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Grosse Pointe South High School AP Macroeconomics Syllabus Course Overview AP Macroeconomics is a one semester (18 week) course devoted to the study of economic systems as a whole. The course is only offered in the second semester of the school year. All students taking AP Macroeconomics must have successfully completed the AP Microeconomics course offered in the first semester of the school year. Since all students in the AP Macroeconomics course have already taken AP Microeconomics, the study of basic economic principles and markets is not repeated in this course. Please refer to the syllabus for AP Microeconomics for information on these units. The main areas of concentration for this course include Gross Domestic Product and measures of National Income, inflation, unemployment, money and banking, stabilization policies and the international sector. The primary textbook used in this course is Economics written by William Boyes and Michael Melvin. The course also utilizes related activities from The Advanced Placement Economic workbook created by Morton and Goodman. Course Planner Note 1: Reading assignments are from the Boyes and Melvin textbook. The referenced activities are from the Morton workbook. Note 2: To gain a full understanding of macroeconomics, students must learn to create and interpret various graphs. Each unit in the Course Planner identifies the key graphs which the students will master. Unit 1: Basic Economic Concepts 0 weeks Key Concepts: Scarcity, choice, basic economic questions, types of economic systems, opportunity cost, production possibility curves, specialization and trade, absolute and comparative trade advantage, demand, law of demand, determinants of demand, supply, law of supply, determinants of supply, equilibrium, surplus, shortage, consumer surplus, producer surplus, price floor, price ceiling, markets and the circular flow model Key Graphs: Production Possibility Curves (PPC), supply and demand graphs, circular flow model The material, assignments and activities related to the teaching of these concepts was covered in AP Microeconomics. Since all students are required to take AP Microeconomics as a prerequisite to AP Macroeconomics, the material is not covered again in this course. Unit 2: Measures of Economic Performance 2.5 week Key Concept: Circular Flow Model, Gross Domestic Product, the expenditures approach to GDP, the income approach to GDP, nominal versus real GDP, business cycles, economic indicators, inflation, measures of inflation, price indexes (CPI and PPI), effects of inflation, unemployment, full employment, types of unemployment Key Graphs: Circular flow, business cycles model Readings: Chapter 6; Chapter 8 Activities: Activities 9, 10 and 12-17 Textbook Exercises: Problems 1-3 and 7-15 on page 142 and 143. Problems 2-4 and 12 on page 184. Assessment: 15 question multiple choice test covering the material in chapter 6; 15 question multiple choice test covering the material in chapter 8 Unit 3: National Income and Price Determination 2.5 weeks Key Concepts: Aggregate Demand, wealth effect, international trade effect, interest rate effect, consumption, investment, government spending, net exports, aggregate supply (short and long-run), equilibrium price level and output, actual versus full employment, GDP gap, utilization of resources, consumption, saving, marginal propensity to consume, marginal propensity to save, marginal propensity to import, spending multiplier, leakages and injection, recessionary gap, inflationary gap, Key Graphs: Aggregate Supply and Demand model, Aggregate Expenditure model Readings: Chapter 9; Chapter 10 (pages 216-227) Activities: Activities 20, 21, 23, 24, 25, 27 and 29 Textbook Exercises: Problems 1-6 and 9-12 on page 212; Problems 3, 6a, 6b, 6c, 9 and 10 on pages 240 and 241; Problems 4 and 7 on pages 266 and 267 Assessment: 15 question multiple choice test covering the material in chapter 9; 15 question multiple choice test covering the material in chapter 10 and 11. Unit 4: Fiscal Policy 1.5 weeks Key Concepts: Fiscal policy, effect on aggregate demand, balanced budget fiscal policy, government borrowing, crowding out, automatic stabilizers, supply side, Laffer Curve, stabilization policy and the effect on inflation and unemployment Key Graphs: Aggregate Supply and Demand Model, Laffer Curve Readings: Chapter 12 Activities: 30, 31 and 37 Chapter Exercises: Problems 1, 3, 4, 6, 8-13 and 15-17 on pages 294 and 295 Assessment: 15 question multiple choice test on unit 4 Multiple Unit Assessment #1: 20 question multiple choice and 1 AP style free response question on material in units 2-4 Unit 