Essentials Economics

Course Description:

Economic decisions affect us every day of our lives. Understanding economics means thinking about how scarcity, or limited resources, requires us to make choices and evaluate one option against others. In this course, students will recognize examples of economics in your daily life. Students will see how the economic choices of larger groups, like businesses and governments, affect students and others. As students’ progress through the course, students will recognize that the costs and benefits of choices connect individuals and groups around the world. The purpose of this course is to help students become a smart consumer who understands the flow of an economy between individuals, businesses, governments, and the rest of the world.

Course Details:

Course Title (District): Essentials Economics
Course Title (NCES SCED) : Economics
Course Provider : Michigan Virtual
Content Provided By : Florida Virtual School
Online Instructor Provided By : Michigan Virtual
Standards Addressed : MHSCE, MMC
Ailgnment Document : https://docs.google.com/document/d/1VCjMYbExHj27FssrfKl0VMFDj99hrEFXnacGwUDoHgE/edit?usp=sharing
Academic Terms : Accelerated, Open Entry / Open Exit
NCES SCED Code :
Subject Area : Social Sciences and History
Course Identifier : Economics
Course Level : (G) General or Regular
Available Credit : 0.5
Sequence : 1 of 1

How To Enroll:

Enrollment Website : https://slp.michiganvirtual.org/
Email : [email protected]
Phone : (888) 889-2840

Students and Parents: It is important to work closely with your local school counselor or registrar to follow the school's enrollment procedures. By clicking the "Start Registration Request" button below, you will be able to notify the school of your interest in registering for the online course. However, it is the responsibility of the district or school to review the registration request and approve or deny the request. Please make a note to follow up with your school after submitting a registration request.

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Additional Course Information:

Upon completion of this course, students will be able to…

  • Define the study of economics and the way it influences our daily lives
  • Apply the concepts of scarcity and opportunity cost to explain why choice is necessary
  • Create and analyze demand curves and supply curves
  • Analyze factors that impact supply and demand and demonstrate how the equilibrium price of a product is determined by the interaction of supply and demand in the marketplace
  • Explain the functions and identify characteristics of money supply
  • Relate wants and needs to the concepts of scarcity, choice, and opportunity cost
  • Explain the Law of Diminishing Marginal Returns
  • Explain what people can do to make more informed education, job, and career decisions
  • Differentiate between gross and net income and between direct and indirect taxes
  • Explain differences between savings and checking accounts, including non-traditional savings accounts and how they impact return on investment
  • Understand factors influencing consumer decisions about purchases of goods or services
  • Identify and compare types of credit, the significance of credit scores, credit reports, bankruptcy, and how to calculate total cost of a loan
  • Understand how insurance policies work and the various types of insurance policies that are available
  • Explain and construct a one-year budget based on a specific career path
  • Define entrepreneurship and analyze the contributions of entrepreneurs to the developing US
  • Define factors of production — land, labor, capital, and entrepreneurship and why these factors are necessary in business operations
  • Define and compare characteristics of monopoly, oligopoly, monopolistic competition, and pure competition and explain the purpose of “natural monopolies” and how the government regulates these firms
  • Define GDP, inflation, contraction, trough, recession, growth, unemployment, and peak
  • Identify relationships between consumers, banks, and the Federal Reserve System
  • Identify tools and explain goals of fiscal policy including whether or not a balanced budget should be required by law
  • Differentiate theories of prominent economists and analyze those which they most agree with
  • Identify traditional, market, command, and mixed economies and how these systems differ in approach
  • Define and identify barriers to trade and the costs and benefits to trade
  • Identify and explain inflation and inflation’s impact on society
  • Define and identify positive and negative externalities and analyze the impact of the externalities on consumers and society

