Economics Syllabus Mr. W. English Fall 2011 Course Overview: The purpose of this course is to introduce the student to the world of Economics. The focus will begin with an introduction on the subject and then progress to first a brief overview of Microeconomics, followed by a concentration on Macroeconomic themes. During last weeks of the semester, the course discusses aspects of international and global economics. Essential Questions: 1. What is meant by Economics? 2. What is the difference between needs and wants? 3. How does scarcity affect the economic decisions we make? 4. How do the three economic systems influence our world today? 5. What is the impact of the three types of business models? 6. How do demand and supply relate to daily life? 7. How does the government influence our economy? 8. What is the impact of international economic policy on our society? Course Timeline: Fourth Six Weeks: Unit 1: Fundamental Economic Concepts Chapter 1: What is Economics? Section 1: Scarcity and the Science of Economics Section 2: Basic Economic Concepts Section 3: Economic Choices and Decision Making Chapter 2: Economic Systems and Decision Making Section 1: Economic Systems Section 2: Evaluating Economic Performance Section 3: Capitalism and Economic Freedom Chapter 3: Business Organizations Section 1: Forms of Business Organizations Section 2: Business Growth and Expansion Section 3: Other Organizations Unit 2: Microeconomics Chapter 4: Demand Section 1: What is Demand? Section 2: Factors Affecting Demand Section 3: Elasticity of Demand Chapter 5: Supply Section 1: What is Supply? Section 2: The Theory of Production Section 3: Cost, Revenue, and Profit Maximization Fifth Six Weeks: Chapter 6: Prices and Decision Making Section 1: Prices as Signals Section 2: The Price System at Work Section 3: Social Goals vs. Market Efficiency Unit 4: Macroeconomics: Policies Chapter 13: Economic Performance Section 1: Measuring the Nation’s Output Section 2: GDP and Changes in the Price Level Section 3: GDP and Population Section 4: Economic Growth Chapter 14: Economic Instability Section 1: Business Cycles and Fluctuations Section 2: Unemployment Section 3: Inflation Section 4: Poverty and the Distribution of Income Chapter 15: The Fed and Monetary Policy Section 1: The Federal Reserve System Section 2: Monetary Policy Section 3: Monetary Policy, Banking, and the Economy Chapter 16: Achieving Economic Stability Section 1: The Cost of Economic Instability Section 2: Macroeconomic Equilibrium Section 3: Stabilization Policies Section 4: Economics and Politics Unit 4: International and Global Economics Chapter 17: International Trade Section 1: Absolute and Comparative Advantage Section 2: Barriers to International Trade Section 3: Financing and Trade Deficits Sixth Six Weeks: Chapter 18: Comparative Economic Systems Section 1: The Spectrum of Economic Systems Section 2: The Rise and Fall of Communism Section 3: The Transition to Capitalism Section 4: The Various Faces of Capitalism Chapter 19: Developing Countries Section 1: Economic Development Section 2: A Framework for Development Section 3: Financing Economic Development Chapter 20: Global Economic Challenges Section 1: The Global Demand for Resources Section 2: Economic Incentives and Resources Section 3: Applying the Economic Way of Thinking Class Rules: 1. You are expected to bring your book, pencils/pens, and paper with you to class each day unless otherwise announced. 2. Be respectful to yourself, to others, and the teacher. 3. Be in class every day. The more class you miss, the more difficult it will be for you to catch up with assignments. 4. Electronic devices such as cell phones, iPods, etc. are not allowed to be used in class. This is district policy, and please respect this. Other Procedures: 1. Please bring a three-ring binder to class. The binder will be divided into the following sections: Quizzes, Tests, and Notes. It is advised, although not required, to keep daily assignments in your binder. Binders are subject to inspection for a grade. However, any group work done in or out of class does not go into the binder. 2. Class projects will be counted as daily, quiz, or test grades. 3. All late work will be deducted 15 points for each day that it is late. Make-up work as a result of U.I.L. events or absence will be due the second day of class after you return. Please remember that make-up work is for excused absences and school-sponsored events. This work may be picked up in the trays located near my desk. Grading Procedures: 1. Tests and Quizzes: Tests count for 30% of the six weeks grade, and quizzes count for 20%. 2. Daily Work: This counts for 30% of your six weeks grade. 3. Six Weeks Exam: This exam counts for 20% of your six weeks grade. 4. Major Projects: These assignments will be test grades. 5. Semester Grade: Three Six Weeks Averages- 80% Semester Exam- 20% Parental Acknowledgement Form January 4, 2011 Dear Parent: This acknowledgement form is to inform you that your son/daughter is enrolled in my AP Macroeconomics class for the Spring Semester 2011. Please read the attached syllabus with your son or daughter so that you are aware of what is expected of him/her this semester. After you have read this syllabus, please sign and date below. This form is due in class on Thursday, January 6, 2011 for a daily grade. If you have any questions or concerns during the semester, please feel free to contact me at wenglish@wisd.us or call the school office at (956) 969-6700. Thank you, William H. English Economics Parent Signature _______________________________ Date _______________________________