1. Describe and analyze the "economic way of thinking"
2. Describe the methodology used in economics
3. Graph and interpret data
4. Graph and distinguish between inverse, direct and zero relationships
5. Graph and distinguish between constant and variable relationships
6. Identify the conditions that give rise to the economic problem of scarcity
7. Define Opportunity Cost
8. Identify the Opportunity Costs involved in various courses of action
9. Construct a Production Possibilities curve from sets of hypothetical data
10. Apply the concept of Opportunity Cost to a Production Possibilities Curve
11. Analyze the significance of different locations on, above or below a Production Possibilities Curve
12. Identify the three economic questions every economic system must answer
13. Compare and contrast the economic philosophies of Adam Smith and Karl Marx
14. Describe and analyze the economic goals of different economic systems
15. Analyze the advantages and disadvantages of different economic systems

OBJECTIVES

1. Describe the behavior of buyers and sellers in a competitive marketplace

2. List and explain the determinants of Demand

3. Differentiate between a "change in demand" and a "change in quantity demanded"

4. List and explain the determinants of Supply

5. Differentiate between a "change in supply" and a "change in quantity supplied"

6. Define and distinguish between the Income and Substitution effects

7. Draw a graph of a Supply and Demand schedule from data

8. Define Equilibrium

9. Determine what Equilibrium price and quantity will be when given the Demand and Supply data for a good

10. Define and graph Price Ceilings and Price Floors

11. Analyze the effects of Price Ceilings and Price Floors on a competitive market

12. Define and describe the concepts of Surplus and Shortage and how they relate to Price Ceilings and Price Floors

1. Distinguish between a fixed cost and a variable cost
2. Define and identify profit, loss, the break-even point and the shutdown point
3. Distinguish between normal profit and economic profit
4. Distinguish between the short-run and the long-run
5. Distinguish between an implicit and an explicit cost
6. State the Law of Diminishing Returns
7. Explain the Long-run average cost curve
8. Explain the profit-maximizing rule
9. List the characteristics of a Perfectly Competitive, Monopolistically Competitive, Oligopolistic and Monopolistic market
10. Graph a Perfectly Competitive, Monopolistically Competitive, Oligopolistic and Monopolistic market
11. Define the Concentration ratio
12. Describe the effects of different markets on the price of a product, the quantity of a product, the allocation of society's resources, the distribution of income and the rate of technological progress
13. Identify the socially optimal and fair return price for a regulated monopoly
14. Compare perfect competition and imperfect competition
15. Discuss major antitrust legislation in the United States.
16. Understand the need for limited government regulation.

1. Students will understand what stock (equity) is as it pertains to ownership in a public corporation.
2. Students will be able to define and explain basic stock market terminology including the following: stock, stock market, stockbroker, commission, stock exchange, shareholders, dividends, bull market, and bear market.
3. Students will be able to read stock quotes in the newspaper and on the Internet.
4. Students will simulate the buying and selling of stock including determining gain/loss on the sale of that stock.
5. Students will understand and demonstrate basic marketing principles.
6. Define and explain the functions of money
7. Explain what determines the value of money
8. Describe and explain the American Banking systems
9. Define and compare Required Reserves and Excess Reserves
10. Explain how the banking system creates money
11. Explain the nature of positive and negative externalities.
12. Describe the characteristics of a public good
13. Define and give examples of externalities and third-party costs
14. Discuss the problems caused by inadequate competition.
15. Understand the importance of having adequate information.
16. Develop a rationale for determining which goods should be produced by the private sector and which goods should be produced by the public sector
17. Develop a criteria for evaluating the effectiveness of government programs
18. Discuss the modifications to our free enterprise economy.