Download AP Macroeconomics Syllabus

AP Macroeconomics Syllabus
Textbook:
McConnell, Campbell, and Stanley Brue. Economics, 16th Edition, McGrawHill/Irwin, 2005.
Workbook:
Morton, John S. and Goodman, Rae Jean B., Advanced Placement
Economics, 3rd Edition, NCEE, New York, World Composition Services,
Inc.
Internet Resources:
http://www.coursenotes.org/Economics/Macro_Economics/Outlines/Macroeconomics_15th_Edition_Textbook
http://reffonomics.com and http://reffonomics.com/1
Attendance:
Regular attendance and punctuality are essential to learning the material of this
course. Thirty percent of your grade is derived from in-class assignments and
homework assignments turned in on time. The material is analytical and
cumulative and any gaps in
your notes will be large if you are absent. Much material will be presented in
class that is not in the McConnell textbook or the AP Economics Workbook by
John Morton and Rae Jean Goodman so attendance is not just a good idea—it is
imperative. Reread the attendance section.
Tardies:
Tardiness is unacceptable. Be to class on time, books/notes out and ready to go
when the tardy bell rings. Tardiness will result in lunch or afterschool detentions.
In-class and Homework Assignments:
Daily objectives for the lesson, in-class assignments and the homework will be
displayed daily on the Smart-board. Upon entering the class I expect you to get
out any homework due, read and do the warm-up and then read the daily
objectives. Don’t forget, these assignments are 30 percent of your grade in this
class. If you miss any one of these assignments, your grade (on this percentage
of your grade) will drop. I will “drop” only one low homework/assignment score
so be diligent. I wish you the best of luck on your attendance and punctuality in
this class.
Lecture Period:
Economics is not a spectator sport! Raising your hand is the politest method of
asking a question. I encourage questions anytime you have one. I may or may
not answer it during a test.
Exams:
You will have five major tests in this class, plus a final exam. ALL OF THESE
ARE REQUIRED. The knowledge you gain in this class is cumulative, so
anything that is taught from the beginning of the class to the date of the exam is
fair game. The final exam is cumulative. You have until the next class meeting
after the exam has been returned to appeal an exam grade.
Missing a Test/Exam
If you miss a test/exam without an approved excuse, then you will receive a zero
for that exam. You should notify me through email at:
[email protected] about missing a test/exam as soon as you are
aware of your inability to take the exam, unless it is impossible for you to do so
due to an emergency situation. Makeups are not allowed on tests after your
2nd day back. Make use of the Academic Support Period to do a makeup.
What are valid reasons to miss a test and get an excuse to make up the test?
Examples include: sickness with copy of doctor visitation note, death in family
with copy of obituary, your own death, emergency heart transplant with copy of
hospital record, automobile accident with police citation, imprisonment with jail
notification, or competing in a sanctioned athletic match/game with a varsity team
explained to the instructor before the exam.
Exam and Dates:
You will have one “early” essay test by the middle of the 2nd week of the course
(if you get a D or lower on the early test you should consider dropping the course
while you still can. According to the school handbook drop/adds are not allowed
after the 2nd week of a semester.) and four, 50-minute tests consisting of both
multiple choice and essay questions. The multiple choice portion of the exam will
be 67% of the exam grade and the essay portion will be 33% of the exam grade.
Please remember these four exams are worth 60 percent of your grade in this
class.
Reading Assignments:
When I give a reading assignment you will be required to either take notes for
credit or you will get a notes quiz. Your notes for readings will be HAND
WRITTEN in your OWN HANDWRITING, neat, legible and thorough for credit.
Grading Scale:
Grade weighting is based upon the following criteria (no exceptions):
Exams (five during the semester)
In-class and homework assignments
Quizzes
Participation
Final Exam
50 %
10 %
10 %
10 %
20 %
Your final grade in the class is based upon the following grading scale (board
policy):
90 – 100 percent
80 - 89 percent
70 – 79 percent
60 – 69 percent
59 - 0 percent
A= 4 points (un-weighted).
B= 3 (un-weighted).
C= 2 (un-weighted).
D= 1 (un-weighted).
F= 0 (un-weighted).
Americans with Disabilities Act and Section 504 of the Rehabilitation Act:
Students with disabilities requiring special accommodations must notify the
instructor. All alternative accommodations in relation to class requirements must
be worked out with the instructor at least one full week (seven days) prior to
deadlines.
