Course Description U.S. Economics

This one-semester course invites students to consider how the everyday choices they make to satisfy their needs and wants impact global society. Students learn about economics as a behavioral science, following coursework that focuses on basic macro and micro principles. Topics covered include the study of economic systems, supply and demand, market structures and pricing, business and labor, banking, and finance.

Learning Objectives

The focus of the economics class will be to examine the principles, theories, and practices of economics within the context of American history and society. Students will explore topics such as supply and demand, market structures, fiscal and monetary policy, economic indicators, and international trade. Through case studies, simulations, and real-world applications, students will analyze economic trends, policies, and issues, gaining insights into the role of economics in shaping historical events, societal changes, and individual decision-making. The course aims to equip students with economic literacy and critical thinking skills essential for understanding and participating in the economy as citizens and consumers.

Understand the historical development of economic systems and theories
Analyze how economic events and policies have shaped society over time
Evaluate the impact of historical economic trends on contemporary issues
Analyze multiple perspectives on historical economic events and developments
Interpret the causes and consequences of major economic crises, reforms, and revolutions
Evaluate the reliability, credibility, and bias of historical sources and interpretations

Investigate key economic theories and thinkers, such as Adam Smith, Karl Marx, and John Maynard Keynes
Investigate fundamental economic concepts such as scarcity, choice, opportunity cost, and the role of incentives
Investigate basic economic concepts such as supply and demand, market structures, and economic systems
Investigate factors of production such as land, labor, capital, entrepreneurship
Explore economic systems, including market economies, command economies, mixed economies, and their impact on society
Analyze historical debates over economic concepts such as capitalism, socialism, and communism
Examine how economic ideas have influenced political ideologies and policy decisions
Analyze economic issues and policies at the local, national, and global levels
Analyze how individuals, businesses, and governments make economic decisions

Analyze the behavior of consumers, producers, and markets in the allocation of resources
Understand the role of competition, prices, and incentives in microeconomic decision making
Explore concepts such as production, costs, revenue, and market structures and their implications for economic efficiency

Analyze the performance of the economy as a whole, including measures such as GDP, inflation, and unemployment
Understand the goals of macroeconomic policy, including economic growth, price stability, and full employment
Explore fiscal policy, monetary policy, and other government interventions in macroeconomic management, and their impact on the economy
Investigate business cycles, recessions, and economic stabilization

Investigate the concepts of perfect competition, monopoly, oligopoly, monopolistic competition
Understand price determination strategies and market power and efficiency
Explore the role of government in regulating markets and promoting competition

Understand personal finance concepts such as budgeting, saving, investing, and borrowing
Explore economic risks, including insurance, investments, and retirement planning
Analyze the impact of personal financial decisions on individuals and families

Examine historical patterns of international trade, mercantilism, and imperialism
Analyze the impact of globalization on economic development, labor markets, and cultural exchange
Evaluate historical debates over free trade, protectionism, and economic nationalism
Analyze international trade, exchange rates, balance of payments, and currency markets
Investigate Trade barriers, including tariffs, quotas, and subsidies
Understand the benefits and costs of globalization and trade agreements
Explore economic development, inequality, and poverty in a global context

Examine major economic crises throughout history, such as the Great Depression, the Industrial Revolution, and the Great Recession
Analyze the causes and consequences of economic transformations, including technological innovations, globalization, and deindustrialization
Evaluate government responses to economic crises, such as fiscal stimulus programs, monetary policy interventions, and regulatory reforms
Identify and analyze elements of fiscal policy including taxation, government spending, and budget deficits
Identify and analyze elements of monetary policy: role of the Federal Reserve, money supply, and interest rates
Analyze government regulation and antitrust policies

Analyze wage determination and income inequality
Investigate the historical development of labor movements, unions, and workers' rights
Analyze historical trends in income distribution, wealth inequality, and social mobility
Explore historical debates over economic justice, fairness, and the role of government in addressing inequality
Explore government policies to address poverty and income distribution
Explore the relationship between supply and demand including factors that affect this relationship and the elasticity of it
Explore the relationship between labor supply and demand
Explore market equilibrium and the role of prices

Investigate the historical relationship between economic growth, industrialization, and environmental degradation
Analyze historical efforts to address environmental challenges, such as pollution, resource depletion, and climate change
Explore historical debates over sustainable development, conservation, and the role of markets versus government regulation