New Providence High School s1

NEW PROVIDENCE HIGH SCHOOL NEW PROVIDENCE, NEW JERSEY

ECONOMICS

Economics is an elective course designed to permit upperclassmen to investigate and understand the basic components of the American Capitalist system and its impact on the world. The course focuses upon basics for understanding economic behavior as a social scientist, Microeconomics, Macroeconomics and the contemporary Global trends.

PROFICIENCY REQUIREMENTS

Attendance: A student enrolled in this course is expected to be present at least 90% of the class in session.

Achievement: A student must maintain a D- or better average or better for the four marking periods.

OBJECTIVES

Upon completion of the course, the student will be able to:

1. Recognize the basic human needs and how they pertain to Economics. 2. Categorize a hierarchy of needs. 3. Relate the economic concept of scarcity to plentiful needs with a hypothesis on “satisfaction.” 4. Understand the economic and psychological definition of tradeoffs for satisfaction. 5. Compare and contrast the three basic questions with economic tradeoffs. 6. Investigate how the market determines supply and demand. 7. Memorize a personal definition of Supply and Demand. 8. Define elasticity of demand with an explanation of three different markets or products. 9. Define and apply the Principle of Diminishing Marginal Utility to a product and market. 10. Examine and internalize the Propensity to Consume Theory. 11. Categorize the three types of business organizations and how each apply to limited and unlimited liability. 12. Evaluate utilization of Long Run and Short Run production mode by application of fixed and variable costs to each production plan. 13. Evaluate the Marginal Cost Theory and how it applies to Marginal cost in a limiting production scenario. 14. Evaluate the most productive form of competition. 15. Design a scenario in which investment in capital and real investment occur. 16. Trace price fluctuations of certain stock selections on any exchange. 17. Categorize the casual relationship between the stock exchanges volatility and the growth or lack of in the US Economy. 18. Explain the two basic functions of money. 19. Analyze the two major aspects of creating money in the commercial banking system. 20. Investigate the correlation between the fluctuation of interest rates and the fluctuation of the stock market. 21. Explain and apply tight and easy money policy of the Federal Reserve Banking System. 22. Evaluate the present Fed policy. 23. Understand and explain the origin and flow of business cycles. 24. Examine the present state of the economy to determine economic problems associated with it. 25. Explain how the Gross Domestic Product is calculated. 26. Examine the Keynesian Demand side view for economic growth. 27. Examine the Say’s Supply side view for stable growth. 28. Examine the Monetarist view for stable economic growth. 29. Compose a hypothesis on the best way to have stable economic growth. 30. Recognize the significance of the Federal Reserve Open Market Operations. 31. Explain the ramifications for the economic principle of Comparative Advantage. 32. Examine the role of Foreign Currency Exchange Markets on Global trade. 33. Using the Balance of Payments as a reference, describe whether any LDC (Less Developed Country) can become “more developed.” 34. Categorize and define all isms and explain all aspects of Marxism. 35. Examine the Malthusian Theory on Population growth and its impact on the LDC’s. 36. Explain the theory of Globalism and Hypothesize on its future.

Retyped 10/2008