Economics AP Macro Economics 9-12

Economics

AP Macro Economics 9-12

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Course Description

The purpose of the AP course in Macroeconomics is to give students a thorough understanding of the principles of economics that apply to an economic system as a whole. The course places particular emphasis on the study of national income and price level determination, and also develops student’s familiarity with economic performance measures, the financial sector, stabilization policies, economic growth and international economics. Students learn to use graphs, charts, and data to analyze, describe, and explain economic concepts. The course assesses students on seven sections that consist of the following: 1. Basic Economic Topics (8-12% assessed) 2. Measurement and Economic Performance (12-16% assessed) 3. National Income and Price Determination (10-15% assessed) 4. Financial Sector (15-20% assessed) 5. Stabilized Policy (20-30% assessed) 6. Economic Growth (5-10% assessed) 7. Open Economy International Trade and Finance (10-15% assessed).

https://apcentral.collegeboard.org/pdf/ap-economics-course-description.pdf?course=ap-macroeconomics

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ESL Framework

This ESL framework was designed to be used by bilingual, dual language, ESL and general education teachers. Bilingual and dual language programs use the home language and a second language for instruction. ESL teachers and general education or bilingual teachers may use this document to collaborate on unit and lesson planning to decide who will address certain components of the New Jersey Student Learning Standard (NJSLS) and language objective. ESL teachers may use the appropriate leveled language objective to build lessons for ELLs which reflects what is covered in the general education program. In this way, whether it is a pull-out or push-in model, all teachers are working on the same Student Learning Standard. The design of language objectives are based on the alignment of the World-Class Instructional Design Assessment (WIDA) Consortium’s English Language Development (ELD) standards with the New Jersey Student Learning Standards. WIDA’s ELD standards advance academic language development across content areas ultimately leading to academic achievement for English learners. As English learners are progressing through the six developmental linguistic stages, this framework will assist all teachers who work with English learners to appropriately identify the language needed to meet the requirements of the content standard. At the same time, the language objectives recognize the cognitive demand required to complete educational tasks. Even though listening and reading (receptive) skills differ from speaking and writing (expressive) skills across proficiency levels the cognitive function should not be diminished. For example, an Entering Level One student only has the linguistic ability to respond in single words in English with significant support from their home language. However, they could complete a Venn diagram with single words which demonstrates that they understand how the elements compare and contrast with each other or they could respond with the support of their home language (L1) with assistance from a teacher, para-professional, peer or a technology program.

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PACING CHART

Unit Topic Duration

Basic Economic Concepts and Measurement of Unit 1 Economic Performance 8 Weeks National Income and Price Determination Unit 2 8 Weeks

Economic Growth and Stabilization Policies Unit 3 9 Weeks

Open Economy: International Trade and Unit 4 Finance 9 Weeks AP Assessment Prep

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Educational Technology

Standards

8.1.12.A.1,8.1.12.A.3, 8.1.12.A.4

 Technology Operations and Concepts  Create a personal digital presentation which reflects on economic achievements and aspirations by using a variety of digital tools and resources. 8.1.12.A.1  Example of use within the unit: Students will research how much start- up money is needed to start possible Business in area of interest.

 Collaborate in online courses, learning communities, social networks or virtual worlds to discuss a resolution to a problem or issue. 8.1.12.A.3  Example of use within the unit: Take a poll in class about things students likes and dislikes about social media sites and possible effects on relationships.

 Construct a spreadsheet workbook with multiple worksheets, rename tabs to reflect the data on the worksheet, and use mathematical or logical functions, charts and data from all worksheets to convey the results. 8.1.12.A.4  Technology Operations and Concepts  Create a a spread sheet analyzing production for a company and its impact on a community and overall economy.  Example of use within the unit: Students will graph and explain the Law of Supply.

 Collaborate in online courses, learning communities, social networks or virtual worlds to discuss a resolution to a problem or issue. 8.1.12.A.3  Example of use within the unit: Simulation Activities workbook “Creating Demand”

 Example of use within the unit: Students will create a combined supply and demand schedule table

 Create a personal digital portfolio which reflects personal and academic interests, achievements, and career aspirations by using a

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Educational Technology

variety of digital tools and resources

 Example of use within the unit: Students can research the most popular sole proprietorships and determine the gross income of each.

 Collaborate in online courses, learning communities, social networks or virtual worlds to discuss a resolution to a problem or issue.

 Example of use within the unit: Work within online working group contribute opinions on Sole proprietorship and partnerships

 Use an electronic authoring tool in collaboration with learners from other countries to evaluate and summarize the perspectives of other cultures about a current event or contemporary figure. Example of use within the unit:

Have students create an organizational chart of a corporation

 Technology Operations and Concepts  Model appropriate online behaviors related to cyber safety, cyber bullying, cyber security, and cyber ethics.

