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Economics
   

Course Description

This course provides students with an understanding of fundamental economic concepts and principles, which will allow them to make informed decisions on economic matters throughout their lives. Students will be able to recognize, analyze, and understand economic terms and concepts as well as interpret data and draw conclusions about possible solutions. Major topics within the course include production, supply and demand, economic systems, market types and market equilibrium, economic and business cycles, business structures and organization, monetary and fiscal policy, income and taxes, price index, personal economics, the role of government in the economy, and international trade.  Students are required not only to master the essential components of Economics, but also to understand and articulate in verbal and written expression about economics in general, the dynamics that drive the marketplace, the outside forces that can stimulate or depress the economy, and the economic system in which they live. The textbook, Understanding Economics, A Case Study Approach, is required reading for this course.

Credits: 5
Languages: English and Spanish


University of California
A-G Approval
State Standards
High School Exit Exam

Course Content

Unit 1 - The Elements of Economics

California Curriculum Standards

Students understand common economic terms and concepts and economic reasoning. (12.1.1, 12.1.2, 12.1.3, 12.1.4. 12.1.5)

Students analyze the elements of America's market economy in a global setting. (12.2.2, 12.2.3, 12.2.8)

Students analyze issues of international trade and explain how the U.S. economy affects, and is affected by, economic forces beyond the United States's borders. (12.6.2)

Unit Objectives

Upon completion of this unit, the student will be able to:

  • Define “economics” and explain why it is important.
  • Define basic terms used in the study of economics.
  • raw and explain bar, pie, and line graphs.
  • Explain the relationship between scarcity and the need for choice.
  • Assess the importance of factors of production in various economic settings.
  • Explain the concept of opportunity cost.
  • Compare and contrast the major forms of economic and political systems.
  • Explain the role of profit as the incentive to entrepreneurs in a market economy.
  • Analyze the roles of property rights, competition, and profit in a market economy.

Unit 2 -The Dynamic Marketplace

California Curriculum Standards

Students understand common economic terms and concepts and economic reasoning. (12.1.3)

Students analyze the elements of America's market economy in a global setting. (12.2.1, 12.2.2, 12.2.3, 12.2.4, 12.2.5, 12.2.6, 12.2.8, 12.2.9, 12.2.10)

Students analyze the elements of the U.S. labor market in a global setting. (12.4.1, 12.4.2)

Students analyze issues of international trade and explain how the U.S. economy affects, and is affected by, economic forces beyond the United States's borders.  (12.6.3)

Unit Objectives

Upon completion of this Unit, the student will be able to:

  • Explain how demand and supply interact to create an equilibrium price and draw demand and supply curves to illustrate what happens when the marketplace changes.
  • Identify market surplus and market shortage situations.
  • List the characteristics of and compare and contrast the various types of markets.
  • Illustrate knowledge of the markets with examples.
  • List the characteristics of and compare and contrast the various business types that exist in the United States.
  • Explain the role of collective bargaining in the marketplace.
  • Trace the evolution of the labor movement in the United States and analyze the operation and structure of labor unions.

Unit 3 - The Value of Money

California Curriculum Standards

Students analyze the influence of the federal government on the American economy. (12.3.2, 12.3.3, 12.3.4)

Students analyze the elements of the U.S. labor market in a global setting. (12.4.1, 12.4.3)

Unit Objectives

Upon completion of this Unit, the student will be able to:

  • List and explain the various types of money and the major functions of money.
  • Compare the various types of financial institutions.
  • Describe the role of the FDIC.
  • Explain the makeup and mission of the Federal Reserve System.
  • Illustrate knowledge of monetary policy tools through examples.
  • Define income and explain income distribution with data.
    List the types of taxes United States citizens pay.
  • Illustrate knowledge of fiscal policy and describe the multiplier through examples.

Unit 4 - Understanding the Economic “Big Picture”

California Curriculum Standards

Students analyze the influence of the federal government on the American economy. (12.3.1, 12.3.2, 12.3.3)

Students analyze the elements of the U.S. labor market in a global setting. (12.4.2, 12.4.3, 12.4.4)

Students analyze the aggregate economic behavior of the U.S. economy. (12.5.1, 12.5.2)

Students analyze issues of international trade and explain how the U.S. economy affects, and is affected by, economic forces beyond the United States's borders. (12.6.2, 12.6.3)

Unit Objectives

Upon completion of this Unit, the student will be able to:

  • Identify the makeup of a business cycle.
  • Define “recession” and “depression.”
  • Explain the three types of unemployment and calculate the unemployment rate.
  • Describe cost-push and demand-pull inflation.
  • List the economic consequences of inflation.
  • Analyze economic indicators.
  • Identify economic trends based on data analysis.
  • Describe the concept of public goods.
  • Contrast positive and negative externalities.
  • Analyze the effectiveness of government policy in relation to externalities.

Unit 5 - A Marketplace Without Borders

California Curriculum Standards

Students understand common economic terms and concepts and economic reasoning. (12.1.2, 12.1.3)

Students analyze the elements of America's market economy in a global setting. (12.2.3, 12.2.8, 12.2.9)

Students analyze the elements of the U.S. labor market in a global setting. (12.4.4)

Students analyze the aggregate economic behavior of the U.S. economy. (12.5.2, 12.5.3)

Students analyze issues of international trade and explain how the U.S. economy affects, and is affected by, economic forces beyond the United States' borders. (12.6.1, 12.6.2, 12.6.3, 12.6.4)

Unit Objectives

Upon completion of this Unit, the student will be able to:

  • Identify reasons for and objections to free trade and explain the methods to limit free trade.
  • Identify the major trading partners of the U.S.
  • Analyze the effectiveness of the World Bank.
  • Explain how exchange rates work.
  • Compare the U.S. balance of trade over the past twenty years.
  • List the advantages and disadvantages of multinational corporations.
  • Contrast developing countries and the U.S. in terms of capital.
  • Describe a budget.
  • Compare the savings rate of U.S. households with households from other countries.
  • List the major types of savings accounts, investment vehicles, and types of credit.Contrast the advantages and disadvantages of credit.