Course Description

This one semester required course builds economic literacy in students. The overarching problem of scarcity, unlimited human wants pursuing limited resources, is a focal point of the course. Students deepen their prior knowledge of basic economic concepts and apply them to national and international economic systems and problems as a whole. Unit one provides a basic introduction and an overview of economics.  It will focus on the fundamental economic problem of scarcity and introduces terms necessary to the study and understanding of economics.  It continues by examining different economic systems and how each type of economic system deals with economic decisions. Finally, the unit will explain the different kinds of economic institutions that operate in our economy to bring resources and consumers together.   Unit two consists of an overview of micro-economics as it examines major markets with respect to the degree of competition within each type and how this affects buyers and sellers.  It discusses the concepts of demand, supply, theory of production, and profit maximization. It brings demand and supply together in a relationship focusing on price and explains how the price system operates.  Finally, it introduces competition and market structure, while discussing market failures and the government’s role in the economy.   This class will be taught in accordance with the Michigan High School Content Standard and Expectations.   For more information on the state’s document, please refer to:   This document was created using the Michigan Citizenship Collaborative Curriculum as a guide.  For more information about the organization, refer to