 Example of use within the unit: Demonstrate appropriate communication techniques within online chatrooms used for class

 Gather and analyze findings using data collection technology to produce a possible solution for a content-related or real-world problem.

 Example of use within the unit: Demonstrate appropriate use copyrights in citing sources as well as fair use and Creative Common Guidelines

 Use an electronic authoring tool in collaboration with learners from other countries to evaluate and summarize the perspectives of other cultures about a current event or contemporary figure.

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Educational Technology

 Example of use within the unit: Have students research a franchise and calculate the expense to start a franchise (McDonalds)

Link: https://support.google.com/edu/classroom/answer/6072460?co=GENIE.Platform%3DDesktop&hl=en

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Career Ready Practices Standards CRP1, CRP2, CRP4, CRP6, CRP11, CRP12

 CRP1. Act as a responsible and contributing citizen and employee Career-ready individuals understand the obligations and responsibilities of being a member of a community, and they demonstrate this understanding every day through their interactions with others. They are conscientious of the impacts of their decisions on others and the environment around them. They think about the near-term and long-term consequences of their actions and seek to act in ways that contribute to the betterment of their teams, families, community and workplace. They are reliable and consistent in going beyond the minimum expectation and in participating in activities that serve the greater good.

Example of use within the Unit: Students will create a plan for how they can serve their community through US History studies. Students will create an action plan for a situation in the community where citizens need assistance in creating jobs and individual wealth.

 CRP2. Apply appropriate academic and technical skills. Career-ready individuals readily access and use the knowledge and skills acquired through experience and education to be more productive. They make connections between abstract concepts with real-world applications, and they make correct insights about when it is appropriate to apply the use of an academic skill in a workplace situation

Example of use within the Unit: Students will research a situation in which a US Citizen’s rights may have been economically violated and create a plan to protect these rights in the future.

 CRP4. Communicate clearly and effectively and with reason. Career-ready individuals communicate thoughts, ideas, and action plans with clarity, whether using written, verbal, and/or visual methods. They communicate in the workplace with clarity and purpose to make maximum use of their own and others’ time. They are excellent writers; they master conventions, word choice, and organization, and use effective tone and presentation skills to articulate ideas. They are skilled at interacting with others; they are active listeners and speak clearly and with purpose. Career-ready individuals think about the audience for their communication and prepare accordingly to ensure the desired outcome.

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Example of use within the Unit: Students will create a presentation explaining one country economy in US Historical Period. Students will conduct research on the economy and be able to clearly state the country's history and long-term goals.

 CRP6. Demonstrate creativity and innovation. Career-ready individuals regularly think of ideas that solve problems in new and different ways, and they contribute those ideas in a useful and productive manner to improve their organization. They can consider unconventional ideas and suggestions as solutions to issues, tasks or problems, and they discern which ideas and suggestions will add greatest value. They seek new methods, practices, and ideas from a variety of sources and seek to apply those ideas to their own workplace. They take action on their ideas and understand how to bring innovation to an organization.

Example of use within the Unit: Students will analyze the next bubble that will burst that will lead the county to the next recession or depression. In addition, the students will develop responses to the recessions or depression.

 CRP11. Use technology to enhance productivity. Career-ready individuals find and maximize the productive value of existing and new technology to accomplish workplace tasks and solve workplace problems. They are flexible and adaptive in acquiring new technology. They are proficient with ubiquitous technology applications. They understand the inherent risks-personal and organizational-of technology applications, and they take actions to prevent or mitigate these risks.

Example of use within the Unit: Students will examine the impact of new technology on the economy.

 CRP12. Work productively in teams while using cultural global competence. Career-ready individuals positively contribute to every team, whether formal or informal. They apply an awareness of cultural difference to avoid barriers to productive and positive interaction. They find ways to increase the engagement and contribution of all team members. They plan and facilitate effective team meetings.

Example of use within the Unit: Students will develop teams and analyze economical practices of other countries and provides suggestions to raise production. http://www.state.nj.us/education/aps/cccs/career/CareerReadyPractices.pdf

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WIDA Proficiency Levels: At the given level of English language proficiency, English language learners will process, understand, produce or use:

