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Economics Unpacking----------draft 6/28/07 Economics 1a- Microeconomics Need to know: Terms: personal economic choice, potential costs and benefits, market/ capitalism/ free enterprise, scarcity, production, distribution, consumerism, competition, efficiency, personal taxes, monopolies, deregulation, supply / demand, opportunity costs, How competition impact the economy: benefits and shortcomings Supply / demand graphs Analyze efficacy in an industry, look at strategies for improvement Can capitalism improve standard of living? How? Government policies include contracts, environmental controls, tax policies, Measure: Create and analyze supply / demand chart Explain opportunity costs – advantages/consequences Industrialism’s impact on personal choices, business choices Guns and butter Understand thinking behind breaking up monopolies: Standard oil, Delmarva Electric Economic 2a - Macroeconomics Needs to know: Terms: business cycle, inflation, unemployment policy, fiscal policy, monetary policy, Great Depression, change reaction of policies, interdependency of economics, standard of living, GDP Causes of unemployment, inflation, Impact of Federal Reserve, Government securities Measurement: Using Great Depression as backdrop, use macroeconomic concept to explain it. Economics 3a – Economic System Needs to know: Terms: economic systems, capitalism/market/free enterprise, communism/ command, traditional economy, mixed economies, barters, developing countries, country’s economic goal Common goals of all economies: efficiency, equity, freedom, growth, security, and stability. Identify challenges of countries transitioning from one economy to another Understand government’s goal is to promote business; communism gov’t role is tightly controlled production to ensure economic equality / distribution. Adam Smith’s Wealth of Nation Measure: Predict what would happen if “Island A” changed from Communism to Capitalism Economics 4a- International Trade Need to know: Terms: resource distribution, political stability, flow of investment, tariffs, standard of living, specialization, import/ export – deficit/ supply Why do countries specialize in certain items? Specialization vs. diversity of goods Effects of trade imbalances Analyze how political instability can effect our economy Measure: Analyze the U.S’s trade deficit’s effect on overall economy. Analyze how promoting economic competition and free trade can improve health care and standard of living.