Topic: Pillars of the U.S. Economic System

Chapters 1 and 2 describe basic economic problems and the nature of the free enterprise system.

Key Learning Objectives

Students will be able to:

• describe how scarcity forces people to make choices and weigh opportunity costs.
• analyze how different economic systems solve basic economic problems.
• explain how voluntary exchange markets allocate resources.
• describe how money, goods, and services link households and business in the U.S. economy.

Topic: Supply, Demand, Market Prices, and the Consumer

Chapters 3, 4, 5, and 6 describe the price system, illustrate how supply and demand interact to establish market prices and allocate resources, and explore consumer-related issues.

Key Learning Objectives

Students will be able to:

• explain price effect.
• illustrate how changes in supply and demand affect market price.
• evaluate how markets meet consumer needs.
• describe the role of consumers.
• explain the function of credit.
• analyze saving, investing, and personal money-management options.

Topic: Theory and Operations of the Business Firm

Chapters 7, 8, 9, 10, and 11 examine the role of entrepreneurs and how businesses are organized and financed, and explore production, productivity, market structure, and marketing strategies.

Key Learning Objectives

Students will be able to:

• compare and contrast different types of business organizations.
• describe the responsibilities, risks, and rewards of entrepreneurship.
• differentiate among types of business financing.
• describe factors that affect productivity.
• identify different market structures.

Topic: Economic Institutions

Chapters 12, 13, and 14 examine the role of labor, governments, and the Federal Reserve Bank System in the United States.

Key Learning Objectives

Students will be able to:

• analyze the role of organized labor.

• describe government's role in the economy.

• describe the role of banks and the functions of the Federal Reserve System.

• describe the phases of the business cycle.

• analyze fiscal and monetary policy options.

• evaluate the effectiveness of different economic policies.

Chapters 15 and 16 explore the costs and benefits of international trade, economic growth, and global economic issues for the 21st century.

Students will be able to:

• explain why nations trade goods and services.

• describe barriers to international trade.

• identify various economic challenges facing the global economy.

• analyze current economic problems.