HST416: Economics

This list is representative of the materials provided or used in this course. Keep in mind that the actual materials used may vary, depending on the school in which you are enrolled, and whether you are taking the course as Independent Study.

For a complete list of the materials to be used in this course by your enrolled student, please visit MyInfo. All lists are subject to change at any time.

Scope & Sequence : Scope & Sequence documents describe what is covered in a course (the scope) and also the order in which topics are covered (the sequence). These documents list instructional objectives and skills to be mastered. K12 Scope & Sequence documents for each course include:

Course Overview

Students are introduced to the basics of economic principles, and learn how to think like economists. They explore different economic systems, including the American free enterprise system, analyze and interpret data, and consider economic applications in today's world. From economics in the world of business, money, banking, and finance, students see how economics is applied both domestically and globally. Students take diagnostic tests that assess their current knowledge and generate individualized study plans, so students can focus on topics that need review. Audio readings and vocabulary lists in English and Spanish support reading comprehension.

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Course Length

One Semester

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Student previously took the course or its equivalent, but did not receive credit; teacher/school counselor recommendation required

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Course Outline

Unit 1: Foundations of Economics and the Problem of Scarcity

Students are introduced to economics, including the rights and responsibilities of consumers. They learn the concepts of scarcity and shortage, trade-off and opportunity costs, decision-making scenarios, and production possibility graphs.

  • Thinking Like an Economist
  • Scarcity and the Factors of Production
  • Decision Making
  • Production Possibilities Graphs

Unit 2: Economic Systems

Students learn basic economic goals and resources used to produce economic goods. They analyze advantages and disadvantages of a free market economy. They learn how the market self-regulates and how a free market economy operates. They also review mixed economies worldwide.

  • Answering Economic Questions and Prioritizing Economic Goals
  • Free Market Economy
  • Centrally Planned or Command Economy
  • Mixed or Modernized Economy

Unit 3: American Free Enterprise and U.S. Government Involvement

Students learn the principles and benefits of the American free enterprise system and the U.S. government's role. Topics include taxes, redistribution of income, mandatory and discretionary spending, the federal budget, national debt, roles of the Federal Reserve, and U.S. monetary policies.

  • Principles of the American Free Enterprise System
  • The U.S. Government's Role in the American Free Enterprise System
  • The U.S. Government's Income and Expenditures
  • U.S. Fiscal Policy
  • U.S. Monetary Policy

Unit 4: Understanding the Market through Supply and Demand

Students examine the law of demand, the concepts of elasticity and inelasticity, demand schedules, and demand curves. They examine the law of supply, supply schedules, and supply graphs. They analyze how supply and demand work together to reach equilibrium and how they impact prices.

  • Understanding the Law of Demand
  • Analyzing Demand Graphs
  • Understanding the Law of Supply
  • Analyzing Supply Graphs
  • Setting Prices

Unit 5: Business, Banking, and Finance

Students learn about sole proprietorships, partnerships, and corporations. They examine monopolies and oligopolies. They also learn the characteristics of money, including its use to buy goods and services. They learn how the Federal Reserve handles the U.S. money supply and the role of financial institutions. They analyze the risks of investments, the American free enterprise system, and stocks and bonds.

  • Types of Business Organizations;
  • Money and Banking
  • Saving and Investing

Unit 6: Measuring Economic Performance

Students learn about the Gross Domestic Product. They analyze the phases of a business cycle, including the factors that influence it. They learn about the types of unemployment and how it is calculated. They also learn about inflation and how it is used as a measure of economic performance.

  • Gross Domestic Product
  • Business Cycles
  • Unemployment
  • Inflation

Unit 7: The United States and Globalization

Students learn the reasons for international trade and its importance to the U.S. They analyze major exports, imports, and trading patterns and their impact on global economics. They analyze the effect of societal values on the economic development of selected nations. They also review world currencies, international economic institutions, and the World Bank.

  • International Trade
  • Economic Development
  • The World Bank
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K12 Scope & Sequence documents for each course include:

  • Course Overview (as seen above)
  • Course Outline
  • Lesson Time and Scheduling