 Specialized or technical language reflective of the content areas at grade level  A variety of sentence lengths of varying linguistic complexity in extended oral or written discourse as required by the 6- Reaching specified grade level  Oral or written communication in English comparable to proficient English peers  Specialized or technical language of the content areas  A variety of sentence lengths of varying linguistic complexity in extended oral or written discourse, including stories, 5- Bridging essays or reports  Oral or written language approaching comparability to that of proficient English peers when presented with grade level material.  Specific and some technical language of the content areas  A variety of sentence lengths of varying linguistic complexity in oral discourse or multiple, related sentences or paragraphs  Oral or written language with minimal phonological, syntactic or semantic errors that may impede the 4- Expanding communication, but retain much of its meaning, when presented with oral or written connected discourse, with sensory, graphic or interactive support  General and some specific language of the content areas  Expanded sentences in oral interaction or written paragraphs  Oral or written language with phonological, syntactic or semantic errors that may impede the communication, but retain much of its meaning, when presented with oral or written, narrative or expository descriptions with sensory, 3- Developing graphic or interactive support  General language related to the content area  Phrases or short sentences  Oral or written language with phonological, syntactic, or semantic errors that often impede of the communication when presented with one to multiple-step commands, directions, or a series of statements with sensory, graphic or 2- Beginning interactive support  Pictorial or graphic representation of the language of the content areas  Words, phrases or chunks of language when presented with one-step commands directions, WH-, choice or yes/no 1- Entering questions, or statements with sensory, graphic or interactive support

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Culturally Relevant Pedagogy Examples Relationships:

Learn about your students’ individual cultures.

Adapt your teaching to the way your students learn

Develop a connection with challenging students

Communicate and work with parents/guardians on a regular basis (email distribution, newsletter, phone calls, notes, meetings, etc.)

* Curriculum:

Incorporate student- centered stories, vocabulary and examples.

Incorporate relatable aspects of students’ lives

Create lessons that connect the content to your students’ culture and daily lives.

Incorporate instructional materials that relate to a variety of cultural experiences

Incorporate lessons that challenge dominant viewpoints

Provide student with opportunity to engage with text that highlights authors, speakers, characters or content that reflect students lived experiences (mirror) or provide a window into the lived experience of people whose identities differ from students.

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Bring in guest speakers.

Use learning stations that utilize a range of materials.

Use Media that positively depicts a range of cultures

* Instructional Delivery:

Establish an interactive dialogue to engage all students

Continuously interact with students and provide frequent feedback

Use frequent questioning as a means to keep students involved

Intentionally address visual, tactile, and auditory learners

Present relatable real world problems from various viewpoints

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Differentiated Instruction Accommodate Based on Students Individual Needs: Strategies

Time/General Processing Comprehension Recall

 Extra time for assigned tasks  Extra Response time  Precise step-by-step directions  Teacher-made checklist

 Adjust length of assignment  Have students verbalize steps  Short manageable tasks  Use visual graphic organizers

 Timeline with due dates for  Repeat, clarify or reword  Brief and concrete directions  Reference resources to reports and projects directions promote independence  Provide immediate feedback  Communication system  Mini-breaks between tasks  Visual and verbal reminders between home and school  Small group instruction  Provide lecture notes/outline  Provide a warning for  Graphic organizers transitions  Emphasize multi-sensory learning  Reading partners

Assistive Technology Tests/Quizzes/Grading Behavior/Attention Organization

 Computer/whiteboard  Extended time  Consistent daily structured  Individual daily planner routine  Tape recorder  Study guides  Display a written agenda  Simple and clear classroom  Spell-checker  Shortened tests rules  Note-taking assistance

 Audio-taped books  Read directions aloud  Frequent feedback  Color code materials

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Differentiated Instruction Accommodate Based on Students’ Individual Needs: Strategies

 Leveled Text  Chunking text  Choice Board/Menu  Tiered Instruction  Small group instruction  Sentence starters/frames  Writing scaffolds  Tangible items/pictures (i.e., to facilitate vocabulary acquisition)  Use of oral assessment  Tiered learning centers  Tiered questioning  Data-driven student partnerships

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Interdisciplinary Connections

Mathematics

Calculate how many employees a firm has based on data collected regarding the company. Calculate the difference in plane tickets prices based on fuel the time of year and the length between the flight and purchase. Students will use schedules to determine were supply and demand meet. A- SSE.A.1.a-b and A-SSE.A.2.

Social Studies:

Students will be able to examine if the spending habits of the city for public goods is need. Students will be able to examine how presidents domestic policies differ from each in combating poverty. RH.11.12.3

Language Arts

Have students write an essay comparing the success and failures of Western European socialism with the US capitalistic society. Standard: RI.11.12.9

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Enrichment

Accommodate Based on Students Individual Needs: Strategies The goal of Enrichment is to provide learners the opportunity to participate in extension activities that are differentiated and augment the district’s curriculum. Teachers are to accommodate based on student individual needs.

 Show a high degree of intellectual, creative and/or artistic ability and demonstrate this ability in multiple ways.  Pose questions and exhibit sincere curiosity about principles and how things work.  The ability to grasp concepts and make real world and cross-curricular connections.  Generate theories and hypotheses and pursue methods of inquiry.  Produce products that express insight, creativity, and excellence.  Possess exceptional leadership skills.  Evaluate vocabulary  Elevate Text Complexity  Inquiry based assignments and projects  Independent student options  Tiered/Multi-level activities  Purposeful Learning Center  Open-ended activities and projects  Form and build on learning communities  Providing pupils with experiences outside the ‘regular’ curriculum  Altering the pace the student uses to cover regular curriculum in order to explore topics of interest in greater depth/breadth within their own grade level.  A higher quality of work than the norm for the given age group.  The promotion of a higher level of thinking and making connections.  The inclusion of additional subject areas and/or activities (cross-curricular).  Using supplementary materials in addition to the normal range of resources.

