syllabus
Course Title: AP Economics
Teacher: Camille Collins, Ed.D, CPAinactive (email: ccollins@mhafyos.org)
Credit(s): 1
Grade Level: 12 (Or with administrative approval)
Textbooks: Economics (McConnell & Brue, Glencoe/McGraw-Hill, NY, NY)
Course Description: The AP Economics course will be divided into 2 curricula, AP Macro and AP Micro as established AP curricula from the College Board. The AP Economics course is a two-semester, college-level course. Each student is encouraged to take both the AP Macroeconomics Exam and the AP Microeconomics Exam that is administered in May. Successful achievement on the AP Exam allows the student to earn six hours of college credit.
AP Economics emphasizes economic principles as applied to the economy as a whole and on the individual market level. 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.
Textbook: McConnell, Campbell, and Stanley Brue. Economics, 16th ed. McGraw-Hill/Irwin, 2005.
Grading Procedure: Grades are on a point system where every quiz/test/assignment is equally weighted.
AP Course Plan:
Unit I: Basic Economic Concepts [CR1]
A. Scarcity and Opportunity Costs
B. Production Possibilities Model
C. Comparative Advantage and Trade
Lesson 1: Course introduction: Discussion of course goals and requirements. Verification of summer assignment completed.
Homework: Read and outline chapter 1. Prepare for vocabulary test on Chapter 1. Flashcards are posted online at www.FlaschardExchange.com.
Lesson 2: Ch 1: Vocabulary Test
Review the following concepts [CR1]:
* Scarcity and choices
* Theoretical economics
* Ceteris paribus
* Policy economics & economic goals
* Macro vs. Microeconomics
* Normative vs. positive economics
Homework: Write out answers to “Key Questions” on page 14. Prepare for “Sample” M/C Test on Chapter 1. Flashcards are posted online at www.FlaschardExchange.com.
Lesson 3: Sample M/C Test for Chapter 1: The nature and methods of economics
Homework: Read and outline Chapter 2.
Lesson 4: Review the following concepts [CR1]:
* Scarcity
* Factors of production
* Full production vs. full employment
* Productions possibilities table/curve
Homework: Prepare for vocabulary test on Chapter 2. Flashcards are posted online at www.FlaschardExchange.com.
Lesson 5: Ch 2: Vocabulary Test
Review the following concepts [CR1]:
* Productions possibilities table/curve (continued)
* Opportunity cost
* Economic growth illustrated by PPC
* Economic re-structuring illustrated by PPC
* Differing economic systems
* Circular flow model
Homework: Write out answers to “Key Questions” on pages 37-38. Prepare for “Sample” M/C Test on Chapter 2. Flashcards are posted online at www.FlaschardExchange.com.
Lesson 6: Review the following concepts [CR1]:
* Productions possibilities table/curve (continued)
* Opportunity cost
* Economic growth illustrated by PPC
* Economic re-structuring illustrated by PPC
* Differing economic systems
* Circular flow model
Homework: Write out answers to “Key Questions” on pages 37-38. Prepare for “Sample” M/C Test on Chapter 2. Flashcards are posted online at www.FlaschardExchange.com.
Lesson 7: Sample M/C Test for Chapter 2: The Economizing Problem
Homework: Prepare for Chapter Test on Chapters 1-2 Flashcards are posted online at www.FlaschardExchange.com.
Lesson 8: Chapter Test on Chapters 1-2
Homework: Read and Chapter 3: Section 1. Write out answers to questions 1–3, p. 56
.
Lesson 9: Review the following concepts [CR1]:
* Market variables/functions
* Law of demand
* Change in quantity demanded
* Change in demand (determinants of demand)
* Graphing changes in quantity demanded and demand [CR9]
Homework: Read and outline Chapter 3: Section 2. Write out answers to questions 4,5,7,8 on p. 56-57. Prepare vocabulary test on Chapter 3. Flashcards are posted online at www.FlaschardExchange.com.
Lesson 10: Ch 3: Vocabulary Test
Review the following concepts [CR1]:
* Law of supply
* Change in quantity supplied
* Change in supply (determinants of supply)
* Graphing changes in quantity supplied and supply [CR9]
Homework: Read and outline Chapter 3: Section 3. Write out answers to questions 9-15 on p. 57-58.
