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From the Michigan Content Expectations:
Understanding economics – what some people call “economic literacy” – is becoming essential for citizens in our national and increasingly interconnected world economy. Increasingly, productive members of society must be able to identify, analyze, and evaluate the causes and consequences of individual economic decisions and public policy including issues raised by constraints imposed by scarcity, how economies and markets work, and the benefits and costs of economic interaction and interdependence. Such literacy includes analysis, reasoning, problem solving, and decision making that helps people function as consumers, producers, savers, investors, and responsible citizens.
Students who meet the expectations will understand how economies function and how to apply the concepts and principles of economics to their lives as individuals and as citizens. Understanding and applying these concepts and principles should help students make sense of daily events and enable them to analyze, investigate and develop reasoned thinking about economic challenges and public policies. To cite the “Goals 2000: Educate America Act” of 1994, the study of economics (among other subjects) should ensure that students learn to “use their minds well, so they may be prepared for responsible citizenship, further learning, and productive employment in our Nation’s modern economy.”
Overview of the MI Open Book Project Economics Text:
Unit 1: Choice- Fundamentals of Economics
Unit 2: Personal Financial Decisions
Unit 3: Microeconomics: Consumer/ Producers Decision making
Unit 4: Macroeconomics: How does government make decisions?
Unit 5: Global Interactions and Decision Making
Materials developed under a grant from the Michigan Department of Education
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