AP Economics | socialstudies

AP® Macroeconomics is a one-semester, college-level course. Each student is expected to take the AP Macroeconomics Exam that is administered in May. Successful achievement on the AP Exam may allow the student to earn three hours of college credit (depending on the policies of individual institutions).

AP Macroeconomics emphasizes economic principles as applied to the economy as a whole. Topics discussed will reflect the material included in the booklet AP Economics Course Description from the College Board. Lessons include an analysis of national income and its components, economic indicators, inflation and unemployment, money and banking, stabilization policies, and the United States and world trade.

AP ECONOMICS SYLLABUS

I. Teacher Information

Teacher Name: Dr. O. Minor Room: 2106

Tutorial Days: Tues., Wed, Thurs,3:30 -4:30 Course Website: MJHS Website - Faculty/Staff

Teacher E-mail: ominor@atlanta.k12.ga.us

School Website: http://www.atlanta.k12.ga.us/Domain/3508

School Phone #: 404-802-5200

II. Course Description and Objectives

III. Materials and Supplies

5 Subject Spiral Notebook
Colored Pencils or Markers, 2 Highlighters, pen/pencil
2 Glue Sticks

IV. Course Outline/Curriculum Overview

See below

V. Primary Text(s)

VI. Grading Policy:

Formative Pre-Assessment

Pre-Test/Diagnostic Test/Pre-SLO

Assessment During Learning

25%

Performance-based Assessments/Quizzes

Group/Independent Practice (In Class)

40%

Classwork/Projects/Labs/Group work

Homework

Summative Assessment

30%

Culminating Projects/Unit Tests/Final Exam/Post-SLO

Grading scale A: 90-100 B: 80-89 C: 70-79 F: 0-69

VII. Classroom Expectations:

Come to class prepared to focus only with the mentioned material. Be on time and be prepared to learn. At all times everyone in this classroom will conduct himself or herself in a professional manner. ANY deviation from acceptable behavior shall require immediate attention up to and including referral to an administrator. Any student receiving a grade of 70% or below on any graded work is expected to see me for assistance. Come prepared to discuss how to improve your performance.

Class Rules:

Be in your seat when the bell rings. Students not in their own seats, with supplies out, when the bell rings will be considered tardy.
Treat each other and the teacher with respect.
Raise your hand if you have a question or comment, do not interrupt instruction.
Be prepared for class that includes notebook, pen/pencil, textbook, markers and glue.
Electronic devices such as cell phones and I pods, MP3players, accessories to these devices, or similar items are to be kept turned off, and stored out of sight.
I dismiss you… not the bell.
It should be advised that all students should follow all other rules of Maynard Jackson High School and the Atlanta Public School general rules regarding conduct and discipline.

Notebooks/Note-taking:

Interactive notebook-5 Subject Spiral Notebook

Quizzes:

Will be announced

Make-up Policy

MAKING UP MISSED ASSIGNMENTS OR TESTS It is the student’s and parent’s responsibility to make arrangements for make-up work. Students should ask their teacher for any missed assignments on the first day they return to school.

Deficiency Notices and Progress Reports

The student will periodically receive from the teacher GRADE PROGRESS reports and DEFICIENCY NOTICES. You should review with your parent(s) or guardian(s) AND they must sign and return both the GRADE PROGRESS REPORT and DEFICIENCY NOTICE on or before the assigned due date.

Expectations for Technology:

There may be times when the teacher will ask you to utilize your own technology during a class. This technology can include a smart phone, laptop, or tablet. When personal technology is not required by the teacher, the electronic device should be OFF and AWAY.

Academic Integrity

The Atlanta Board of Education recognizes that academic integrity is the foundation of academic excellence and student success. It is the responsibility of every student and employee to exhibit honesty, trust, fairness, respect, and responsibility in academic work at all times to support a positive learning environment in the school. Violations of board policy JFA Academic Integrity shall be handled as violations of the student code of conduct and addressed via the progressive discipline guidelines in the Student Handbook.