Lesson 11: Review the following concepts [CR1]:
* Market equilibrium (conceptually & graphically) [CR9]
* Changes to price and quantity due to changes in supply and demand
* Rationing function of prices
* Shortages and surpluses (conceptually & graphically) [CR9]
Homework: Prepare for Sample Free-response Test on Chapter 3.
Lesson 12: Sample Free-response Test on Chapter 3
Homework: Prepare for Sample M/C Test I on Chapter 3. Flashcards are posted online at www.FlaschardExchange.com.
Lesson 13: Sample M/C Test I on Chapter 3
Homework: Prepare for Sample M/C Test II on Chapter 3. Flashcards are posted online at www.FlaschardExchange.com.
Lesson 14: Sample M/C Test II for Chapter 3: Individual Markets. Flashcards are posted online at www.FlaschardExchange.com. [Last reminder regarding online flashcards.]
Homework: Prepare for Chapter Test on Chapter 3
Lesson 15: Chapter Test on Chapter 3
Unit II: Measurement of Economic Performance [CR2]
A. Business Cycle and GDP Measurement
B. Inflation
C. Unemployment and Stabilization
Lesson 16: Review the following concepts [CR2]:
* GDP
* Included/Not Included in GDP
* Short-comings of GDP
* Expenditures approach (C+Ig+G+X-M)
* Income Approach
* GDP to Disposable Income Calculation
Homework: Prepare vocabulary test on Chapter 7.
Lesson 17: Ch 7: Vocabulary Test
Review the following concepts [CR2]:
* GDP to Disposable Income Calculation
Homework: Complete sample GDP to Disposable Income Calculation
Lesson 18: Review the following concepts [CR2]:
* GDP to Disposable Income Calculation
Homework: Complete sample GDP to Disposable Income Calculation
Lesson 19: Review the following concepts [CR2]:
* GDP to Disposable Income Calculation
Homework: Review for Free Response and M/C test on GDP to Disposable Income Calculation
Lesson 20: Free Response and M/C test on GDP to Disposable Income Calculation
Homework: Prepare vocabulary test on Chapter 8.
Lesson 21: Ch 8: Vocabulary Test
Review the following concepts [CR2]:
* Economic growth
* Business cycle
* Unemployment (types and measurement)
Homework: Read and outline Chapter 8: Section 1 and 2. Complete Key Questions 2,4,6 on p. 157
Lesson 22: Review the following concepts [CR2]:
* Inflation
* Cost-push vs. demand-pull
* Consumer Price Index (CPI) [From Ch. 7]
* Disinflation vs. Deflation
* Real vs. Nominal
Homework: Read and outline Chapter 8: Section 3. Complete Key Questions 8, 10 on p. 157
Lesson 22: Review the following concepts [CR2]:
* Calculating CPI [From Ch. 7]
* Anticipated vs. unanticipated inflation
* Who is hurt? And, who is not hurt by inflation?
Homework: “Who is hurt by inflation?” Worksheet. Prepare for Sample M/C Test on Chapter 8.
Lesson 23: Sample M/C Test on Chapter 8
Homework: Prepare for M/C Test on Chapter 8
Lesson 24: Chapter 8 M/C Test
Unit III: AD/AS Macroeconomic Model [CR3]
A. Aggregate Demand
B. Aggregate Supply
C. Macroeconomic Equilibrium and Adjustments Short and Long Run
Lesson 25: Review the following concepts [CR3]:
* AE Model: Consumption and Savings (conceptually and graphically) [CR9]
* Marginal Propensities (MPC and MPS) (conceptually and mathematically)
* Shifts in consumption and savings: Nonincome determinants of consumption and savings
Homework: Read and outline Chapter 9: Section 1. Prepare vocabulary test on Chapter 9.
Lesson 26: Chapter 9 Vocabulary Test
Review the following concepts [CR3]:
* Real interest rate
* AE Investment Curve (conceptually and graphically) [CR9]
* Shifts in the AE Investment Curve (determinants)
* Causes and consequences of instability in AE investment
Homework: Read and outline Chapter 9: Section 2. Complete questions 1-4 on p. 179.
Lesson 27: Review the following concepts [CR3]:
* AE Model: Graphing the equilibrium [CR9]
Homework: Read and outline Chapter 9: Section 3. Complete questions 5-7 on p. 179.
