Course Title
Fall/Spring Semester | |||||
Unit Title | Think Like an Economist | Understanding Markets | Business and Economic Performance | The Federal Reserve and Banking System | Personal Finance |
Time | 2 weeks | 2 weeks | 2 weeks | 2 weeks | 7 weeks |
Understandings | The basic questions of economics centers around the idea of scarcity of resources, particularly with the factors of production: Land, Labor, Capital, Entrepreneurship.
Economists represent the economy’s ability to operate efficiently using a Production Possibilities Curve which helps calculate opportunity costs.
Capitalist systems such as the United States operate using a circular flow model where income from businesses and consumers flow through the system and allow both parts to continue to grow.
| There are multiple economic market systems, the most common being market and command economies.
Economies are often driven by the laws of supply and demand with higher demand causing higher prices for consumers while lower demand will cause lower prices. | Businesses have several organizational types including sole proprietorship, partnership, and corporation models which each have their own advantages and disadvantages.
Competition drives a free market economy with monopolies and oligopolies being largely viewed as negatives for consumers.
Economic indicators such as GDP, inflation, and unemployment are ways that economists can monitor the health and growth of an economy and measure the effectiveness of trade policies. | The Federal Reserve manages the US economic policies related to monetary policy as well as oversees the banking system as a means of controlling the money supply.
| Personal investment and financial responsibility are key cornerstones to long-term success for individuals in a free enterprise economy.
Managing credit is critical for consumers to be able to make long-term investments and purchases at the most efficient costs, such as cars and homes.
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TEKS | USE.1A, USE.1B, USE.1C, USE.1D, USE.7A, USE.7B, USE.10A | USE.2A, USE.2B, USE.2C, USE.4A, USE.4B, USE.4C, USE.5A, USE.5B, USE.13A | USE.3A, USE.3B, USE.3C, USE.6B, USE.8A, USE.8B, USE.9A, USE.9B, USE.10B, USE.10C, USE.12D, USE.13B, USE.14A, USE.14B, USE.14C, USE.15A, USE.15B | USE.11A, USE.11B, USE.12A, USE.12B, USE.12C, USE.16A, USE.16B, USE.16D, USE.17D | USE.6A, USE.11C, USE.14A, USE.16C, USE.17A, USE.17B, USE.17C, USE.17E, USE.17F, USE.18A, USE.18B, USE.18C, USE.18D, USE.19A, USE.19B, USE.20A, USE.20B, USE.20C, USE.20D, USE.20E |
Skills TEKS | |||||