Graphing:
You have heard the old adage, “A picture is worth a thousand words.” Well, in
AP Macroeconomics the adage is, “A graph is worth a zillion words.”
From the first chapter to the last chapter in AP Microeconomics, the drawing of
correctly labeled graphs are a MUST. Anything less than a correctly labeled
graph will be unacceptable. You will be drawing graphs with the following topics:
production-possibilities curve, marginal benefits/marginal costs, supply/demand,
money market graph, loanable funds market graph, aggregate supply/aggregate
demand graphs, exchange market graphs, Phillips’ curve graph, and many more.
“Free” Response Questions You Will Be Writing Answers (including
graphs) to During the Semester:
AP Macroeconomics “Free” Response Questions
Production-possibilities Curve
1999 #2 Production-possibilities Curve (wheat and cloth, comparative
advantage)
2003 #3 Production-possibilities Curve (absolute/comparative advantage,
terms trade)
Circular Flow and GDP
1997 #2 Circular Flow (circular flow/AD/flow of expenditures/flow of
earnings)
1999 #2 GDP (flow of expenditures/flow of earnings, what is included in
GDP)
2007 #3 GDP (what is and is not included)
Monetary Policy
1993 #2 Reserve Requirement (T-account)
1996 #3 Reserve Requirement (MS, simple money multiplier, limitations)
2001 #3 Reserve Requirement (M1, M2, maximum loans, limitations)
2004 #3 FED buys bonds, T account, increase in the money supply
Aggregate Supply and Aggregate Demand (Monetary/Fiscal/LR)
1989 #1 AS/AD (economy less than full employment, fiscal/monetary, LR)
1990 #1 AS/AD (economy is ideal, fiscal, monetary, LR)
1993 #1 AS/AD (economy is perfect, fiscal messes it up, monetary corrects
it)
1996 #1 AS/AD (high inflation, fiscal, monetary, limitations of these
policies)
1998 #2 Sell Bonds (interest rates, investment, AD, PL, Q)
1998 #1 AS/AD (economy is perfect, fiscal policy messes it up, monetary
policy, debt, deficit, supply-side tax policy, LR, AS, PP curve)
2000 #1 AS/AD (deep recession, monetary, fiscal, I, long run AS)
2000 #3 Money Market Graph (interest rates, components of AD, AD/AS, PL, Q)
2001 #1 AS/AD (less than full employment, fiscal, money demand, interest
rates, corporate taxes, AD/AS, PL, Q)
2002 #1 AS/AD (economy has high unemployment, fiscal, monetary,
interest rates)
2004 #1 AS/AD, state of economy, FED, flexible wages and prices
2005 #1 AS/AD, (economy is perfect, goes into recession, FED policies, real
interest
International Market AND Exchange Rates
1996 #2 Exchange Rates (Yen, Franc, Mark, $, X, M, international value of $)
1998 #3 International value of the currency (change in labor productivity)
2000 #2 Exchange Rates (demand for French goods, increase in interest
rate,
international value of $)
2001 #2 Exchange Rates (international value of $, X, M)
2002 #3 International Value of $ (interest rates, X, M)
2003 #2 Inflation (effects on fixed interest account, fixed interest loan, how
fiscal and monetary policy can correct inflation, affect of
inflation on nominal rates, affect of inflation on international
value of $)
2004 #2 Loanable funds and exchange market
2005 #2 Loanable funds, deficit spending, investment, international value of
$
Aggregate Supply and Aggregate Demand
(Monetary/Fiscal/LR/International)
1992 #2 AS/AD (increase in AD, monetary/fiscal, international value of $, X,
M)
1994 #3 Increase Productivity (AS, P, Q, X, international value of $)
1997 #3 AS/AD (recession, fiscal, monetary, X, M, international value of $)
1999 #1 AS/AD (increase in relative interest rates, value of $, X, M, I, AD,
AS,
fiscal, monetary)
2003 #1 AS/AD (severe recession, fiscal, monetary, value of $, X, M)
2006 #1 AS/AD (current state, energy costs rise, AS/AD, international
value$)
2007 #1 AS/AD (money market demand, AS/AD, international value of $)
Aggregate Supply Shift
1991 #1 AS/AD (supply shock, fiscal, monetary, X, M)
1994 #1 AS/AD (stagflation, fiscal, monetary)
1994 #2 Long Run Growth (short-term interest rates, aggregate
expenditures,
GDP)
1999 #3 AS/AD (increase in investment, AD, Capital Stock, LR, AS, Q, PP
curve)
2002 #2 AS/Long-run effect (decrease in labor participation, increase in
gov.
