Principles of Economics Grades 11-12

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Teacher: Aaron
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0 Introduction 01:48

Introduces the course.

Section 1: Definitions

1 Section 1 01:05

Introduces Section 1.

2 What is Economics? 06:38

Discusses the fundamental question of all economics, and utilizes different economic situations.

3 What is Economics?--Review 03:26

Reviews the Enrichment activities for the What is Economics lesson.

4 Scarcity 05:32

Introduces the principle of scarcity, and discusses its impact on economic questions.

5 Scarcity Review 06:58

Reviews the Enrichment exercises for the Scarcity Lesson.

6 Effectiveness and Efficiency 09:38

Introduces the twin concepts of efficiency and effectiveness and discusses their importance in economics.

7 Efficiency and Effectiveness Review 01:43

Reviews the Enrichment for the Efficiency and Effectiveness Lesson.

8 Resources 07:05

Introduces resources, and discusses the different types of resources that can be used in providing goods and services.

9 Resources Review 06:57

Reviews the Enrichment Activities for Resources lesson.

10 Cost, Price, and Value 08:43

Introduces the related concepts of cost, price, and value. Distinguishes between them and provides examples of each.

11 Cost, Price, Value Review 04:53

Reviews the Enrichment associated with the Cost, Price, and Value Lesson.

12 Supply and Demand 08:07

Introduces the two related concepts of Supply and Demand, and briefly discusses their interaction.

13 Supply and Demand Review 03:10

Reviews the Enrichment for the Supply and Demand lesson.

14 Markets 07:22

Presents the definition of "market" and discusses different types of markets.

15 Point of Diminishing Returns 07:55

Discusses the implementation of efficiency and effectiveness, and what it looks like.

16 Markets Review 05:52

Reviews the enrichment associated with the Markets lesson.

17 Point of Diminishing Returns Review 04:40

Reviews the enrichment associated with the Point of Diminishing Returns lesson.

18 Money 11:09

Introduces the idea of money, and describes where it comes from and how it works.

19 Money--Review 07:30

Reviews the Enrichment for the Money lesson.

20 Section 1 Assessment 00:00

Assessment of the content in Section 1.

Section 2: Mechanics

21 Section 2 Introduction 00:46

Introduces Section 2.

22 Money Supply 06:34

Looks into the mechanisms in which the supply of money is changed.

23 Price 07:24

Introduces the mechanism that sets prices and defines "equilibrium price".

23 Money Supply Review 06:08

Reviews the Enrichment associated with the Money Supply Lesson.

24 Price Review 06:02

Reviews the Enrichment linked with the Price Lesson.

25 Demand and Price 08:16

Wherein it is discussed how changes in demand influence prices.

26 Demand and Price Review 06:25

Reviews the enrichment for the Demand and Price lesson.

27 Supply and Price 10:09

Looks at how factors that influences producers' supply influence price.

28 Supply and Price Review 06:10

Reviews the Enrichment for the Supply and Price lesson.

29 Money Supply and Price 10:42

Discusses the impact of the changing supply of money on prices.

30 Money Supply and Price Review 05:32

Reviews the Enrichment associated with the Money Supply and Price lesson.

31 Inflation and Deflation 10:35

Looks at the mirror image concepts of Inflation and Deflation, as well as "hyperinflation".

32 Inflation and Deflation Review 05:28

Review of Enrichment associated with Inflation and Deflation lesson.

33 "Price Corrections" 12:46

Looks at the instance of "price corrections" and the impact those can have on the economy.

34 Price Corrections Review 06:18

Reviews the Enrichment associated with the Price Corrections lesson.

35 The Economic Cycle 09:28

Looks at the natural fluctuation of economic expansion and retraction.

36 Economic Cycle Review 09:01

Reviews the Enrichment associated with the Economic Cycle lesson.

37 Economic Indicators 12:52

Looks into how we can measure the economy, whether it is growing, or it is shrinking.

38 Indicators Review 03:33

Reviews the Enrichment Activities of the Inidicators lesson.

39 Competition and Monopoly 06:24

Introduces the concepts of competition and monopoly, and looks at the differences between the two.

40 Competition and Monopoly Review 07:16

Reviews the Enrichment associated with the Competition and Monopoly lesson.

41 Competition 10:50

Discusses how competition works and its impact on producers and consumers.

42 Competition Review 08:02

Reviews the Enrichment associated with the Competition lesson.

43 Monopolies 16:47

Discusses how monopolies are created, and looks at their impact on producers and consumers.

44 Monopoly Review 14:50

Reviews the Enrichment associated with the Monopoly lesson.

45 Modern Markets 05:19

Looks at how contemporary markets are structured, and looks into the impacts of those markets.

46 Banks 04:46

Discusses the role of Banks in the economy, and explains the importance of savings to an economy.

46 Modern Markets Review 04:47

Reviews the Enrichment associated with the Modern Markets lesson.

47 Banks Review 04:30

Reviews the Enrichment activities associated with the Banks lesson.

48 Government 19:50

Looks into the three main roles that governments play in economies.

49 Government Review 04:07

Reviews the Enrichment Activity associated with the Government lesson.

50 Labor 19:29

Looks into the need for labor, as well as how workers are paid.

51 Labor and Wages Review 05:41

Reviews the enrichment associated with the Labor lesson.

52 Section 2 Assessment 00:00

Assessment for Section 2: Mechanics

Sections 3: Theory

53 Section 3 Introduction 00:46

Introduces Section 3: Theory

54 The Free Market 12:32

Introduces the initial economic theory, the Free Market, and discusses its principal characteristics.

55 Free Market Review 04:42

Reviews the enrichment associated with the Free Market lesson.

