| Topic | Lesson Topic | Subtopics | Objectives |
| 1 |
Limits, Alternatives, and Choices |
- Economic Reasoning and Theory
- Concepts
- Graphs
|
- Identify and describe three interrelated features of how economists think about the world.
- Differentiate between a model and a theory.
- Define consumption, production, and scarcity, and describe their relationship.
- Describe how markets and trade impact society in macroeconomic terms.
- Define and give an example of opportunity cost.
- Represent a relationship between two variables with a graph.
|
| 2 |
The Market System and Circular Flow |
- Decision Makers in the United States' economy
- How Households, Businesses, and the Government Interact
- The United States in the Global Economy
- Circular Flow
|
- Describe how household income spending affects the macro economy.
- Summarize different types of businesses, and describe potential strengths and weaknesses in each.
- Describe three ways in which the government guides and influences in the macroeconomy.
- Describe how households and businesses interact in a market economy.
- Analyze how the government interacts with other sectors of the economy.
- Explain how globalization impacts competition.
- Illustrate the principle of comparative advantage.
- Draw a representation of the Circular Flow Model with its various components.
|
| 3 |
Demand, Supply, and Market Equilibrium |
- Supply
- Demand
- Equilibrium
|
- Describe the inverse relationship between price and demand.
- Describe the relationship between prices and supply, and offer three determinants of demand.
- Illustrate, with a real-life example, how to determine market equilibrium.
- Graphically demonstrate the effects of price ceilings and price floors.
|
| 4 |
The U.S. Economy: Private and Public Sectors |
- U.S. Households
- U.S. Businesses and Business Organization
- Economic Role of Government
- Government Budget Outlays and Receipts
|
- Analyze public and private sectors of the United States' economy.
- Synthesize public and private sectors of the United States' economy.
- Explain the economic role of government.
|
| 5 |
The United States in the Global Economy |
- International Trade
- Comparative Advantage
- Exchange Rates
- Trade Organizations and Agreements
|
- Analyze international economic activity.
- Use the results of the aforementioned analysis to predict the impact on U.S. macroeconomic activity.
- Describe comparative advantage using a real-life example.
- Explain the impact that trade organizations and agreements have on the global economy.
|
| 6 |
Measuring Economic Outcomes |
- Gross Domestic Product (GDP)
- Gross National Product (GNP)
- The Expenditure Approach
- National Income Accounting and Other Measures
|
- Explain and synthesize the components of the National Income and Product Accounts.
- Define the Gross Domestic Product and describe its relationship to the Gross National Product.
- Define the Gross National Product.
- Describe the Expenditure Approach.
|
| 7 |
Introduction to Economic Growth and Instability |
- Employment
- Unemployment
- Inflation
- Growth
|
- Describe the macroeconomic goals and problems.
- Define three types of unemployment.
- Explain how economists measure unemployment.
- Describe full employment and its impact on productivity and growth.
- Differentiate between the social, economic, and personal cost of unemployment.
- Define inflation.
- Give examples of attempts to measure how inflation and unemployment relate.
|
| 8 |
Basic Macroeconomic Relationships |
- Basic Macroeconomic Relationships
|
- Analyze and synthesize short-run and long-run models of macroeconomic activity.
|
| 9 |
The Aggregate Expenditures Model |
- The Aggregate Expenditures Model
- Equilibrium GDP
- The Multiplier Model
- Factors Influencing Equilibrium Gross Domestic Product
|
- Define equilibrium Gross Domestic Product.
- Describe how net exports and government purchases impact equilibrium.
- Identify two ways the multiplier model can be misleading.
- Describe what causes the level of Gross Domestic Product to change.
|
| 10 |
Aggregate Demand and Aggregate Supply |
- Aggregate Demand and Supply Framework
- Components of Aggregate Demand
- Components of Aggregate Supply
|
- Define the three parts of the aggregate-demand/aggregate supply framework.
- Describe the streams of spending that relate to aggregate demand with a focus on investment and consumption.
- Compare and contrast long-run and short-run aggregate supply.
- Describe examples of supply-side policy.
|
| 11 |
Fiscal Policy, Deficits, and Debt |
- Fiscal Policy
- Major Federal Government Spending Programs and Tax Sources
- Government Spending, Taxation, and Fiscal Policy
- Supply-Side and Demand-Side Fiscal Policy
|
- Define fiscal policy and its role to fight inflation and ensure full employment.
- Differentiate between major federal government spending programs and tax sources.
- Describe how government spending can help fight inflation and relate the risks of government intervention.
- Compare and contrast demand-side versus supply-side fiscal policies.
|
| 12 |
Money and Banking |
- How the Banking System Functions
- Financial Institutions
|
- Describe the essential functions of the demand for money.
- Describe the essential functions of banks pertaining to the macroeconomic perspective.
- Differentiate between various types of financial institutions.
|
| 13 |
Money Creation |
- Money: Its Creation and Supply
|
- Summarize what money is.
- Explain how money was developed, creating a diagram or table to show how banks create money.
- Compare and contrast M1, M2, and M3, and discuss how money is supplied.
- Describe the determiners of the demand for money.
|
| 14 |
Interest Rates and Monetary Policy |
- Interest Rates
- Monetary Policy
|
- Analyze the interest rate, and explain how it is used to stabilize the macroeconomy.
- Analyze the monetary policy, and explain how it is used to stabilize the macroeconomy.
|
| 15 |
Extending the Analysis of Aggregate Supply |
- Short-run Aggregate Supply
- Long-run Aggregate Supply
- The Phillips Curve
|
- Define short-run aggregate supply.
- Define long-run aggregate supply.
- Explain the Phillips Curve.
|
| 16 |
Economic Growth |
|
- Analyze and synthesize various models of economic growth.
|
| 17 |
Disputes Over Macro Theory and Policy |
- Classical Theory
- Keynesian Theory
- Monetarism
- New Classical Theory
- Rules vs. Discretion
|
- Distinguish between the Classical and Keynesian Theories.
- Explain monetarism.
- Compare and contrast the Classical and the New Classical Theories.
- Explain what is meant by "Rules vs. Discretion."
|
| 18 |
International Trade |
|
- Analyze and synthesize international economic activity, and use the results to predict the impact on U.S. macroeconomic activity.
|
| 19 |
Exchange Rates, the Balance of Payments, and Trade Deficits |
- Exchange Rates
- Types of Deficits
- Surpluses and Debt
|
- Distinguish between passive and structural deficits.
- Differentiate between real and nominal deficits.
- Give an example of how economic and political conditions inform how one should judge surpluses and debt.
- Analyze the problem, and compare and contrast two plans for solving the projected Social Security shortage.
|
| 20 |
Review |
- Macroeconomics Concepts
- Economic Decision Makers
- Supply and Demand
- Economic Outcomes
- Measuring Economic Outcomes
- The Business Cycle
- Growth and Unemployment
- Inflation
- Inflation and Unemployment
- Aggregate Expenditures
- Aggregate Supply and Demand
- Fiscal Policy
- Monetary and Financial Institutions
- Monetary Policy and the Federal Reserve
- Deficits and Surpluses
- National Debt
|
None |
Economics 1 Syllabus
