Economics Course Outline

Mr. Wisotsky


Unit 1- Introduction to Economics

            What is Economics?

            How does it fit into our every day lives?

            Basic terms and concepts

            Factors of Production






Unit 2- Project #1- "Running in Place" (also referred to as "Shoes")

            Circular flow

            Relationship between consumers and producers

            Scarcity and choices for consumers

                        Buyers based on need vs. wants

            Scarcity and choices for producers

                        Basic economic questions-

                                    What to produce

                                    How to produce

                                    For whom to produce

                        Choices of labor

                                    Overseas labor vs. domestic labor


            Product and factor markets

            Market economy

            Opportunity costs and tradeoffs

Assessment- Presentation of your business model for the shoe company


Unit 3- Project #2 High School Food Court

            Competing needs

            Costs of production

                        Fixed vs. variable costs





            Demand schedule, revenue, cost, and profit tables

            Equilibrium price and quantity


            Opportunity cost and tradeoff

            Profit vs. meeting the needs of consumers

            Interest groups and outside influences on economic decisions

Assessment- Presentation to the "school board" to support your plan for the food court


Unit 4- Project #3 Economic Systems of the World

                        Command Economy

                        Traditional Economy

                        Market Economy

Assessment- Presentation of your group's economic system


                        Countries that practice these systems

                        How they apply or have applied to the United States economy


Unit 5- Labor and Business

            Labor issues and unions

                        Structure and function of labor unions

                        Bargaining process between unions and management

                        Current issues in labor-management negotiations

                                    Professional sports

                                    NYU TA strike

                                    MTA and other municipal unions, Taylor Law

            Types of businesses

                        Sole proprietorship





Assessment- Paper


Unit 5- personal finance

            Personal financial planning

            Insurance, health care, and pensions

            Buying with cash and credit

            Mortgage, college, and car loans

Assessment- Examination


This outline may be changed during the term.  Topics may be altered and new topics may be added as the term progresses.  Notification of any changes will be given in class and on my website.  You will also be notified of additional assessments throughout the term.