deficit, decrease in quantity of inputs required to produce,
increase in quality of education, increase in savings
rate)
Difficult OR Misc. Questions
1997 #1 Interest rate/Money demand sensitivity
1993 #3 Nominal Wages Rise Faster than Labor Productivity (what
happens
to the general price level, X, international value of the $)
2005 #3 Phillips curve (short run and long run)
2006 #2 Loanable funds market, money market, real interest, nominal
interest
2006 #3 Unemployment, natural rate of unemployment, part-time
employees
and unemployment rate, Phillips curve.
2007 #2 Federal funds rate, multiplier, nominal interest rate, real interest
rate
Course Outline:
Note: Basic Concepts is covered in Microeconomics (including scarcity, choice,
opportunity cost, production-possibilities curve, comparative advantage, absolute
advantage, specialization, exchange, demand, supply and market equilibrium.
We will be following the course outline described in The College Board’s Acorn
Booklet found at the following site:
http://apcentral.collegeboard.com/apc/public/repository/52270_apeconlocked5_3
_4316.pdf
The outline for AP Macroeconomics is found on pages 24 - 26 and reads as
follows:
Percentage Goals of Exam
Content Area (multiple-choice section)
I. Basic Economic Concepts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8–12%)
A. Scarcity, choice, and opportunity costs
B. Production possibilities curve
C. Comparative advantage, absolute advantage, specialization, and exchange
D. Demand, supply, and market equilibrium
E. Macroeconomic issues: business cycle, unemployment, inflation, growth
II. Measurement of Economic Performance. . . . . . . . . . . . . . . . . . . . . . . . . . (12–16%)
A. National income accounts
1. Circular flow
2. Gross domestic product
3. Components of gross domestic product
4. Real versus nominal gross domestic product
B. Inflation measurement and adjustment
1. Price indices
2. Nominal and real values
3. Costs of inflation
C. Unemployment
1. Definition and measurement
2. Types of unemployment
3. Natural rate of unemployment
III. National Income and Price Determination. . . . . . . . . . . . . . . . . . . . . . . . . (10–15%)
A. Aggregate demand
1. Determinants of aggregate demand
2. Multiplier and crowding-out effects
B. Aggregate supply
1. Short-run and long-run analyses
2. Sticky versus flexible wages and prices
3. Determinants of aggregate supply
C. Macroeconomic equilibrium
1. Real output and price level
2. Short and long run
3. Actual versus full-employment output
4. Economic fluctuations
IV. Financial Sector . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (15–20%)
A. Money, banking, and financial markets
1. Definition of financial assets: money, stocks, bonds
2. Time value of money (present and future value)
3. Measures of money supply
4. Banks and creation of money
5. Money demand
6. Money market
7. Loanable funds market
B. Central bank and control of the money supply
1. Tools of central bank policy
2. Quantity theory of money
3. Real versus nominal interest rates
V. Inflation, Unemployment, and Stabilization Policies . . . . . . . . . . . . . . . . . (20–30%)
A. Fiscal and monetary policies
1. Demand-side effects
2. Supply-side effects
3. Policy mix
4. Government deficits and debt
B. Inflation and unemployment
1. Types of inflation
a. Demand-pull inflation
b. Cost-push inflation
2. The Phillips curve: short run versus long run
3. Role of expectations
VI. Economic Growth and Productivity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5–10%)
A. Investment in human capital
B. Investment in physical capital
C. Research and development, and technological progress
D. Growth policy
VII. Open Economy: International Trade and Finance . . . . . . . . . . . . . . . . . . (10–15%)
A. Balance of payments accounts
1. Balance of trade
2. Current account
3. Capital account
B. Foreign exchange market
1. Demand for and supply of foreign exchange
2. Exchange rate determination
3. Currency appreciation and depreciation
C. Net exports and capital flows
D. Links to financial and goods markets
Course Calendar:
Unit One: Basic Economic Concepts
Basic Economic Concepts
Scarcity, choice, and opportunity cost
Production possibilities curve
Comparative advantage, absolute advantage, specialization, and exchange
Demand, supply, and market equilibrium
Macroeconomic issues: business cycle, unemployment, inflation, growth
Chapters Included in Unit One McConnell, Chapters 1, 2, 3, 6
Concepts: Introduction to the language of economics, micro vs. macro, positive vs.
