Principles of Economics

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Teacher: Loman
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Intro to Economics

0 Economics Introduction 04:46

Indroduction, outline, the domains topics covered in the couse.

Economic Fundamentals

1 1.1 - What is Economics 10:34

Introduction to economics and common terminology.

2 1.1 - Checkpoint Review 03:22

This video walks through the checkpoint questions asked in Lesson 1.1 What is Economics.

3 1.2 - Opportunity Cost 10:46

Explores the opportunity cost of choices that are made in economics.

4 1.2 - Checkpoint Review 03:03

Review of the checkpoint questions asked in Opportunity Cost lesson.

5 1.3 - Seven Economic Principles 11:32

The Seven Economic Principles are the basic principles applied to an economic situation.  Economists use the principles when making rational decisions about multiple possibilities.

6 1.3 - Checkpoint Review 03:25

This video walks through the checkpoint questions asked in lesson 1.3.

7 1.4 - Types of Economic Systems 10:54

How different cultures use different economic systems and the advantages/disadvantages of each.

8 1.4 - Checkpoint Review 03:25

This video walks through the checkpoint questions asked in lesson 1.4

9 1.5 - How to Think Like an Economist 11:32

Applying rational decision making in economic situations, and understanding both the choice and the opportunity cost of your consequences.

10 1.5 - Checkpoint Review 04:07

This video walks through the checkpoint questions asked in lesson 1.5

11 1.6 - Production Possibilities Curve 11:26

Recognizing how all products use the factors of production, and how the production possibilities curve determines how efficient we are with those limited resources.

12 1.6 - Checkpoint Review 03:17

This video walks through the checkpoint questions asked in lesson 1.6

13 1.7 - Circular Flow Model 10:39

An illustration depicting the flow of goods/services through households, businesses, the factor market, and the product market.

14 1.7 - Checkpoint Review 02:58

This video walks through the checkpoint questions askes in lesson 1.7.

15 1.8 - Economic Fundamentals Review 11:10

Economic Fundamental Review

Demand and Supply

16 2.1 - Demand 11:03

Understanding demand and how to properly illustrate it on a graph.

17 2.1 - Checkpoint Review 03:14

This video walked through the checkpoint questions asked in 2.1

18 2.2 - Supply 10:52

Understanding supply and how to illustrate supply on a graph.

19 2.2 - Checkpoint Review 03:10

This video walks through the checkpoint questions asked in lesson 2.2.

20 2.3 - Demand Exercise 13:45

Illustrating demand and understand the movement along the demand curve.

21 2.3 - Checkpoint Review 03:14

This video walks through the checkpoint questions asked in lesson 2.3

22 2.4 - Supply Exercise 12:27

Illustrating supply and understanding the movement along the supply curve.

23 2.4 - Checkpoint Review 03:18

This video walks through the checkpoint questions asked in lesson 2.4.

24 2.5 - Change in Demand 10:23

How demand can increase or decrease based on outside variables not on current demand curve.

25 2.5 - Checkpoint Review 03:12

This video walks through the checkpoint questions asked in lesson 2.5.

26 2.6 - Change in Supply 10:42

Factors that increase or decrease overall supply outside of the current supply curve.

27 2.6 - Checkpoint Review 03:26

This video walks through the checkpoint questions asked in lesson 2.6.

28 2.7 - Change in Demand & Supply Exercise 18:43

Illustrating the increase and decrease changes that affect both supply and demand.

29 2.7 - Checkpoint Review 03:12

This video walks through the checkpoint questions asked in lesson 2.7.

30 2.8 - Supply and Demand 10:47

Supply and demand terminology and understanding price ceilings, shortages, and market equilibrium.

31 2.8 - Checkpoint Review 03:17

This video walks through the checkpoint questions asked in lesson 2.8.

32 2.9 - Elasticity 11:53

Understanding how elasticity can affect prices and supply of economic goods.

33 2.9 - Checkpoint Review 03:02

This video walks through the checkpoint questions asked in lesson 2.9.

34 2.10 - Demand and Supply Review 12:35

Demand and supply domain review.

Microeconomics

35 3.1 - Types of Businesses 10:44

The different types of businesses and their characteristics.

36 3.1 - Checkpoint Review 03:16

This video walks through the checkpoint questions asked in lesson 3.1

37 3.2 - Business Decisions 10:56

Decisions businesses make to produce economic goods from the factors of production.

38 3.2 - Checkpoint Review 04:45

This video walks through the checkpoint questions asked in lesson 3.2.

