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Advanced Placement Macroeconomics Teacher Email Mr. Whitfield [email protected] Course Description Advanced Placement Macroeconomics is a year-long college level course designed to prepare students to take the AP examination, administered by the College Board and the Educational Testing Service in May. For students who achieve a score of 3, 4, or 5, some universities grant college credit for taking an introductory college course in United States Government and Politics. Students are encouraged to check with the universities they are considering attending to determine whether or not that particular school accepts AP credit. AP Macroeconomics emphasizes economic principles as applied to the economy as a whole. Topics discussed will reflect the material included in the booklet AP Economics Course Description from the College Board. Lessons include an analysis of national income and its components, economic indicators, inflation and unemployment, money and banking, stabilization policies, and the United States and world trade. Resources Economics (McGraw-Hill, 19th edition)—McConnell, Brue, Flynn © 2012 Macroeconomics Student Resource Manual (Council for Economic Education, 4th edition) – M. Ray At home resources, including publications from 5 steps to a 5, Barron’s, Princeton Review, Kaplan, Cliff Notes, etc. may be purchased individually and may be helpful in preparing for the AP exam in U.S. Government & Politics. Topics of Study Unit One: Basic Economic Concepts (2 weeks) Basic Economics Concepts: A. Scarcity, choice, and opportunity cost 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 Chapters Included in Unit One: McConnell, Chapters 1, 2, 3, 19, 21, 23, 26, 37 List of Key Concepts and Graphs: 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 (frontier) 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 parabis, 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 1 goods, supply, law of supply, quantity supplies, market equilibrium, equilibrium price, equilibrium quantity, business cycle, recession, trough, recovery, unemployment, inflation, economic growth Web Resources: www.ncee.net www.reffonomics.com Simulation Games: Scarcity Game Market in Wheat Unit Two: Measurement of Economic Performance (3 weeks) Measurement of Economic Performance: A. National Income Accounts 1. Circular flow 2. Gross domestic product (GDP) 3. Components of GDP 4. Real versus nominal GDP 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 Chapters Included in Unit Two: McConnell, Chapters 2, 23, 24, 26 List of Key Concepts and Graphs: Concepts: Circular flow of economic activity, inclusions and exclusions concerning GDP, 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 Graphs: Circular flow of economic activity Phases of the business cycle List of Key Words or Terms: Key Terms: Gross domestic product (GDP), 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 (CPI), demand-pull inflation, cost-push inflation, nominal income, real income, deflation Web Resources: www.reffonomics.com www.bls.com www.ncee.net www.apcentral.collegeboard.com Unit Three: National Income and Price Determination (3 weeks) National Income and Price Determination: A. Aggregate Demand 1. Determinants of aggregate demand 2. Multiplier and crowding out effects 2 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 Chapters Included in Unit Three: McConnell, Chapters 27, 28, 29, 33, 34, 35, 36 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 List of Key Words and Terms: Key terms: Marginal propensity to consume, marginal propensity to save, investment, multiplier, investment schedule, leakage, injection, real balances effect, interest-rate effect, foreign purchases effect, aggregate demand, short-run aggregate supply, equilibrium price level, equilibrium real output Web Resources: www.reffonomics.com www.ncee.net Unit Four: Financial Sector (3 Weeks) Financial Sector: 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 the 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 Chapters Included in Unit Four: McConnell, Chapters 14, 26, 31, 32, 33, 34, 36 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, M1, M2, M3, checkable deposits, demand deposits, time deposits, legal tender, asset demand, transaction demand, balance sheet, T account, fractional reserve banking 3 system, required reserves, excess reserves, actual reserves, federal funds rate, prime interest rate, discount rate, openmarket operations, monetary multiplier, nominal interest rate, real interest rate, FDIC, velocity of money Web Resources: Federal Reserve Bank sites www.reffonomics.com www.ncee.net Unit Five: Inflation, Unemployment, and Stabilization Policies (3 Weeks) 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 26, 29, 30, 35, 36 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: www.reffonomics.com Federal