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COURSE OUTLINE
Unit 1: Fundamentals of Economics
Economics and Choice
 Chapter 1:The Economic Way
of Thinking
 Chapter 2: Economic Systems
 Chapter 3: The American Free
Enterprise
Unit 2: Microeconomics
Market Economies at Work
 Chapter 4: Demand
 Chapter 5: Supply
 Chapter 6: Demand, Supply,
and Prices
 Chapter 7: Market Structures
Unit 3:
Types of Business Organizations
 Chapter 8: Types of Business
Organizations
Unit 4: Macroeconomics
Money and Banking
 Chapter 10: Money
Unit 5:
Measuring and Monitoring
Economic Performance
 Chapter 12: Economic
Indicators and Measurements
 Chapter 13: Facing Economic
Challenges
Unit 6:
The Role of Government in the
Economy
 Chapter 14: Government
Revenue and Spending
 Chapter 15: Using Fiscal Policy
Unit 7:
The Global Economy
 Chapter 16: The Federal Reserve
and Monetary Policy
 Chapter 17: International Trade
Unit 8:
Personal Finance
 Chapter 11: Personal Finance &
Financial Markets
CP Economics Organizer
Chapter 13: Facing Economic Challenges
The Big Picture:
Unemployment • The unemployment rate is the percentage of the work force—people over the age of 16—who are jobless and actively looking for work. •
The four main kinds of unemployment are frictional unemployment, the temporary joblessness of workers moving from one job to another; structural
unemployment, when available jobs do not match up with the skills of available workers; seasonal unemployment, related to jobs that change dramatically from
season to season; and cyclical unemployment, caused by a downturn in the business cycle. • Because of frictional unemployment, even in full employment
about four to six percent of workers are without jobs. • Unemployment hurts an economy because it is inefficient, not using productive resources fully; it is
unequal, affecting the already disadvantaged the most; and it fosters discouragement in workers. Poverty • The poverty threshold is the income the government
has determined to be needed for basic expenses. The poverty rate is the percentage of people living in households with incomes below that threshold. • The
Lorenz curve shows income distribution and inequality. A small percentage of people have by far the largest share of income. • Social Security helps relieve
poverty for many older Americans. Such government programs as Medicaid, the food stamp program, the earned income tax credit, and workfare attempt to
fight poverty. Inflation • Inflation is a sustained rise in the level of prices or a sustained fall in purchasing power. The Consumer Price Index and Producer Price
Index are two popular measures of inflation. • Demand-pull inflation results when total demand rises faster than the production of goods and services. Costpush inflation results when increases in the costs of production push up prices. Rising wages and prices can create a wage-price spiral that pushes inflation
higher. • Inflation leads to declining purchasing power, rising interest rates, and decreasing returns on savings, eroding economic stability.
Unit Pacing:
Homework
(Reading Assignments)
____– Unemployment in Today’s
Economy
____– Read p. 382- 386
____– Causes and Consequences of
Inflation
____ – Read p. 382-402
____—RETEACHING ACTIVITIES
____— Chapter 13 Definitions Test &
TEST
____--Unit Benchmark #5 TEST
____—Read p. 396-402
Key Terms and Phrases:
1. Unemployment rate
2. Underemployed
3. Full employment
4. Frictional unemployment
5. Seasonal unemployment
6. Structural unemployment
7. Cyclical unemployment
8. Efficiency
9. Inequality
10. Discouraged workers
11. Outsourcing
12. Inflation
13. CPI
14. PPI
15. Inflation rate
16. Hyperinflation
17. Deflation
18. Demand-pull inflation
19. Cost-push inflation
20. Wage-price spiral
21. Market basket
Essentials Question:
GPS
1. Explain the relationship between frictional unemployment and structural unemployment.
2. What are three effects of inflation?
1. SSEMA1b&c
Course Website: http://vhs.gocats.org/apps/pages/index.jsp?uREC_ID=549730&type=u&pREC_ID=826211
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Milestone Practice Questions
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