Course Overview

Why Study Economics?

What makes the price of oil go up? Why is there unemployment? What is inflation and why would anyone care? All of these are questions where economics plays an important role. In short, economics plays a central role in your life. Worried about what job to pursue? Wondering about why some fields get paid more than others? Economics! Thinking about the cost of gasoline and what makes it so high? Economics! Worried about rent and trying to figure out where to live? Economics again! The tuition keeps rising. Why? All of these questions revolve around economics and economics plays a key role in these and many other questions. In short, economics is all around you. 

So for the person who is curious about how the world works, knowing something about economics is a pretty important thing, and the view point of economists is a powerful way to examine how a part of the world works. Economists see that scarcity is a fundamental fact in our life. In short, there is simply not enough goods and services to provide for the needs and wants of the population.

Course Outline & Objectives

A financially literate individual understands how to manage income, spending, and investment.

• HS.E1.1 Evaluate how and why people make choices to improve their economic well-being.

• HS.E1.2 Analyze the factors that influence how and why people make budgeting and saving choices.

• HS.E1.3 Evaluate the cost and benefits of using credit.

• HS.E1.4 Compare the cost and benefits of several types of investments.

• HS.E1.5 Evaluate the ways insurance may minimize personal financial risk.

By applying economic reasoning, individuals seek to understand the decisions of people, groups, and societies.

• HS.E2.1 Explain how scarcity results in economic decisions and evaluate their impact on individuals, institutions, and societies.

• HS.E2.2 Analyze how incentives influence economic choices for individuals, institutions, and societies.

• HS.E2.3 Use cost-benefit analysis and/or marginal analysis to evaluate an economic issue.

Individuals and institutions are interdependent within market systems.

• HS.E3.1 Explain how buyers and sellers interact to create markets and market structures.

• HS.E3.2 Evaluate how numerous factors and conditions influence market prices.

• HS.E3.3 Evaluate the role of government in regulating market places.

• HS.E3.4 Explain the distinct types of business organizations and analyze the role of innovation and entrepreneurship in a market economy.

The domestic economy is shaped by interactions between government, institutions, and the private sector.

• HS.E4.1 Use economic data to analyze the health of a national economy.

• HS.E4.2 Evaluate the economic conditions that lead to fiscal and monetary policy choices and explain their impact on households and businesses.

• HS.E4.3 Explain the roles of institutions in a market economy.

• HS.E4.4 Explain the effect of advancements in technology and training on economic growth and standards of living.

The interconnected global economy impacts all individuals and groups in significant and varied ways.

• HS.E5.1 Evaluate the advantages and disadvantages of global trade.

• HS.E5.2 Evaluate how interdependence impacts individuals, institutions, and societies.

• HS.E5.3 Explain why nations chose to trade and how it is regulated.

• HS.E5.4 Explain how national economies influence trade.