Which CD to buy? How many hours to study? Which movie to see? If you’re like most people, you constantly face decisions because you don’t have enough time or money to do everything. At its most basic level, economics is the study of how people make choices when they face a limited supply of resources. This semester course will help you make smarter economic decisions as a consumer, producer, saver, investor, and citizen in our world today.
Economic Systems will examine macroeconomics (analysis of a national economy), microeconomics (the study of smaller economic units, such as companies or households) and international economics (foreign trade). You will learn about real-world issues which include inflation rates in the United States and other countries, unemployment rates for skilled and unskilled workers, and public policy debates on trade agreements and outsourcing of jobs to foreign countries. In addition, topics reflect the Voluntary National Content Standards in Economics developed by the National Council on Economic Education.
This class will use a variety of hands-on activities. You will take part in simulations, games, group decision making, problem solving, classroom demonstrations, role-plays and group presentations. You will learn by doing, not just by hearing and seeing.
Ten Principles of Economics
1. People face tradeoffs.
2. The cost of something is what you give up.
3. Rational people think on the margin.
4. People respond to incentives.
5. Trade can make everyone better off.
6. Markets are usually a good way to organize market activity.
7. Government can sometimes improve market outcomes.
8. A country’s standard of living depends on the ability to produce goods and services.
9. Prices rise when the government prints too much money.
10. Society faces a short-run tradeoff between inflation and unemployment.
Fortune Magazine. October 13, 1997. p. 36
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