Lesson 28: Review the following concepts [CR3]:
* Savings and planned investment
* Unplanned investment and changes to inventories
Homework: Prepare for Sample M/C Test on Chapter 9
Lesson 29: Sample M/C Test on Chapter 9
Homework: Prepare for M/C Test on Chapter 9
Lesson 30: M/C Test on Chapter 9
Homework: Read and outline Chapter 10: Section 1-2
Lesson 31: Review the following concepts [CR3]:
* Changes in the AE Model equilibrium (conceptually and graphically) [CR9]
* Multiplier effect (conceptually and mathematically)
o Spending
o Tax
o Balanced budget
Homework: Read and outline Chapter 10: Section 3. Prepare for vocabulary test on Chapter 10.
Lesson 32: Chapter 10 Vocabulary Test
Review the following concepts [CR3]:
* AE Model: Adding in international trade consumption
* Identifying recessionary and inflationary gaps
* Using the multiplier with fiscal policy
Homework: Prepare for Sample M/C Test on Chapter 10
Lesson 33: Sample M/C Test on Chapter 10
Homework: Prepare for M/C Test on Chapter 10
Lesson 34: M/C Test on Chapter 10
Homework: Read and outline Chapter 11: Section 1-2
Lesson 35: Review the following concepts [CR3]:
* Transition from AE Model to AS/AD Model – Identify differences between the two models.
* Aggregate demand (conceptually and graphically) [CR9]
* Aggregate supply (conceptually and graphically) [CR9]
* Identify and describe the different sections of the AS curve
* Determinants of AS and AD
Homework: Read and outline Chapter 11: Section 3. Prepare for vocabulary test on Chapter 11.
Lesson 36: Chapter 11 Vocabulary Test
Review the following concepts [CR3]:
* Determinants of AS and AD
* Graphing the equilibrium [CR9]
* Determining price and quantity
* Changes in AS and AD and its impact on price and quantity
Homework: Prepare for Free-response Test on Chapter 11
Lesson 37: Sample Free-response Test on Chapter 11
Homework: Prepare for Sample M/C Test on Chapter 11
Lesson 38: Sample M/C Test on Chapter 11
Homework: Prepare for Test on Chapter 11
Lesson 39: Chapter 11 Test
Homework: Read and outline Chapter 12: Sections 1-2.
Unit IV: Fiscal Policy [CR5/8]
A. Demand Side Policy
B. Second Order and International effects
C. Supply-Side Economics and Growth
Lesson 40: Review the following concepts [CR5/8]:
* Fiscal Policy and the AS/AD Model
* Expansionary policy
* Contractionary policy
* Budget Deficit
Homework: Prepare for vocabulary test on Chapter 12.
Lesson 41: Chapter 12 Vocabulary Test
Review the following concepts [CR5/8]:
* Practice set on Fiscal Policy and the AS/AD Model (Impact on price and quantity from discretionary policy actions)
Homework: Read and outline Chapter 12: Sections 1-2.
Lesson 42: Review the following concepts [CR5/8].
* Practice set on Fiscal Policy and the AS/AD Model (Impact on price and quantity from discretionary policy actions)
Homework: Prepare for Sample M/C Test on Fiscal Policy and the AS/AD Model
Lesson 43: Sample Free-response Test on Fiscal Policy and the AS/AD Model
Lesson 44: Review the following concepts [CR5/8].
* Automatic/Built-in Stabilizers
* Shortcomings of Fiscal Policy
* Net Exports Effect (conceptually and graphically) [CR9]
* Supply-side economics (conceptually and graphically) [CR9]
Homework: Prepare for Sample M/C Test on Chapter 12
Lesson 45: Sample M/C Test on Chapter 12
Lesson 46: M/C Test on Chapter 12
Homework: Read and outline Chapter 13: Sections 1-2.
Unit V: Monetary Policy and the Financial Sector [CR4/8]
A. Central Bank and Monetary Policy Tools
B. Time Value of Money
C. Second Order and International Effects
Lesson 47: Review the following concepts [CR4&8]:
* Functions of Money
* Supply of Money: M1, M2, M3
* Demand of Money: Transaction, Asset, Speculative
* Graphing Supply and Demand for Money [CR9]
Homework: Prepare for vocabulary test on Chapter 13.
Lesson 48: Chapter 13 Vocabulary Test
Review the following concepts [CR4]:
* Graphing Supply and Demand for Money (continued) [CR9]
* Changes in Supply and Demand for Money and its impact on interest rates (conceptually and graphically) [CR9]
* Link between changes in interest rates and AD and thus equilibrium price and output (conceptually and graphically) [CR9]
Homework: Read and outline Chapter 13: Sections 3-4.
