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Advanced Placement Economics Macroeconomics Course Syllabus 2016-17 Instructor: F. Pye Email: [email protected] Conference: 5th period Room: #507 Primary Textbook: Principles of Economics, Mateer, D. and Coppock, L. W W Norton & Company, 2014. New York Additional Reader: New Ideas from Dead Economists, Bucholz. Welcome to AP Economics. The purpose of this course in Macroeconomics is to give the student a thorough understanding of the principles of economics as they apply to society as a whole. Beyond the study of basic principles such as pricing, supply, demand, and elasticity; this course places a major emphasis on the study of national income accounting, fiscal and monetary policy, economic growth and international trade. Course Outline This course will follow the list of topics recommended by the AP College Board. One of the main goals of this course is to fully prepare students to do well on the AP Economics exam offered in May. This course has been set up as the equivalent of an entry level college course in Economics. The text we will use is written on the college level. The following is a general outline of the broad topics that will be covered this semester. Unit I (4 weeks) Basic Economic Concepts (Chapters 1-3) a. Scarcity, Definition of Economics b. Gains from Trade c. Opportunity Cost, Production Possibilities Curve, Circular Flow i. Chapter 1-2 Test, ii. Readings from New Ideas (Adam Smith; Thomas Malthus, David Ricardo) d. Supply, Demand, Price Determinants i. Chapter 3 Test ii. Practice Free Response Unit II (3 weeks) Measurement of Economic Performance (Chapters 19-21 a. b. c. d. GDP, GNP, National Income Accounting Inflation, Price Indices Unemployment The Business Cycle i. Chapter 19-21 Test Unit III (4 weeks) Fiscal Policy (Chapters 26-29) a. Aggregate Demand/Aggregate Supply i. Practice Free Response ii. Chapter 26-27 Test b. Fiscal Policy i. Chapter 28-29 Test ii. New Ideas Reading (Keynes) Unit IV (4 weeks) Money, Financial Sectors, and Monetary Policy (Chapters 30-31) a. Definition/Functions of Money (M1, M2, M3) b. Supply and Demand of Money c. The Banking System d. The Financial Sectors (Stocks vs. Bonds) e. Controlling Money Supply through Banks f. The Federal Reserve g. The Tools of Monetary Policy i. Practice Free Response ii. Chapter 30-31 Test iii. New Ideas Readings (Monetarists and Friedman) Unit V (2 weeks) International Trade and Finance (Chapters 32-33) a. Comparative Advantage/Specialization b. Foreign Currency Markets c. Chapter 32-33 Test Unit VI (1 week) Final Review and AP Preparation Projects There will be two projects that will be ongoing throughout the semester. A. Stock Market Game –www.vse.marketwatch.com - an internet based stock market simulation. Investment teams will be selected and will then go through the steps of actual buying and selling of stocks. This is a group activity, with teams consisting of two students each competing against the rest of the class. B. Economics Blog Responses – www.pyeecon.blogspot.com – I will post prompts throughout the semester, and students will be expected to post responses on a regular basis. This will be an individual project. Grading We will use the Elkins Approved model for grades. There will be a minimum of three major grades and eleven daily grades per nine weeks. We will also follow the Elkins policy on late grades for AP courses. Twenty-five points will be deducted from an assignment on the first day it is late and it will not be accepted if more than one day late. No late grades will be given on major assignments. Tutorials Most students find themselves in need of some extra tutoring at one time or another in this course. I am available after school or before school at 7 a.m. on most days. There will be organized review sessions in preparation for the AP Exam beginning in early April. “It is thrifty today to prepare for the wants of tomorrow.” Aesop