Economics

Economics

In this class you will learn about economics. You will explore and offer answers to economic questions that challenge societies around the world. You will work independently, in small groups and as a class on individual assignments, projects and written assignments. The class will, hopefully, be interesting, fun and rewarding.

Students shall (to the best of their ability):

Analyze the effectiveness of the different ways people identify and attempt to satisfy their basic wants and needs using limited resources (scarcity).

Identify and use basic concepts such as scarcity, supply/demand, opportunity costs, production, resources, money and banking, economic growth, markets, costs, competition, and world economic systems.

Understand the nature of scarcity and how nations choose to use their resources on economic and social costs and benefits.

Describe the ideals, principles, structure, practices, accomplishments and problems related to the United States economic system.

Compare and contrast the US economic system with other nations focusing on:

Answer : What goods and services shall be produced?

Answer : How shall goods and services be produced?

Answer : For whom shall services be produced?

Explain how economic choices and decisions are based on a global economy.

Understand how the economic system in the US depends on the efficiency of consumers, producers, workers, investors, and voters.

To begin our journey we will need to complete the rather boring (but crucial) task of identifying the major concepts and terms from the above questions. Once we have mastered this terminology we can begin to discuss and answer the above questions thus achieving our goal.

After we have achieved our initial goal you will be challenged to actively participate in a mock stock trading simulation. You be given a set amount of money, required to invest that money, and hopefully, see a return on your investment.

Your grade will be determined as indicated on the expectations handout (provided the first day of class).

Please Note: The above main questions have been adapted from the NYS Social Studies Standards on Economics. Additional information on these standards may be secured at: http://www.nysed.gov/.