Download Macroeconomics AP Scope and Sequence

AP Economic ELO’s
1. Students should be able to understand terms related to individual consumers and businesses.
2. Be able to explain the basic principles of the U. S. free enterprise system.
3. Be able to explain how government actions affect the way companies deal with economic growth and decline.
4. Students should be able to understand how supply and demand affect society,
5. Be able to compare the free enterprise system of the United States with the systems of other countries.
6. Understand the 10 principles of economics and how they tie together the consumer with society.
7. Understand the theory of comparative economic advantage and explain how people benefit from economic interdependence.
8. Explain how the economy coordinates interdependence economic actors, through the market force of supply and demand.
9. Know the concept of consumer and producer surplus.
10. Explain the efficiency of markets, and the costs of taxation, and the benefits of international trade.
11. Know how the overall quantity of production and the overall price level are used to monitor developments in the economy as a
whole.
12. Understand Savings, Investments, and the financial system and how they are interactive in our society.
13. Describe how our government system determines what variables are used in determining Unemployment Rate.
14. Describe the forces that in the long run determine the key real variables, including growth in GDP, savings, investments, real
interest rates, and unemployment.
15. Understand how the monetary system is crucial in determining the long-run behavior of the price level, the inflation rate, and
other nominal variables.
16. Understand the Macroeconomics of Open Economics.
17. Know how nations interact with other nations and how it is described by trade balance, net foreign investments, and exchange
rates.
18. Know the long-run model of open economics and how it explains short-run economic fluctuations.
19. Explain the short-run effect of monetary and fiscal policy, and the short-run linkage between real and nominal variables.
20. Understand short-run economic fluctuations.
21. Know how the model of aggregated demand and aggregate supply explain short-run economic fluctuations.
22. Explain the short-run effects of monetary and fiscal policy, and the short-run linkage between real and nominal variables.
Year At a Glance
Three Weeks
Topics/
Concepts
Resource:
Economics
15th edition
AP Economics
Our book
2nd 3 weeks
First Semester
3rd 3 weeks
4th 3 weeks
5th 3 weeks
6th 3 weeks
Economic Concepts
Economizing Problem
Individual Markets
Supply and Demand
Scarcity and choice
US in the global
economy
Measuring domestic
output
Economic Growth
and Instability
Aggregate
Expenditure Model
GDP
Aggregate Demand
and Supply
Fiscal Policy
Money and banking
Monetary Policy
Real GDP
Federal Reserve
Raising Productivity
International Trade
Exchange Rate
Balance of
Payments
Comparative
Economic Systems
Types of Economic
Systems
GDP per capita
Chapters 1-5
Chapters 6-8
Chapters 13-15
Chapters
Chapters 13-15
1st 3 weeks
Huge concept (Approximate Time: 3 weeks) Economic Concepts, Individual Markets, and Measuring Output 1 st 3 Weels
(Essential Learning Outcomes) TEKS
Topics (not in sequential order)
Suggested
The student will be able to
Resources
1. Understand terms
Superseded by
Economics Concepts
Principles of
related to individual
Advanced Placement
1. Scarcity
Macroconsumers and
scope & sequence
2. Choice
Economics
businesses
requirements
3. Opportunity costs
By Gregory
2. Identify the basic
determined by The
4. Production Possibilities Curve
Mankiw
principles of the US
College Board.
5. Marginal analysis
Macrofree enterprise system
6. Graphs and their meaning
economics
3. Evaluate how supply
By McConnell
and demand affects
Economizing Problem
Brue
society.
1. Resources
AP Economics
4. Analyze the 10
2. Resource categories
Study guide
principles of economics
3. Employment and efficiency
Wall Street
and how they tie the
4. Production Tables and Graphs
Journal
consumer with society
5. Unemployment, growth and the future
Newspapers
5. Explain the theory of
6. Economic systems
US News and
comparitive economic
7. Circular flow model
World Report
advantage and explain
Time
how people benefit
Individual Markets
Newsweek
from economic
1. Demand
interdependence.
a. demand curve
6. Explain how the
b. determinants of demand
economy coordinates
2. Quantity Demanded
interdependence
3. Supply
economic actors,
a. supply curve
through the market
b. determinants of supply
force of supply and
4. Quantity Supplied
demand.
