Economics
Mr. Adams-Room 233
Course Syllabus 2013-2014
COURSE DESCRIPTION:
This Course examines the allocation of scarce resources and the economic reasoning used by people as consumers, producers, savers, investors, workers, citizens and as agents of the government. Key elements include the study of scarcity, supply and demand, market structures, the role of government, national income determination, money and the role of financial institutions, economic stabilization and trade.
Lessons and common assessments for this course have been developed collaboratively using best practice as a guide, and Indiana State Standards as a framework. Students will be expected to complete formative assessments sometime during the 9th through 11th week of the semester; and a final summative exam at the end of each semester. The formative assessment is designed primarily to inform instruction, giving the teacher a measurement of student progress towards the understanding of the learning targets of the course content. The semester final is summative in nature, and will be worth 20% (1/5th) of the student’s overall semester grade.
LEARNING TARGETS:
1. Students will understand that productive resources are limited; therefore, people cannot have all the goods and services they want. As a result, they must choose some things and give up others.
2. Students will understand the role that supply and demand, prices, and profits play in determining production and distribution in a market economy.
3. Students will understand the organization and role of business firms and analyze the various types of market structures in the United States economy.
4. The student will understand the roles of government in a market economy are the provision of public goods and services, redistribution of income, protection of property rights, and resolution of market failures.
5. Students will understand the means by which economic performance is measured.
6. Students will understand the role of money and financial institutions in a market economy.
7. Students will understand economic stabilization policies and how they impact the economy.
8. Students will understand why individuals, businesses, and governments trade goods and services and how trade affects the economies of the world.
STUDENT EVALUATION:
Student grades will be figured with the following items weighted by percentage below for 18 weeks:
60%: Unit Exams
15%: Quizzes
10%: Homework
15%: Standards Based Writing
0%: Formative Assessments and Formative Activities
Final Grade
18 Wk. Grade = 80%
Final Exam = 20%
100%
LATE WORK POLICY: (This applies to regular homework, extended assignment due dates and any late excused absences.)
· Assignments handed in 1 day late will be 15% off + points off for any mistakes made in the assignment.
· Assignments handed in 2 days late will be another 15% off (total of 30%) + points off for any mistakes made in the assignment.
· Assignments handed in 3 days or more late will not receive any credit.
· If an assignment is made prior to an illness or absence, due dates are not extended.
*(For more details regarding late work and unexcused absences, refer to the student handbook)
COURSE CONTENT:
Units of study (Indiana Standards) in this order: Textual Reading:
#1- Scarcity and Economic Reasoning Chapters: #1, #2
#2- Demand, Supply, Equilibrium Chapters: #4, #5, #6, pp. 209-210
#3- Market Structures Chapters: #3, #7, p. 484
#4- The Role of Government/Fiscal Policy Chapters: #9, #10
#5- National Economic Performance /Economic Stabilization Chapters: #12.1, #13, #15.1, #15.2
#6- Money and the Role of Financial Institutions/Monetary Policy Chapters: #11, #14
#7- Trade Chapter: #16
The following is a brief outline of the content covered in Economics based on the Indiana State Standards.
