Principles of Economics
Course Number: 1077
Mr.Bills
Room 205
Course Description
Principles of Economics: an introduction to micro and macroeconomics. It will serve as a foundation for the
study of economics. This course is taken as a 12th grade requirement.
Objectives
 Students will understand basic economic concepts, such as scarcity and marginal utility, and be able
to apply them to life as consumer and producer
 Students should be able to “think in the margin”.
 Students will recognize different market systems and identify costs.
 Students will use the laws of supply and demand to analyze price and decision-making on both sides
of the economy.
 Students will note the varying roles of government involvement in the economy and form opinions
in relation to those roles.
 Students will be able to measure a nation’s economic health and wealth through comprehension of
gross domestic product, gross national product, as well as other macroeconomic measures.
 Students will transfer knowledge of supply and demand into an understanding of aggregate supply
and aggregate demand.
 Students will understand how the flow of money is affected by fiscal and monetary policy.
 Students will be able to compare and contrast differing economic systems, as well as recognize
hindrances to developing economies.
Grading
92% – 100%
90% - 92%
88% – 89%
82% - 87%
80% - 81%
78% - 79%
72% - 77%
70% - 71%
68% - 69%
62% - 67%
60% - 61%
0-59%
A
AB+
B
BC+
C
CD+
D
DF
Midterm Exam
Final Exam
Weekly Quizzes
Work Ethic/Participation
30%
40%
10%
20%
Course Materials and Activities
 Understanding Economics. Clayton. McGraw Hill
 Unit packets, lecture (notes), discussion, activities, PowerPoint and video notes
 Midterm and Final Exams
 Participation: Subjective and based on involvement and commitment to learning, completion of
homework, effort, and performance in relation to ability. Final grades can range up or down one letter
grade due to participation, or lack there of.
Microeconomics
I.
Unit 1
a. PPC
i. Scarcity – the basic economic question
ii. Trade offs/Opportunity costs (implicit costs)
iii. PPC – modeling opportunity costs
iv. Margin
b. Factors of Production
II.
Unit 2
Expectations
a. Basic Economic Questions
 Reading is to be done and guided
b. Basic Economic Systems
readings filled out before we begin
c. Economic Goals
enriching the items from that
III.
Unit 3
chapter.
a. Supply & Demand
 Personal reading level, work ethic,
IV.
Unit 4
motivation, and time management
a. Market Structures
will determine the amount of
b. Types of Economic Organizations
outside reading and homework
V.
Unit 5
time. It is strongly suggested that
a. Cost Curves
students work daily outside of
b. Economies of Scale
class, at least review, in order to be
VI.
Unit 6
properly prepared for the midterm
a. Personal Finance
and final examinations.
Macroeconomics
 Respecting others, especially their
I.
Unit 1
opinions and their right to speak,
a. Business Cycles
will be critical.
II.
Unit 2
o You do not have to agree
a. Circular Flow
with everyone.
b. Role of Government
 Late work receives no credit.
III.
Unit 3
 Take care of personal business
a. AS/AD analysis
during passing time.
b. LRAS
 Tardiness and absence records are
c. Fiscal Policy
strictly maintained.
d. Monetary Policy
o 10 absences = No Credit.
IV.
Unit 4
o 3 tardies = 1 absence.
a. International Trade
 Do not write on desks
i. Comparative Advantage
 Treat books with respect.
ii. Trade Deficits
 When given time to work in class,
iii. Exchange Rates
work until the bell.
iv. Trade Barriers
o Never gather by the door
v. Balance of Trade
prior to the end of class.
vi. Foreign Exchange Markets
 Bring book, notebook, course
V.
Unit 5
materials and writing utensils every
a. Domestic Policy
day.
b. Foreign Policy
 No headphones, cell phones,
games, food or beverages in class.
Water is fine.
 Your work ethic is critical to your
performance and results in this
class.