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Assessments

State Assessments Suggested Formative/Summative Classroom Assessments

 College Boards advanced placement assessment  Short constructed response questions  Multiple Choice questions  Quizzes  Journals  Essays  Quick writes  Summative chapter test  Projects  Portfolio  Exit Slips  Graphic Organizers  Presentations (incorporating Web 2.0 tools)  Anecdotal Notes

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College Board Practices Scoring Components Page(s)

SC1 The course provides instruction in basic economic concepts, such as marginal analysis and opportunity costs.

SC2 The course provides instruction in measurement of economic performance, national income and price level determination.

SC3 The course provides instruction in unemployment and inflation.

SC4 The course provides instruction in the financial sector.

SC5 The course provides instruction in stabilization policies.

SC6 The course provides instruction in economic growth and productivity.

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.

SC9 The course teaches students how to generate charts and graphs to describe economic concepts.

SC10 The course teaches students how to interpret and analyze charts, graphs and data to describe economic concepts.

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Grade: 9-12 Unit: 1 Topic: Basic Economic Concepts and Measurement of Economic Performance NJSLS: 6.1.12.C.15.b Assess economic priorities related to international and domestic needs, as reflected in the national budget. 6.1.12.C.16.a Evaluate the economic, political, and social impact of new and emerging technologies on individuals and nations. 6.1.12.C.16.b Predict the impact of technology on the global workforce and on entrepreneurship. 6.1.12.C.16.c Assess the impact of international trade, global business organizations, and overseas competition on the United States economy and workforce. 6.2.8.C.2.a Explain how technological advancements led to greater economic specialization, improved weaponry, trade, and the development of a class system in early river valley civilizations. 6.2.8.C.3.b Explain how classical civilizations used technology and innovation to enhance agricultural/ manufacturing output and commerce, to expand military capabilities, to improve life in urban areas, and to allow for greater division of labor. 6.2.8.D.4.e Analyze the immediate and long-term impact on China and Europe of the open exchange between Europe and the Yuan (Mongol) Dynasty. 6.2.12.C.2.a Relate the development of more modern banking and financial systems to European economic influence in the world. 6.2.12.C.5.g Evaluate the role of the petroleum industry in world politics, the global economy, and the environment. 6.2.12.C.6.c Assess the role government monetary policies, central banks, international investment, and exchange rates play in maintaining stable regional and global economies. New Jersey Student Learning Standards (NJSLS): 6.1.12.C.15.b , 6.1.12.C.16.a., 6.1.12.C.16.b , 6.1.12.C.16.c , 6.2.12.C.2.a, 6.2.12.C.3.b, 6.2.12.D.4.e, 6.2.12.C.2.a, 6.2.12.C.5.g, 6.2.12.C.6.c

NJDOE Student Essential Skills, Strategies & Learning Understandings/ Tasks/Activities/ Concepts Objective Questions Examine the relationship Students will What is scarcity and Survivor simulation on economic decisions for scarce resources between scarcity and the demonstrate how does it affect the http://hrlibrary.umn.edu/edumat/sustecon/activities/2-2.htm market. documented market? Because of the law of increasing costs (all units of any input are not answers to open equally productive in the output of different goods), the frontier is ended questions. usually concave to the origin, i.e., the cost of good Y in terms of X increases as the production of Y increases.

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Compare and contrast the Students will What is opportunity Economic Center Activity on opportunity cost and benefit opportunity cost and construct graph cost and benefit? https://www.economicscenter.org/media/431196/september_lesson.pdf benefit. illustrations of data to be used in essay Calculating Opportunity Cost from a PPF [SC1] (The absolute value type questions. of the slope is actually the opportunity cost.) We measure the unit opportunity cost of good X as the quantity of good Y you must give up divided by the quantity of good X you will get. Note, therefore, that for two goods, the opportunity cost of good X is the reciprocal of the opportunity cost of good Y.

Interpret an economies Students will Why trade among Problem sets on graphing supply, demand, and equilibrium. ability to develop and perform people or nations can https://courses.lumenlearning.com/microeconomics/chapter/problem- exploit their domestic mathematical be good for everyone? set-supply-and-demand-1/ scarce resources, in order to calculations of trade surplus for the economic data Market equilibrium occurs where the demand and supply curves resources they need. intersect. [SC1] If the price is not at an equilibrium (disequilibrium with S not equal to D), then there should naturally be a process of adjustment in both the price and quantities over time to attain equilibrium. This occurs because price functions as a rationing device to cut shortages (when there is excess demand: D > S) and as a signaling device to producers (the invisible hand) to increase or reduce production. A supply shock occurs when there is a sudden cut in the supply of a particular good (e.g., oil cuts or rice after a series of typhoons). As a result the supply curve shifts left ➞ equilibrium P up, Q down.

