Economics – Borden High School
ECON 101, ECONOMICS FUNDAMENTALS
COURSE TITLE: Economics Fundamentals
COURSE NUMBER: ECON 101 (Indiana State course number 1514 – 1 semester / 1 credit)
INSTRUCTOR: Sarah Craft
E-MAIL: scraft@wclark.k12.in.us
CATALOG DESCRIPTION: Provides a survey of microeconomics, macroeconomics, international
economics, comparative economic systems, historical development of economic thought, and their
application to current economic problems. An introductory course intended primarily for students who
need only one semester of economics.
MAJOR COURSE LEARNING OBJECTIVES: Upon successful completion of this course the student
will be expected to:
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Apply the concepts of scarcity, choice, opportunity costs, and marginal analysis.
Compare and contrast economic systems.
Demonstrate how supply and demand interacts to determine market prices.
Demonstrate how the market price system acts as a resource allocation mechanism.
Apply the concept of elasticity.
Discuss the importance of competition and market successes and failures.
Describe measures of economic activity such as GDP (gross domestic product) and their
limitations.
Describe the forces that determine aggregate economic activity and explore the trade-offs
between unemployment, inflation and economic growth.
Discuss economic stabilization policies: fiscal and monetary policies.
Describe the economic interdependencies of nations.
COURSE CONTENT: Topical areas of study include –
Science of choices
Supply and demand
Cost-benefit analysis
Comparative advantage
Trade restrictions
Aggregate demand
BHS Economics
Basic principles of microeconomics
Historical development of economics
Basic principles of macroeconomics
Fiscal and monetary policy
Comparative economic systems
Keynesian analysis
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Opportunity cost
Elasticity
Impact of inflation
Absolute advantage
Aggregate supply
Monetary theory
Mrs. Craft
Specific Course Content will include:
1. Discussion of economics as the science of choices and introduction to the historical development
of economics.
2. An introduction to the basic principles of micro and macroeconomics.
3. The principle of choices will be applied to such topics as:
a. Opportunity cost
b. Supply and demand
c. Elasticity and the impact of inflation
4. An introduction to international economics including such topics as:
a. Free trade
b. European economic union (EU)
c. North American Free Trade Agreement (NAFTA)
d. Tariffs
5. An introduction to comparative economic systems such as markets, a “command economic
system” and a “traditional economic system”.
6. A discussion of fiscal and monetary policy.
7. An introduction to aggregates, supply and demand, and Keynesian analysis.
REQUIRED COURSE TEXT: Slavin, Stephen. Economics – 9th edition. Irwin: Chicago.
SUPPLEMENTAL MATERIAL:
Hazelitt, Henry. Economics in One Lesson. Three Rivers Press: New York.
Rand, Ayn. Capitalism: The Unknown Ideal. Signet: New York.
Steiner, Christopher. $20 Per Gallon: How the Inevitable Rise in the Price of Gasoline Will Change our
Lives for the Better. Grand Central Publishing: New York.
Weyn, Suzanne. Empty. Scholastic Press: New York.
REQUIRED COURSE MATERIALS: Students will need pencils, pens, a basic calculator, a notebook /
binder and probably a folder to hold returned / completed work. Students may also want a ruler, graph
paper and colored pens / pencils for graphing purposes.
GRADING:
In order to receive dual credit for the course, a student must complete the semester with a grade of C or
higher. Grades will be based on a combination of assessments (tests), presentations, quizzes, in-class
assignments, papers and homework. All papers will follow MLA format.
* Tests must be taken at the dime designated by the instructor. Make-up tests in the event of absences
must be taken at the earliest possible opportunity (i.e., on the day the student returns to class). Please see
attendance and makeup policy for additional information.
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Mrs. Craft
GRADING SCALE:
A+
B+
C+
D+
99-100%
88-89%
78-79%
68-69%
A
B
C
D
F
92-98%
82-87%
72-77%
62-67%
59% and below
ABCD-
90-91%
80-81%
70-71%
60-61%
FINAL EXAM:
All students are required to complete the final exam (no exemptions are given in this course). The final
exam will consist of a research project, presentation and paper, in which specific information will be
given prior to the assignment. The project will incorporate a work of literature / fiction, at least one work
of non-fiction, and supplementary materials, including the economics text. Related rubrics and
assignment sheets will be provided. The final exam is worth 200 points.
