Economics is the study of the production, distribution, and consumption of goods and services. Using easy-to-understand terms and examples, this course explains, compares, and contrasts the economic systems used around the world. Among the topics are the functions of money and other resources, the laws of supply and demand, and the role of banks and governments within the capitalist economies.
Course Description
The course includes the illustrated textbook, Economics: Concepts and Applications. Also included is a study guide with lesson assignments, Skill Builders, exercises, self-check quizzes, and three exams.
Also included: Answer Key Supplement, with solutions to the Practice Exercise problems in the study units.
Course Objectives
Upon completion of this course, students will be able to:
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Discuss human needs and wants, and the roles played by economics
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Understand the different economic systems that have been developed
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Explain the laws of supply and demand, and the flow of money via capitalism
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Describe the interactions of business and labor in the free enterprise system
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Explain the functions of money and the role of banks in a capitalist system
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Describe the functions of government and taxation in a free enterprise system
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Discuss economic growth and how it is measured and regulated
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Identify such figures as Adam Smith, Andrew Carnegie, and Karl Marx
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Read and Create Bar Graphs, Line Graphs, and Tables
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Explain the importance of trade among nations of all sizes throughout the world
Course Outline
Lesson 1: Introduction to Economics and Economic Systems
How Economic Resources Help Satisfy Needs and Wants; Differences Between Needs and Wants, and Goods and Services; Major Groups of Economic Resources; Basic Economic Activities; Basic Economic Questions; How the Answers Determine the Economic System Used; How to Read a Bar Graph; What a Capitalistic Market Is; Adam Smith’s Explanations; How Market Economics Works; Free Enterprise Style of Capitalism; Laws of Supply and Demand; Market Clearing Price; Importance of Profit; Circular Flow Model; How to Read and Compare Line Graphs; Other Economic Systems: Socialism and Communism; How They Compare to Capitalism
Lesson 2: The American Free Enterprise System
From “Rags to Riches”; The Role of Entrepreneurs; Property Ownership; Written and Verbal Contracts; Our Right to Make Choices, Start Businesses, Earn Profits, and Be Reasonably Free of Government Controls; Entrepreneurs and Risk-Taking; Sole Proprietorships; Partnerships; Corporations; Competition; Labor Force; Factors That Affect Individual Income; Discrimination; Labor Unions; Characteristics of Money; How Money Is Used; Money and Banking; Down Payments; Reasons to Save Money; Ways to Save; Investing Money; Buying on Credit; How Saving, Borrowing, and Investing Affect the Economy; Federal Reserve System; Controlling the Money Supply; Discount Rate; Money in History
Lesson 3: Government and Trade
Government: America’s Biggest Business; Government and the Economy; Consumer Protection; Public Goods and Services; General Welfare; Taxes: Sales, Property, State, and Federal; How Governments Spend Money; Debt and the Economy; Great Depression; Business Cycles; Gross National Product; Consumer Price Index; Inflation and Deflation; Unemployment; Standard of Living; Economic Growth: Sources and Costs; Weak Spots in the Economy; Equal Opportunity; Farm Problem; Price Supports; The Great S&L Mess; International Trade; Absolute Advantage; Specialization; Barriers to Trade: Tariffs, Import Quotas, and Embargoes; Free Trade; NAFTA; Economic Advantages of the U.S.; Imports and Exports; Balance of Trade; “The Global Pencil”
How it Works After registering for the Economics course, all of your learning materials will be shipped directly to you. If you like, you can also go to our website and download some of your study materials to get a head start. Your learning materials will guide you through the course content, explaining concepts and operations through a series of lessons. After each lesson, you’ll take an exam which you can submit by phone or our website. As you pass each lesson, you’ll proceed to the next topic until you complete the course.
There are three exams that need to be passed to complete your course in Economics and you’ll have up to 15 weeks to complete the course.
Support
If you should ever need help with your studies, you can e-mail or call our instructors who will gladly help you with any questions that you might have.
Study Time
Since there is no set class schedule, you study when and where it’s convenient for you. You can complete your course as quickly as you’d like.
Completion
When you have successfully completed your course, you will receive a letter of completion along with an official transcript listing your completed course(s) and grades. You can apply your course towards our Diploma Program or a diploma from your local High School (be sure to check with your school authorities regarding mandatory attendance policies and whether they agree that the Penn Foster High School Program is acceptable toward the completion of your high school education).
Accreditation
Penn Foster High School is accredited by The Middle States Commission on Secondary Schools; has met the high standards of integrity and performance set by the Accrediting Commission of the Distance Education and Training Council (DETC), Washington D.C., and is licensed by the Pennsylvania State Board of Private Licensed Schools.
Whether you’re looking for accelerated studies or credit recovery, regionally and nationally accredited Penn Foster High School provides the courses you need to complete your High School Diploma.