normative economics, economic decision making, pitfalls of decision making, scarcity,
opportunity costs, production possibilities absolute advantage, comparative advantage,
specialization, terms of trade, demand schedule, determinants of demand, individual and
market demand curves, supply schedule, determinants of supply, market equilibrium,
shifts in supply and demand with effects on equilibrium
price and quantity, introduction of key macroeconomic issues
Graphs: Production Possibilities Curve
Demand and supply curves showing equilibrium
Demand and supply curves showing shifts in demand/supply
List of key words or terms
Key terms: economics, factors of production-inputs, capital, microeconomics,
macroeconomics, positive economics, normative economics, ceteris paribus, fallacy of
composition, scarcity, opportunity cost, model, production possibilities, constant costs,
law of increasing opportunity cost, absolute advantage, comparative advantage,
specialization, terms of trade, demand, law of demand, quantity demanded, market
demand, substitutes, complements, normal goods, inferior goods, supply, law of supply,
quantity supplied, market equilibrium, equilibrium price, equilibrium quantity, business
cycle, recession, trough, recovery, unemployment, inflation, economic growth
Web Resources http://www.indiana.edu/-econed/jee.htm http://www.ncee.net
http://www.reffonomics.com
Videos
Economics U$A
Resources and scarcity: what is economics all about?
Markets: Do they serve our needs
Paul Solman videos for use with McConnell, Brue, 16th ed., Chapters 1, 2, 3, and 6
Simulation Games
Resource Scarcity Game
Market in Wheat (John Morton, Advanced Placement Economics, Instructor's Manual, 2nd
ed.)
Activities
Morton. Advanced Placement Economics, Activities 1-8.
Other print resources-books or articles
Ten Principles of Economics, in Principles of Economics, 3rd ed., by Greg Mankiw
10 Steps to Success, Cracking the AP Economics Examination, by David Anderson
Timeline for Unit One Day Class Activity
Day
1
2
3
4-5
6
7
8
9
10
11
12
Class Activity
Introduction to the economic way of thinking, Chapters 1 and 2
Discussion of scarcity, opportunity costs/Resource Scarcity Game
Production possibilities, Chapter 2
Absolute and comparative advantage, terms of trade, Chapter 6
Test on introductory information/ begin demand, Chapter 3
Demand, donut-eating exercise
Shifts in demand, begin supply
Test on demand, supply shifts, changes in equilibrium Price/quantity
Macroeconomic issues
Finish material/study guide discussion
Unit 1 Cumulative Test
Unit Two: Measurement of Economic Performance
Measurement of Economic Performance
National income accounts
Circular flow
Gross domestic product
Components of gross domestic product
Real versus nominal gross domestic product
Inflation measurement and adjustment
Price indices
Nominal and real values
Costs of inflation
Unemployment
Definition and measurement
Types of unemployment
Natural rate of unemployment
Chapters Included in Unit Two McConnell, Chapters
Graphs: Circular flow of economic activity
Phases of the business cycle
List of key concepts and graphs
Concepts: Circular flow of economic activity, inclusions and exclusions concerning
gross domestic product, expenditure approach to GDP, income approach to GDP,
nominal versus real GDP, phases of the business cycle, types of unemployment, full
employment, measurements of inflation, types of inflation, effects of inflation
List of Key Words or Terms
Key Terms: Gross domestic product, intermediate goods, final goods, multiple
counting, expenditure approach, income approach, personal consumption
expenditures, gross private domestic investment, net private domestic investment,
government purchases, net exports, national income, consumption of fixed capital,
depreciation, personal income, disposable personal income, nominal GDP, real
GDP, GDP deflator, peak, recession, trough, recovery, labor force, unemployment
rate, frictional unemployment, structural unemployment, cyclical unemployment, fullemployment rate of unemployment, natural rate of unemployment, inflation,
Consumer Price Index, demand-pull inflation, cost-push inflation, nominal income,
real income, deflation
Web Resources
http:! /www.reffonomics.com http://www.bls.QOV http://www.ncee.net
www.apcentral.collegeboard.com
Videos
Economics U$A: What is GNP? video (provides useful information that can easily
be adapted for GDP)
Paul Solman videos, Chapters 7 and 8
Activities
Advanced Placement Economics, Activities 12-17.
