ECONOMICS

COURSE OUTLINE

“An economist is an expert who will know tomorrow why the things he predicted yesterday didn't happen today.”
- Laurence Peter, 1968

“For those of us who work – and we are in the great majority – can only consume so long as we produce.”
- John Maynard Keynes, 1931

“There is no such thing as a free lunch.”

- Milton Friedman, 1974
WHY TAKE ECONOMICS?

Economics is a high school graduation requirement. The State of California believes it important that all graduating
seniors complete a course that covers basic economic principles and applies these concepts to our nation, state and local
communities. But what is Economics? Economics is about choice. It is the study of how people and countries choose to use their
resources to produce, distribute and consume goods and services. Knowledge of this helps you to make better economic decisions
in your life. Think about how many decisions you make when you want to buy a product: What store? Which brand? How much?
This course will help you understand the economic system of the United States and provide you with the tools to evaluate economic
choices in your future.

COURSE TOPICS

I. Introduction of Issues and Fundamental Concepts

A. Scarcity/Opportunity Costs
B. Basic Economic Questions
C. Resources
D. Specialization and Productivity

II. Microeconomics
A. Supply and Demand
B. Elasticity
C. Competition and Monopoly
D. The Stock Market/Saving and Investing

III. Macroeconomics
A. Economic Indicators (GDP, CPI, and Unemp.)
B. Inflation and Deflation (The Business Cycle)
C. Monetary and Fiscal Policy
D. The Federal Deficit

IV. Issues in National and International Economics

A. The Trade Deficit and Protectionism
B. Foreign Aid and Less Developed Nations