Micro Economics
SS.HS.MicroEconomicsATFv3.Bnet4copy
The purpose of this course is acquaint you with key Micro-Economic principles.
Microeconomics is a branch of economics that studies how individuals, households and firms and some states make decisions to allocate limited resources. Microeconomics examines how these decisions and behaviors affect the supply and demand for goods and services, which determines prices; and how prices determine the supply and demand of goods and services. This course will give you the opportunity to learn about how economic factors affect consumer transactions, business transactions, and the everyday lives of American Citizens.
Enduring Understanding
The student will understand:
- Correctly interpret the impact of Microeconomic Conditions and Decisions upon their personal financial well being
- Predict Microeconomic Responses to changes in Economic Conditions
- Confidently engage in fiscally sound Microeconomic Decision Making
- Interact proactively with key Economic Institutions
- Recognize the balance between Competing Forces in Economic Decisions
Essential Questions
- What is Economics, and why is it important to me?
- How are Economic Systems Organized?
- Why does America employ a Free Enterprise System?
- Why is understanding Supply important?
- Why is understanding Demand important?
- What is the function of Price?
- What are the impacts of different Market Structures?
- What are the relative advantages/disadvantages of different Business Structures?
- How does the Work Force affect Economic Decisions?
- How do Banking Structures affect me and my money?
- What is the economic function of financial markets?
Content Topics
Unit 1
Introductory Concepts of Economics
Unit 2
Markets in Microeconomics
Unit 3
Workers and Businesses in Microeconomics
Unit 4
The Financial Community in Microeconomics
Key Skills
- Economic Situational Awareness
Essay Writing and Formatting skills - Critical Reading and Analysis Skills
- Awareness of Current Events and Trends
- Independent Thinking and Self Motivation
Assessments
- Written Products including Short Essays, Reports and Papers, Data Tabulations, and Charts
- Oral Products including Short Position Statements and Explanations
- Quizzes and Tests
Standards Alignment:
National Economics Standards were drawn from the National Council on Economic Education (NCEE) and are as follows:
1. Scarcity
2. Marginal Cost/Benefit
3. Allocations of Goods and Services
4. Role of Incentives
5. Gain from Trade
6. Specialization and Trade
7. Markets-Price and Quantity Determination
8. Role of Price in Market System
9. Role of Competition
10. Role of Economic Institutions
11. Role of Money
12. Role of Interest Rates
13. Role of Resources in Determining Income
14. Profit and Entrepreneur
15. Growth
16. Role of Government
17. Using Cost/Benefit Analysis to Evaluate Government Programs
18. Macro economy – Income/Employment, Prices
19. Unemployment and Inflation
20. Monetary and Fiscal Policy
The State of Pennsylvania Economic Standards are as follows:
6.1 Economic Systems
6.2 Markets and the Functions of Governments
6.3 Scarcity and Choice
6.4 Economic Interdependence
6.5 Work and Earnings
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