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AP Economics Hamilton-Wenham Regional High School Robert Emmett 2011-2012 AP Economics is a new course at our school replacing an introductory principles course. The AP Economics course will consist of two sections with enrollment in the high-20s to the low30s for both classes. There are two 50 minute and one 70 minute class each week plus an additional 70 minute class every other week. All told, there are over 3 ½ hours of class time per week and there are roughly 39 weeks between the beginning of the school year and the AP examination. The first semester is will cover the introduction, microeconomics and the beginning of macroeconomics. The second semester will cover the remainder of macroeconomics as well as test preparation. Course Materials Anderson, David. Economics by Example. Worth Publishers (2007). * McConnell, Brue & Flynn. Economics: Principles, Problems & Policies. McGraw-Hill Irwin, 19th Edition (2012). McConnell, Brue, Flynn & Walstad. Study Guide for Economics 19th Edition. McGraw-Hill Irwin, 19th Edition (2012). Morton, John & Goodman, Rae Jean. Advanced Placement Economics. National Council on Economic Education, 3rd Edition (2003) Watts, McCorkle, Meszaros & Schug. Focus: High School Economics. National Council on Economic Education, (2001) Wheelan, Charles. Naked Economics: Undressing the Dismal Science. W. W. Norton (2010). * Course textbook. Microeconomics Course Overview AP Economics is a yearlong course divided into two major components: Microeconomics and Macroeconomics. The first section, Microeconomics, is the primary focus of the first semester. The main areas of concentration include basic economic concepts; the nature and functions of product markets; factor markets; and, efficiency, equity, and the role of government. Students are expected not only to know the material but also to apply critical thinking skills to the units covered. Unit I: Basic Economic Concepts Allocated time: 3.5 Weeks Dates: 8/29 – 9/23 Percentage of Exam 8 – 12% (Micro) Readings, Concepts & Assignments: Naked Economics – Entire book (summer reading) McConnell, Brue Chapter 1, Limits, Alternatives, & Choices Scarcity Choice Positive Economics Normative Economics Opportunity Costs Production Possibilities Curve Chapter 2, The Market System & Circular Flow Market System Command System Competition Five Fundamental Questions Invisible Hand Circular Flow Model Chapter 6, Consumer Behavior Consumer Behavior Demand Schedule Demand Curve Income Effect Substitution Effect Chapter 15, Natural Resource and Energy Economics Renewable Resources Nonrenewable Resources Chapter 25, Economic Growth Determinants of growth High School Economics LP Economics by Example, Ch 2 Reading and discussion from The Accidental Theorist, Paul Krugman Excerpts from Freakonomics Walstad problem sets Morton problem sets & activities Personal problem sets Test Unit II: Nature and Function of Product Markets; Allocated time: 5 Weeks Dates: 9/26 – 10/27 Percentage of Exam 55 – 70% (Micro) Readings, Concepts & Activities: McConnell, Brue Chapter 3, Demand, Supply, and Market Efficiency Law of Demand Demand Curve Changes in Quantity Demanded Determinants of demand Law of Supply Supply curve Determinants of supply Changes in quantity supplied Market Equilibrium Efficient allocation Price Ceilings & floors Chapter 4, Elasticity Price elasticity of demand Total revenue test Determinants of price elasticity Price elasticity of supply Short run & long run Cross elasticity of demand Income elasticity Chapter 5, Market Failures: Public Goods & Externalities Demand side market failures Supply side market failures Consumer surplus Producer surplus Government intervention Chapter 6, Consumer Behavior Law of diminishing marginal utility Demand curve Income effect Substitution effect Chapter 7, Business & the Costs of Production Explicit costs Implicit costs Economic profit Law of diminishing returns Fixed, variable & total costs Average costs Marginal costs Long run & short run costs Economies of scale Chapter 8, Pure Competition in the Short Run Pure competition Perfectly elastic demand Marginal, total & average revenue Short run profit maximization Chapter 9, Pure Competition in the Long Run Long run profit maximization Long run equilibrium Chapter 10, Pure Monopoly Barriers to entry Economies of