Investigate economist use Students will Why do economists Circular Diagram activity of science as they make construct graph apply the methods of Pubfin.nccu.edu.tw/faculty/jackwu/104_ETP_ appropriate assumptions illustrations of data science? Economics_Solution_to_HW1_(Cha_2,3)_pdf.pdf and build simplified models to be used in essay in order to understand the type questions. world around them. Two

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simple economic models are the circular-flow diagram and the production possibilities frontier. Examine the ability of a Students will What is the difference Reffonomics activity on PPC and comparative advantage and quiz country to produce specific research and submit in the meaning of http://reffonomics.com/ goods at a lower written reports to be absolute advantage opportunity cost. used in oral and comparative presentations. advantage?

Analyze a total market Students will Demonstrate how Info graph activity value of the goods and construct graph gross domestic product https://www.frbatlanta.org/- services produced by a illustrations of data (GDP) is defined and /media/documents/education/publications/extra- country's economy during a to be used in essay calculated? credit/2016/fall/lessons-and-activities/middle- specified period of time. type questions. school/macroeconomics/gdp-infographic-activity/extra-credit_gdp- infographic-activity.pdf Examine the characteristics Students will How are real and Nominal and Real Interest Rates calculation activity of real and nominal interest perform nominal interest rates https://serc.carleton.edu/sp/library/FRED/ rates. mathematical different? examples/84589.html calculations of economic data The nominal value is what you first see: the interest rate, the wage, the calculated expenditure on output (GDP), asset prices, etc. When the nominal value has been. adjusted for inflation, we have the real value in terms of the goods and services that can actually be bought.

If the nominal values are in terms of rates, we can find the real value by using the relationship: Real rate = nominal rate – inflation rate (e.g., interest rate or growth rate of GDP).

If the nominal values are simply values, we find the real value by: Real value = nominal value ÷ price index × 100 (e.g., real GDP, real wages)

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Investigate the relationship Students will Why productivity is Labor Productivity Activity labor productivity and its demonstrate the key determinant of https://opentextbc.ca/principlesofeconomics/chapter/20-2-labor- influence on standard of documented a country’s standard of productivity-and-economic-growth/ living. answers to open living? ended questions. Analyze how flow at one point in time is fixed, but it can be expanded (through the careful use of injections: I, G, and X), which leads to higher living standards (growth in real GDP per capita). Analyze Okun's Law states Students will How is unemployment Relationships among output, unemployment, and inflation for 1% construct graph data used to measure https://www.econedlink.org/resources/okuns-law/ of unemployment above the illustrations of data the connection natural rate, a negative to be used in essay between GDP and There are two main ways of measuring the number of unemployed: GDP gap of about 2 percent type questions. inflation? • A labor force survey (United States and Japan). A person is occurs. considered to be employed even if only one hour was worked in the survey week. Examine the different types • Counting those registered as unemployed at public employment of unemployment. agencies (UK). Unemployment is a waste of resources (i.e., inside the PPF below potential real GDP). It also requires extra transfer payments (social security) from the government and therefore is a cost to the taxpayer.

Compare and Contrast the different types of unemployment. Kinds of Unemployment (resulting from different causes): 1. Cyclical, demand deficient (may need appropriate policies) 2. Frictional (still “full employment” and good for productive resource allocation) 3. Structural/technological (need training, job mobility) 4. Seasonal (cannot be remedied by macro policies) 5. Disguised, i.e., underemployment and discouraged workers who do not appear in the 24 | P a g e

official data (need better data, for example, on job openings to applications ratio)

Examine four main players Students will How do four sectors Review questions and exercises (sectors): households, firms, demonstrate impact the economy? http://www.ase.tufts.edu/gdae/education_materials government, and documented /modules/consumption_and_the_consumer_society.pdf international (ROW). answers to open ended questions. Investigate monetary flow Students will How does monetary Review Khan academy activities (expenditure and income) construct graph flow become https://www.khanacademy.org/economics-finance-domain/ap- and a physical flow (in the illustrations of data equivalent in real macroeconomics/economic-iondicators-and-the-business- opposite direction), but in to be used in essay terms? cycle/21/a/the-circular-flow-and-gdp real terms, they are type questions. equivalent.

