Academics at Champion

ECONOMICS
(1 semester - 5 credits - grade 12)

PURPOSE:
To provide students with a basic understanding of the common-sense science of how and why people, businesses, and governments make the economic choices they do.

COURSE OBJECTIVES:
Students will be able to:
1.  Define basic economic goals.
2.  Explain inflation, deflation, and unemployment.
3.  Describe the cyclical patterns of our economy.
4.  List the three critical questions every society must answer to achieve its economic goals. (Output question, Input question, Distribution question)
6.  Fill out tax forms 1040-EZ, and 540A
7.  Explain how economic choices are made.
8.  Register to vote.
9.  Explain the basic operation of a polling precinct.
10.  Define opportunity costs.
11.  List and explain the four primary economic goals of most nations.
12.  Explain the Law of Demand and the Law of Supply.
13.  Discuss the determinants of supply and demand.
14.  Summarize the choices consumers make and how those choices are made.
15.  Discuss the different forms of business firms and list the advantages and disadvantages of each.
16.  Demonstrate the ability to read a daily stock market report.
17.  Explain how profits are made in relation to variable and fixed costs.
18.  Summarize the four major types of industry market structures
19.  Discuss the three types of mergers.
20.  Summarize how money developed.
21.  Discuss the structure of the Federal Reserve System.
22.  Explain the three ways that the Federal Reserve System controls the creation of money by depository institutions.
23.  Summarize absolute and comparative advantages.
24.  Contrast the Egalitarian and Libertarian concepts of fairness.
25.  Differentiate between Microeconomics and Macroeconomics.
26.  Differentiate between positive and normative economics.
27.  Contrast the concepts of Intrinsic and Subjective value.