Economics Unit #1 Economic Introduction
The Basics of Economic Decision Making and Economic Systems Ippolito-Spring 2016
Unit Overview:
This unit will focus on the following questions: What is the study of Economics? What is the basis for economic decision making? How is the U.S. economy organized? How do you measure economic performance? What are the goals for an economy?
Our first unit will answer these questions and put you firmly on the road towards economic literacy. The world we live in today is changing rapidly and, regardless of what you choose to do with your life, YOU need to understand basic free market economic principles to succeed in this new world. This course will truly help prepare you for the real world!
Terms for Unit: Textbook pages covered this unit: Pages 3-38
Economics, scarcity, social science, trade-offs, opportunity cost, opportunity benefit, utility, assumptions, economic systems, market economy, command economy, traditional economy incentives, private property, 3 basic economic questions, circular flow of economy, factors of production, Production Possibilities Frontier (PPF), constant opportunity cost PPF, economic indicators, Gross Domestic Product (GDP), invisible hand, Adam Smith, long run, short run, business cycle, unemployment, interest rates fixed versus adjustable, economic forecast, macroeconomics, microeconomics, Federal Reserve, recession
Investment Terms: Stock Market, market capitalization, earnings, bull market, bear market, S&P500, Dow Jones, Fixed Interest rates, Adjustable interest rates, 3 Investment classes: bonds, stocks & money markets
Course Calendar:
Wednesday January 6th
What is Economics
Textbook Reading for week: pages 3 – 11
Thursday January 7th
Economic Decision Making &
Economic Systems Introduction
Friday January 8th
The Free Market System—Adam Smith Reading
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Monday January 11th
Comparing Economic Systems
Textbook Reading for week: pages 13 – 38
Tuesday January 12th
Wrap-Up Economic Systems
Bhutan Video
Wednesday January 13th
Economic Logic
Incentive Reading
Friday January 15th
Senior Talk
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Monday January 18th
MLK Day—No School
Tuesday January 19th
Circular Flow & GDP
Wednesday January 20th
Business Cycle
Alphabet Recovery Video
Friday January 22nd
Full Potential of an Economy: PPF Graph
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Monday January 25th
Fixed vs. Adjustable Interest Rates
Tuesday January 26th
Buying a House
Wednesday January 27th
Housing Bubble USA
Friday January 29th
Introduction to Investing
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Monday February 1st
Introduction to the Stock Market
Tuesday February 2nd
Graphing a Stock
Wednesday February 3rd
Minimum day schedule
Thursday February 4th
UNIT TEST: Multiple Choice & Free Response
Due: Test Study Guide #1