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Introduction to Economics - Semester Course

This course is an introduction to economics which will explore important concepts that will enable the student to effectively engage the realm of economic thinking.
Nathaniel Gilbert
Average rating:
4.9
Number of reviews:
(370)
Class
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What's included

16 live meetings
16 in-class hours
Homework
1-2 hours per week. Students will have a graded weekly quiz and a graded weekly homework assignment, which will reinforce and expand upon the classroom discussions. Assignments mostly involve reflection questions to be answered in a few sentences. Additional work or reading is provided, but is optional for student enrichment (not graded). There is a final quiz and final assignment that are due after the final live class.
Assessment
Student work will be graded (the weekly quiz and assignment) and a final grade (percentage system) will be issued. There is also a participation grade, which hinges on student’s attentiveness, use of video, and contributions to the class discussion. The final grade is based approximately on 47% Quizzes, 47% Assignments, and 6% Participation.
Letter Grade
1 after class completion

Class Experience

US Grade 9 - 12
Intermediate Level
Students will begin to define economic concepts, understand why economists choose to view the world through a particular lens, and analyze the economic interactions of the people and businesses they observe in society.  The goal is for students to become familiar with foundational market concepts such as scarcity, opportunity costs, comparative advantages and inflation (among many others).  Students should then be able to appropriately apply their economic understanding to personal decisions, businesses activities and government policies.  The course will spend much time focusing on microeconomics, but will also touch on macroeconomics.  

The course will include engaging group discussions in the weekly live session.  Students should use video and audio during the live class, which helps encourage smoother discussions and more engagement. Parents may request an exception to this requirement.  Current events will occasionally be discussed if relevant to the class topic. 

This class is designed to satisfy typical 1/2 credit high school economics requirements, but supplemental resources may be needed depending on state requirements.  Parents need to make their own judgement based on the regulations is their state / country.  I recommend this class for the 10th grade level (or higher).  Students in younger grades (8th and 9th) should do fine if they are somewhat advanced.   

Here is a preview of some of the weekly topics:  
- Scarcity, Resources, Opportunity Cost, Cost/Benefit Analysis  
- Supply and Demand Shifts, Elasticity, Types of Goods  
- Diminishing Returns, Allocation of Scare Goods, Specialization  
- Trade in Competitive Markets, Transaction Costs  
- Entrepreneurship and business strategies
- Understanding Economic Institutions (Banks, Corporations, Cooperatives, Labor unions), Rules of the Game 
- The Role of Government in the Economy (Taxes, Externalities, Regulations)  
- Evaluating the effects of government programs and social goals
- Nature and Causes of Money  (Valuation, Historical Development, Inflation)  
- Comparing Economic Systems (Market, Command, Traditional, Mixed)  
- International Trade and Economic Growth  
- Stocks and Investment Options (including an opportunity to participate in stock market simulation game)
Learning Goals
Students will begin to define economic concepts, understand why economists choose to view the world through a particular lens, and analyze the economic interactions of the people and businesses they observe in society.
The goal is for students to become familiar with foundational market concepts such as scarcity, opportunity costs, comparative advantages and inflation (among many others).
learning goal

Syllabus

16 Lessons
over 16 Weeks
Lesson 1:
Scarcity and Decision Making
 Key Concepts: Scarcity, Decision-Making, Productive Resources, Incentives, Opportunity Cost, Cost / Benefit Analysis, Trade-offs, Marginal Utility, The Invisible Hand
Key People, Documents, or Events: Adam Smith, The Wealth of Nations 
60 mins online live lesson
Lesson 2:
Production and Scarcity
 Key Concepts: Marginal Change, Marginal Product, Free Market, Specialization, Relative Scarcity, Price-gouging, consumer budget, Allocation
Key People, Documents, or Events: Anti-Price Gouging Laws 
60 mins online live lesson
Lesson 3:
Supply, Demand, and Price
 Key Concepts: Law of Supply, Law of Demand, Equilibrium price, Surplus, Shortage, Price ceiling and floors, Consumer Surplus, Producer Surplus, Deadweight loss
Key People, Documents, or Events: US Sugar Tariff 
60 mins online live lesson
Lesson 4:
Shifts in Supply and Demand, Elasticity
 Key Concepts: Normal goods, Inferior goods, Elasticity, Price elasticity, Complementary goods, Substitute goods, Determinants of demand, Determinants of supply 
60 mins online live lesson

Other Details

Supply List
No required text. I will provide online links or electronic copies of texts/passages free of charge.

Every class is recorded and I post the recording for viewing after each class.  Therefore, students can catch up if they happen to miss the live session.
External Resources
Learners will not need to use any apps or websites beyond the standard Outschool tools.
Joined August, 2016
4.9
370reviews
Profile
Teacher expertise and credentials
Ohio Teaching Certificate in Secondary Education
Bachelor's Degree in Education from Cedarville University
I am passionate about helping students understand economics concepts, since they are so relevant in the human experience.  My approach is to get students thinking and discussing how economics relates to their lives through relevant examples.  

Reviews

Live Group Course
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$16

weekly or $256 for 16 classes
1x per week, 16 weeks
60 min

Completed by 464 learners
Live video meetings
Ages: 13-18
2-12 learners per class

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