Rutgers Preparatory School
Economics
Mr. Barnes
Course Outline
Course Length: 1 Year
Course Description:
Economics is the study of how scarce resources (land, labor, and capital) are used to
satisfy people’s unlimited wants. This survey course will provide students insights into
how our economy works. In addition to our readings in the textbook, students will read
and talk about current events daily to see how theory applies to life outside of the
classroom. Further, students will learn how to compose and analyze economic models,
and there will be strong emphasis upon developing written and oral presentation skills.
Course Outline:
Students will begin with a general introduction to the world of economics, followed by
the study of macroeconomics, including aggregate supply and demand. We will finish
the year with a general introduction to Game Theory. Among the topics covered are the
following:
Scarcity
Opportunity Cost and Trade-offs
Supply and Demand
Unemployment/Recession
Inflation
Economic Systems
Monopoly
Public Goods
Labor Markets
Economic Output and Measurement
Fiscal and Monetary Policy
Market Structures
Production Possibilities Frontier
International Trade
Circular Flow/Interconnectedness
Sequential move games and Rollback Equilibrium
Nash Equilibria
Simultaneous move games with pure strategies
The Prisoners’ Dilemma
Threats and Commitments
Requirements:
Regular participation in classroom discussion;
Completion of all assignments, including chapter outlines, readings, written submissions,
oral presentations, and quizzes.
Tests (each of which may be comprised of an in-class component and a complete-athome essay component)
Final Exam
Evaluation:
Students’ grades will be determined primarily by performance on written and oral
assignments, quizzes, tests, and the final exam. Additionally, article reviews, outlines,
the quality of classroom participation, utilization of extra credit opportunities, and
citizenship will be considered. Timely submission of all course “deliverables” is
expected and required. In the event that you must submit an assignment or test late, I will
consider a timely (and prior) request for an extension. Any deliverable submitted after
the deadline and without an approved extension will be subject to a grade reduction.
Text/Materials:



John B. Taylor and Akula Weerapana, Principles of Economics
Selected readings from The Economist, The Wall Street Journal and The New York
Times and other relevant periodicals; and
Handouts
Contact Information:
I can be reached via email and telephone as follows (email is preferred):
 barnes@rutgersprep.org
 732.545.5600 (extension 520)
I welcome your visits and urge you to ask questions both in and out of class.
2