Parent Expectations

Parental communication and involvement is essential to the success of all students. We fully welcome your involvement. Parents are encouraged to contact the teacher for updates and concerns. If a parent requests a conference, one will be scheduled as soon as possible.

Additional Readings

The Wall Street Journal

Local newspaper articles

Magazine articles

Unit One: Basic Economic Concepts [SC1]

Basic Economic Concepts

A. Scarcity, choice, and opportunity cost

B. Production possibilities curve

C. Comparative advantage, specialization, and exchange

D. Demand, supply, and market equilibrium

E. Macroeconomic issues: business cycle, unemployment, inflation, growth

Chapters Included in Unit One

McConnell, Brue, and Flynn, Chapters 1, 2, 3, 6

List of Key Concepts and Graphs

Key concepts: introduction to the language of economics, micro vs. macro, positive

vs. normative economics, economic decision making, pitfalls of decision making,

scarcity, opportunity costs, production possibilities, absolute advantage, comparative

advantage, specialization, terms of trade, demand schedule, determinants of demand,

individual and market demand curves, supply schedule, determinants of supply,

market equilibrium, shifts in supply and demand with effects on equilibrium price and

quantity, introduction of key macroeconomic issues [SC1]

SC1—The course provides

instruction in basic

economic concepts, such

as marginal analysis and

opportunity costs.

Graphs:

Production possibilities curve (frontier)

Demand and supply curves showing equilibrium

Demand and supply curves showing shifts in demand/supply [SC10]

List of Key Words or Terms

Key terms: economics, factors of production, inputs, capital, microeconomics,

macroeconomics, positive economics, normative economics, ceteris paribus, fallacy

of composition, scarcity, opportunity cost, model, production possibilities, constant

costs, law of increasing opportunity cost, absolute advantage, comparative advantage,

specialization, terms of trade, demand, law of demand, quantity demanded, market

demand, substitutes, complements, normal goods, inferior goods, supply, law of supply,

quantity supplied, market equilibrium, equilibrium price, equilibrium quantity, business

cycle, recession, trough, recovery, unemployment, inflation, economic growth

Web Resources

www.councilforeconed.org

www.reffonomics.com

Videos

Economics U$A

1. Resources and scarcity: What is economics all about?

2. Markets: Do they serve our needs?

3. Paul Solman videos for use with McConnell, Brue, and Flynn, Chapters 1, 2, 3, and 6

Simulation Games

Resource Scarcity Game

Market in Wheat (John Morton, Advanced Placement Economics, Instructor’s

Manual)

Activities

Morton. Advanced Placement Economics, Activities 1–8.

Timeline for Unit One

Day Class Activity

1. Introduction to the economic way of thinking, Chapters 1 and 2

2. Discussion of scarcity, opportunity costs/Resource Scarcity Game

3. Production possibilities, Chapter 2

4–5. Absolute and comparative advantage, terms of trade, Chapter 6

6. Test on introductory information/begin demand, Chapter 3

7. Demand, donut-eating exercise

8. Shifts in demand, begin supply

9. Quiz on demand, shifts in supply, changes in equilibrium price/quantity

10. Macroeconomic issues

11. Finish material/study guide discussion

12. Unit One test

SC10—The course teaches

students how to interpret

and analyze charts, graphs

and data to describe

economic concepts.

Unit Two: Measurement of Economic Performance

Measurement of Economic Performance [SC2]

A. National income accounts

1. Circular flow

2. Gross domestic product

3. Components of gross domestic product

4. Real vs. nominal gross domestic product

B. Inflation measurement and adjustment

1. Price indices

2. Nominal and real values

3. Costs of inflation

C. Unemployment

1. Definition and measurement

2. Types of unemployment

3. Natural rate of unemployment

Chapters Included in Unit Two

McConnell, Brue, and Flynn, Chapters 7, 8

List of Key Concepts and Graphs

Key concepts: circular flow of economic activity, inclusions and exclusions concerning

gross domestic product, expenditure approach to GDP, income approach to GDP,

nominal vs. real GDP, phases of the business cycle, types of unemployment, full

employment, measurements of inflation, types of inflation, effects of inflation

Graphs:

Circular flow of economic activity

Phases of the business cycle [SC10]

List of Key Words or Terms

Key terms: gross domestic product, intermediate goods, final goods, multiple counting,

expenditure approach, income approach, personal consumption expenditures,

gross private domestic investment, net private domestic investment, government

purchases, net exports, national income, consumption of fixed capital, depreciation,

personal income, disposable personal income, nominal GDP, real GDP, GDP deflator,

peak, recession, trough, recovery, labor force, unemployment rate, frictional

unemployment, structural unemployment, cyclical unemployment, full-employment

rate of unemployment, natural rate of unemployment, inflation, Consumer Price Index,

demand-pull inflation, cost-push inflation, nominal income, real income, deflation

Web Resources

www.reffonomics.com

www.bls.gov

www.councilforeconed.org

http://apcentral.collegeboard.com

SC2—The course provides

instruction in measurement

of economic performance,

national income and price

level determination.

SC10—The course teaches

students how to interpret

and analyze charts, graphs

and data to describe

economic concepts.

Videos

Economics U$A: What Is GNP? (provides useful information that can easily be adapted

for GDP)

Paul Solman videos, Chapters 7 and 8

Activities

Morton. Advanced Placement Economics, Activities 12–17.

Timeline for Unit Two

Day Class Activity

1. Video—What Is GNP?

2. Components of GDP, expenditure approach, income approach, Chapter 7

3. Quiz and exercise on nominal and real GDP

4. Types of unemployment, Chapter 8

5. Types of inflation

6. Determining real and nominal values using price indexes

7. Effects of inflation—short play on inflation

8. Review activities from Morton workbook

9. Unit Two test

Unit Three: National Income and Price Determination

National Income and Price Determination [SC2]

A. Aggregate demand

1. Determinants of aggregate demand

2. Multiplier and crowding out effects

B. Aggregate supply

1. Short-run and long-run analyses

2. Sticky vs. flexible wages and prices

3. Determinants of aggregate supply

C. Macroeconomic equilibrium

1. Real output and price level

2. Short and long run

3. Actual vs. full employment output

4. Business cycle and economic fluctuations

Chapters Included in Unit Three

McConnell, Brue, and Flynn, Chapters 9 and11

List of Key Concepts and Graphs

Key concepts: marginal propensity to consume, the multiplier effect, reasons for

a downward sloping aggregate demand curve, determinants of aggregate demand,

aggregate supply in the short and long run, sticky vs. flexible prices and wages,

determination of equilibrium output and price level, actual vs. full employment,

utilization of resources [SC8]

SC2—The course provides

instruction in measurement

of economic performance,

national income and price

level determination.

SC8—The course promotes

understanding of aggregate

economic activity and

the critical evaluation of

determinants of economic

progress and economic

decisions made by policy

makers.

Graphs (students must be able to create and use):

Investment demand curve

Aggregate demand and short-run aggregate supply curve

Aggregate demand and long-run aggregate supply curve [SC9]

List of Key Words and Terms

Key terms: marginal propensity to consume, marginal propensity to save, investment,

multiplier, investment schedule, leakage, injection, real balances effect, interest-

rate effect, foreign purchases effect, aggregate demand, short-run aggregate supply,

equilibrium price level, equilibrium real output

Web Resources

www.reffonomics.com

www.councilforeconed.org

Videos

Paul Solman videos for use with Economics

Economics U$A: Supply Creates Its Own Demand

Activities

Morton. Advanced Placement Economics, Activities 20–29.