5. Supply and Demand: Market Equilibrium
7. Explain the efficiency
a. Surpluses
of markets and the costs
b. Shortages
of taxation and the
6. Equilibrium price and quantity
benefits of international
7. Changes in supply and demand
trade
Assessments
Workbook
Assignments
Quizzes
Exams
Economics
Baseball Game
Review
TAKS
Objectives
Superseded by
Advanced
Placement
scope &
sequence
Requirements
determined by
The
College Board.
Huge concept (Approximate Time: 3 weeks) Economic Concepts, Individual Markets, and Measuring Output 2 nd 3 Weeks
(Essential Learning Outcomes) TEKS
Topics (not in sequential order)
Suggested
The student will be able to
Resources
1. Define and evaluate the Superseded by
US in the global economy
Principles of
terms related to
Advanced Placement
1. International Linkage
Macroindividual consumers
scope & sequence
2. The US and World Trade
Economics
and businesses
requirements
3. Specialization and Comparative Advantage By Gregory
2. Explain the basic
determined by The
4. Foreign Exchange Market
Mankiw
principles of the US
College Board.
5. Government and Trade
Macrofree enterprise system
6. Multilateral Trade Agreements
economics
3. Explain how
By McConnell
government actions
Measuring domestic output, national income and the Brue
affect the way
Price level
AP Economics
companies deal with
1. Gross Domestic Product
Study guide
economic growth and
a. expenditures approach
Wall Street
decline
b. income approach
Journal
4. Compare the free
2. National Accounts
Newspapers
enterprise of the US
3. Nominal GDP versus Real GDP
US News and
with the systems of
4. Consumer Price Index
World Report
other countries
Time
5. Understand the 10
Economic Growth and Instability
Newsweek
principals of economics
1. Economic Growth
and how they tie
2. The Business cycle
together the consumer
3. Unemployment
with society
4. Inflation
6. Understand the theory
5. Redistribution Effects of Inflation
of comparative
6. Effects of Inflation on Output
economic advantage
and explain how people
benefit from economic
interdependence
7. Describe the efficiency
of markets and the costs
of taxation and the
benefits of international
trade
8. Analyze how nations
interact with other
nations economically
Assessments
Workbook
Assignments
Quizzes
Exams
Economics
Baseball Game
Review
TAKS
Objectives
Superseded by
Advanced
Placement
scope &
sequence
Requirements
determined by
The
College Board
Huge concept (Approximate Time: 3 weeks)Aggregates, Fiscal Policy, and Money and Banking 3 rd 3 Weeks
(Essential Learning Outcomes) TEKS
Topics (not in sequential order)
The student will be able to
1. Explain how
Superseded by
Aggregate Expenditures Model
government actions
Advanced Placement
1. Consumption and Saving
affect the way
scope & sequence
2. Average and Marginal Propensities
companies deal with
Requirements
3. Investment
economic growth and
determined by The
4. Equilibrium GDP
decline
College Board
2. Understand the 10
principles of economics
and how they tie
together the consumer
Aggregate Expenditures
with society
1. Changes in Equilibrium GDP and the
3. Evaluate how the
Multiplier
economy coordinates
2. International Trade and Equilibrium Output
interdependence
3. Equilibrium versus Full Employment
economic actors,
through the market
force of supply and
demand
Aggregate Demand and Aggregate Supply
4. Know the concept of
1. Aggregate Demand
consumer and producer
2. Determinants of Aggregate Demand
surplus
3. Aggregate Supply
5. Understand savings,
4. Determinants of Aggregate Supply
investmens, and the
5. Equilibrium: Real Output and the Price
financial system and
level
how they interact in our
6. Changes in Equilibrium
society
6. Describe how our
Fiscal Policy
government determines
1. Fiscal Policy and the AD-AS Model
what variables are used
a. Expansion
in determining
b. Contraction
unemployment rate
2. Built-In stability
7. Describe the forces that
3. Evaluating Fiscal Policy
in the long run
determine the key real
variables, including
growth in GDP,
savings, investments,
real interest rates, and
unemployment
8. Understand short-run
Suggested
Resources
Principles of
MacroEconomics
By Gregory
Mankiw
Macroeconomics
By McConnell
Brue
AP Economics
Study guide
Wall Street
Journal
Newspapers
US News and
World Report
Time
Newsweek
Assessments
Workbook
Assignments
