Economics is “the study of the choices that people make to satisfy their needs and wants” (Holt Economics, 3). Students will learn the basic elements of micro- and macroeconomics. With an understanding of scarcity as life’s basic economic problem, they will study how individuals, families, businesses, and countries satisfy their needs and wants. Students will develop a comprehensive understanding of varying economic systems and market structures; they will learn how price acts as the key determinant of supply and demand; they will understand who our nation’s workforce is comprised of and how the market, with some government involvement at all levels, dictates our economy. Students will learn about money, the U.S. banking system, and Federal Reserve. Finally, students will discover the economic challenges nations face, the measures of a nation’s economic performance, and how the United States interacts with other nations in a global economy. California state objectives for grade 12 economics, many of which are mentioned above, will be achieved as we cover the curriculum chapter by chapter.