The Subject Matter of Economics
Economics is a social science. It studies how individuals and societies organize production activities and allocate scarce resources to meet material wants and needs. Economics is a logical way of thinking about economic matters rather than a set of answers (the answers change all the time in economics!). An important part of the study of economics is the analysis of how economic policy and economic activity interact toward the objective of selecting policies that will hopefully lead to desired outcomes.
Why should high school students study economics? In other words, why should you care? The study of economics helps you learn to make rational economic choices both in your own life and in your participation in policy decisions as a citizen of your town or city and county, Ohio, the United States, and the world. You are, whether you care to accept it or not, a global citizen. As such, you will be required to make tough economic choices in a world that is constantly changing and increasingly complex. Whether you are college-bound or plan to enter the workforce directly from high school, the study of economics will provide you with analytical tools for interpreting economic events and making personal economic choices.
What do economics students study? There are a lot of ways to approach the study of economics. At Mohawk High School, the study of economics combines several approaches. You will examine the history of economic thought, the fundamental concepts underlying economic thinking, and the history of major economic events around the world. You will learn the basic vocabulary of economics. You will study the basic principles of economics. You will examine social problems such as unemployment, healthcare, and environmental degradation from an economic perspective. You will examine how fiscal and monetary policy decisions are made in our economy. You will practice basic modeling of economic concepts using graphs and tables (This is not, however, a course in econometrics). In addition, you will learn to be wise financial consumers by studying the basics of personal finance including checking, saving, investing and borrowing, as well as of taxation and insurance.
What does it take to succeed in the study of economics? To succeed in any serious subject, you need the desire to succeed. Beyond that, you need disciplined study habits, good reasoning skills, solid note taking, reading, and writing skills, and curiosity about the world around you. You must be prepared to be fully engaged in the classroom, and to spend a couple or more hours each week outside the classroom engaged in "doing" economics. The study of economics is as demanding as any math, science, history and government course because, if you think about it, it combines all those subjects! The bottom line: the more of yourself you invest in the subject of economics, the better off you will be in the long run.