Week 1
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
 Week 2
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
 Week 3
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
 Week 4
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
 Week 5
Lesson 5
Exploring Markets and Labor
Key Concepts: Higher and Lower order goods, Economic interdependence, Labor, Labor union, Market, Supply Chain, Human Capital, Minimum Wage, Licensing
Key People, Documents, or Events: I, Pencil by Leonard E. Read, Minimum Wage Laws
 Week 6
Lesson 6
Entrepreneurship
Key Concepts: Entrepreneur, Profit, Transaction costs, Marketing, Speculators, Middleman, Vertical Integration, Horizontal Integration
 Week 7
Lesson 7
Monopolies
Key Concepts: Competition, Monopoly, Natural monopoly, Barriers to Entry, Cartel, Oligopoly, Monopolistic Competitive, Marginal cost, Marginal revenue
Key People, Documents, or Events: Sherman Anti-Trust Act
 Week 8
Lesson 8
Productivity and Comparative Advantages
Key Concepts: Productivity, Economies of scale, Comparative advantage, Absolute advantage, Production Possibilities Curve, Technology
 Week 9
Lesson 9
Economic Institutions
Key Concepts: Firms, Corporation, Economic Institutions, Property rights, Rule of law, Cooperatives, Circular Flow Diagram, Liability
 Week 10
Lesson 10
The Role of Government
Key Concepts: Externality, Public goods, Free riders, Tragedy of the Commons, Market Failure, Merit good
 Week 11
Lesson 11
Programs and Taxes
Key Concepts: Disincentives, Tax, Unemployment, Charity, Collective action, Moral Hazard, Progressive tax, Regressive tax, Relative Poverty, Budget deficit, Budget surplus
 Week 12
Lesson 12
Investing
Key Concepts: Banking, Stocks, Bonds, Interest Rate, Investment, Default, Compound Interest, Capital Market, Diversify, Risk Tolerance, Portfolio
 Week 13
Lesson 13
Money and Inflation
Key Concepts: Money, Inflation, Deflation, Federal Reserve System, Federal Funds rate, Reserve requirement, Fiat currency, Purchasing power, Cryptocurrency, Hyperinflation, Multiplier effect
Key People, Documents, or Events: Consumer Price Index, Federal Reserve Act
 Week 14
Lesson 14
Economic Growth and Monetary Policy
Key Concepts: Expansionary Policy, Contractionary Policy, Gross Domestic Product (GDP), Real GDP, GDP per capita, Exchange rates, Purchasing Power Parity, Human Development Index
 Week 15
Lesson 15
Comparing Countries - Economic Models
Key Concepts: Socialism, Capitalism, Laissez-faire, Communism, The Business cycle, Mixed Economy, Demand Side, Supply Side
Key People, Documents, or Events: Karl Marx, Adam Smith, John Maynard Keynes, Ludwig von Mises, Milton Friedman, Paul Krugman
 Week 16
Lesson 16
Review of Key Concepts
An activity or game centered around reviewing the key course concepts, which will help students complete the final quiz.