Basic economic theory and its effects on everyday life are the foundation of Economics Part 1. Students will learn about basic economic features such as scarcity, opportunity cost, efficiency, and trade-offs as well as the factors of production, which are land, labor, and capital. Students will gain an understanding of the free market system in relation to other economic systems. Considerable focus will be put on the laws of supply and demand. In addition, students will explore various types of market structures and the government's involvement in these structures.
Unit 1: Essential Content and Skills
- Identify how scarcity, factors of production, decision-making, and opportunity cost relate to economics.
- Analyze how societies have developed economic systems to make choices about resource allocation.
- Examine the American system of free enterprise.
- Identify the three key economic questions of what to produce, how to produce, and who consumes what is produced.
- Explain the characteristics of traditional, command, and market economies, and describe the societal values that influence them.
- Describe the role of the government in the United States free enterprise system.
- Summarize the United States political debate on ways to fight poverty.
Unit 2: Essential Content and Skills
- Explore demand curves and what causes their shift.
- Analyze the elasticity of demand.
- Identify costs of production.
- Explore supply curves and what causes their shift.
- Explore the relationship between supply and demand curves.
Unit 3: Essential Content and Skills
- Analyze how supply, demand, and prices work together in the marketplace.
- Identify why a price-based system is more flexible and efficient than a centrally planned system.
- Recognize the four types of market structures.
- Define deregulation and list its effect on several industries.
- Explore the history of United States anti-trust policies.
- Examine the benefits of government regulation.
Unit 4: Essential Content and Skills
- Identify the purpose, structure, advantages, and disadvantages of business organizations.
- Identify current and future trends in the labor market.
- Analyze the relationship between labor and wages.
- Identify organized labor.
- Trace the history of the labor movement in the United States.
- Prentice Hall Economics: Principles in Action 2005 (textbook includes Pearson Simulations and Data Graphing CD)
*Available as an iText course with Pearson Simulations and Data Graphing CD-ROM