Economics is the social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Greek for oikos (house) and nomos (custom or law), hence "rules of the house(hold)." - Wikipedia
Economics is divided into two parts: Macroeconomics and Microeconomics. The study of Microeconomics concerns the fundamental decisions of individuals--both consumers and producers--within the larger economic system. Micro emphasizes the study of opportunity cost and scarcity; including concepts such as the nature of product and factor markets, price determination, and marginal cost analysis. Macroeconomics uses the basic principles of economics to explain the economic system as a whole. Macroeconomics focuses on comparative economic systems, national income accounting, economic growth, and international trade; stressing the need for accurate measures of economic performance, and the role of government in promoting greater efficiency and equity in the economy.
The Honors Economics course will focus on the study of Macroeconomics, and in particular the debate surrounding government attempts to manipulate, direct, and control the economy to correct for market failures.
Ø Obtain an understanding of fundamental economic principles and theories.
Ø Apply their understanding of course material to their personal lives.
Ø Enhance their decision-making abilities by analyzing and examining contemporary economic issues.
Ø Identify how social and natural factors influence the development of economic principles.
Ø Understand how the U.S. economy is affected by market forces as well as government intervention.
Ø Analyze and understand the factors that influence and guide America’s economic policies.
There will be approximately four unit tests this semester and a Final Examination. Grades will be based on homework, quizzes, test scores, simulations, and a final examination.