Reserve Banks Web Sites Unit Six: Growth and Productivity (1 Week) Growth and Productivity: A. Investment in human capital B. Investment in physical capital C. Research and development, and technological development D. Growth policy E. Productivity Chapters Included in Unit Six: McConnell, Chapters 1, 13, 14, 23, 25 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 4 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: www.reffonomics.com www.bls.gov www.ncee.net www.econedlink.org Unit Seven: International Trade and Finance (2 Weeks) International Trade and Finance: 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 Chapters Included in Unit Seven: McConnell, Chapters 24, 28, 29, 37, 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 Agreements on Tariffs and Trade (GATT), World Trade Organization (WTO), North American Free Trade Agreement (NAFTA) Web Resources: www.reffonomics.com www.ncee.net www.econedlink.org Classroom Rules and Discipline Procedures, including school-wide expectations re: tardiness to class, electronic devices, and playing cards: Woodland High School Classroom Expectations To ensure an optimum learning environment, please adhere to the following: LATE WORK IS NOT ACCEPTED. Excused school absence is the only exception. Students will be respectful to all adults and classmates. Students will be seated in class when the bell rings. Students will not display cell phones, portable electronic devices or playing cards in class. 5 Students will use computers/ technology appropriately at all times. Violation of these rules may result in changes to school policies. Make-up Policies: Students will be provided with opportunities to make-up all missed work due to excused absences. Grading: School-wide Grading Requirements as follows: Semester Final Average 100% EOCT/Final Exam 20% Course Final Average 80% o Formative Assessment 55% Practice 20% Quizzes 35% o Summative Assessment 45% (major tests & projects) The Formative and Summative Assessments equal 100% but fall under the category of Course Final Average which is 80% of the Semester Final Average. Since our objective in this course will be to prepare you for the National AP Exam, which is given in May, your grade for each grading period will consist of college-level multiple choice tests, free response essays on each test, quizzes and class work/homework grades. The Grading System will consist of the following: Academic Integrity: Academic integrity is a fundamental value of quality education; therefore, Woodland High School will not tolerate any acts of cheating, plagiarism, or falsification of school work. Should it be determined that an academic integrity violation has taken place, the school reserves the right to assign a grade of a zero and submit a disciplinary referral to the appropriate Assistant Principal. The school also reserves the right to remove or suspend enrollment in any Advanced Placement/Honors classes as well as Academic Honor Societies. Quizzes Students should expect regular quizzes. Students should always be prepared for a quiz by keeping up with required chapter readings. We cannot possibly cover everything in class. Quizzes will help me hold you accountable for the textbook reading. Each regular test will be graded as follows: 1.) Multiple choice section: 50% 2.) Free response: 50% Comprehensive Semester Exam There will be a comprehensive semester exam at the end of each semester. It includes all material covered up to that point in the year. Notebook guidelines: A three-ring binder is required for this course. Students should use it to keep all class notes, handouts, notes from the text, outlines, study guides, and assignments. It is also required that students keep a separate spiral bound notebook to record all study guide terms and concepts throughout the year since the AP exam is based on understanding and applying terms and concepts from U.S. History. Success in the course, and ultimately on the AP exam, depends on this type of organization and discipline. Homework Policy: It is the student’s responsibility to complete homework when it is assigned. All work is due at the beginning of class. Work will NOT be accepted after the first few minutes of class after attendance has been taken. Again, NO late work will be accepted. 6 Absences, Make-up Work, Tardies, and Classroom Rules: See the Woodland High School supplement to the Henry County Schools Handbook. It is the student’s responsibility to check the notebook and pick up their make-up work on the first day following the absence. Tests will be made up by appointment before or after school. I have read and understand all of the requirements and expectations of Dr. Duncan’s AP Government class. Student Signature__________________________________________________Date________________ Parent/Guardian Signature___________________________________________Date________________ 7