INACOL Online Course Quality Standards

Academic Content Standards and Assessments Rating Comments
The goals and objectives clearly state what the participants will know or be able to do at the end of the course. The goals and objectives are measurable in multiple ways. Fully Met
The course content and assignments are aligned with the state’s content standards, Common Core curriculum, or other accepted content standards set for Advanced Placement® courses, technology, computer science, or other courses whose content is not included in the state standards. Fully Met
The course content and assignments are of sufficient rigor, depth and breadth to teach the standards being addressed. Fully Met
Information literacy and communication skills are incorporated and taught as an integral part of the curriculum. Fully Met
Multiple learning resources and materials to increase student success are available to students before the course begins. Fully Met Unit 0 is provided for students before the course material begins, there is also an FLVS Getting Started Module
Course Overview and Introduction Rating Comments
Clear, complete course overview and syllabus are included in the course. Fully Met
Course requirements are consistent with course goals, are representative of the scope of the course and are clearly stated. Fully Met
Information is provided to students, parents and mentors on how to communicate with the online instructor and course provider. Fully Met Provided in the Michigan Virtual Blackboard learning management system (LMS).
Legal and Acceptable Use Policies Rating Comments
The course reflects multi-cultural education, and the content is accurate, current and free of bias or advertising. Fully Met
Expectations for academic integrity, use of copyrighted materials, plagiarism and netiquette (Internet etiquette) regarding lesson activities, discussions, and e-mail communications are clearly stated. Fully Met Provided in the Michigan Virtual Blackboard LMS.
Privacy policies are clearly stated. Fully Met Provided in the Michigan Virtual Blackboard LMS.
Instructor Resources Rating Comments
Online instructor resources and notes are included. Partially Met Instructor Only link provides Answer Keys, Essentials Instructor Guide and an eTeacher Guide. Additional resources need to be located by the individual instructor.
Assessment and assignment answers and explanations are included. Partially Met Answer keys are provided for the written assignments, but auto graded test answers and items with test banks are not provided.
Instructional and Audience Analysis Rating Comments
Course design reflects a clear understanding of all students’ needs and incorporates varied ways to learn and master the curriculum. Fully Met
Course, Unit and Lesson Design Rating Comments
The course is organized by units and lessons that fall into a logical sequence. Each unit and lesson includes an overview describing objectives, activities, assignments, assessments, and resources to provide multiple learning opportunities for students to master the content. Fully Met
Instructional Strategies and Activities Rating Comments
The course instruction includes activities that engage students in active learning. Fully Met
The course and course instructor provide students with multiple learning paths, based on student needs that engage students in a variety of ways. Fully Met
The course provides opportunities for students to engage in higher-order thinking, critical reasoning activities and thinking in increasingly complex ways. Fully Met
The course provides options for the instructor to adapt learning activities to accommodate students’ needs. Fully Met Course includes adaptive release to align with student results on the diagnostic tests; instructors can also add to the bb shell.
Readability levels, written language assignments and mathematical requirements are appropriate for the course content and grade-level expectations. Fully Met
Communication and Interaction Rating Comments
The course design provides opportunities for appropriate instructor-student interaction, including opportunities for timely and frequent feedback about student progress. Fully Met The assessments are auto-graded, which provides immediate feedback. Instructors have a Michigan Virtual policy to respond to feedback and grading in a timely manner. All tests are password protected, so students are required to contact their instructor for access, forcing instructor-student interaction.
The course design includes explicit communication/activities (both before and during the first week of the course) that confirms whether students are engaged and are progressing through the course. The instructor will follow program guidelines to address non-responsive students. Fully Met Michigan Virtual instructor guidelines ensure such interaction through welcome letters, instructor introductions, and regular progress reporting.
The course provides opportunities for appropriate instructor-student and student-student interaction to foster mastery and application of the material. Partially Met Instructor/student interaction takes place in the feedback of each assignment as well as in providing test passwords and supplemental help. Student/student interaction is limited and happens only on the intro discussion board.
Resources and Materials Rating Comments
Students have access to resources that enrich the course content. Fully Met
Evaluation Strategies Rating Comments
Student evaluation strategies are consistent with course goals and objectives, are representative of the scope of the course and are clearly stated. Fully Met
The course structure includes adequate and appropriate methods and procedures to assess students’ mastery of content. Fully Met
Feedback Rating Comments
Ongoing, varied, and frequent assessments are conducted throughout the course to inform instruction. Fully Met Limited "variance" in assessments. Most are m/c quizzes or tests.
Assessment strategies and tools make the student continuously aware of his/her progress in class and mastery of the content. Fully Met
Assessment Resources and Materials Rating Comments
Assessment materials provide the instructor with the flexibility to assess students in a variety of ways. Fully Met Adequate assessment variety is present and may be augmented by the instructor via supp. materials.
Grading rubrics are provided to the instructor and may be shared with students. Fully Met
The grading policy and practices are easy to understand. Fully Met
Course Architecture Rating Comments
The course architecture permits the online instructor to add content, activities and assessments to extend learning opportunities. Partially Met Instructors cannot alter content provided by the course vendor, but Michigan Virtual instructors are permitted to add supplemental materials as needed via the Blackboard LMS.
The course accommodates multiple school calendars; e.g., block, 4X4 and traditional schedules. Fully Met The calendar within the learning management system permits adjustments to the pacing guides, though Michigan Virtual has established start and end dates for fall, spring, summer, and trimester enrollment terms.
User Interface Rating Comments
Clear and consistent navigation is present throughout the course. Fully Met
Rich media are provided in multiple formats for ease of use and access in order to address diverse student needs. Fully Met
Technology Requirements and Interoperability Rating Comments
All technology requirements (including hardware, browser, software, etc...) are specified. Fully Met Communicated in the syllabus, the Michigan Virtual website, and the Blackboard LMS.
Prerequisite skills in the use of technology are identified. Fully Met
The course uses content-specific tools and software appropriately. Fully Met
The course is designed to meet internationally recognized interoperability standards. Fully Met
Copyright and licensing status, including permission to share where applicable, is clearly stated and easily found. Fully Met Communicated within the Michigan Virtual Acceptable Use Policy (AUP) through the website and the LMS.
Accessibility Rating Comments
Course materials and activities are designed to provide appropriate access to all students. The course, developed with universal design principles in mind, conforms to the U.S. Section 504 and Section 508 provisions for electronic and information technology as well as the W3C’s Web Content Accessibility guidelines (WCAg 2.0). Fully Met This rating is based upon limited testing of select WCAG 2.0 principles and guidelines. Further testing may be necessary to ensure full compliance.
Data Security Rating Comments
Student information remains confidential, as required by the Family Educational Rights and Privacy Act (FERPA). Fully Met Course is password protected; the privacy policy is communicated in the Blackboard LMS.
Accessing Course Effectiveness Rating Comments
The course provider uses multiple ways of assessing course effectiveness. Fully Met Students have the ability to rate the lesson as completed, student evaluation at end of course. Michigan Virtual also has access to additional data regarding student success and satisfaction with courses.
The course is evaluated using a continuous improvement cycle for effectiveness and the findings used as a basis for improvement. Fully Met Michigan Virtual and FLVS update courses on a regular cycle.
Course Updates Rating Comments
The course is updated periodically to ensure that the content is current. Fully Met Michigan Virtual and FLVS update courses on a regular cycle.
Certification Rating Comments
Course instructors, whether faceto-face or virtual, are certificated and “highly qualified.” The online course teacher possesses a teaching credential from a state-licensing agency and is “highly qualified” as defined under ESEA. Fully Met All Michigan Virtual instructors are certified in the state of Michigan, endorsed within their assigned content areas and grade levels, and highly qualified under state and federal guidelines.
Instructor and Student Support Rating Comments
Professional development about the online course delivery system is offered by the provider to assure effective use of the courseware and various instructional media available. Fully Met Michigan Virtual instructors complete an onboarding course prior to teaching, annual professional development and conference attendance, participate in monthly department meetings, and are provided online resources for various instructional media.
The course provider offers technical support and course management assistance to students, the course instructor, and the school coordinator. Fully Met Michigan Virtual instructors have access to the Michigan Virtual Knowledge Base with tutorials to assist them as well as a technical support ticketing system to request additional support for technical issues in a course. Students also have a Customer Care center that offers technical support and course management assistance.
Course instructors, whether face-to-face or virtual, have been provided professional development in the behavioral, social, and when necessary, emotional, aspects of the learning environment. Fully Met
Course instructors, whether face-to-face or virtual, receive instructor professional development, which includes the support and use of a variety of communication modes to stimulate student engagement online. Fully Met
The provider assures that course instructors, whether face-to-face or virtual, are provided support, as needed, to ensure their effectiveness and success in meeting the needs of online students. Fully Met
Students are offered an orientation for taking an online course before starting the coursework. Fully Met Students are offered Michigan Virtual-specific orientation lessons and activites within all courses in addition to the Online Learning Orientation Tool (OLOT) located on the LMS homepage for students with no prior experience in taking an online course.

