Why Study Economics?
If you have ever made a transaction, held a job, or simply used money you have contributed to the economy. In fact, any person living in modern times, both young and old, have had a part in altering free, mixed markets, and controlled economies. This is why studying economics is so important and why it is imperative for emerging-adults to understand this complex sub subject of social science. Economics, defined as the study of individuals, governments, firms and nations and their choices of allocating scarce resources, is very important on both the micro and macro levels.
Microeconomics: Units 1 & 2
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Unit 1 discusses 5 main topics important in microeconomics. These topics include economic aspects of decision-making, the individual’s influence on businesses, economic theories, concepts of supply and demand, and the unintended consequences of economic activity. As with any class dealing with societal functioning, economics is simply exploring the past, analyzing its effects, and using such information to positively influence the future. Unit 2 builds on unit 1 in that it takes the foundational concepts of unit 1 and connects it to daily lives. Still falling under the macroeconomic umbrella of economics, this unit discusses stocks, banking, money, credit, and borrowing. This information is pertinent to students lives and can be used by young adults to make informed financial decisions. Since most students have experience with at least one component of this unit, these lessons contain many simulations that include buying a card, opening a credit card account, buying a home, and investing in the stock market. |
Macroeconomics: Units 3 & 4
Unit 3 moves away from microeconomic concepts and discusses macroeconomics. This unit allows students to see the world on a larger scale. Topics include national GDP, taxes, federal spending, business cycles, fiscal policies, and monetary policies. Students will begin to see how our personal decisions affect the country's economic health and understand why certain policies are enacted to regulate the economy. Unit 4, the final unit, pulls all previous concepts together. Thus far, students have learned about the foundation and philosophies behind economics, the relationship of economics to their personal lives, and economics on a national scale. In this unit students move away from the Euro-centric aspects of economics and learn about the effects of national economics on a global scale. They discover that not all economies are the same and that national decisions can dictate the economic health of less developed nations. By the end of this unit, students are left with the question, "how will my decisions impact the economic health of the world?" |
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