Timeline for Unit Two Day Class Activity
Day
1
2
3
4
Class Activity
Video-What is GNP?
Components GDP, expenditure approach, income approach (Ch. 7)
Quiz, exercise on nominal and real GDP
Types of unemployment (Chapter 8)
5
6
7
8
9
Types of inflation
Determining real and nominal values using price indexes
Effects of inflation-short play on inflation
Review activities from Morton workbook
Unit 1-2 Cumulative Test
Unit Three: National Income and Price Determination
Aggregate demand
Determinants of aggregate demand.
Multiplier and crowding out effects
Aggregate supply
Short-run and long-run analyses
Sticky versus flexible wages and prices
Determinants of aggregate supply
Macroeconomic equilibrium
Real output and price level
Short and long run
Actual versus full employment output
Economic fluctuations
Chapters Included in Unit Three McConnell, Chapters 9 and11
List of Key Concepts and Graphs
Concepts: marginal propensity to consume, the multiplier effect, reasons for a
downward sloping aggregate demand curve, determinants of aggregate demand,
aggregate supply in the short and long run, sticky versus flexible prices and wages,
determination of equilibrium output and price level, actual versus full employment,
utilization of resources
Graphs: Investment demand curve
Aggregate demand and short run aggregate supply curve
Aggregate demand and long run aggregate supply curve
Web Resources http://www.reffonomics.com http://www.ncee.net
Videos
Paul Solman videos for use with Economics Economics $USA Supply Creates its Own
Demand
Activities
Advanced Placement Economics, Activities 20-29 Jeopardy
Timeline for Unit Three
Day
Class Activity
1
Introduce marginal propensity=>applies to consumption & savings
Chap. 9
2
Multiplier effect
3
Aggregate demand and its determinants Chapter 11
4
Quiz. on aggregate demand determinants, intro short run agg. supply
5
Short run and long run aggregate supply
6
7
8
9
Sticky versus flexible wages and prices, equilibrium real output and
prices
Supply shocks, changes in aggregate demand
Jeopardy review activity
Unit 1-3 Cumulative Test
Unit Four: Financial Sector
Money, banking, and financial markets
Definition of financial assets: money, stocks, bonds
Time value of money (present and future value)
Measures of money supply
Banks and the creation of money
Money demand
Money market
Loanable funds market
Central bank and control of the money supply
Tools of central bank policy
Quantity theory of money
Real versus nominal interest rates
Chapters Included in Unit Four McConnell, Chapters 13, 14, 15, and 29
List of key concepts and graphs
Concepts: Functions of money, characteristics of money, measures of money,
demand for money, the money market, the creation of money, loanable funds
market, organization of the Federal Reserve, tools of monetary policy,
responsibilities of the Fed, quantity theory of money
Graphs
Money market Loanable funds market
List of key words and terms
Key terms: medium of exchange, store of value, measure of value, Ml, M2, M3,
checkable deposits, demand deposits, time deposits, legal tender, asset demand,
transaction demand, balance sheet, T account, fractional reserve banking system,
required reserves, excess reserves, actual reserves, federal funds rate, prime
interest rate, discount rate, open-market operations, monetary multiplier, nominal
interest rate, real interest rate, FDIC, velocity of money
Web Resources
Federal Reserve Bank sites http://www.reffonomics.com http://www.ncee.net
Video
The Fed Today
Simulation Games: Creation of Money Exercise
Activities
Advanced Placement Economics, Activities 34-39
Timeline for Unit Four
Day
Class Activity
1
2
3
4
5
6
7
Functions and types of money, Chapter 13
Demand for money and money market
Quiz on money, introduce creation of money
Creation of money/simulation game Loanable funds market
Funds market, Chapter 29
Quiz on money market and loanable funds
Organization of the Federal Reserve, Chapter 13
8
Review Activity
9
Unit 1-4 Cumulative Test
Unit Five: Inflation, Unemployment, and Stabilization
Policies
A. Fiscal and monetary policies
1. Demand -side effects
2. Supply-side effects
3. Policy mix
4. Government deficits and debts
B, Inflation and unemployment
1. Types of inflation
2. Demand-pull inflation
3. Cost-push inflation
4. The Phillips Curve: short run versus long run
5. Role of expectations
Chapters included in Unit Five McConnell, Chapters 12, 15, 16, and 18
List of Key Concepts and Graphs
Key concepts: fiscal policy and the aggregate demand/aggregate supply model,
monetary policy and the aggregate demand/aggregate supply model, combinations of
the policies and their effects, international considerations, government deficits and
debts, long-run aggregate supply, demand pull and cost push inflation, the inflationunemployment relationship, expectations
Graphs
Aggregate demand/aggregate supply model Phillips curve
List of Key Words and Terms
Key terms: Expansionary fiscal policy, contractionary fiscal policy, budget deficit, budget
surplus, built-in stabilizer, discretionary policy, progressive tax system, regressive tax
system, proportional tax system, crowding-out effect, net export effect, Federal Reserve
Board of Governors, open-market operations, discount rate, reserve requirement, short run,
long run, Phillips Curve, stagflation, aggregate supply shocks, long-run vertical supply curve,
supply-side economics
Web Resources http://www.reffonomics.com Federal Reserve Banks Web sites
Activities
Advanced Placement Economics, Activities 43-46.
