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 31 – Quiz – Econ Basics / Scarcity

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

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

Wednesday, Feb 9 – Jeopardy

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

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