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AP Macroeconomics Course AP Macroeconomics Course The course in AP Macroeconomics is designed to be a one semester, college-level course. This class is taken as Part II of a combined full year AP Micro and Macro program. As a goal, this course is designed to prepare students for success on the AP Macroeconomics exam that is taken in May. AP Macroeconomics emphasizes economic principles as applied to the economy as a whole. Topics covered in the course are aligned with the AP Macroeconomic Course Description outlined by the College Board. The course will provide instruction in each of the following seven topics • Basic economic concepts • Measurement of economic performance • National income and price determination • Financial sector • Inflation, unemployment, and stabilization policies • Economic growth and productivity • Open economy: international trade and finance Text Used Bade, and Michael Parkin. Foundations of Econmics (AP Edition), Pearson/Addison Wesley, 2007. Supplemental Text Morton, John. Advanced Placement Economics Macroeconomics Student Activities, 3rd ed. New York: National Council on Economic Education, 2003 Additional Readings Wheelan, Charles. Naked Economics, Undressing the Dismal Science. Norton Press 2002 Wall Street Journal The Economist Web Resources • http://www.reffonomics.com • http://www.ncee.net • Teacher web page Assessments Section Quizzes 30% Unit Test 30% Homework (Problem sets, readings, worksheets) 20% Project 10% Participation 10% Unit One: Basic Economic Concepts (3 weeks) • Scarcity, choice, and opportunity cost • Production possibilities curve • Comparative advantage, absolute advantage, specialization and exchange • Demand, supply, and market equilibrium • Macroeconomic topics: Circular Flow, business cycles, unemployment inflation. Unit One Key Concepts and Graphs Concepts: The economic way of thinking, micro vs. macro, positive vs. normative economics, choice and economic decision making, scarcity, opportunity cost, production possibilities, absolute and comparative advantage, division and specialization of labor, demand schedule, the determinants of demand, firm and market demand curves, supply schedule, determinants of supply, market equilibrium, shifts in demand and supply, determining price and quantity, macroeconomic issues. Graphs • Production possibilities frontier • Demand and Supply • Demand and Supply shift models Text Chapters: 1,3,4,20,21,22 Activities Morton. AP Economics, Activities 1-8. Mankiw’s Ten Principles of Economics Unit Two: Measurement of Economic Performance (2 weeks) National income accounts • Circular flow • Gross domestic product • Components of gross domestic product • Real versus nominal gross domestic product Inflation • Price indices • Nominal and real values • Cost of inflation Unemployment • Definition and measurement • Types of unemployment • Natural rate of unemployment Text Chapter: 20 Activities Morton. AP Economics, Activities 12-17 Unit Two Key Concepts and Graphs: Concepts: Circular flow of economic activity, inclusions and exclusions of GDP, expenditure approach to GDP, income approach to GDP, nominal versus real GDP, phases of the business cycle, types of unemployment, full employment, measurements of inflation, types of inflation, effects of inflation. Graphs: • Circular Flow Diagram • Phases of the business cycle Unit Three: National Income and Price Determination: (2 weeks) Aggregate demand • Determinants of aggregate demand • Multiplier and crowding out effects Aggregate supply • Short-run and long run analyses • Sticky versus flexible wages and prices • Determinants of aggregate supply Macroeconomic equilibrium • Real output and price level • Short and long run • Actual vs. full employment output • Economic fluctuations Text Chapter: 29 Activities Morton. AP Economics, Activities 20-29 Unit Three: Key Concepts and Graphs Concepts: marginal propensity to consume, the multiplier effect, reasons for a downward sloping aggregate demand curve, determinants of aggregate demand, determinants of aggregate demand, aggregate supply in the short and long run, sticky versus flexible price and wages, determination of equilibrium output and price level, actual versus full employment, utilization of resources Graphs: Investment demand curve Aggregate demand and short run aggregate supply curve Aggregate demand and long run aggregate supply curve Unit Four: Financial Sector: (3 weeks) Money Banking and financial markets • Definition of financial assets: money, stocks, bonds • Time value of money (present and future value) • Measures of money supply • Banks and the creation of money • Money demand • Money market • Loanable funds market Central bank and control of the money supply • Tools of central bank policy • Quantity theory of money • Real versus nominal interest rates Text Chapters: 24,26,27,28 Activities Morton. AP Economics, Activities 34-39 Unit Four Key Concepts and Graphs: Concept: Functions of money, characteristics of money, measures of money, demand of 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 Graphs • Money market • Loanable funds market Unit Five: Inflation, Unemployment, and Stabilization Policies. (2 weeks) Fiscal and monetary policies • Demand-side effects • Supply-side effects • Policy mix • Government deficits and debts Inflation and unemployment • Types of inflation • Demand-pull inflation • Cost-push inflation • The Phillips Curve: short run versus long run • Role of expectations Text Chapters: 31,32 Activities Morton. AP Economics, Activities 43-46 Unit Five Key Concepts and Graphs: 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 Graphs: • Aggregate demand/aggregate supply model • Phillips curve Unit Six: Growth and Productivity (2 weeks) • Growth and Productivity • Investment in human capital • Investment in physical capital • Research and development, and technological development • Growth policy • Productivity Text Chapters: 24,25 Activities Morton. AP Economics, Activity 47 Unit Six Key Concepts and Graphs: 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 Unit Seven: International Trade and Finance (2 weeks) International Trade and Finance A. Balance of payments accounts • Balance of trade • Current account • Capital account B. Foreign exchange market • Demand for supply of foreign exchange • Exchange rate determination • Currency appreciation and depreciation C. Net exports and capital flows D. Links to financial and goods markets Text Chapters: 34,35 Activities Morton. AP Economics, Activities 49-55 Unit Seven Key Concepts and Graphs 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 policy making Graphs: • Production possibilities • Foreign exchange market .
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