56 Capitalism 14:36

Introduces a later variation of market-based economics: Capitalism.

57 Capitalism Review 04:34

Reviews the enrichment for the Capitalism lesson.

58 Social Capitalism 15:53

Introduces yet another variation of a market-based economy: Social Capitalism.

59 Market Economics Review 09:40

Reviews the Enrichment activities associated with market-based economic theories: Free Market, Capitalism, and Social Capitalism.

60 Socialism 11:24

Introduces the economic theory of Socialism, and discusses some instances of its implementation.

61 Socialism Review 06:38

Reviews the Enrichment associated with the Socialism lesson.

62 Communism 15:44

Introduces the economic theory of Communism, and briefly explores some examples of its implementation.

63 Communism and Socialism Review 09:43

Reviews the Enrichment associated with the Communism and Socialism lessons.

64 Section 3 Assessment 00:00

Assessment associated with Section 3: Theory.


Everyone engages in economic behavior, but the principles behind those behaviors are generally not known.  This leads to harmful decisions, both at an individual and a social level.  This course serves to provide students a rudimentary introduction to basic economic principles in an effort to help them make more sense of the world around them.  It is hoped that what is learned in this course will help inform their decision-making as they grow in age and wisdom.  Being a cursory introduction, this course would serve to provide a semester-long course.


Course Includes

  • 3 Course Sections: the first introduces the concepts, the second explores how the concepts work together, and the third explores how those concepts are put into practice
  • 30 Video Lessons
  • About 5 hours of instructional videos, and over 3 hours of review videos
  • Lessons include contemporary examples, as well as examples from the past, enriching students' understanding of economics in history
  • 30 Enrichment activities/exercises to help explore lesson content further 
  • 30 Video reviews, which review the Enrichment Activities
  • 3 end-of-section assessments, with answer keys


Course Format

In Ancient Greece and Rome, students were exposed to a three-tiered approach.  First, students learned "vocabulary", which included all the important terms and concepts of a discipline.  After the vocabulary was mastered, the students explored "grammar", which included the rules of how to use the concepts earlier studies.  Finally, students explored "rhetoric", the art of implementing the rules.  Rhetoric was never finite, and encouraged the student to grow as they learned.  

This course follows the same format:

Section 1 defines key principles in the study of economics

Section 2 looks at how those principles work, and how they are related to other concepts

Section 3 explores 5 different theories on how to apply the economic concepts discussed.

Target Audience

This course is oriented toward all students, grades 10-12, interested in a cursory understanding of economics.  


By the end of this course, students will be able to simply define key economic principles, like supply, demand, price, value, and similar terms.  They will also be able to apply various principles to situations they find themselves in.  Further, they will be able to identify different theoretical approaches to applying those principles, and evaluate those approaches.  Because the course draws from history, the student will also be able to explain various historical events related to economics.  In the process of this course, students will develop and refine research skills.


Being an introduction, but one that uses historical examples, the prospective student should have at the least studied US History a little.  


Section 1: Principles

What is Economics?--defines economics

Scarcity--defines the concept of scarcity

Efficiency and Effectiveness--defines these sister concepts, and looks at how they relate to scarcity

Resources--defines resources, and looks at different types of resources

Cost, Price, and Value--defines and differentiates between these related concepts

Supply and Demand--defines these mirror concepts

Markets--looks at what constitutes a "market" and introduces the "circular flow" diagram

Point of Diminishing Returns--looks at a concept often neglected, but important

Money--defines money, and looks, briefly, at how it came about

Section Assessment

Section 2: Mechanics

Money Supply--looks at how money supply is manipulated

Price--looks into where the prices you pay come from

Demand and Price--looks at the relationship between demand and price

Supply and Price--looks at the relationship between supply and price

Money Supply and Price--looks into the relationship between money supply and price

Inflation and Deflation--explores the terms inflation and deflation

Price Corrections--explores the concept of "price corrections" and their impact on peopel

Economic Cycle--looks at the cyclic nature of economics

Economic Indicators--introduces and explains some markers called indicators

Competition vs Monopoly--compares the opposing economic concepts of competition and monopoly

Competition--looks at how competition is supposed to work

Monopoly--looks at various ways monopolies are created, and their impacts

Modern Markets--builds on the basic market explored in Section 1

Banks--explores the role fo banks in economics

Government--explores the role of government in economics

Labor and Wages--looks at the need for labor, and the wages labor requires

Section Assessment

Section 3: Theories

The Free Market--explores the first market-based theory

Capitalism--looks into the second market-based theory

Social Capitalism--introduces a popular variation of market-based theory

Socialism--introduces and summarizes the initial alternative of market economics

Communism--introduces and summarizes the second most influential alternative to market economics


  • Teacher: Aaron
  • Areas of expertise: Social Studies: US and European History; Economics Exercise Science
  • Education: M.Ed. Bloomsburg University B.A. Susquehanna University
  • Interests: Christian History; Weightlifting; US History; Political philosophy; moral philosophy; Medieval History
  • Skills: Synthesizing various facts into a bigger picture
  • Associations: State Licensed Teacher (Pennsylvania)
  • Issues I care about: Political philosophy; use of logic and reason in political/moral discourse

My love for teaching and learning began young, and grows stronger each and every day. A good day is when I learn something new...a better day is when others can benefit from what I've learned.

Test Study Document

Digital Quizzes and Tests Answer Keys Document

Section 1 Assessment Key

Provides the answers for the Section 1 Assessment.

Section 2 Assessment Key

Contains the answers for the Section 2 Assessment

Section 3 Assessment Key

Provides students with answers to Section 3 Assessment if needed.

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