Economic Topics - High School Essentials?

I have an elective opening next year and was considering taking Economics. For those who have taken it, what are the most significant topics or concepts that I should focus on or prepare for? Any input would be super cool.

Economics is a great choice for an elective! It provides key knowledge you'll use in both your personal life and in a wide array of careers. Here are some significant topics that you can expect to encounter:

1. Supply and Demand: This is a fundamental concept in economics. It explains how the price and quantity of goods are determined in a market. The basic idea is that as the price of a good or service increases, the quantity demanded decreases, and as the price decreases, demand increases.

2. Opportunity Cost: This refers to the potential benefits an individual, investor, or business misses out on when choosing one alternative over another. It’s essentially a comparison of what you're sacrificing and what you're gaining to make a decision.

3. Macroeconomics/Microeconomics: In a nutshell, macroeconomics looks at the bigger picture (i.e., it's the study of the behavior of an entire economy, like a country's), while microeconomics focuses on individual units within an economy (like a single household's spending).

4. Economic Systems: Different types of economic systems exist, including command economies (also known as planned economies), where the government controls all economic activity, and market economies, where decisions are driven by individual businesses and consumers.

5. Fiscal Policy and Monetary Policy: Both are used to regulate an economy. Fiscal policy involves government spending and taxation, while monetary policy includes controlling inflation or deflation through manipulation of the money supply, often by adjusting interest rates.

6. GDP and Economic Indicators: Gross Domestic Product (GDP) is a key indicator used to measure the health of an economy. Other important indicators include inflation, unemployment rate, and consumer price index.

In terms of preparation, try to stay updated on current economic events; this can make learning these concepts more relevant. Consider subscribing to a financial newspaper or watching videos on economics. Khan Academy, for example, has a fantastic and comprehensive online economics course that's free. It can be a great supplement to your coursework and help you gain a baseline understanding of these concepts.

Keep in mind, though, that you don't necessarily have to prepare beforehand for this class (unless you want to). The course should be structured to teach you these concepts from scratch. The most important thing is to stay curious and keep an open mind.