Day
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
Class Activity
Fiscal policy, Chapter 12
Consequences of fiscal policy
Monetary policy, Chapter 15
Consequences of monetary policy
Fiscal and monetary policies
Chapters 12 and 15
Government budget deficits and debts, Chapter 18
Short-run and long-run supply curve, Chapter 16
Short run and long run Phillips Curve
Expectations
Review activity
Unit Six: Growth and Productivity
Growth and Productivity
Investment in human capital
Investment in physical capital
Research and development, and technological development
Growth policy
Productivity
Chapters Included in Unit Six McConnell, Chapter 17
List of Key Concepts and Graphs
Key concepts: ingredients of economic growth, production possibilities analysis,
growth in the AD/AS model, long- and short-run analysis, labor and productivity,
technological advance
Graphs Production possibilities curve
Aggregate demand/aggregate supply model
List of Key Words or Terms
Key terms: economic growth, labor productivity, labor-force participation rate, human
capital, economies of scale, infrastructure, efficiency
Web Resources wwwreffonomics.com www.bls.gov www.ncee.net
www.econedlink.org
Video
Paul Solman videos for use with McConnell, Economics, 16th ed.
Activity
Advanced Placement Economics, Activity 47
Timeline for Unit Six
Day
1
2
3
4
5.
Activity
Ingredients for growth, chapter 17
Production possibilities and AD/AS analysis
Growth from labor productivity and tech. advances
Macroeconomic implications
Unit 1-6 Test
Unit Seven: International Trade and Finance
Balance of payments accounts
Balance of trade
Current account
Capital account
Foreign exchange market
Demand for and supply of foreign exchange
Exchange rate determination
Currency appreciation and depreciation
Net exports and capital flows
Links to financial and goods market
Chapters Included in Unit Seven McConnell, Chapters 6, 37, and 38
List of Key Concepts and Graphs
Concepts: the United States and world trade, absolute and comparative
advantage, balance of payments, foreign exchange markets, implications of
foreign trade, effects of domestic fiscal and monetary policies on capital
flows and foreign exchange, markets, use of resources, decision and policy
making.
Graphs
Production possibilities Foreign exchange market
List of Key Words or Terms
Key terms: tariffs, quotas, subsidies, absolute advantage, comparative advantage,
terms of trade, world price, domestic price, current account, balance on goods and
services, trade deficit, trade surplus, capital account, official reserves, flexible
exchange rates, fixed exchange rates, depreciation, appreciation, General
Agreement on Tariffs and Trade (GATT), World Trade Organization (WTO), North
American Free Trade Agreement (NAFT A)
Web Resources www.reffonomics.com www.ncee.net wwweconedlink.org
Videos
Paul Solman videos to use with McConnell, Economics, 16th ed.
Activities
Advanced Placement Economics, Activities 49-55
Timeline for Unit Seven
Day Class Activity
1
The United States and world trade/barriers to trade, Chapters 6 and 37.
2
Absolute and comparative advantage
3
Balance of payments, Chapter 38
4
Balance of payments
5
Quiz: introduce exchange rates 6 Foreign exchange rates
7
Implications of foreign exchange rates and economic policies
8-end Review for final