Semester Class: Economics 101

Economic 101 will cover fundamental economic concepts in the U.S. Advanced Placement (AP) Microeconomics and Macroeconomic courses. Usually, the U.S. AP Microeconomics and Macroeconomics courses are offered to upper-level high school students (Junior and Seniors).  Since this is an introductory class, I will spend at least 50 percent of the course explaining concepts.  The other half of the unit or class will discuss relevant topics related to the unit, such as unemployment, economic cycles, prices, etc.  I will use various tools to explain concepts, such as news articles, video clips, games, and analysis. If students have any questions, they can post them before class. These questions will be part of the discussion.  After each unit, students will present a short class presentation (no more than 10 minutes) applying these concepts, such as demand for a new video game or unemployment in their state. The presentation is in a discussion format. The unit presentation is a non-grade assignment to gauge student understanding of the course material.  Students should have a basic knowledge of civics, U.S. history, geography, and algebra for the class.  The following topics will be covered:

Unit 1. Introduction to Economics (Class 1 and 2): Students will examine the concept of scarcity, opportunity costs, marginal benefit, and marginal cost. These economic terms and concepts will be used throughout the course.
Resources and scarcity (Class 1)
The Three Questions of Economics (Class 1)
Opportunity Cost (Class 2)
Economic Systems and daily life (Class 2)

Unit 2. Microeconomics (Class 3,4,5,6, and 7): Students will analyze the elements of the American market economy. We will study the Law of Supply and Demand. Government interference in the free market, such as price controls, will also be examined.
The Law of Demand (Class 3)
The Law of Supply (Class 4)
Determining Market Price (Class 4)
Elasticity (Class 5)
Comparative and Absolute Advantage (Class 5)
Market Structure and Competition (Class 6)
Recap of Unit 2. Class Presentation (Class 7)

Unit 3. 
Macroeconomics (Class 8, 9, and 10): Unit 3 will focus on economics on a national or regional scale. We will discuss factors affecting the performance of national and local economies. 
Economic Growth (Class 8)
The Business Cycle (Class 8)
Money (Class 9)
Banking (Class 9)
Recap of Workshop 3. Class Presentation (Class 10)

Unit 4. Macroeconomics (continuation) Fiscal and Monetary Policy (Class 11, 12, and 13): Unit 4 will look at how government policies such as spending, taxes, and interest rates can impact national and regional economies.
Fiscal Policy: Spending and Taxes (Class 11)
Monetary Policy: The Federal Reserve (Class 12)
Recap of Workshop 4. Class Presentation (Class 13)

Unit 5. Global Economy (Class 14, 15, and 16: Unit 5 will discuss trade, economic growth, and development. We will discuss how businesses compete and operate in the global economy.

International Trade (Class 14)
Globalization (Class 14)
Trade Barriers (Class 15)
Trade Agreements (Class 15)
Recap of Unit 5. Class Representation (Class 16)