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 3 – Quiz – Econ Basics / Scarcity

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

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

Wednesday, Sep 15 – Jeopardy

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

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