Stuyvesant High School
Economics
Course Syllabus
Fall 2012
Instructor: Ms. McRoy
Department: Social Studies
Room: 372
Framework:
This course offers an introduction and solid grounding in basic economic principles. You will be
exposed to both macroeconomics focusing on the “big picture” and microeconomics which focuses on
the “firm level.” The course analyzes the methods for measurement of economic performance,
investigates the study of a nation’s economy on an aggregate basis, examines the policy alternatives
facing an economy, as well as different types of companies and their roll in the U.S. economy.
The bulk of the material we cover is highly theoretical in nature, and requires the learning of numerous
financial models covering various aspects of the economy. Much of the work we do involves introducing
a new variable into a theoretical model and then observing how this change alters the original
relationships.
Grading Policy:
Assessments (exams, quizzes, projects, etc)
Homework
Class Participation
Final Exam
60%
15%
15%
10%
Textbook and materials used:
Antell, Gerson, Walter Harris. (2005). Economics: Institutions and Analysis. New York: Amsco School
Publications.
Articles from The New York Times, The Wall Street Journal, The Economist and other business periodicals
relevant to our area of study.
All homework and schedule/class updates are posted on: http://teachsocialstudies.sharepoint.com
This site is updated daily, and homework will be posted by 3:30pm.
Course Outline:
-1-
UNIT ONE: THE LANGUAGE OF ECONOMICS
Chapter 1—Introduction to Economics
Factors of production—land labor capital entrepreneurial ability
Big questions of economics—what, how, who?
Economic systems—command, traditional, market
Microeconomics vs. Macroeconomics
Ceteris Paribus
Money—coins, currency, demand deposits
Production possibilities curve
Chapter 2—The United States Economic System
Private property
Consumer sovereignty
Competition
Circular Flow
Gross Domestic Product=Consumption+Investment+Government Spending+Net Exports
Rationing role of prices
Adam Smith
Chapter 3—Demand, Supply, and Price
Demand
Determinants of Demand
Supply
Determinants of Supply
Diminishing Marginal Utility
Elasticity
Equilibrium
Price ceilings and floors
Chapter 4—The Business of Business
Sole Proprietorship
Partnership
Corporation
Other forms of business organization
Chapter 5—Business Finance
Short vs. Long-term financing
Public sale of stocks and bonds
Securities and Exchange Commission
Financial Statements
UNIT TWO: PERSONAL FINANCE
Chapters 10, 11, & 12—Personal Financial Planning, Buying with Cash and Credit, Personal Risk
Management
-2-
Budgeting
Ways to invest—stocks, bonds, mutual funds
Credit Cards – “Consumer borrowing”
UNIT THREE: MONEY AND BANKING
Chapter 13—The Economic Role of Government
Economic functions of government
Changing attitudes toward the role of government
The Federal Budget and Deficit
State and Local Finances
Chapter 15—Money in Our Economy
Gold standard
Money Supply
Inflation—cost-push and demand-pull
Barter
Real vs. nominal interest rates
Chapter 16—Banks and Banking
Commercial Banks/Investment Banks
Savings and Loans
Reserve ratio
Creation of money
FDIC—Federal Deposit Insurance Corporation
How to write a check
UNIT FOUR: FISCAL AND MONETARY POLICY
Chapter 17—The Federal Reserve System
Federal Reserve Bank
FOMC—Federal Open Market Committee
Monetary Policy—reserve ratio, discount rate, open market operations
Chapter 18—Our Fluctuating Economy
The business cycle
The Great Depression
Measuring the Nation’s Economic Performance
Fiscal policy—Tax and spend
Multiplier
-3-
Chapter 19—Managing the Nation’s Economy: Monetary Policy
Goals of Economic Policy
Phillips Curve—tradeoff between inflation and unemployment
Tools of Federal Reserve
Chapter 20—Managing the Nation’s Economy: Fiscal Policy
Limitations of Fiscal policies
Deficit financing and the federal debt
Supply side economics
UNIT FIVE: GLOBAL ECONOMIC ISSUES
Chapter 22—International Trade
David Ricardo—Absolute and Comparative advantage
Tariffs and quotas
Chapter 23—Financing International Trade
Exchange Rates—floating and fixed
Gold standard and Bretton Woods
Balance of Payments—Current and Capital accounts
Chapter 24—Other economic systems
Karl Marx
Communism and socialism
Managed capitalism
Classroom Expectations:
This section of the syllabus will highlight what you need to know in order to be successful in this class,
and for us to have a great semester together. The classroom expectations are simple:
Be Here
- Arrive to class on time.
- Stay focused during class.
- Contribute to class discussions.
- Ask questions when you are confused!
-4-
Be Prepared
- Come to class with your finished homework. Be sure that each assignment includes your name,
period, and date in the upper right-hand corner. All homework is due at the beginning of the
period. No exceptions!
- Bring a pen/pencil, loose-leaf paper or a notebook, a binder/folder, and any other materials
needed in order to complete class assignments.
- Come to class prepared to work constructively with others in the class.
- If you are absent, it is your responsibility to get notes/materials from that day’s class.
Be Respectful
- Show respect to your classmates – they will do the same for you!
- No swearing or disrespectful language!
- Raise your hand when you want to contribute to the class or ask questions.
- Listen quietly when others in the classroom are speaking or asking questions.
- Follow all directions.
- Nothing is to be thrown. Period.
- No food, beverages (other than water), gum, cell phones, laptops, i-pads, hats, hoods, visors,
putting your head down on your desk, or sleeping.
I , ________________________________, understand the class grading policy and expectations and have
shared them with my parents.
______________________________________________________
Signature
-5-
_________________________________
Date