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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