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Vocabulary  Demand  Collective Bargaining  Economics  Consumption  Efficiency  Inflation  Equity  Interest Rate  Incentive  Investment  Supply  Labor Force  Trade  Minimum Wage  Absolute Advantage  Natural Resources  Circular Flow  Net Exports  Comparative Advantage  Unemployment  Marginal  Capital  Normative Statements  CPI  Opportunity to Business Cost  Diminishing Returns  Positive Statements  Discouraged Workers  Production Possibilities Frontier  Efficiency Wages  Rational  Government Purchases  Scarcity  Gross Domestic Product  Labor Force Participation Rate  Nominal GDP  Nominal Interest Rate  Productivity

 Real GDP  Underemployed

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Grade: 9-12 Unit: 2 Topic: National Income and Price Determination

NJDOE Student Essential Skills, Strategies & Learning Understandings/ Tasks/Activities Concepts Objective Questions Investigate Aggregate Students will develop What are different Aggregate Demand and Aggregate supply demand that is made up of supported answers to characteristics of https://mrbrackrog.files.wordpress.com/2016/03/2- consumption, planned open ended questions on aggregate demand? How 2thedeterminantsofaggregatedemand investment, government economic policy and does it impact the practiceactivity.pdf expenditure (including solutions to supply and economy? public investment), and demand of the consumer AD = C + Ip + G + (X – M) (NB: Ip is planned investment) net exports. and producer. How is the aggregated supply model used and Therefore, AD + Iu = GDP how are booms and 27 | P a g e

recessions caused?

Examine the Students will develop Why does short-run Khan Academy determination of “full growth graphs for Real equilibrium (AD = AS), https://www.khanacademy.org/economics-finance- employment” GDP. which determines the level domain/macroeconomics/aggregate-supply-demand- of GDP, not necessarily be topic/aggregate-supply-demand-tut/a/how-the-ad-as-model- Analyze equilibriums role at the “full employment”? incorporates-growth-unemployment-and-inflation-cnx in a recessionary gap, and full employment level. How does equilibrium impact the full employment level?

Investigate the Keynes’s Students will create Why did Keynes argued The Keynesian Model Model of Income documents of economic that prices are inflexible http://www4.ncsu.edu/~mcelroy/302/E_Chpt3.pdf Determination and policy from supplemental downwards (“sticky induced consumption. works. prices”) because of rigid costs, especially prices of imported materials (on long-term contracts) and wages? Determine why price Students will construct How is a value of a The multiplier effect effect is often called graph illustrations of data multiplier developed? https://www.tutor2u.net/economics/reference/multiplier-effect “crowding out” and is to be used in essay type analyzed in terms of the questions. When will the multiplier https://study.com/academy/practice/quiz-worksheet-the- impact on investment. effect be large? multiplier-effect-and-simple-spending-multiplier.html Analyze Financial Assets Students will perform How does rate of return Stocks and Bonds that yield a rate of return. mathematical calculations (usually the real interest https://www.stockmarketgame.org/olinks.html of economic data rate) compensates us for deferred consumption?

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Determine the factors that Students will document What stands behind the US Money Value Article and written assignment give the US dollar value. current economic policy dollar? https://www.thebalance.com/value-of-money-3306108 while analyzing text.

Evaluate the use of Students will perform Where does the demand Loanable Funds Review Games loanable funds market to mathematical calculations for loanable funds https://www.reviewecon.com/loanable-funds1 match savers and of economic data comes from? investors. What happens If the real Examine the determinants interest rate falls? of supply and demand n the loanable funds market. How are savers impacted by interest rate rise?

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Vocabulary Unit 2

 marginal propensity to consume  medium of exchange

 marginal propensity to save,  store of value

 investment,  measure of value

 multiplier,  M1, M2, M3,

 investment schedule,  checkable deposits  leakage,  demand deposits

 injection,  time deposits

 real balances effect,  legal tender

 interestrate effect,  asset demand,

 foreign purchases effect,  transaction demand

 aggregate demand,  balance sheet

 short-run aggregate supply,  T account

 equilibrium price level, equilibrium real output  fractional reserve banking system  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

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Grade: 9-12 Unit: 3 Topic: Economic Growth and Stabilization Policies

NJDOE Student Essential Skills, Strategies & Learning Understandings/ Tasks/Activities Concepts Objective Questions Examine the Phillips Students will construct Is maintaining full Phillips Curve – Question and answer Curve trade-off between graph illustrations of data employment and stable https://www.khanacademy.org/economics-finance-domain/ap- the inflation rate (on the to be used in essay type prices incompatible? Why macroeconomics/ap-long-run-consequences-of-stabilization- vertical axis) and questions. or why not? policies/the-phillips-curve/a/the-phillips-curve unemployment rate.

