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1 AP Macroeconomics Instructor Mrs. Crisler Room 428 Office Hours 2:42-3:15 M,T,W,TH 2:00-3:15 F jcrisler@satsumaschools.com Phone Twitter Joy shsgovteach Economics : Macroeconomics is a one-semester, college-level course. Each student is expected to take the AP Macroeconomics Exam that is administered in May. Successful achievement on the AP Exam may allow the student to earn three hours of college credit (depending on the policies of individual institutions). 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. Textbook Your book for this class is Principles of Macroeconomics for AP Courses by OpenStax, and it is available online in web view and PDF formats. You can use whichever format you want. Web view is recommended -- the responsive design works seamlessly on any device. Principles of Macroeconomics for AP Courses from OpenStax, ISBN , Workbook Advanced Placement Economics: Macroeconomics Student Resource Manual 4th Edition Additional Readings The Wall Street Journal Local newspaper articles Magazine articles Resources : The school website is Students are responsible for keeping up with the daily events in the nation and the world. Assigned and used in class: articles from current newspapers, such as The New York Times or The Wall Street Journal; news magazine excerpts from Time, Newsweek, or The Economist; news footage and documentaries; C-SPAN s coverage and current events materials; numerous websites. Remind Code link Google Classroom code: 57sdcjr. Evaluation : At the conclusion of each unit of the course, students are asked to complete past free-response questions. This activity reinforces the material and requires students to be able to draw the important graphs that are used to study macroeconomics. It also familiarizes the students with the way in which the material is tested and the structure of the exam itself. Students will also be given a multiple
2 choice test at the completion of each unit of study. Students will earn points for assigned homework, article readings and assignments, and projects. Evaluation will be done through tests, quizzes, assignments, class discussion, homework, projects, individual participation, and group participation. An assignment not turned in will be recorded as a grade of 0. Grades will be counted using the following percentages: 70% Tests/Projects and 30% Daily/Homework. This is a semester course. The first quarter grade will count 40%, the second quarter grade will count 40%, and a comprehensive semester exam will count 20% in determining the final grade in this course. This is a required course for graduation. Attendance : Regular class attendance is essential to success in this class. It will provide the student with better understanding of the assignments and an opportunity to ask questions. Please refer to the Student Code of Conduct for the school attendance policy and tardy policy. Excessive tardiness to class WILL negatively affect your grade. Students will have an activity to complete upon entering the classroom each day. If I have taken up an assignment before you arrive to class, it will not be accepted for credit (unless the tardy is excused). If you miss an assignment because you are late to class, you may not receive any credit for the make-up assignment (unless the tardy is excused)! Four tardies to class results in an unexcused absence. Make-up Work : Anytime a student is absent (including field trips), it is expected that the student will make up any work missed. No credit will be given for any make-up work completed as a result of an unexcused absence. All make-up work must be completed by the given due date. Missed assignments will be recorded as a zero regardless of the reason until a make-up assignment has been completed. All make-up assignments must be completed prior to the last week of the semester. Make-up assignments/tests will be given and completed during the office hours listed on this syllabus. Projects: During the quarter, each student will be assigned special reports or projects. The teacher will give instructions at that time. These projects or reports are to be done outside of class. Students are given several days to weeks to work on these reports/projects and the completed work should be turned in on or before the final due date. Late projects will result in a drop of two letter grades per day late. Materials needed: Everyday each student needs to bring to class the following supplies: (1) a three-ring binder with dividers; (2) blue or black ink pens; (3) pencils; (4) plenty of lined paper; (5) textbook. Students will also need supplemental text and workbooks on occasion. Class rules: Be Respectful, Be Responsible, Be Resourceful 1. Keep hands, feet, and other objects to yourself. 2. Speak at appropriate times using appropriate voices and language. 3. Bring all needed materials to class. 4. Be on time. 5. Obey all school rules. I have read and understand the rules, policies, and procedures for Mrs. Crisler s Economics and American Government class. Parent Signature Date Student Signature Date
3 Unit One: Basic Economic Concepts Basic Economic Concepts A. Scarcity, choice, and opportunity cost B. Production possibilities curve C. Comparative advantage, specialization, and exchange D. Demand, supply, and market equilibrium E. Macroeconomic issues: business cycle, unemployment, inflation, growth Chapters Included in Unit One Chapters 1,2,3,4,5,6,7,8 Key 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 Production possibilities curve (frontier) Demand and supply curves showing equilibrium Demand and supply curves showing shifts in demand/supply Unit Two: Measurement of Economic Performance Measurement of Economic Performance A. National income accounts 1. Circular flow 2. Gross domestic product 3. Components of gross domestic product 4. Real vs. 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
4 Chapters Included in Unit Two Chapters 5,6,7 Key concepts: circular flow of economic activity, inclusions and exclusions concerning gross domestic product, expenditure approach to GDP, income approach to GDP, nominal vs. real GDP, phases of the business cycle, types of unemployment, full employment, measurements of inflation, types of inflation, effects of inflation Circular flow of economic activity Phases of the business cycle Unit Three: National Income and Price Determination National Income and Price Determination 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 vs. 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 vs. full employment output 4. Business cycle and economic fluctuations Chapters Included in Unit Three Chapters 10,11,12 Key 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 vs. flexible prices and wages, determination of equilibrium output and price level, actual vs. full employment, utilization of resources Graphs (students must be able to create and use): Investment demand curve Aggregate demand and short-run aggregate supply curve Aggregate demand and long-run aggregate supply curve Unit Four: Financial Sector Financial Sector
5 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 and the equilibrium nominal interest rate B. Loanable funds market 1. Supply of and demand for loanable funds 2. Equilibrium real interest rate 3. Crowding out C. Central bank and control of the money supply 1. Tools of central bank policy 2. Quantity theory of money 3. Real vs. nominal interest rates Chapters Included in Unit Four Chapters 13 and 14 Key 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 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. The Phillips curve 1. Short-run and long-run Phillips curves 2. Demand-pull vs. cost-push inflation 3. Role of expectations Chapters included in Unit Five Chapters 16 and 17 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 inflation unemployment relationship, expectations
6 Unit Six: Economic Growth Economic Growth A. Definition of economic growth B. Determinants of economic growth 1. Investment in human capital 2. Investment in physical capital 3. Research and development, technological development C. Growth policy Chapters included in Unit Six Chapter 6 and 18 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 Production possibilities curve Aggregate demand/aggregate supply model Unit Seven: Open Economy: International Trade and Finance Open Economy: International Trade and Finance A. Balance of payments accounts 1. Balance of trade 2. Current account 3. Financial account B. Foreign exchange market 1. Demand for and supply of foreign exchange 2. Exchange rate determination 3. Currency appreciation and depreciation C. Imports, exports, and capital flows D. Relationships between international and domestic financial and goods markets Chapters Included in Unit Seven Chapters 9,15, and 18 Key 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 policymaking Production possibilities Foreign exchange market
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