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Course Requirements for Advanced Placement Macro Economics Contact information: K. Yancy Phone (817) 202-2500 (ext. 1270) E-mail: [email protected] Course overview: This course provides students with a thorough understanding of the principles of economics that apply to an economic system as a whole. To accomplish this, students examine national income and price determination, economic performance measures, economic growth, and international economics. Textbooks: McConnell, Campbell R, and Stanley L. Brue. Economics: Principles, Problems, and Policies. 20th ed. Boston: McGraw-Hill, 2015. Current events: Students will be expected to find current news articles that are examples of specific concepts discussed in each unit. More details about current events will be given in class at the appropriate time. Reading: In order for a student to be successful in a college class course of this type, it is essential that students maximize their time through proper organization and planning strategies to complete all assigned reading prior to class discussion. The required reading along with lectures and class discussion, will figure prominently in your formal evaluation on quizzes and examinations. Group work: For the purpose of presentations and selected assignments, students will be placed in groups. This is a course requirement and working alone on these activities will not be allowed. Establishing a positive attitude and rapport within the group has proven to be a key to success and will greatly assist in the management of the amount of reading required. Data and Statistical Analysis: Throughout the course of the semester, students will be required to analyze various statistical data. This will include exercises on the computer using Internet, assignments involving analysis of charts, graphs, and political cartoons. Students will be asked to respond to a series of questions with respect to the data examined that will constitute daily grades and/or test grades. Examinations: Formal evaluations for the units will consist of multiple choice and/or free response exams. (Exact dates will be posted in the room.) Quizzes: At the teacher’s discretion, students will respond to brief questions about prior content or assigned reading material. Projects: Each six weeks, students are required to complete two projects which will count as 1/3 of the high school six weeks average. Projects will include a compilation and analysis of news articles that are examples of economic concepts and free response questions. Projects may also include writing an allegory, analyzing GDP data, designing a Farcebook page for an economist, and/or designing a economic tissue box. High School Grading 33% Daily 34% Tests 33% Project Concurrent credit 30% Daily 40% Exams 10% Project/Paper 20% final Unit 1: Basic Economic Concepts (2.5 weeks) Chps. 1-4, 38 Major topics: A. Scarcity, choice, and opportunity costs B. Production possibilities curve C. Comparative advantage, specialization, and exchange D. Demand, supply, and market equilibrium E. Macroeconomic issues: business cycle, unemployment, inflation, and growth Key concepts: Scarcity, economic systems, opportunity cost, production possibilities curve (or frontier), specialization, comparative advantage, basic economic questions, demand, supply, determinants of demand and supply, change in quantity demanded/supplied vs. change in demand/supply, equilibrium and macroeconomic issues Graphs: Production possibilities curve (or frontier) Demand and supply showing equilibrium Circular flow diagram Assignments: Quizzes Practice problems with production possibilities frontier and supply and demand FRQs (free response questions) Current events: Change in Demand, Change in Supply, Production Possibilities Curve or Comparative advantage Unit 2: Measurement of Economic Performance (2.5 weeks) Major topics: A. National income accounts Circular flow Gross domestic product Chps. 24-26 Components of gross domestic product Real versus nominal gross domestic product B. Inflation measurement and adjustment Price indices Nominal and real values Costs of inflation C. Unemployment Definition and measurement Types of unemployment Natural rate of unemployment Key concepts: National income accounting, Gross Domestic Product (GDP), using expenditure and income approaches, national income, Net Domestic Product (NDP), Personal Income (PI), disposable income (DI), business cycle, full-employment rate or natural rate of unemployment, GDP gap and Okun’s law, inflation, deflation, and hyperinflation, unemployment Graphs: Circular flow model Business cycle Okun’s law graph Assignments: Quizzes National income problems Price indexes Who is hurt and Who is helped by unanticipated inflation All About GDP FRQs Current events: National Income Accounts, Inflation, Unemployment Unit 3: National income and price determination (3 weeks) Major topics: A. Aggregate demand Determinants of aggregate demand Multiplier and crowding-out effects B. Aggregate supply Short-run and long-run analyses Sticky versus flexible wages and prices Determinants of aggregate supply C. Macroeconomic equilibrium Real output and price level Short and long run Chps. 28-31 Actual versus full-employment output Key concepts: Aggregate demand, multiplier, crowding out, aggregate supply—long and short run Graphs: Aggregate spending model Aggregate demand/aggregate supply model Assignments: Quizzes AS/AD problems Practice with APC, APS, MPC, and MPS The Magic of the Multiplier Tools of Fiscal policy Inflationary and Recession Gaps Balanced Budget Multiplier FRQs Current Events: Aggregate Demand, Aggregate Supply, GDP, and Price level Unit 4: Financial Sector (2.5 weeks) Major topics: A. Money, banking, and financial markets Definition of financial assets: money, stocks, and bonds Time value of money Measures of money supply Banks and creation of money Money demand Money market Loanable funds market B. Central banking and control of the money supply Tools of central bank policy Quantity theory of money—MV=PQ Real versus nominal interest rates Chps. 32-35 Key concepts: Financial assets, time value of money, functions of money, M1, M2 and M3, demand and supply of money, Federal Reserve system, money creation by banking system, money multiplier, monetary policy (tight and easy), loanable funds market Graphs: Money market Loanable funds market Monetary policy money market transition mechanism Assignments: Quizzes What’s all this about Ms? Monetary equation of exchange Multiple expansion of checkable deposits Federal Reserve: monetary policy and macroeconomics Real interest rates versus nominal interest rates FRQs Current events: Loanable funds, money market Unit 5: Inflation, Unemployment, and stabilization policies (3 weeks) Chps. 27 Major topics: A. Fiscal and monetary policies Demand-side effects Supply-side effects Policy mix Government deficits and debt B. Inflation and unemployment Types of inflation Demand-pull inflation Cost-push inflation Phillips curve: short run versus long run Role of expectations Key concepts: Short run aggregate supply curve, long run aggregate supply curve, Phillips curve, long run vertical Phillips curve, supply side economics, public debt, crowding out, classical (fixed) vs. Keynesian (flexible) view, monetarism, rational expectations view Graphs: Aggregate demand and supply model Classical and Keynesian models Phillips curve—short and long run Laffer curve Assignments: Quizzes Crowding out: a graphical representation Graphing money and fiscal interactions Short-run Phillips curve FRQs Current events: Classical or Keynesian model, Phillips curve Unit 6: Economic growth and productivity (.5 of week) Major topics: A. Investment in human capital B. Investment in physical capital C. Research and development, and technological progress D. Growth policy Chp. 26, 36 Key concepts: Economic growth, labor productivity, labor-force participation rate Graphs: Production possibility curve Long run aggregate supply model Assignments: Quizzes FRQs Current event: long run aggregate supply Unit 7: Open economy: international trade and finance (1 week) Major topics: A. Balance of payments and accounts Balance of trade Current account Capital account B. Foreign exchange market Exchange rate determination Currency appreciation and depreciation C. Net exports and capital flows D. Links to financial and goods markets Ch 38-39 Key concepts: Comparative advantage, terms of trade, trade barriers, trade organizations, balance of payments, exchange rates—flexible and fixed Graphs: Production possibilities curve for trade Exchange rates Assignments: Quizzes Exchange rates FRQs Current event: exchange rates