_ Morris Community High School
Economics
Course Description
Business Law and Economic are now a combined class. The following areas will be included in the Economics portion of the class. Please look at the Business Law tab for information regarding the content covered for that portion of the class. A comprehensive final exam will be given covering listed content from both Business Law and Economics.
Units of study will be the following:
1. Economic Concepts
Objectives:
• Present reasons why it is important for everyone to understand economics.
• Identify the opportunity cost and benefit of an economic choice.
• Relate individual choices to microeconomics and macroeconomics.
• Explain how individual decisions result in decisions that are in the best interest of society.
• Describe how the decision-making model provides a logical approach to problem solving
• Explain how the three basic economic questions are answered in a social economy.
2. Supply and Demand
Objectives:
• Read and understand demand schedules and curves
• Explain the relationship between price and the quantity demanded
• Demonstrate how the determinants of demand affect the level of demand
• Distinguish between a change in quantity supplied and a change in supply
• Recognize the impact of diminishing marginal product on production costs and the supply curve
• Understand the relationship between scale of production and production costs
3. Types of Business Organizations, Mergers, Characteristic of Business Organizations
Objectives: •
Describe the relative importance of the forms of business organizations in the U.S. economy.
• Contrast the three different types of mergers and how they are viewed by the government
• Describe the five characteristics of market organizations
• Identify the four kinds of market organizations
• Compare the four forms of market organizations
4. Unemployment, Inflation
Objectives:
• Measure unemployment for various groups.
• Analyze the economic, social,and personal costs of unemployment.
• Describe four kinds of unemployment
• Describe the impact of inflation on the economy
• Analyze various ways of controlling inflation
5. Federal Reserve System, Monetary Policy
Objectives:
• Describe the three main functions of money
• Analyze the demand for and supply of money
• Explain the functions of the Federal Reserve System
• Distinguish between tight and loose monetary policy
• Identify ways the Federal Reserve System can cause the money supply to change
Economics
Course Description
Business Law and Economic are now a combined class. The following areas will be included in the Economics portion of the class. Please look at the Business Law tab for information regarding the content covered for that portion of the class. A comprehensive final exam will be given covering listed content from both Business Law and Economics.
Units of study will be the following:
1. Economic Concepts
Objectives:
• Present reasons why it is important for everyone to understand economics.
• Identify the opportunity cost and benefit of an economic choice.
• Relate individual choices to microeconomics and macroeconomics.
• Explain how individual decisions result in decisions that are in the best interest of society.
• Describe how the decision-making model provides a logical approach to problem solving
• Explain how the three basic economic questions are answered in a social economy.
2. Supply and Demand
Objectives:
• Read and understand demand schedules and curves
• Explain the relationship between price and the quantity demanded
• Demonstrate how the determinants of demand affect the level of demand
• Distinguish between a change in quantity supplied and a change in supply
• Recognize the impact of diminishing marginal product on production costs and the supply curve
• Understand the relationship between scale of production and production costs
3. Types of Business Organizations, Mergers, Characteristic of Business Organizations
Objectives: •
Describe the relative importance of the forms of business organizations in the U.S. economy.
• Contrast the three different types of mergers and how they are viewed by the government
• Describe the five characteristics of market organizations
• Identify the four kinds of market organizations
• Compare the four forms of market organizations
4. Unemployment, Inflation
Objectives:
• Measure unemployment for various groups.
• Analyze the economic, social,and personal costs of unemployment.
• Describe four kinds of unemployment
• Describe the impact of inflation on the economy
• Analyze various ways of controlling inflation
5. Federal Reserve System, Monetary Policy
Objectives:
• Describe the three main functions of money
• Analyze the demand for and supply of money
• Explain the functions of the Federal Reserve System
• Distinguish between tight and loose monetary policy
• Identify ways the Federal Reserve System can cause the money supply to change