Weeks 1-3 Unit 1 Scarcity and Economic Reasoning
Chapters: 1 and 2
Topics:
Scarcity Basic Economic Concepts
Trade-offs and Opportunity Cost Production Possibilities Frontier (Curves)
Circular Flow of Economic Activity Economic Goals of US Economy
Comparative Economic Systems Factors of Production
Economic Incentives
Weeks 4-8 Unit 2 Supply and Demand
Chapters: 4, 5, and 6, and pages 209 – 210
Topics:
Law of Demand Determinants of Demand
Elasticity of Demand Law of Supply
Determinants of Supply Elasticity of Supply
Prices as Signals Equilibrium
Changes in Supply and Demand Price Ceilings and Price Floors
Consumer Sovereignty Microeconomic Graphs
Wage Determination Productivity
Marginal Cost Analysis
Weeks 9-10 Unit 3 Market Structures
Chapters: 3, 7, and page 484
Topics:
Sole Proprietorships, Partnerships, Corporations Reinvestment, Borrowing, Mergers
Other Business Organizations Perfect (Pure) Competition (Price Takers)
Monopolistic Competition (Price Searchers) Oligopolies (Cartels/Collusion) (Price Leaders)
Monopolies (Price Makers) Market Failures (Spillovers/Externalities)
Government Intervention Corporate Financing
*FORMATIVE ASSESSMENT DURING WEEKS 9-10
Weeks 11-13 Unit 4 Role of Government in the Economy
Chapters: 9 and 10
Topics:
Taxation (Principles, Criteria, Types) Incidence of Taxes
Federal Tax System (IRS) State and Local Taxation
Current Tax Issues Economics of Government Spending
Federal Government Expenditures State and Local Government Expenditures
Deficits, Surpluses, and the National Debt Functions of Government
Fiscal Policy
Weeks 14-15 Unit 5 National Economic Performance/Economic Stabilization
Chapters: 12.1, 12.2, 13, 15.1, 15.2
Topics:
Gross Domestic Product (GDP) Gross National Product (GNP)
Output Expenditure Model Business Cycles and Leading Economic Indicators (LEI’s)
Factors of Economic Growth Recession, Depression, and Expansion
Unemployment Inflation
Aggregate Demand and Supply (and the things that cause changes for these) Macroeconomic Equilibrium
Demand-Side Economics (Keynesian) Supply-Side Economics
Laffer Curve Fiscal and Monetary Policy
Macroeconomic Graphs Debts and Deficits
Weeks 16-17 Unit 6 Money and the Role of Financial Institutions
Chapters: 11 and 14
Topics:
Characteristics of Money Modern Banking and its Role
Assets, Investment Options and Strategies Stock Market
Federal Reserve System (FED Structure) Monetary Policy (“Tools” used)
Functions of Money Fractional Reserve Banking (Deposit Multiplier)
Simple Interest
Week 18 Unit 7 Trade
Chapters: 16
Topics:
Absolute and Comparative Advantage Free Trade versus Protectionism
Exchange Rates Trade Deficits and Surpluses
Trade Barriers, Quotas, and Tariffs
*Summative Final Exam (All Units Covered)
Moodle
My Moodle site can be found at moodle.nacs.k12.in.us -> All Courses -> Social Studies -> Economics – Adams. The enrollment key is “economics1” or “economics2” (depends on which semester you are in) without the quotes. Students can find copies of notes, online assignments, power points, videos, Indiana Economic Standards, and access to the textbook online through this site. Make use of it.
Technology/Computers
I realize the importance of technology in education. Therefore, abiding by the school’s technology policy, I do allow laptops in my classroom at appropriate times being used in appropriate ways. Failure to use computers in this way will result in the computer being put away and possibly not allowed again in the class.
Discipline/Behavior Issues
· Must bring your calculator, textbook, notebook, pen and pencil daily
· Must follow rules (policies) as stated in student handbook
· DO NOT BE LATE!
· Excessive Food and Beverage will not be tolerated.
· No demeaning talk about fellow students, teachers, administrators, and No swearing or derogatory language
· If you like to sleep, you will receive ONE warning, after you are caught sleeping the second time, you will receive an in room, after or before school detention; anything after this, will result in issue being handed over to the office
· "DO UNTO OTHERS AS YOU WOULD HAVE THEM DO UNTO YOU"
· Listen and follow directions precisely
· Do not disrupt the learning of anyone else in the class
· YOU are responsible for everything that occurs in class; whether you are here or not!
· YOU will need to get notes, handouts, missed written assignments from me or see Moodle site
· There are always consequences to not following these guidelines! Each case will be dealt with on an individual basis
· Have Fun with the subject, even though you may not always see relevance!
Make-Up Test Policy:
If you have an excused absence, and it is within your limit of 9 absences per semester, here are your options of how and when you will make up a test:
1- The same day, if you return and have a study hall (I will hunt you down!)
2- When you return, the next morning from 7:15-7:45 a.m. (in my room)
3- When you return the next day, during your study hall, if it is before this class (if no study hall, refer to #2 above)
4- Or during class itself...however you will be responsible for missed work in class that day and you will incur a deduction from your grade for that test! (This will be handled on an individual basis!)