Economics with Financial Literacy

Understanding economics means thinking about how scarcity, or limited resources, requires us to make choices and evaluate one option against others. The purpose of this course is to help you become a smart consumer who understands the flow of an economy between individuals, businesses, governments, and the rest of the world.

Major Concepts:

  • How economics influences our daily lives
  • Three basic economic questions
  • Scarcity and opportunity cost 
  • Demand and supply
  • Demand and supply curves
  • Equilibrium price 
  • Functions and identify characteristics of the money supply
  • Money versus currency
  • Wants versus needs
  • Law of Diminishing Marginal Returns
  • Goals beyond a high school education
  • Costs and benefits for three career paths 
  • Gross versus net income
  • Direct versus indirect taxes
  • Progressivity of taxes
  • Tax returns
  • Savings and checking accounts
  • Savings and investment types
  • Relationship between inflation, nominal interest rate, and real interest rate
  • Government’s role in the investment market
  • Rate of return on investments
  • Consumer buying and spending
  • Researching goods and services
  • Charitable and non-profit organizations
  • Fraud protections
  • Types of credit
  • Fixed and variable interest rate
  • Significance of credit scores
  • Credit, annual percentage rate, and finance charges
  • Credit reports
  • Government regulation of credit card companies
  • Bankruptcy
  • Insurance policies and regulations
  • Insurance options and fees
  • Budgeting 
  • Entrepreneurship
  • Contributions of entrepreneurs to the developing U.S.
  • Factors of production
  • Different forms of business organization
  • Characteristics of monopoly, oligopoly, monopolistic competition, and pure competition
  • Competition
  • Productivity and marginal cost analysis
  • Factors that impact the earnings of workers
  • Production possibilities curves 
  • Capital investments 
  • Phases of the business cycle
  • GDP, inflation, contraction, trough, recession, growth, unemployment, and peak
  • Wage and price controls
  • Natural monopolies and the purposes of government regulation
  • Organization and functions of the Federal Reserve System
  • Relationships between consumers, banks, and the Federal Reserve System
  • Monetary policy
  • Goals of fiscal policy
  • Debt, deficit, and surplus
  • National budget
  • Theories of prominent economists
  • Traditional, market, command, and mixed economies
  • Role of society and culture in evaluating approaches to economic organization
  • Economic goals
  • Indicators of economic health
  • Advantage and balance of trade
  • Absolute and comparative advantage
  • Barriers to trade
  • Protectionism strategies
  • Trade relationships between two countries
  • Inflation and inflation’s impact on society
  • Consumer Price Index as a measure of inflation
  • International exchange rates
  • Circular-flow diagram
  • Positive and negative externalities
  • Impact of externalities on consumers and society
  • Effect of ownership and finance on the creation of externalities
S.No.Program NameFee ComponentAmount (USD)Description
1.RegularCourse Fee$ 200To be paid by the student at the time of Registration.
2.HonorsCourse Fee$ 212.5To be paid by the student at the time of Registration.

Grade Level

  Grade 9, 10, 11, 12

Duration

  Semester

Requirements

None

Prerequisites

Algebra 1 recommended

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