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AP Macroeconomics Syllabus Mr. Iatarola Course Description: Initially the course will explore economics from both “micro” and “macro” perspectives. Students will gain an understanding of how scarcity requires individuals and institutions to make choices about how to use resources, how businesses interact with society, and gain an understanding of the characteristics of different economic systems and institutions. Financial literacy shall be a part of instruction and discussion throughout the course. The AP Macroeconomics class is primarily designed to give students an understanding of economic concepts and their applications to problems of public policy. Learning to analyze problems and make decisions (cause and effect) is a major theme throughout the course. Issues such as inflation and unemployment will be examined, as well as their possible causes and cures. The role of the government and the Federal Reserve in the economy will be examined in depth; as well as how international economics affects us here in the U.S.A. The class requires a rigorous reading schedule and students will be required to illustrate relationships through graphing. The course provides instruction in basic economic concepts, measurements of economic performance, national income and price determination, the financial sector, inflation, unemployment, and stabilization policies. Additional instruction is provided in economic growth and productivity, as well as an open economy of international trade and finance. The course promotes the understanding of aggregate economic activity by utilizing graphs, charts and data. Textbook: Campbell R. McConnell and Stanley Brue (Notes) Macro 500 Questions Website: gjhseconomics.weebly.com Clifford Video Clips… http://www.youtube.com/user/ACDCLeadership Reffonomics Ppts… http://reffonomics.com Mjmfoodie…https://www.youtube.com/playlist?list=PLF2A3693D8481F442 Learner.com Econ U$A… http://www.learner.org/series/econusa/ Grades: Student grades for a marking period will be determined as follows: Tests: 70% Other: 30% Homework (definitions, notes summary, questions summary). All homework is hand-written and due the day of the test. [Type text] AP Macroeconomics Schedule Unit 1: Basic Economic Concepts; including Economic Systems, Supply & Demand, and Comparative Advantage - Vocabulary Homework (due on test day) 1. Economics 25. Capitalism (Market Economy) 2. Scarcity 26. Command System 3. Opportunity Costs 27. Resource Market 4. Utility 28. Product Market 5. Marginal Analysis 29. Circular Flow Model 6. Other-things-equal Assumption 30. Tariff 7. Tradeoffs 31. Absolute Advantage 8. Macroeconomics 32. Comparative Advantage 9. Microeconomics 33. Law of Demand 10. Post Hoc Fallacy 34. Income Effect 11. Fallacy of Composition 35. Substitution Effect 12. Normative Economics 36. Market Demand Curve 13. Positive Economics 37. Determinants (“shifters”) of Demand 14. Factors of Production 38. Substitute Good 15. Land 39. Complementary Good 16. Capital 40. Law of Supply 17. Labor 41. Market Supply Curve 18. Entrepreneurial Ability 42. Determinants (“shifters”) of Supply 19. Full Employment 43. Surplus 20. Consumer Goods 44. Shortage 21. Capital Goods 45. Equilibrium Price 22. Production Possibilities Curve 46. Price Ceiling 23. Invisible Hand 47. Price Floor 24. Free Market System 48. Normal Goods 49. Inferior goods [Type text] Unit 2: Macro Measures: GDP, Unemployment, Inflation, and the Business Cycle - Vocabulary Homework: (due on test day) 1. National Income Accounting 2. Gross Domestic Product (GDP) 24. Potential Output 3. Intermediate Goods 25. GDP Gap 4. Final Goods 26. Inflation 5. Expenditure Approach 27. Real GDP per capita (C+I+G+Xn) 28. Price Index 6. Income Approach 29. Consumer Price Index (CPI) 7. Personal Consumption 30. GDP Deflator Expenditures (C) 31. Quantity Theory of Money MV=PQ 8. Cross Private Domestic Investment 32. Anticipated Inflation (Ig) 33. Cost of Living Adjustments 9. Government Purchases (G) (COLA’s) 10. Net Exports ( Xn) 34. Real Interest Rate 11. Disposable Income (DI) 35. Nominal Interest Rate 12. Nominal GDP 36. Deflation 13. Real GDP 37. Hyperinflation 14. Economic Growth 38. Great Depression Unemployment 15. Labor Force rate 16. Unemployment Rate 39. Durable Goods 17. Discouraged Workers 40. Productivity 18. Frictional Unemployment 41. Business Cycle 19. Structural Unemployment 42. Peak 20. Cyclical Unemployment 43. Recession / Contraction 21. Full Employment 44. Trough 22. Natural Rate of Unemployment 45. Recovery / Expansion 23. Discouraged Workers [Type text] Unit 3: AD, AS, Fiscal Policy, and Growth - Vocabulary Homework: (due on test day) 1. Aggregate Demand (AD) 24. Efficiency Wages 2. Determinants “Shifters” of AD 25. Menu Costs 3. Real-Balances Effect / Wealth 26. GDP Gap Effect 27. Employment Act