scale Price makers Price discrimination Socially optimal price Chapter 11, Monopolistic Competition & Oligopoly Monopolistic competition Short run profit or loss Long run profit Oligopoly Game theory Price leadership Cartels & collusion Kinked demand Chapter 16, Public Finance: Expenditures & Taxes Tax incidence Economics by Example Chapter 4, Why was the Great Newspaper Heist So Easy? Diminishing Marginal Utility and the Price Elasticity of Demand. Chapter 5, How Can Economics Influence Your Choice of a Spouse? Supply, Demand and Price Signals in the Marriage Market. Walstad problem sets Morton problem sets & activities Personal problem sets Test Unit III: Factor Markets Allocated time: 2.5 Weeks Dates: 10/31 – 11/15 Percentage of Exam 10 – 18% (Micro) Readings, Concepts & Activities: McConnell, Brue Chapter 12, The Demand for Resources Marginal revenue product Marginal product Marginal resource cost Chapter 13, Wage Determination Market demand for labor Market supply for labor Monopsony model Equilibrium wage & employment Wage differentials Economics by Example Chapter 14, Wal~Mart: Friend or Foe? Economies of scale, Low wages, Low prices & thinking outside the box. Walstad problem sets Morton problem sets & activities Personal problem sets Test Unit IV: Market Failure & the Role of Government Allocated time: 2.5 Weeks Dates: 11/16 – 12/6 Percentage of Exam 12 – 18% (Micro) Readings, Concepts & Activities: McConnell, Brue Chapter 5, Market Failures: Public Goods & Externalities Consumer surplus Producer surplus Productive efficiency Allocative efficiency Public goods Positive externalities Negative externalities Chapter 10, Pure Monopoly Regulated monopolies Chapter 16, Public Finance: Expenditures & Taxes U.S. Tax structure Chapter 18, Antitrust Policy & Regulation Natural monopolies Deregulation Chapter 20, Income Inequality, Poverty, & Discrimination Lorenz curve Gini index Causes of income inequality Economics by Example Chapter 26, What is the role of Government? Political-economic systems, snags in Private Solutions and remedies with a role of Government. Nickel & Dimed Walstad problem sets Morton problem sets & activities Personal problem sets Test AP Economics – Macro Course Overview AP Economics is a yearlong course divided into two major components: Microeconomics and Macroeconomics. The second section, Macroeconomics, is the primary focus of the second semester although we start on macroeconomics at the end of the first semester. The main areas of concentration include the following economic concepts: national income, price stabilization levels, economic growth and international economics. Students are expected not only to know the material but also to apply critical thinking skills to the units covered. Unit V: Basic Economic Concepts Allocated time: 1.5 Weeks Dates: 12/7 – 12/15 Percentage of Exam 8 – 12% (Macro) Readings, Concepts & Activities: McConnell, Brue Chapter 1, Limits, Alternatives & Choices Scarcity Choice Positive Economics Normative Economics Opportunity Costs Production Possibilities Curve Chapter 3, Demand, Supply & Market Equilibrium Law of Demand Demand Curve Changes in Quantity Demanded Determinants of demand Law of Supply Supply curve Changes in quantity supplied Determinants of supply Market Equilibrium Efficient allocation Price Ceilings & floors Chapter 23, An Introduction to Macroeconomics Savings Consumption Future & Current consumption trade off Demand shocks Sticky prices Chapter 26, Business Cycles, Unemployment, & Inflation Business cycle Cyclical impact of durables & nondurables Walstad problem sets Morton problem sets & activities Personal problem sets Test Unit VI: Measurement of Economic Performance Allocated time: 2.5 Weeks Dates: 12/19 – 1/13 Percentage of Exam 12 – 16% (Macro) Readings, Concepts & Activities: McConnell, Brue Chapter 2, The Market System & Circular Flow Circular flow model Chapter 24, Measuring Domestic Output & National Income GDP Expenditures approach Income approach GNP Nominal GDP Real GDP Chapter 26, Business Cycles, Unemployment, & Inflation Types of unemployment Full employment Inflation CPI Types of inflation Economics by Example Chapter 21, Why do we neglect leisure and cheer for divorce? The divergence of gross domestic product and measures of well-being. Walstad problem sets Morton problem sets & activities Personal problem sets