Economics 101

Economics

Economics is, in a nutshell, the study of how we use limited resources to satisfy unlimited wants and needs. The problem of scarcity, then, is not only an Economic one, but a world one. Economics Matters!

This course introduces Cadets to the basic Economic concepts in both Microeconomics and Macroeconomics. These topics are split into 5 units –

Unit 1 – Economic Beginnings, Basics, and Scarcity
Unit 2 – Consumer Economics / Supply and Demand
Unit 3 – Business, Labor, and Market Structure*
Unit 4 – The Governments Role in Economics
Unit 5 – Macroeconomics and the World Economy

* In lieu of a test, Unit 3 will culminate in “UMA Shark Tank” in which Cadets will, in groups, present a business proposal in front of a panel of “sharks.” This is a MANDATORY attendance activity for the course, and missing is equivocal to skipping a test.

A few key reminders:

  • CLICK HERE FOR ZOOM LINK FOR LIVE-STREAM CLASSES
  • The beginning of each class (with daily objectives and journal question) will be recorded for EACH DAY (and uploaded to the calendars). PAST DATES WILL SHOW UP AS LINKS, WHICH WILL GIVE YOU THOSE VIDEOS
  • For lecture days, the entire lecture will also be recorded and uploaded, for Cadets who prefer that to reading the PDF or print-outs themselves.

Economics – A Day Schedule – 

Spring 2022 (Terms 3 & 4)*

Wednesday, Jan 19 – Submit Disclosure (Jan 26) *Adjusted due to Online Schooling

Monday, Jan 24 – Classroom Orientation / NOTES – Day 1 – Introduction to Economics

Wednesday, Jan 26 – Island Survivor Activity

Friday, Jan 28 – NOTES – Day 2 – Scarcity, Want and Needs

Monday, Jan 31Quiz – Econ Basics / Scarcity

Wednesday, Feb 2 – NOTES – Day 3 – Economic Systems

Monday, Feb 7Study Guide – Econ Basics (DUE Feb 11)

Wednesday, Feb 9 – Jeopardy

Friday, Feb 11TEST – Econ Basics / Extra Credit Article

Monday, Feb 14 – NOTES – Day 1 – Price Cost and Money

Wednesday, Feb 16Cookie Value Activity (DUE Deb 25)

Wednesday, Feb 23 – NOTES – Day 2 – Supply and Demand

Friday, Feb 25Supply and Demand Worksheet (DUE Mar 7)

Monday, Feb 28Quiz – Price, Cost, Supply, Demand / OR Supply and Demand Worksheet (DUE Mar 7)

Wednesday, Mar 2 – NOTES – Day 3 – Determinants of Supply and Demand

Monday, Mar 7Study Guide – Supply and Demand (DUE Mar 11)

Wednesday, Mar 9 – Jeopardy / Finish Study Guide (DUE Mar 11)

Friday, Mar 11TEST – Supply and Demand / Extra Credit Article

Monday, Mar 14Shark Tank Intro

Wednesday, Mar 16NOTES – (For Shark Tank) Business Motivation

End Term 3 (20 Days)

 

Monday, Mar 21Shark Tank  Group and Idea Forming

Wednesday, Mar 23Shark Tank Work (Handout 1)

Monday, Mar 28Shark Tank Work (Handout 2)

Wednesday, Mar 30 – Shark Tank Focus Group

Friday, Apr 1 – Final Shark Tank Work

Spring Break Apr 4-8

Monday, Apr 11Shark Tank Schedule and Teams – Spring 2022

Wednesday, Apr 13Shark Tank Schedule and Teams – Spring 2022

Monday, Apr 18 – NOTES – Day 1 – Government Interventions

Wednesday, Apr 20 –NOTES –Day 2 – Debt and Deficit

Friday, Apr 22 – SERVICE DAY (Shark Tank Self-Eval)

Monday, Apr 25Quiz – Gov’t and Debt

Wednesday, Apr 27 – NOTES – Day 3 – Failures – Market and Government

Monday, May 2 – OPEN NOTE TEST – Government and Economics / Extra Credit Article

Wednesday, May 4 – NOTES – Day 1 – Macroeconomics

Friday, May 6 – NOTES – Day 2 – GDP

Monday, May 9QUIZ – Macroeconomics and GDP

Wednesday, May 11 – NOTES – Day 3 – Labor Force

Monday, May 16Study Guide – Macroeconomics (DUE May 18)

Wednesday, May 18TEST – Macroeconomics (OPEN NOTE + Study Guide)

Friday, May 20 – TBD (catch up on work)

Monday, May 23Ten Rules for Life (Final Lesson)

Wednesday, May 25 – TBD

Friday, May 27 – Graduation / Last Day of School

End Term 4 / Semester 2 (22 Days)

 

*SUBJECT TO CHANGE (Changes will be updated weekly on class website and Canvas)

Direct any questions to CPT Curtis at jcurtis@utahmilitaryacademy.org