of 1946 4. Interest Rate Effect 28. Expansionary Fiscal Policy 5. Foreign Purchases Effect 29. Contractionary Fiscal Policy 6. Aggregate Supply (AS) 30. Discretionary Spending 7. Determinants “Shifters” of AS 31. Non-discretionary Spending 8. Short-Run Aggregate Supply Curve 32. Multiplier Effect (SRAS) 33. MPC + MPS = 1 9. Long-Run Aggregate Supply Curve 34. M= 1/MPS (LRAS) 35. Built-In Stabilizer 10. Demand-Pull Inflation 36. Progressive Tax System 11. Cost-Push Inflation 37. Budget Deficit 12. Stagflation 38. Budget Surplus 13. Recessionary Gap 39. National Debt 14. Inflationary Gap 40. Full-Employment Budget 15. Productivity 41. Cyclical Deficit 16. Keynesian Economics 42. Political Business Cycle 17. Classical Economics 43. Crowding-Out Effect 18. Supply-Side Economics 44. Net Export Effect 19. “3 range” Aggregate Supply Curve 45. Treasury Bond 20. Phillips Curves 46. US Securities 21. Fiscal Policy 47. “Shifters” of Long Run Aggregate 22. Equilibrium Price Level Supply 23. Equilibrium Real Output [Type text] Unit 4: Money, Banking, and Monetary Policy - Vocabulary Homework: (due on test day) Medium of Exchange 20. Federal Reserve System (FED) Unit of Account 21. Board of Governors Store of Value 22. Federal Open Market Committee M1, M2, M3 (FOMC) Real vs. Nominal Interest Rate 23. Monetary Multiplier = 1/RR Fractional Reserve Banking System 24. Liquidity Balance Sheet 25. Open-Market Operations (Federal Assets and Liabilities Open Market Committee) “FOMC” Demand Deposits / Checking 26. Discount Rate Accounts 27. Federal Funds Rate 10. Required Reserves 28. Prime Interest Rate 11. Reserve Ratio 29. Bonds / Securities 12. Excess Reserves 30. Demand for Loanable Funds 13. Demand for Money 31. “Shifters” of Demand for Loanable 14. “Shifters” of Demand for Money Funds 15. Liquidity 32. Supply of Loanable Funds 16. Supply of Money 33. “Shifters” of Supply for Loanable 17. Monetary Policy Funds 18. Expansionary / Easy Money Policy 34. Crowding Out 19. Contractionary /Tight Money Policy 1. 2. 3. 4. 5. 6. 7. 8. 9. [Type text] Unit 5: Trade and FOREX - Vocabulary homework: (due on test day) 1. Balance of Payments 14. Tariffs 2. Current Account 15. Revenue Tariff 3. Balance of Trade (surplus and 16. Protective Tariff deficit) 17. Smoot-Hawley Tariff 1930 4. Capital (Financial Account) 18. Import Quota 5. Exchange Rates 19. Smoot-Hawley Tariff 1930 6. “shifters” of Currency Demand and 20. Import Quota Supply 21. Dumping 7. Appreciation 22. Flexible or Floating Exchange Rate 8. Appreciation effect on net exports System 9. Depreciation 23. Fixed Exchange Rate System 10. Depreciation effect on net exports 24. (NAFTA) North American Free 11. Absolute Advantage Trade Agreement 12. Comparative Advantage 25. European Union 13. Terms of Trade 26. (WTO) World Trade Organization Unit 6: Course Review Graphing Review: Free Response Study Guide Handout ACDC: Clifford video clips: http://www.youtube.com/user/ACDCLeadership 5 key graphs https://www.youtube.com/watch?v=0U54nTggSPE&index=7&list=PL04578C46 EDAB7734 15 minute super quick review of all of macro https://www.youtube.com/watch?v=e18RXFFoL9c&index=8&list=PL04578C46ED AB7734 ACDC Clifford Free Response Questions https://www.youtube.com/playlist?list=PL1oDmcs0xTD9tWXi_jm2Q4-SF1ULktz-k Multiple Choice Review FLVS: 9-5… https://aptestreview.flvs.net Reffonomics web activity: - All the Graphs you need to know http://reffonomics.com [Type text] Unit 7 Supplemental: Financial Literacy: Financial literacy shall be a part of instruction and discussion throughout the course and include information regarding saving and financial investing; earning income; buying goods and services; taxes; the use of credit and credit cards; budgeting and debt management, including student loans and secured loans; banking and financial services; planning for one’s financial future, including higher education and career planning; credit reports and scores; and fraud and identity theft prevention. Financial literacy includes the knowledge, understanding, skills, behaviors, attitudes, and values that will enable a student to make responsible and effective financial decisions on a daily basis. Saving and financial investing; FLS-Financial Literacy Section Earning income; FLS-Financial Literacy Section Buying goods and services; Unit 2 Supply and Demand + FLS The use of credit and credit cards; FLS-Financial Literacy Section Budgeting and debt management, FLS-Financial Literacy Section Student loans and secured loans; FLS-Financial Literacy Section Banking and financial services; Unit 5 Monetary Policy + FLS Taxes; Unit 6 Fiscal Policy + FLS Planning for one’s financial future, including higher education and career planning Credit reports and scores; FLS-Financial Literacy Section Fraud and identity theft prevention. FLS-Financial Literacy Section Market Watch: Stocks Game [Type text]