Economics
Instructional Objectives

Students will be able to do the following upon the completion of each of the units. 

Unit 1

1.Answer the questions: What is economics, and why is it important?

2.Define some basic terms used in the study of economics.

3.Describe the concept of scarcity and explain how governments and individuals deal with it.

4.Describe what economic goods and services are.

5.Understand and explain the different types of resources.

6.Explain what Opportunity Costs are and how they affect economic decisions.

7.Be able to compare Market - Command and Traditional economic systems.

8.Describe the relationship that exists between different economic and political systems.

9.Explain the role of government in different economic systems.

Unit 2

1.Identify forms of business organization such as sole proprietorships, partnerships, corporations and
cooperatives.

2.Understand the role that labor unions play in the U.S. economy.

3.Describe the role of competition in the market system.

4.Define, compare and contrast the four types of competitive market forms in the United States.

5.Define and use terms related to supply and demand.

6.Describe the effects of supply, demand and production costs on price.

7.Discuss the various factors affecting profits and losses.

Unit 3

1.Understand the purpose money serves in different societies.

2.Describe the role, structure and function of the Federal Reserve System and its impact on the
economy.

3.Relate how monetary policy controls the supply of money and influences economic growth.

4.Describe the role of the major financial institutions and how they function.

5.Understand the concept of income distribution and the role government plays in influencing this
distribution.

6.Identify the major types of taxes we pay and describe how they are structured.

7.Understand how spending is affected by the Multiplier Effect.

8.Describe the federal government budget process and spending. Discuss how it influences out
economy.

9.Define transfer payments and explain how government utilizes these payments to provide for basic
needs.

Unit 4

1.Understand the importance of measuring and tracking our economy - how and why it is done.

2.Explain and interpret through the use of graphs, charts and statistics, national income accounting
measurements and economic indicators, including GNP, Real GNP; Per Capita GNP; price indexing;
indexes of leading, coincident and lagging indicators.

3.Describe the four phases of the business cycle and the causes of slowdowns, recessions and
depressions.

4.Identify four types of unemployment and the effects unemployment has on individuals, society and
the economy.

5.Identify three major causes of inflation and the impact inflation has on the economy.

6.Understand the importance of growth and stability and how their absence affects individuals and the
economy.

7.Relate the role of government in promoting economic growth and stability.

Unit 5

1.Understand how the economics of the world are linked by international trade.

2.Understand the importance of international trade and what nations gain by trading.

3.Relate the restrictions or barriers that governments place on trade and the reasons for those barriers.

4.Explain the concept of free trade and its advantages.

5.Describe the steps that nations have taken to improve and promote world trade and solve world trade
disputes.

6.Discuss the patterns of U.S. trade since World War II and the status of U.S. exports today.

7.Understand how world transactions are conducted and the effects of our system of floating exchange 
rates on the U.S. economy.

8.Discuss the concept of balance of payments as it relates to the U.S. economy.

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