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Evaluate the relationship Students will document How is rate of inflation Read great inflation article and produce a report between Inflation, current economic policy reduced? https://files.stlouisfed.org/files/htdocs/pageone- Expectation, and while analyzing text economics/uploads/newsletter/2012/PageOne unemployment. ClassrmEdition1012_GreatInflation.pdf Analyze business Students will perform How do monetary policies Inflation Calculator activity fluctuations through mathematical calculations aim to tame the business https://www.frbatlanta.org/education/publications/extra- monetary policies as a of economic data cycle and bring GNP in credit/2012/fall/lessons-and-activities/high- method of taming the line with each other? school/macroeconomics/share-the-wealth-ideas-for-teaching- business cycle. inflation.aspx Describe the impact of Students will document How are unemployment Complete critical thinking questions. automatic stabilizers to current economic policy benefits and taxes https://opentextbc.ca/principlesofeconomics/chapter/30-5- the economy. while analyzing text connected? automatic-stabilizers/

Determine the changes in Students will perform How do government Use the formula to calculate conceptual models. Balanced Budget mathematical calculations purchases and taxes impact http://cdn.economicsdiscussion.net/wp- Multiplier due to of economic data balance-budget multiplier? content/uploads/2015/04/clip_image00225.jpg government changes.

Investigate how Students will document Why are different Answer questions related to the article. contractionary fiscal current economic policy measures used to deal with https://open.lib.umn.edu/principleseconomics/chapter/22-3- policy (G down, T up) while analyzing text an inflationary gap. recessionary-and-inflationary-gaps-and-long-run- and a tighter monetary macroeconomic-equilibrium/ policy (Ms down ➞ r up) are used to deal with an inflationary gap. Determine the impact of Students will document How does consumer Consumer confidence “why it matters” consumer confidence has current economic policy confidence influence https://www.economicscenter.org/media/431198/why-it- on the economy. while analyzing text the economy? matters-july-lesson.pdf

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Vocabulary Unit 3  expansionary  open-market operations  fiscal policy  discount rate  contractionary  reserve  fiscal policy,  requirement  budget deficit,  short run  budget surplus,  long run  built-in stabilizer,  Phillips curve  discretionary policy,  Stagflation  progressive tax system,  aggregate supply shocks  regressive tax system,  long-run vertical supply curve  proportional tax system,  supply-side economics  crowding-out effect,  economic growth,  net export effect,  labor productivity  Federal Reserve Board of Governors  labor-force participation rate,  efficiency  human capital  economies of scale  infrastructure

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Grade: 9-12 Unit: 4 Topic: Economic Growth and Stabilization Policies

NJSLS: 6.1.12.C.15.b Assess economic priorities related to international and domestic needs, as reflected in the national budget. 6.1.12.C.16.a Evaluate the economic, political, and social impact of new and emerging technologies on individuals and nations. 6.1.12.C.16.b Predict the impact of technology on the global workforce and on entrepreneurship. 6.1.12.C.16.c Assess the impact of international trade, global business organizations, and overseas competition on the United States economy and workforce. 6.2.8.C.2.a Explain how technological advancements led to greater economic specialization, improved weaponry, trade, and the development of a class system in early river valley civilizations. 6.2.8.C.3.b Explain how classical civilizations used technology and innovation to enhance agricultural/ manufacturing output and commerce, to expand military capabilities, to improve life in urban areas, and to allow for greater division of labor. 6.2.8.D.4.e Analyze the immediate and long-term impact on China and Europe of the open exchange between Europe and the Yuan (Mongol) Dynasty. 6.2.12.C.2.a Relate the development of more modern banking and financial systems to European economic influence in the world. 6.2.12.C.5.g Evaluate the role of the petroleum industry in world politics, the global economy, and the environment. 6.2.12.C.6.c Assess the role government monetary policies, central banks, international investment, and exchange rates play in maintaining stable regional and global economies. New Jersey Student Learning Standards (NJSLS): 6.1.12.C.15.b , 6.1.12.C.16.a., 6.1.12.C.16.b , 6.1.12.C.16.c , 6.2.12.C.2.a, 6.2.12.C.3.b, 6.2.12.D.4.e, 6.2.12.C.2.a, 6.2.12.C.5.g, 6.2.12.C.6.c NJDOE Student Essential Skills, Strategies & Learning Understandings/ Tasks/Activities Concepts Objective Questions Analyze how Growth is Students will document What challenges are found Complete critical thinking questions: the main macroeconomic current economic policy when pushing out the https://www.khanacademy.org/economics-finance- target because it increases while analyzing multiple aggregated supply curve? domain/macroeconomics/aggregate-supply-demand- the amount of real GDP in text and synthesizing the topic/aggregate-supply-demand-tut/a/how-the-ad-as-model- the long run and pushes information. incorporates-growth-unemployment-and-inflation-cnx out the PPF (long-run Students will document aggregate supply curve). current economic policy Read the article and find evidence to contradict the article and while analyzing text Why would education present. Describe how higher have an affect on the https://www.educationnext.org/education-and-economic-

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productivity stems from economy? growth/ more education (human capital investment), technology, or better management.