39 3.3 - Business Production & Costs 11:45

How businesses make decisions on production and costs to create economic goods people want.

40 3.3 - Checkpoint Review 05:17

This video walks through the checkpoint questions asked in lesson 3.3

41 3.4 - The Business Cycle 11:20

The six components of the business cycle and what a firm looks like in those six cycles.

42 3.4 - Checkpoint Review 03:35

This video walks through the checkpoint questions asked in lesson 3.4.

43 3.5 - Perfectly Competitive Markets 12:15

Understanding what a perfectly competitive market is and whether or not such a idea exists in markets.

44 3.5 - Checkpoint Review 03:37

This video walks through the checkpoint questions asked in lesson 3.5

45 3.6 - Monopoly 11:35

What a monopoly is and how we can determine monopolies in current markets.

46 3.6 - Checkpoint Review 03:37

This video walks through the checkpoint questions asked in lesson 3.6

47 3.7 - Oligopoly 12:56

What is an oligopoly and how to determine if two firms in the same product market are considered an oligopoly.

48 3.7 - Checkpoint Review 04:41

This video walks through the checkpoint questions asked in lesson 3.7

49 3.8 - Microeconomics Review 11:23

Microeconomics domain review.

Macroeconomics

50 4.1 - Introduction to Macroeconomics 10:43

Macroeconomics defined, and the three goals (unemployement, inflation, and economic growth) used to measure a nation;s economic stability and success.

51 4.1 - Checkpoint Review 03:15

This video walks through the checkpoint questions asked in lesson 4.1

52 4.2 - GDP, Aggregate Supply and Demand 11:49

Defining GDP and understanding changes that can occur in the economy which have a direct and indirect affect on supply and demand.

53 4.2 - Checkpoint Review 03:14

This video walks through the checkpoint questions asked in lesson 4.2.

54 4.3 - Unemployment 11:33

Defining unemployment and understandin the three types of unemployment: frictional, structural, and cyclical.

55 4.3 - Checkpoint Review 04:58

This video walks through the checkpoint questions asked in lesson 4.3

56 4.4 - Inflation 12:21

Defining inflation and the methods countries use to control the measurement of inflation over time.

57 4.4 - Checkpoint Review 03:31

This video walks through the checkpoint questions asked in lesson 4.4

58 4.5 - Productivity & Economic Growth 11:28

Using both real GDP and CPI to determine the actual economic growth of an economy year to year, and how human productivity plays a large factor in overall growth.

59 4.5 - Checkpoint Review 04:02

This video walks through the checkpoint questions asked in lesson 4.5

60 4.6 - Fiscal Policy 11:33

How governing fiscal policy decions play into a nation's overall economic goals.

61 4.6 - Checkpoint Review 03:55

This video walks through the checkpoint questions asked in lesson 4.6

62 4.7 - Monetary Policy 11:01

The role the Federal Reserve in the U.S. plays in economic decisions for present and future economic growth.

63 4.7 - Checkpoint Review 03:22

This video walks through the checkpoint questions asked in lesson 4.7.

64 4.8 - Macroeconomics Review 12:38

Macroeconomics domain review.

International Economics

65 5.1 - International Trade 11:26

How international trade works on a global scale.

66 5.1 - Checkpoint Review 03:41

This video walks through the checkpoint questions asked in lesson 5.1.

67 5.2 - Advantages of Trade 11:14

Understanding the difference between abolute and comparative advantage regarding other countries and their limited resources.

68 5.2 - Checkpoint Review 03:08

This video walks through the checkpoint questions asked in lesson 5.2.

69 5.3 - Balance of Payments 10:42

The process countries pay each other for economic goods.

70 5.3 - Checkpoint Review 03:13

This video walks through the checkpoint questions asked in lesson 5.3.

71 5.4 - Exchange Rates 10:57

Understanding how exchange rates affect the value of a country's currency to another.

72 5.4 - Checkpoint Review 03:12

This video walks through the checkpoint questions asked in lesson 5.4.

73 5.5 - Economic Development 12:31

Looking at the issues that plague a developing country and methods developed countries can use to aid in their economic problems.

74 5.5 - Checkpoint Review 04:25

This video walks through the checkpoint questions asked in lesson 5.5.

