The economics course provides students with a basic foundation in the field of economics. The course
has five sections: fundamental concepts, microeconomics, macroeconomics, international economics,
and personal finance. In each area, students are introduced to major concepts and themes concerning
that aspect of economics.
Fundamental Economic Concepts
SSEF1 The student will explain why limited productive resources and unlimited wants result in
scarcity, opportunity costs, and tradeoffs for individuals, businesses, and governments.
a. Define scarcity as a basic condition that exists when unlimited wants exceed limited productive
b. Define and give examples of productive resources (factors of production) (e.g., land (natural),
labor (human), capital (capital goods), entrepreneurship).
c. List a variety of strategies for allocating scarce resources.
d. Define opportunity cost as the next best alternative given up when individuals, businesses, and
governments confront scarcity by making choices.
SSEF2 The student will give examples of how rational decision making entails comparing the
marginal benefits and the marginal costs of an action.
a. Illustrate by means of a production possibilities curve the trade offs between two options.
b. Explain that rational decisions occur when the marginal benefits of an action equal or exceed
the marginal costs.
SSEF3 The student will explain how specialization and voluntary exchange between buyers and
sellers increase the satisfaction of both parties.
a. Give examples of how individuals and businesses specialize.
b. Explain that both parties gain as a result of voluntary, non-fraudulent exchange.
SSEF4 The student will compare and contrast different economic systems and explain how they
answer the three basic economic questions of what to produce, how to produce, and for whom to