Quizzes
Exams
Economics
Baseball Game
Review
TAKS
Objectives
Superseded by
Advanced
Placement
scope &
sequence
Requirements
determined by
The
College Board
Huge concept (Approximate Time: 3 weeks)Aggregates, Fiscal Policy, and Money and Banking 3 rd 3 Weeks
(Essential Learning Outcomes) TEKS
Topics (not in sequential order)
The student will be able to
economic fluctuations
9. Know how the model
of aggregate demand
and aggregate supply
explain short-run
economic fluctuations
Suggested
Resources
Assessments
TAKS
Objectives
Huge concept (Approximate Time: 3 weeks) Aggregates, Fiscal Policy, and Money and Banking 4 th 3 Weeks
(Essential Learning Outcomes) TEKS
Topics (not in sequential order)
The student will be able to
1. Analyze and explain the Superseded by
Money and Banking
functions of money and Advanced Placement
1. Function of money
how the banking system scope & sequence
2. Supply of money
works
Requirements
3. Demand for money
2. Understand terms
determined by The
4. Money Market
related to individual
College Board
5. Federal Reserve and Banking systems
consumers and
businesses
3. Explain how
government actions
affect the way
Monetary Policy
companies deal with
1. Consolidated Balance Sheet of the Federal
economic growth and
Reserve Banks
decline
2. Tools of Monetary Policy
4. Explain the efficiency
3. Monetary Policy, Real GDP and the Price
of markets and the costs
Level
of taxations, and the
4. Effectiveness of Monetary Policy
benefits of international
trade
5. Understand how the
monetary system is
crucial in determining
the long-run behavior
of the price level, the
inflation rate, and other
nominal variables.
6. Explain the short-run
effect of monetary and
fiscal policy and the
short-run linkage
between real and
nominal variables
Suggested
Resources
Principles of
MacroEconomics
By Gregory
Mankiw
Macroeconomics
By McConnell
Brue
AP Economics
Study guide
Wall Street
Journal
Newspapers
US News and
World Report
Time
Newsweek
Assessments
Workbook
Assignments
Quizzes
Exams
Economics
Baseball Game
Review
TAKS
Objectives
Superseded by
Advanced
Placement
scope &
sequence
Requirements
determined by
The
College Board
Huge concept (Approximate Time: 3 weeks) Economic Growth, Productivity, and the International Economy 5 th 3 Weeks
(Essential Learning Outcomes) TEKS
Topics (not in sequential order)
Suggested
The student will be able to
Resources
1. Evaluate the role of the
Superseded by
Raising Productivity: Real Output and Capital
Principles of
National Income,
Advanced Placement
Formation
MacroEmployment, and fiscal scope & sequence
A.) Human Capital Formation
Economics
policy on the economy
Requirements
1) Growth as a goal
By Gregory
2. Understand terms
determined by The
2) Ingredients of Growth
Mankiw
related to individual
College Board
B.) Physical Capital Accumulation
Macroconsumers and
C.) Research and Development, Technological
economics
businesses
Progress
By McConnell
3. Understand the 10
D.) Public Policy and Long-Run Economic
Brue
principles of economics
Growth
AP Economics
and how they tie
Study guide
together the consumer
International Trade and Finance
Wall Street
with society
A.) Why Nations Trade at All
Journal
4. Understand the theory
B.) Comparative and Absolute Advantage
Newspapers
of comparative
C.) Free Trade Versus Protectionism
US News and
economic advantage
1.) Arguments for free trade
World Report
and explain how people
2.) Arguments against free trade
Time
benefit from economic
D.) The Balance of Payments
Newsweek
interdependence
1.) Current account
5. Know the concept of
2.) Capitol account
consumer and producer
3.) International debt of the US
surplus
E.) Exchange Rates
6. Explain the efficiency
1.) Supply and demand for foreign
of markets and the costs
exchange
of taxation, and the
2.) Current fluctuations
benefits of international
a.) appreciation and
trade
depreciations
7. Know how nations
b.) graphing currency
interact with other
changes
nations and how it is
described by trade
balance, net foreign
investments, and
exchange rates.
8. Know the long-run
model of open
economics and how it
explains short-run
fluctuations
Assessments
Workbook
Assignments
Quizzes
Exams
Economics
Baseball Game
Review
TAKS
Objectives
Superseded by
Advanced
Placement
scope &
sequence
Requirements
determined by
The
College Board