Major expenses in building are for land, materials, and labour. In each case they are high when the commodity is scarce and low when it is abundant, and they influence planning more directly when they become restrictive. Definition No one has ever succeeded in neatly defining the scope of economics.
Foundations of Economics and the Problem of Scarcity Students are introduced to economics, including the rights and responsibilities of consumers.
They learn the concepts of scarcity and shortage, trade-off and opportunity costs, decision-making scenarios, and production possibility graphs. Economic Systems Students learn basic economic goals and resources used to produce economic goods.
They analyze advantages and disadvantages of a free market economy. They learn how the market self-regulates and how a free market economy operates. They also review mixed economies worldwide. American Free Enterprise and U.
Government Involvement Students learn the principles and benefits of the American free enterprise system and the U. Topics include taxes, redistribution of income, mandatory and discretionary spending, the federal budget, national debt, roles of the Federal Reserve, and U.
Monetary Policy Unit 4: Understanding the Market through Supply and Demand Students examine the law of demand, the concepts of elasticity and inelasticity, demand schedules, and demand curves. They examine the law of supply, supply schedules, and supply graphs.
They analyze how supply and demand work together to reach equilibrium and how they impact prices. Business, Banking, and Finance Students learn about sole proprietorships, partnerships, and corporations.
They examine monopolies and oligopolies. They also learn the characteristics of money, including its use to buy goods and services. They learn how the Federal Reserve handles the U. They analyze the risks of investments, the American free enterprise system, and stocks and bonds.
They analyze the phases of a business cycle, including the factors that influence it. They learn about the types of unemployment and how it is calculated. They also learn about inflation and how it is used as a measure of economic performance.Support.
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The Politics of Economics and the Economics of Politicians. Investigate links between economics and politicians with Sir Vince Cable and leading economists at the University of Nottingham.
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