Lesson 49: Review the following concepts [CR8]:
* Structure and Functions of the FED
* Basic description of the FOMC
* Independence of the FED
Homework: Prepare for Sample Test on Chapter 13
Lesson 50: Sample Test on Chapter 13
Homework: Prepare for Test on Chapter 13
Lesson 51: Test on Chapter 13
Homework: Read and outline Chapter 14: Sections 1-2.
o
Lesson 52: Review the following concepts [CR4]:
* Commercial Bank Balance sheet (conceptually and mathematically)
* Money creation via lending (conceptually and mathematically)
Homework: Read and outline Chapter 14: Sections 2-4. Prepare for Chapter 14 Vocabulary Test.
Lesson 53: Chapter 14 Vocabulary Test.
Review the following concepts [CR4]:
* Money Multiplier
Homework: Prepare for Sample Test Chapter 14
o
Lesson 52: Sample Test Chapter 14
Homework: Prepare for Chapter 14 Test
Lesson 53: Chapter 14 Test
Homework: Read and outline Chapter 15: Sections 1-2.
Lesson 54: Review the following concepts [CR8]:
* Tools of monetary policy
* Open Market Operations
* Reserve requirement
* Discount rate
Homework: Read and outline Chapter 15: Sections 2-4. Prepare for Chapter 15 Vocabulary Test
Lesson 55: Chapter 15 Vocabulary Test
Review the following concepts [CR8]:
* Policy decisions to correct recession/inflation
* Impact on short-term interest rates and the AS/AD Model (price and output)
Homework: Prepare for Sample Free Response Test on Chapter 15
Lesson 56: Sample Free Response Test on Chapter 15
Homework: Prepare for Sample M/C Test on Chapter 15
Lesson 57: Sample M/C Test on Chapter 15
Homework: Prepare for Test on Chapter 15
Lesson 58: Test on Chapter 37
Unit VI: International Economics [CR7]
A. Balance of Payments Accounts
B. Foreign Exchange Markets
C. Net Exports and Capital Flows
Lesson 59: Review the following concepts [CR7]:
* Economic Basis for Trade
* Trade Barriers
* Utilization of resources globally
Homework: International Trade worksheet I
Lesson 60: Review the following concepts [CR7]:
* Case for protectionism
* WTO
* Exchange rates and the balance of payments
Homework: International Trade worksheet II
Lesson 61: Sample International Trade M/C Test
Homework: Prepare for Test on International Trade
Lesson 62: Test on International Trade
Unit VII: Key Macroeconomic Issues
A. Inflation/Unemployment and the Phillips Curve
B. Growth and Productivity
C. Monetarists’ Views
D. Rational Expectations Theory [CR6] [CR8]
Lesson 63: Review the following concepts
* Short run/long run and the Phillips Curve.
Homework: Read pp. 301–306. Write out answers to questions 6–10, p. 307.
Lesson 64: Review the following concepts
* The Laffer Curve and a revisit of supply-side economics.
Homework: Read pp. 308–322. Write out answers to questions 4–6, p. 324.
Lesson 65: Review the following concepts
* Revisit economic growth and productivity.
Homework: Study for test on Chapters 16 and 17.
Lesson 65: Test on Chapters 16 and 17.
Lesson 66: AP Exam Review
Lesson 67: AP Exam Review
Lesson 68: AP Exam Review
Lesson 69: AP Exam Review
Lesson 70: AP Exam Review
Lesson 71: AP Practice Exam
Lesson 72: AP Practice Exam
Lesson 73: AP Practice Exam
Lesson 74: AP Practice Exam
Lesson 75: AP EXAM DAY
Financial Literacy Course Objectives:
Income:
* Income sources
* Factors affecting income
Money Management:
* Needs and wants
* Financial decision making
* Budget
* Financial responsibility
* Insurance, risk management
* Personal financial plan
Spending and Credit:
* Comparison shopping
* Opportunity cost
* Payment methods
* Consumer information
* Consumer complaint procedures
* Credit costs and records
* Credit problems, including bankruptcy
* Consumer Credit Protection Laws
Saving and Investing:
* Reasons for saving and investing
* Saving and investing products
