Unit 1:
Behind the Money
Behind the Money
Microeconomics: Chapters 1-6
This chapter marks the beginning of our journey through microeconomics. We will discuss aspects of economic decision-making that, if understood, can help you make better life choices. Throughout this chapter we learn how and why individuals make choices, and how these choices differ from those of economists. Ultimately, you will be able to see the decision-making process through an economist's eyes as well as discover new reading and organization techniques that can be used throughout your educational and professional life.
|
Production possibilities are important factors to consider while running a business. Whether you want to run your own business, be a CEO of a large corporation, or simply work retail, factors of production will affect you! This chapter will help you to understand how and why businesses make decisions. You will also be able to see how these factors can shift local economies. Through a simulation, you will take on the roll or business owner or producer and see how different sectors affect one another.
|
Evaluating the origins of economic theory is an important component in understanding the current state of our economy. Through inquiry and detailed analysis of primary resources, we will discover the foundation of our country's free market economy and its differences with controlled economies. Individuals like Adam Smith & Karl Marks, as well as their theories, will be discussed. In this chapter, we will see two polarized positions on economic functioning, relate our findings to current events, and critically think about how the two prominent forms of economic thought have shaped our world.
|
Supply and demand is perhaps one of the most influential aspects of a free market economy. As we broaden our understanding of economics, we must understand how the consumer's desire for a specific good or service influences how a company might respond. As we will see through a group skit, supply and demand is important to our economy. In this chapter we will demonstrate the effects of supply and demand in prominent professions and apply them to every day life. After individual research, and class discussions, students will argue their personal stance and understand what happens when supply meets demand.
|
Chapters 5 & 6 present two different concepts pertaining to the response of individual when changes in the economy occur. When we discuss elasticity, we will see how the majority of people respond to a fluctuating economy. We will see which items are consistently purchased, and which items are considered expendable luxuries. During our lecture on externalities, we will see the unintentional affects of companies on individuals, other companies, and ultimately the local economy. For further understanding, we will supplement our lecture with guided notes. Both the knowledge of elasticity/externalities and the use of notes will guide you to academic success. |