Economics Syllabus
George C. Faust
Unit 1: Introduction to Economics
Production Possibilities Curve and the Basic Economic Problem(Week 1&2)
The study of economics is a behavioral social science that studies the choices that individuals, firms and nations must make in a world of scarcity. This concept will be explored by determining what resources are available for production and what unlimited needs and wants people have.
Free Enterprise and the Circular Flow Model (Week 3)
In this lesson, students construct a “Circular Flow Model” that demonstrates the interaction and interdependence of the household and business sectors of the economy. Toward the end of the lesson, the involvement of the government sector in the economy will also be considered.
Students learn that as more resources are provided from households to businesses, the firms are enabled to develop and produce more products.
Innovation and Growth(Week 4)
Technological innovation promotes economic growth, which generally improves the standard of living for citizens within an economic system and people’s lifestyles. This economics lesson will analyze societal values that determine how an economy functions.
Unit 2 Microeconomics
Supply and Demand (week 5)
In this lesson, students learn about the laws of supply and demand. They look at how interaction leads to market equilibrium and learn about the interdependence of actions.
Business Decisions (week 6)
The growth and character of a community is a result of business decisions that may stifle or enhance economic opportunities. Businesses have rights and responsibilities that, when fulfilled, will have a positive impact on the community and make it a favorable place for further investment.
Building Businesses (week 7 & 8)
Students will understand the operation of a free market economy and how individuals and business operate within it.
Business Decisions (week 9)
Business decisions can have a positive or negative impact on the community. The students will learn that when businesses operate within the confines of governmental regulations designed to promote a healthy and productive business environment, the public will benefit.
Unit 3 Macro Economics
Government Policy (week 10 & 11)
Free enterprise experiences periods of expansion and contraction. The students will explore how the government monitors the economy as well as the contribution to economics from great thinkers such as Adam Smith.
Entrepreneurs (week 12 & 13)
Students will investigate various actors who have successfully developed products or manipulated business opportunities to their advantage.
Labor Unions and Government Policy (week 14)
The student will focus on the labor movement and its affect on the market system.
Unit 4: Money and Banking
Credit and the Consumer (week 15)
All economic operations depend upon the flow of money and credit in the free market system. Students will examine foundations such borrowing, lending, and investment by businesses and individuals.
Understanding Investment (week 16)
Students will look at the stock market, bonds, and other investment mechanisms to establish a understanding how a strong free market is dependent upon investment opportunities.
The Federal Reserve and the Monetary System (week 17)
An understanding of the functions associated with the central bank of the United States is essential to a student who wants to comprehend the big economic picture.
Unit 5: Global Trade
Production and Trade (week 18)
Within the context of a global community, the student is well served to understand the ins and outs of international trade including how it helps shape the U.S. economy, the reasons for trade, changes in employment, and the affect on the standard of living.