EXTRA CREDIT WORK:
Extra credit may be given if a student locates, summarizes and reflects upon a news article that relates to a
recently-studied economic concept. The reflection and summary must be a minimum of one page and the
article must be attached. A student can complete a maximum of two articles per quarter. Additional extra
credit may be awarded at the instructor’s discretion if the student pre-approves the project with the
instructor.
ATTENDANCE POLICY:
Students are expected to attend class each day. In the event that a student is absent, it is the student’s
responsibility to acquire any missed work or notes.
TECHNOLOGY:
Students will be expected to use various forms of technology in order to prepare written work and
multimedia presentations. Microsoft Office suite will be uitilized regularly in the computer lab. While
some class time will be dedicated to research and the preparation of projects and reports, students are also
expected to complete some research analysis outside of scheduled class time as well.
LATE WORK / MAKE-UP POLICY:
Late assignments will be deducted one letter grade if they are turned in the next day. Late work will not
be accepted past the first day following the due date for the assignment. If a student is absent, and the
absence is excused, the student may have as many days as he or she was absent to return the work with no
grade deduction. If a student is absent and the absence is unexcused, work will be due the day the student
returns to school.
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Mrs. Craft
ACADEMIC HONESTY STATEMENT:
The College is committed to academic integrity in all its practices. The faculty value intellectual integrity
and a high standard of academic conduct. Activities that violate academic integrity undermine the quality
and diminish the value of educational achievement.
Cheating on papers, tests or other academic works is a violation of College rules. No student shall engage
in behavior that, in the judgment of the instructor of the class, may be construed as cheating. This may
include, but is not limited to, plagiarism or other forms of academic dishonesty such as the acquisition
without permission of tests or other academic materials and/or distribution of these materials and other
academic work. This includes students who aid and abet as well as those who attempt such behavior.
ADA STATEMENT:
Ivy Tech Community College seeks to provide reasonable accommodations for qualified individuals with
documented disabilities. If you need an accommodation because of a documented disability, please
contact the Office of Disability Support Services.
If you will require assistance during an emergency evacuation, notify your instructor immediately. Look
for evacuation procedures posted in your classroom.
NOTES:
1. The instructor reserves the right to amend / add to the syllabus at any time and her discretion.
Any amendments to the syllabus will be relayed to the class as soon as possible.
2. If you have concerns regarding the course at any time, it is imperative that you speak with me as
soon as possible, either before class, after class or during my planning period. I am more than
happy to assist you with the coursework, but you must let me know if you are having difficulties.
3. It is very important to take notes and complete assigned readings in order to stay on track with the
class. Homework and other assignments should be completed on time so that you are able to
participate in class discussions and activities. The assignments are designed to assess your
comprehension of the material / concepts covered in the course, so failure to complete such work
will not only be detrimental to your grade, but also your overall understanding of coursework.
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Mrs. Craft
Tentative Course Schedule
Week 1
Week 2
Week 3
Week 4
Week 5
Week 6
Week 7
Week 8
Week 9
Week 10
Week 11
Week 12
Week 13
Week 14
Week 15
Week 16
Week 17
Week 18
BHS Economics
Introduction to economics
Chapter 2: Resource Utilization
Chapter 3: The Mixed Economy
Comparative Economic Systems – exceprts from Capitalism
Reflection / analysis paper of economic systems
Chapter 4: Supply and Demand
Test: Chapters 2-4
Chapter 5: The Household Consumption Sector
Chapter 6: The Business Investment Sector
Chapter 7: The Government Sector
Chapter 8: The Import-Export Sector
Chapter 9: Gross Domestic Product
Test: Chatpers 5-9
Chapter 10: Economic Fluctuations, Unemployment, and Inflation
Chapter 11: Classical and Keynesian Economics
Test: Chapters 10-11
Paper due: Classical / Keynesian Economics
Chapter 12: Fiscal Policy and National Debt
Chapter 13: Money and Banking
Chapter 14: Federal Reserve and Monetary Policy
Test: Chapters 12-14
Chapter 15: Twentieth Century Economic Theory
Chapter 16: Economic Growth and Productivity
Quiz: Chapters 15-16
Chapter 27: Labor Unions
Chapter 28: Labor Markets
Research Project: Labor
Chapter 31: International Trade
Paper due: Free trade vs. Fair trade
Begin Alternative Energy research project
The economics of alternative energy (scarcity, trade, specialization, macro and micro
impacts of rising fuel costs)
Continue Research Project
Final Exam: Research projects and presentations due
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Mrs. Craft