75 5.6 - International Economics Review 11:37

Review

Economics is a social science that focuses on understanding the consequences of choices. These choices do not only stem from the financial aspect but also raise concerns about the quality of life, happiness, and success. It is not a business discipline, in the sense that it does not teach one how to make money or run a business, but economic theory does help in government policy formation, business decisions, and in analyzing individuals’ choice of all types. Each of these decisions “costs” something. These costs could be in terms of dollars, time, responsibilities to a job, community service, etc. One reason that economics is interesting is because it is used to address and analyze behavior and issues that can also be the subjects of other disciplines such as law, social science, political science, history, and psychology.  This survey course covers the topics a student would need to understand and grasp in order to successfully gain credit for a high school class.

 

THIS COURSE INCLUDES:

Five Domain Topics:.

  • Economic Fundamentals
  • Demand and Supply
  • Microeconomics
  • Macroeconomics
  • International Economics

Five Assessments to be completed at the end of each Domain with answer key.

35 Checkpoint Review Quizzes with counterpart answer sheets.

40 Video-Lessons.

35 Checkpoint Review Video-Lessons for understanding/clarification.

Over 15 hours of Video-Lessons.

Full Year’s course.

 

COURSE GOALS:
Upon completion of this course, the student should be able to:

  • Understand basic concepts and principles used in economics.
  • Develop the skills to assess economic issues that would affect their lives as students, workers, consumers, and citizens.
  • Develop the ability to analyze economic decisions made by policy makers
  • Understanding how the macroeconomic environment on a global scale and how international relations have consequences for all microeconomic economies.
  • Develop a foundation that prepares the student for an economics course at the university level.

 

TARGET AUDIENCE
This video-course is primarily intended for high school students who plan to pursue post-secondary education and provides them with a foundation for economic understanding to prepare them for their first college economics course.

COURSE REQUIREMENTS:
No courses are needed.  This is an introductory course to economic principles.

COURSE DOMAIN DESCRIPTION:
Each domain below lists the topics under the overall heading to be introduced to the student.

Domain One: Economic Fundamentals

1.1 - What is Economics

1.2 - Opportunity Cost

1.3 - Seven Principles of Economics

1.4 - Types of Economic Systems

1.5 - How to Think Like an Economist

1.6 - Production Possibilities Curve

1.7 - Circular Flow Model

1.8 - Economics Fundamentals Review and Assessment

Domain Two: Demand and Supply

2.1 – Demand: defined

2.2 – Supply: defined

2.3 – Demand Exercise: graphing and interpreting

2.4 – Supply Exercise: graphing and interpreting

2.5 – Change in Demand

2.6 – Change in Supply

2.7 – Change in Demand/Supply Exercise: combined graphing and interpreting

2.8 – Supply and Demand

2.9 – Elasticity

2.10 – Demand and Supply Review and Assessment

Domain Three: Microeconomics

3.1 – Types of Businesses

3.2 – Business Decisions

3.3 – Business Production and Costs

3.4 – The Business Cycle

3.5 – Perfectly Competitive Markets

3.6 –Monopoly

3.7 – Oligopoly

3.8 – Microeconomics Review and Assessment

Domain Four: Macroeconomics

4.1 – Introduction to Macroeconomics

4.2 – GDP, Aggregate Supply and Demand

4.3 – Unemployment

4.4 – Inflation

4.5 – Productivity and Economic Growth

4.6 – Fiscal Policy

4.7 – Monetary Policy

4.8 – Macroeconomics Review and Assessment

Domain Five: International Economics

5.1 – International Trade

5.2 – Advantages of Trade

5.3 – Balance of Payments

5.4 – Exchange Rates

5.5 – Economic Development

5.6 – International Economics Review and Assessment 

  • Teacher: Loman
  • Areas of expertise: Economics, Business Education, Government, and History
  • Education: The Florida State University - Master, Business Administration and Georgia College & State University - Master, Educational Leadership & Bachelor, Political Science
  • Interests: I love to read. Favorite authors are John Grisham Michael Connelly, and Dan Brown. I enjoy downtime with my wife and my two Husky Pups Renegade and Willow. On Saturdays in the fall you can find me in front of the TV or at the game because I love college football.
  • Skills: Presenter, Facilitator, Mentor, and Trainer both online and in the business sector.
  • Associations: Licensed Teacher in Tennessee
  • Issues I care about: Education is passion. Not only as a teacher, but as a student as well. I am a life-long learner, and I believe the more educated we make our society, the better we are as a whole.

Economic Fundamentals

The documents attached to this lesson are the answers for the checkpoints in Domain 1.

Supply and Demand

Supply and Demand checkpoint answers per lesson.

Microeconomics

Microeconomics checkpoint answers per lesson.

Macroeconomics

Macroeconomics checkpoint answers per lesson.

International Economics

International Economics checkpoint answers per lesson.

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