5: Money, Banking and the Financial Sector 1.5 weeks Key Concepts: Money, functions of money, measures of money, demand for money, supply of money, the money market, the fractional reserve banking system, reserve requirements, the creation of money and the money multiplier, the loanable funds market Key Graphs: Money market, loanable funds market Readings: Chapter 13 Activities: Activities 34, 35 and 37 Chapter Exercises: Problems 1, 2, 6, 7 and 9 on page 319 Assessment: 15 question multiple choice test covering unit 5 Unit 6: The Fed and Monetary Policy 2 weeks Key Concepts: The Federal Reserve System, tools of monetary policy, equation of exchange, quantity theory of money, federal funds rate, discount rate, reserve requirement, open market operations, stabilization policy and the effect on inflation and unemployment Key Graphs: Money market Readings: Chapter 14 Activities: Activities 36, 38 and 40-42 Chapter Exercises: Problems 2-5, 7, 8, 13 and 15 on pages 346 and 347 Assessment: 15 question multiple choice test on unit 6 Unit 7: Economic Growth and Productivity 1 week Key Concepts: Definitions of economic growth, productivity, labor-force participation, the role of capital in economic growth, effect of education, relating growth to the production possibilities curve, relating growth to long-run aggregate supply Key Graphs: Production Possibilities Curve, long run aggregate supply Readings: Chapter 18 Chapter Exercises: Problems 1, 3, 7, 9 and 15 on pages 436 and 437 Assessment: 15 Question multiple choice test on unit 7 Unit 8: International Trade and the Balance of Payments 1.5 weeks Key Concepts: International trade, imports, exports, absolute and comparative trade advantages, barriers to trade, tariffs, quotas, balance of payments, trade surplus and deficit, current account, capital account, world price, foreign exchange markets, exchange rates, appreciation, depreciation, implications of foreign trade, impact of domestic monetary and fiscal policy on capital flows and foreign exchange markets, use of resources, decisions and policy making, trade agreements Key Graphs: Foreign exchange markets, Production Possibilities Curve Readings: Chapter 7 Activities: Activities 52-54 Chapter Exercises: Problems 1-3, 9 and 12 on pages 158 and 159 Assessment: 15 question multiple choice test on unit 8 Unit 9: Other Key Macroeconomic Issues 1 week Key Concepts: Schools of economic thought (Keynesian, Monetarists, Supply Side), Inflation / Unemployment and the Phillips Curve Key Graphs: Phillips Curve (long and short run) Readings: Chapter 25 Activities: Activity 32-34 and Activity 37 Chapter Exercises: Problems 3, 6-8 and 15 on pages 605 and 606 Assessment: 15 question multiple choice test on unit 9 Multiple Unit Assessment #2: 20 question multiple choice and 1 AP style free response question on material in units 5-9 Unit 10: Review 1.5 weeks During this review unit, students will be provided with various tools for reviewing for their final exam and the actual AP exam. Students will work on a sample multiple choice test. They will also practice writing additional free response questions. Students will also be required to critique a written response to a free response question. Student Evaluation: Student grades are determined as an average of unit tests; chapter assessments and class participation (see participation below). Quarterly grades are weighted as follows: Unit / Chapter Tests, graded assignments, free response questions, etc. 90% Participation: 10% Each student is expected to fully engage themselves in the activities for this course. To participate, students must come to class with all class materials. They must willingly share information and ideas in relationship to our classroom discussion. During the completion of classroom activities, they must be involved and on task with each activity. Completion of homework and course reading assignments is also a measure of participation. Additionally, each student is required to prepare and present two current event assignments for each quarter as a final measure of course participation. The final grade for the semester course is determined by a weighting of the two quarter grades along with the final exam grade. The weighting is as follows: Quarter 1 40% Quarter 2 40% Final Exam 20% Teacher Resources: Boyes, William, and Michael Melvin. Economics. 5th ed. Boston: Houghton Mifflin Company, 2002 Economics U$A, Video series, Produced by Educational Film Center. N.p., 2002 Morton, John S., and Rae Jean B. Goodman. 2004. Advanced Placement Economics: Macroeconomics, Student Activities. 3rd ed. New York: National Council on Economic Education The Wall Street Journal The Economist