Review Conducted By : Michigan Virtual
Date of Review : 08/05/2019

Module 1

Module 2

Module 3

Module 4

Module 5

Module 6

Term Type Enrollment Opens Enrollment Ends Random Draw Date Enrollment Drop Date Course Starts Course Ends # of Seats Course Fee Potential Additional Costs
Open Entry / Open Exit 04/01/2020 04/26/2021 300 $225.0000 0.0000
Open Entry / Open Exit 04/01/2020 12/18/2020 300 $225.0000 0.0000
Drop Policy Completion Policy Term Type Enrollment Opens Enrollment Ends
The drop date for a full refund by the refund date or 25 consecutive days after the enrollment's start date, which ever date comes soonest. Students may access their course from their enrollment start date to their enrollment end date. A completion is a 60% final score or higher. Open Entry / Open Exit 04/01/2020 04/26/2021
The drop date for a full refund by the refund date or 25 consecutive days after the enrollment's start date, which ever date comes soonest. Students may access their course from their enrollment start date to their enrollment end date. A completion is a 60% final score or higher. Open Entry / Open Exit 04/01/2020 12/18/2020

Students can use email or the private message system within the Student Learning Portal to access highly qualified teachers when they need instructor assistance. Students will also receive feedback on their work inside the learning management system. The Instructor Info area of their course may describe additional communication options.

School Year Enrollment Count Pass Count Completion Rate Notes
19-20 36 20 55.6%

Students will require a computer device with headphones, a microphone, webcam, up-to-date Chrome Web Browser, and access to YouTube. It is also recommended that students possess or access a scientific calculator for this course.

Please review the Michigan Virtual Technology Requirements: https://michiganvirtual.org/about/support/knowledge-base/technical-requirements/.