Test Unit VII: National Income & Price Determination Allocated time: 2.5 Weeks Dates: 1/23 – 2/7 Percentage of Exam 10 – 15% (Macro) Readings, Concepts & Activities: McConnell, Brue Chapter 27, Basic Macroeconomic Relationships Income consumption & income savings relationships Average & marginal propensity to consume Interest rate investment relationship Expected rates of return Real interest rates Multiplier effect Chapter 28, The Aggregate Expenditures Model Equilibrium GDP GDP & international trade GDP & the public sector Equilibrium & full employment GDP Chapter 29, Aggregate Demand & Aggregate Supply Aggregate demand curve Consumer & investment spending Aggregate supply Chapter 30, Fiscal Policy, Deficits & Debt Fiscal policy & AD/AS model Built in stabilizers` Public debt Walstad problem sets Morton problem sets & activities Personal problem sets Test Unit VIII: Financial Sector Allocated time: 1.5 Weeks Dates: 2/8 – 2/17 Percentage of Exam 15 – 20% (Macro) Readings, Concepts & Activities: McConnell, Brue Chapter 14, Rent, Interest & Profit Economic rent Perfectly inelastic supply Interest rates ` Interest income Loanable funds theory Time value of money Chapter 31, Money, Banking & Financial Institutions Components of money supply Federal reserve Chapter 32, Money Creation Fractional reserve system Multiple deposit expansion Money multiplier Chapter 33, Interest Rates & Monetary Policy Demand for money Equilibrium interest rates Fed tools Open market transactions Reserve ratio Discount rate Chapter 34, Financial Economics Present value Compound interest Chapter 36, Current Events in Macro Theory & Policy Causes of micro instability Frontline: Madoff Lords of Finance excerpts Walstad problem sets Morton problem sets & activities Personal problem sets Test Unit IX: Inflation, Unemployment, & Stabilization Policies Allocated time: 3 Weeks Dates: 2/27 – 3/16 Percentage of Exam 20 – 30% (Macro) Readings, Concepts & Activities: McConnell, Brue Chapter 26, Business Cycles, Unemployment, & Inflation Inflation Measurement of inflation Demand push inflation Cost pull inflation Chapter 30, Fiscal Policy, Deficits, & Debt Public debt Debt as % of GDP Bankruptcy Income distribution Foreign owned public debt Crowding out effect Chapter 35, Extending the Analysis of Aggregate Supply Short run Philips curve Long run Philips curve Disinflation Laffer curve Chapter 36, Current Issues in Macro Theory & Policy Rational expectations theory Economic self correction Discretionary monetary & fiscal policy Economics by Example Chapter 25, How much debt is too much debt? Expenditure smoothing, Ricardian equivalence, crowding out & investments for the future. Frontline: Ten trillion & counting Walstad problem sets Morton problem sets & activities Personal problem sets Test Unit X: Economic Growth & Productivity Allocated time: 1 Week Dates: 3/19 – 3/23 Percentage of Exam 5 – 10% (Macro) Readings, Concepts & Activities: McConnell, Brue Chapter 13, Wage Determination Real wages Productivity Long run trend of real wages Chapter 14, Rent, Interest & Profit Role of interest rates Chapter 23, An Introduction to Macroeconomics Savings Future vs. current consumption Chapter 25, Economic Growth Determinants of growth Demand factors Supply factors Walstad problem sets Morton problem sets & activities Personal problem sets Test Unit XI: Open Economy: International Trade & Finance Allocated time: 3 Weeks Dates: 3/26 – 4/13 Percentage of Exam 10 – 15% (Macro) Readings, Concepts & Activities: McConnell, Brue Chapter 24, Measuring Domestic Output and National Income GDP GNP Expenditures approach Income approach Chapter 28, The Aggregate Expenditures Model Net exports Aggregate expenditures Chapter 29, Aggregate Demand & Aggregate Supply Consumer spending Investment spending Government spending Net export spending Aggregate supply Chapter 38, The Balance of Payments, Exchange Rates, & Trade Deficits Balance of payments Determinants of exchange rates Flexible exchange rates Fixed exchange rates Trade policies Trade deficits Economics by Example Chapter 23, What’s to like about outsourcing? The influence of international labor markets. Life & Debt Walstad problem sets Morton problem sets & activities Personal problem sets Test Unit XII: Exam Preparation & Review Allocated time: 3.5 Weeks Dates: 4/23 – 5/16 Percentage of Exam 100% (Micro & Macro)