Jeopardy

Timeline for Unit Three

Day Class Activity

1. Introduce marginal propensity as it applies to consumption and savings, Chapter 9

2. Multiplier effect

3. Aggregate demand and its determinants, Chapter 11

4. Quiz on aggregate demand determinants, introduce short-run aggregate supply

5. Short-run and long-run aggregate supply

6. Sticky vs. flexible wages and prices, equilibrium real output and prices

7. Supply shocks, changes in aggregate demand

8. Review Jeopardy activity

9. Unit Three test

Unit Four: Financial Sector

Financial Sector [SC4]

A. Money, banking, and financial markets

1. Definition of financial assets: money, stocks, bonds

2. Time value of money (present and future value)

3. Measures of money supply

4. Banks and the creation of money

5. Money demand

6. Money market and the equilibrium nominal interest rate

B. Loanable funds market

SC9—The course teaches

students how to generate

charts and graphs to

describe economic

concepts.

SC4—The course provides

instruction in the financial

sector.

1. Supply of and demand for loanable funds

2. Equilibrium real interest rate

3. Crowding out

C. Central bank and control of the money supply

1. Tools of central bank policy

2. Quantity theory of money

3. Real vs. nominal interest rates

Chapters Included in Unit Four

McConnell, Brue, and Flynn, Chapters 13, 14, 15, and 29

List of Key Concepts and Graphs

Key concepts: functions of money, characteristics of money, measures of money,

demand for money, the money market, the creation of money, loanable funds market,

organization of the Federal Reserve, tools of monetary policy, responsibilities of the

Fed, quantity theory of money

List of Key Words and Terms

Key terms: medium of exchange, store of value, measure of value, M1, M2, M3,

checkable deposits, demand deposits, time deposits, legal tender, asset demand,

transaction demand, balance sheet, T account, fractional reserve banking system,

required reserves, excess reserves, actual reserves, federal funds rate, prime interest

rate, discount rate, open-market operations, monetary multiplier, nominal interest rate,

real interest rate, FDIC, velocity of money

Web Resources

Federal Reserve Bank websites

www.reffonomics.com

www.councilforeconed.org

Video

The Fed Today

Simulation Games

Creation of money exercise

Activities

Morton. Advanced Placement Economics, Activities 34–39.

Timeline for Unit Four

Day Class Activity

1. Functions and types of money, Chapter 13

2. Demand for money and money market

3. Quiz on money, introduce creation of money

4. Creation of money/simulation game

5. Loanable funds market, Chapter 29

6. Quiz on money market and loanable funds

7. Organization of the Federal Reserve, Chapter 13

8. Tools of monetary policy, Chapter 15

9. Review activities from Morton workbook

10. Unit Four test

Unit Five: Inflation, Unemployment, and Stabilization

Policies [SC3] & [SC5]

A. Fiscal and monetary policies

1. Demand-side effects

2. Supply-side effects

3. Policy mix

4. Government deficits and debts

B. The Phillips curve

1. Short-run and long-run Phillips curves

2. Demand-pull vs. cost-push inflation

3. Role of expectations

Chapters included in Unit Five

McConnell, Brue, and Flynn, Chapters 12, 15, 16, and 18

List of Key Concepts and Graphs

Key concepts: fiscal policy and the aggregate demand/aggregate supply model,

monetary policy and the aggregate demand/aggregate supply model, combinations of

the policies and their effects, international considerations, government deficits and

debts, long-run aggregate supply, demand-pull and cost-push inflation, the inflation-

unemployment relationship, expectations

List of Key Words and Terms

Key terms: expansionary fiscal policy, contractionary fiscal policy, budget deficit,

budget surplus, built-in stabilizer, discretionary policy, progressive tax system,

regressive tax system, proportional tax system, crowding-out effect, net export effect,

Federal Reserve Board of Governors, open-market operations, discount rate, reserve

requirement, short run, long run, Phillips curve, stagflation, aggregate supply shocks,

long-run vertical supply curve, supply-side economics

Web Resources

www.reffonomics.com

Federal Reserve Banks websites

Activities

Morton. Advanced Placement Economics, Activities 43–46.

Day Class Activity

1. Fiscal policy, Chapter 12

2. Consequences of fiscal policy

SC3—The course provides

instruction in unemployment

and inflation.

