Download AP Macroeconomics Unit 2: Measuring Economic Performance

AP Macroeconomics
Unit 2: Measuring Economic Performance Study Guide
Overview
Measurement of Economic Performance – 12-16%
National income accounts
Circular flow
Gross domestic product
Components of gross domestic product
Real versus nominal gross domestic product
Inflation measurements and adjustment
- Price indices
- Nominal and real values
- Costs of inflation
Unemployment
- Definition and measurement
- Types of unemployment
- Natural rate of unemploymen
Vocabulary
1. Business cycle
2. Consumer Price Index
3. Cost-push inflation
4. Cyclical unemployment
5. Deflation
6. Demand-pull inflation
7. Exports
8. Frictional unemployment
9. GDP deflator
10. Gross Domestic Product
11. Inflation
12. Inflationary spiral
13. Natural rate of unemployment
14. Net exports
15. Recession
16. Structural unemployment
17. Cost-of-living adjustment (COLA)
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Disposable income
Expenditure approach
Final goods
Income approach
Intermediate goods
Labor force
National Income
Nominal GDP
Nominal interest rate
Peak
Real GDP
Real income
Real interest rate
Real wage
Recovery
Trough
Calendar
2
Unit 1
3
Unit 1
9
16
NO SCHOOL
4
6
FRQ #1
Shmoop’s
“Measurement of
Econ Performance,
Expenditure & Income
Approach and
Circular Flow”
Watch 2 Intro & 2.1
Shmoop’s
“Measurement of Econ
Performance,
Expenditure & Income
Approach and Circular
Flow”
Watch 2 Intro & 2.1
Shmoop’s “Real vs.
Nominal GDP and GDP
Deflator”
Watch 2.2 and 2.3
11
12
KEY FORMULAS QUIZ
UNIT 2 VOCAB QUIZ
10
CHECKPOINT QUIZ #3
Shmoop’s CPI and
Inflation
Watch 2.5
Crash Course Ch. 5
Watch 2.6
5
UNIT 1 EXAM
17
Study for test
Shmoop’s
“Unemployment &
quick recap”
Watch 2.4
Crash Course Ch. 6
Study for KFQ
18
UNIT 2 EXAM
13
Crash Course Ch. 7
19
Unit 3
Readings from McConnell/Brue textbook will be in Chapters 7-9.
Reading from Welker’s Crash Course on AP Macroeconomics will be in Chapter 5-7.
Reading from Shmoop will be Review Topics 1: Basic Economic Concepts and 2: Supply & Demand
Videos from by Macro Unit 2: Measuring the Economy ACDCLeadership
20
Unit 3
Shmoop Reading:
All readings are found under the tab “review topics.” The date corresponding to each reading is what day it should be read.
4 Measurement of Economic Performance
Wed, 2/4 – Thurs, 2/5
The Expenditure Approach
Wed, 2/4 – Thurs, 2/5
The Income Approach
Wed, 2/4 – Thurs, 2/5
The Circular Flow of Income
Wed, 2/4 – Thurs, 2/5
Real vs. Nominal GDP
Fri, 2/6
Consumer Price Index
Tues, 2/10
GDP Deflator
Fri, 2/6
Inflation
Tues, 2/10
Unemployment
Thurs, 2/12
Quick Recap
Thurs, 2/12
ACDC ECON YouTube Videos:
All videos are found under the playlist “Macro Unit 2: Measuring the Economy.” The date corresponding to each video is what day
it should be watched.
Macro Unit 2 Intro: Measuring the Economy
Wed, 2/4 – Thurs, 2/5
Macro Unit 2.1 – GDP and Economic Growth
Wed, 2/4 – Thurs, 2/5
Macro Unit 2.2 – Nominal and Real GDP
Fri, 2/6
Macro Unit 2.3 – GDP Deflator Practice
Fri, 2/6
Macro Unit 2.4 – Unemployment and Natural Rate of Unemployment
Thurs, 2/12
Macro Unit 2.5 – CPI Practice
Tues, 2/10
Macro 2.6 – Business Cycle Unit Summary
Mon, 2/9