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:

  • The Link for “live stream” is https://meet.google.com/czq-dfhi-xrj (Links to an external site.)
  • 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 – Fall 2021

Fall 2021 (Terms 1 & 2)*

Monday, Aug 23 – Classroom Orientation / Disclosure (DUE Aug 30)

Wednesday, Aug 25 – NOTES – Day 1 – Introduction to Economics

Monday, Aug 30 – Island Survivor Activity

Wednesday, Sep 1 – NOTES – Day 2 – Scarcity, Want and Needs

Friday, Sep 3Quiz – Econ Basics / Scarcity

Wednesday, Sep 8 – NOTES – Day 3 – Economic Systems

Monday, Sep 13Study Guide – Econ Basics (DUE Sep 20)

Wednesday, Sep 15 – Jeopardy

Monday, Sep 20TEST – Econ Basics / Extra Credit Article

Wednesday, Sep 22 – NOTES – Day 1 – Price Cost and Money

Friday, Sep 24Cookie Value Activity (DUE Sep 29)

Monday, Sep 27 – NOTES – Day 2 – Supply and Demand

Wednesday, Sep 29Quiz – Price, Cost, Supply, Demand

Monday, Oct 4Supply and Demand Worksheet (DUE Oct 8)

Wednesday, Oct 6 – NOTES – Day 3 – Determinants of Supply and Demand

Friday, Oct 8Study Guide – Supply and Demand   (DUE Oct 13)

Monday, Oct 11 – Jeopardy

Wednesday, Oct 13TEST – Supply and Demand / Extra Credit Article

Monday, Oct 18Shark Tank  Intro

Wednesday, Oct 20Shark Tank  Group and Idea Forming

End Term 1 (20 days)


Supply and Demand Test from previous week (GOES ON TERM 2 GRADES) found HERE

Monday, Oct 25Shark Tank Work (Handout 1)

Wednesday, Oct 27Shark Tank Work (Handout 2)

Monday, Nov 1Shark Tank Work

Wednesday, Nov 3 – Focus Group Activity – Shark Tank

Friday, Nov 5 – Final Shark Tank Prep

Monday, Nov 8 – UMA Shark Tank Schedule – Fall 2021

Wednesday, Nov 10 – NOTES – Day 1 – Government Interventions

Monday, Nov 15 – Shark Tank AAR / Reflection

Wednesday, Nov 17 – NOTES – Day 2 – Debt and Deficit

Friday, Nov 19 – Quiz – Gov’t and Debt

Thanksgiving Break Nov 22-26

Monday, Nov 29 – NOTES – Day 3 – Failures – Market and Government

Wednesday, Dec 1 – Study Guide – Gov’t and Econ

Monday, Dec 6 – Jeopardy

Wednesday, Dec 8 – TEST – Government and Economics / Extra Credit Article

Friday, Dec 10 – NOTES – Day 1 – Macroeconomics

Monday, Dec 13 – Day 2 – GDP

Wednesday, Dec 15 – QUIZ – Macroeconomics

Winter Break Dec 20-31

Monday, Jan 3 – NOTES – Day 3 – Labor Force

Wednesday, Jan 5 – Study Guide – Macroeconomics  (DUE Jan 10)

Friday, Jan 7 – Jeopardy

Monday, Jan 10 – TEST – Macroeconomics (OPEN NOTE + Study Guide)

Wednesday, Jan 12 – Ten Rules for Life (Final Lesson)

End Term 2 / Semester 1 (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