Economics
(One Semester)

Course Description:
Economics is the study of how societies use limited resources to satisfy their unlimited wants and needs. It is the foundation of this course as students learn how fundamental decisions about the four factors of production; land, labor, capital, and entrepreneurship are made. Key topics covered include: law of supply and demand; saving, borrowing, and spending; the Federal Reserve System and the money supply; and the role of government in an open market economy.

Prerequisites: None

Required Materials: None

Course cost: $325 / student per semester

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Course Outline:

Scarcity
Marginal Cost/Benefit
Allocation of Goods and Services
Role of Incentives
Gain from Trade
Specialization and Trade
Markets -- Price and Quantity Determination
Role of Price in Market System
Role of Competition
Role of Economic Institutions
Role of Money
Role of Interest Rates
Role of Resources in Determining Income
Profit and the Entrepreneur
Growth
Role of Government
Using Cost? Benefit Analysis to Evaluate Government Programs
Macro economy-Income/Employment, Prices
Unemployment and Inflation
Monetary and Fiscal Policy

Semester II
Familiar objects and places
Family
Food
Pastimes
School objects & Routine

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