Dueitt
Course Description:
Economics is a required course taken during your senior year at The Woodlands High School.
The following syllabus provides a full description of the course, including the major units of
study, tentative time frames, supporting Texas Essential Knowledge and Skills (TEKS), and the
key economic topics to be learned in each unit. The syllabus concludes with the grading policy
and the make-up policy.
Unit 1 – Introduction to Economics
Free Enterprise and other Economic Systems
TEKS: The student understands:
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the concepts of scarcity and opportunity costs
the geographic significance of the economic factors of production
the effects of science and technology on an economy
the goals of U.S. economic policy
traditional, command and market economic systems
how societal values affect a nation’s economy
the impact of a nation’s culture on its level of economic development
the circular flow model of the economy
the importance of various economic philosophers and their impact on the U.S. economic
system
economic concepts embodied in historical documents including the U.S. Constitution
Key topics:
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economics
scarcity
factors of production
tradeoff and opportunity costs
budget line
production possibilities curve
goods and services
consumer and capital goods
“laissez faire”
characteristics of a free enterprise economy
goals of a free enterprise economy
market, command, mixed and traditional economies
circular-flow model
public verses private goods and services
Unit 2 – “Role of Business and Market Structures” and
“Demand, Supply and Market Equilibrium Price”
TEKS:
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The student understands:
the rights and responsibilities of businesses in the U.S. free enterprise system
the right to own, use, and dispose of private property
types of business ownership and types of market structures
the role of financial institutions in saving, investing and borrowing
the risks and rewards of different means by which saving can be invested
the role that the government plays in the U.S. free enterprise system
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the interaction of supply, demand and price
the effects of science and technology on an economy
Key topics:
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basic forms of business organization
the stock market
stocks and bonds
types of market structures
antitrust laws
externalities/spillover costs
legal monopolies
patents/copyrights
investment theory
demand and supply schedule and graphs
laws of demand and supply
differences between demand and quantity demanded, supply and quantity supplied
non-price determinants of demand and supply and shifts in demand and supply
elastic and inelastic demand and supply
revenue and coefficient tests for elasticity
equilibrium price and equilibrium quantity
surpluses and shortages
changes in demand and supply and subsequent effects on equilibrium price and quantity
price floors and price ceilings
Unit 3 – “Economic Instability – Business Cycles” and
“Role of Government”
TEKS: The student understands:
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the role that the government plays in the U.S. free enterprise system
the goals of economic growth, stability, full employment, freedom, security, equity, and
efficiency as they apply to U.S. economic policy
the economic effects of scientific discoveries and technological innovations on
households, businesses and government
the economic impact of fiscal policy decisions at the local, state and national levels
the economic concepts embodied in historical documents including the U.S. Constitution
Key topics:
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phases of the business cycle
real verses nominal GDP
demand-pull and cost-push inflation
aggregate demand and aggregate supply
economic functions of government
fiscal policy
federal budget
Ttpes of taxes
Unit 4 – “Monetary Policy and the FED” and
“International Trade”
TEKS: The student understands:
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the role of financial institutions in saving, investing and borrowing
the basic concepts of consumer economics
the role of the Federal Reserve System in establishing monetary policy
the reasons for international trade and its importance to the United States
the issues of free trade and the effects of trade barriers
Key topics:
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money: functions and characteristics
types of financial institutions
the Federal Reserve System
monetary policy
discount rate
reserve requirement
open market operations
comparative and absolute advantage
exchange rates
balance of payments
protection verses free trade
Unit 5 – “Financial Literacy”
Grading Policies
Grading format:
Major grades (tests, quizzes, and projects)
Daily (daily assignments and homework)
60%
40%
Make-up Tests:
The teacher will set a reasonable deadline for making up tests when a
student is absent. It is the responsibility of the student to take care of
make-ups as soon as possible.
Projects:
There will be two projects assigned during the semester. The Marketing
Research Team Project and the Stock Market Project. Both projects will
be major grades.
Teacher Availability:
Robbie Dueitt
e-mail: [email protected]
936 273-4837