Educational Resource

Principles of Economics

Brief Course Description

Students will master fundamental economic concepts, applying the tools (graphs, statistics, equations) from other subject areas to the understanding of operations and institutions of economic systems. Studied in a historic context are the basic economic principles of micro- and macroeconomics, international economics, comparative economic systems, measurement, and methods.

Content Objectives

  • Understand concepts of economics under market, command, and mixed systems
    • Know free trade
    • Know our taxation system
    • Know supply and demand
    • Know the benefits, challenges, and risks of owning a business
    • Know the Federal Reserve
    • Know the banking system
    • Know investments typical to a capitalistic system, such as insurance, stocks, and bonds
    • Be able to compare capitalism to other forms of economies
  • Understand key influences on an economic system
    • Know how people, events, forces, and inventions have affected our economy
    • Know how laws have affected our economy
  • Understand the global interdependence of economics
    • Know how the world’s financial network is intertwined
    • Know how technology is affecting economics
    • Know how communications is affecting economics
    • Know about supply and demand interdependence throughout the world
  • Understand the effects of fiscal and monetary policies on our economy
    • Know the effects of tax-and-spend policies
    • Know the effects of trickle-down economics
    • Know the effects of interest on money supply
    • Know the effects of savings on the economy
    • Know why short-term gains often cause long-term losses
  • Be able to develop goals for your economic future and a realistic plan for achieving them
    • Know where money fits into your lifelong goals
    • Know what type of career you will need to reach your goals
    • Be able to justify whether or not you want to be your own boss
    • Know the work you will need to do and sacrifices you will have to make
  • Historical and Social Sciences Analysis Skills

Methods of Assessment

1. Assessment tools include the following but are not limited to:
2. Research projects
3. Portfolios
4. Oral communication
5. Student demonstrations
6. Student grades
7. Written examinations
8. Parent facilitator and education specialist observation
9. Periodic review of work by independent study teacher (IST)

Materials

  • Glencoe McGraw-Hill—Economics: Principles and Practices
  • National Council on Economics—Framework for Teaching Basic Economic Concepts with Scope and Sequence Guidelines, K-12
  • National Council on Economics—Capstone: The Nation’s High School Economics Course Teacher’s Resource Manual