Describe how higher Students will document How do these policies Choose 3 policies and explain its impact on the economy. productivity stems from current economic policy impact the economy? Research informational text to support its historical more education (human while analyzing multiple 1. Lower real interest rates significance. capital investment), text and synthesizing the 2. Lower corporate tax technology, or better information. rates management. 3. Tax breaks for businesses 4. Deregulation 5. Higher savings 6. Achieve technological progress. Evaluate long-run Students will perform How would increasing Create a presentation including graphs explaining economic economic growth without mathematical calculations potential GDP through an growth without inflation. inflation. of economic data outward shift of the https://www.economicshelp.org/blog/16644/inflation/how- aggregate supply curve can-we-have-economic-growth-without-inflation/ Promote growth without inflation? Compare and contrast Students will document Why would two different Create an argument between the Keynesians Theory and Keynesians theory vs current economic policy economist having varying Monetarists theory. (be sure to cite textual evidence to support Monetarists theory on while analyzing multiple views of government your claim) In addition, provide graphs to support your claim. government intervention. text and synthesizing the intervention. information.

Analyze balance of Students will construct How does a economy react Balance of trade activity payments via trade, graph illustrations of data to the imbalance of two https://www.fte.org/teachers/teacher-resources/lesson- income, profits,dividends, to be used in essay type major accounts? plans/tradelessons/lesson-6-the-balance-of-trade-always- inflows and outflows. questions. balances/ 35 | P a g e

Examine free floating Students will construct Why does the J curve Analyze the text and compare and contrast the different types exchange rates and its graph illustrations of data appear? of rates. influence on surplus or to be used in essay type https://www.investopedia.com/trading/floating-rate-vs-fixed- deficit on the current questions. How does currency rate/ account. depreciate?

What encourages speculation

Investigate how Foreign Students will perform How are international Foreign Exchange Activity exchange markets mathematical calculations exchange markets https://www.fte.org/teachers/teacher-resources/lesson- “investment” funds of economic data determined? plans/efllessons/foreign-currencies-and-foreign-exchange/ seeking higher real interest rates.

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Vocabulary Unit 4  tariffs,  economic growth  quotas  labor productivity  subsidies  labor-force participation rate  absolute advantage  human capital  comparative advantage  economies of scale, infrastructure, efficiency  terms of trade  appreciation  world price  General Agreement on Tariffs and Trade (GATT)  domestic price  World Trade Organization (WTO)  current account  North American Free Trade Agreement (NAFTA)  balance on goods  flexible  and services  exchange rates  trade deficit  fixed exchange rates  trade surplus  depreciation,  capital account  official reserves

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References & Suggested Instructional Websites

Monetary policy https://apcentral.collegeboard.org/pdf/cm-macro-monetary-policy.pdf?course=ap-macroeconomics

Inflationary Expectation and Macroeconomics variables https://apcentral.collegeboard.org/pdf/apac-2011-well-what-do-you-expect-macroeconomics.pdf?course=ap-macroeconomics

Spending Multiplier https://apcentral.collegeboard.org/pdf/teaching-spending-multipliers.pdf?course=ap-macroeconomics

Markets https://apcentral.collegeboard.org/pdf/ap-sf-economics-markets.pdf?course=ap-macroeconomics

Mastering Economic Thinking Skills https://apcentral.collegeboard.org/pdf/06-economics-special-focus.pdf?course=ap-macroeconomics

Spanish Flu and its Legacy https://apcentral.collegeboard.org/pdf/spanishflu.pdf?course=ap-macroeconomics

Exam https://apcentral.collegeboard.org/courses/ap-macroeconomics/exam

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Field Trip Ideas

Institutions that have been visited recently in New York include:

 Federal Reserve Bank of New York;  Goldman Sachs;  United Nations Development Program;  Moody’s Investors Service.

Institutions that have been visited recently in Washington, DC include:

 The World Bank;  Federal Reserve Board of Governors of Washington, DC;  Inter-American Development Bank;  The International Monetary Fund;  International Finance Corporation;  the Center for Global Development.

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Unit Project (Suggested)

Suggested Project:

Stock Market Project: Students will choose and track stocks. (Look at Ch. 11 Becoming a Wizard of Wall Street) Simulation Activities Workbook

Students can use www.whitehouse.gov to examine the spending of the United States. Have students determine if the needs and wants of the people are being met.

Have students examine the pick 2 laws in our country and have them change them. Students can write a 2 -4 page paper explaining the regulation or deregulation of their law and how it would affect society.

Students will be put in groups of 2 or 3 and will create a business plan for a business they have chosen to start. The plan will explain the inner workings of the business as well as the expenses and future expectations of the business.

Students can choose a labor union leader and write research paper describe the impact the person has had on the movement as well as the society.

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