SC5—The course provides

instruction in stabilization

policies.

3. Monetary policy, Chapter 15

4. Consequences of monetary policy

5. Fiscal and monetary policies

6. Test, Chapters 12 and 15

7. Government budget deficits and debts, Chapter 18

8. Short-run and long-run supply curve, Chapter 16

9. Short-run and long-run Phillips curve

10. Expectations

11. Review Jeopardy activity

12. Unit Five test: multiple choice

13. Unit Five test: free response

Unit Six: Economic Growth

Economic Growth [SC6]

A. Definition of economic growth

B. Determinants of economic growth

1. Investment in human capital

2. Investment in physical capital

3. Research and development, technological development

C. Growth policy

Chapters included in Unit Six

McConnell, Brue, and Flynn, Chapter 17

List of Key Concepts and Graphs

Key concepts: ingredients of economic growth, production possibilities analysis,

growth in the AD/AS model, long- and short-run analysis, labor and productivity,

technological advance

Graphs:

Production possibilities curve

Aggregate demand/aggregate supply model

List of Key Words or Terms

Key terms: economic growth, labor productivity, labor-force participation rate, human

capital, economies of scale, infrastructure, efficiency

Web Resources

www.reffonomics.com

www.bls.gov

www.councilforeconed.org

www.econedlink.org

Video

Paul Solman videos for use with McConnell, Brue, and Flynn

SC6—The course provides

instruction in economic

growth and productivity.

Activity

Morton. Advanced Placement Economics, Activity 47

Timeline for Unit Six

Day Class Activity

1. Ingredients for growth, Chapter 17

2. Production possibilities and AD/AS analysis

3. Growth from labor productivity and technological advance

4. Macroeconomic implications

5. Unit Six test

Unit Seven: Open Economy: International Trade and

Finance

Open Economy: International Trade and Finance [SC7]

A. Balance of payments accounts

1. Balance of trade

2. Current account

3. Financial account

B. Foreign exchange market

1. Demand for and supply of foreign exchange

2. Exchange rate determination

3. Currency appreciation and depreciation

C. Imports, exports, and capital flows

D. Relationships between international and domestic financial and goods

markets

Chapters Included in Unit Seven

McConnell, Brue, and Flynn, Chapters 6, 37, and 38

List of Key Concepts and Graphs

Key concepts: the United States and world trade, absolute and comparative

advantage, balance of payments, foreign exchange markets, implications of foreign

trade, effects of domestic fiscal and monetary policies on capital flows and foreign

exchange markets, use of resources, decision and policymaking [SC8]

Graphs:

Production possibilities

Foreign exchange market

List of Key Words or Terms

Key terms: tariffs, quotas, subsidies, absolute advantage, comparative advantage,

terms of trade, world price, domestic price, current account, balance on goods

and services, trade deficit, trade surplus, capital account, official reserves, flexible

exchange rates, fixed exchange rates, depreciation, appreciation, General Agreement on

Tariffs and Trade (GATT), World Trade Organization (WTO), North American Free Trade

Agreement (NAFTA)

SC7—The course provides

instruction in open

economy and international

trade and finance.

SC8—The course promotes

understanding of aggregate

economic activity and

the critical evaluation of

determinants of economic

progress and economic

decisions made by policy

makers.

Web Resources

www.reffonomics.com

www.councilforeconed.org

www.econedlink.org

Videos

Paul Solman videos to use with McConnell, Brue, and Flynn

Activities

Morton. Advanced Placement Economics, Activities 49–55.

Timeline for Unit Seven

Day Class Activity

1. The United States and world trade/barriers to trade, Chapters 6 and 37

2. Absolute and comparative advantage

3. Balance of payments, Chapter 38

4. Balance of payments

5. Quiz on introduction of exchange rates

6. Foreign exchange rates

7. Implications of foreign exchange rates and economic policies

8. Review activity

9. Unit Seven test: multiple choice

10. Unit Seven test: free response