Advanced Placement Macroeconomics

Transcription

1 Advanced Placement Macroeconomics I can be reached at Legacy High School at or by at craigrabalais@misdmail.org. Website All pertinent information, dates of assignments due, and worksheets can be found on my website. Excuses for not knowing when and what was due on specific dates will not be accepted. Smart Devices will be out of sight or turned face down unless instructed to use if necessary. All smart devices will be taken for the rest of the class period if misused. MISD Student Handbook policy regarding cell phones will be followed and cell phones turned in to the bookkeeper. Mansfield ISD AP Economics Course Description: This AP course in macroeconomics is designed to give students a thorough understanding of the principles of economics that apply to an economic system as a whole while placing particular emphasis on the study of national income and price determination, and develop students familiarity with economic performance measures, economic growth, and international economics. Fundamental Goals: Economics is the discipline concerned with how we reconcile a fundamental reality of our existence, the inherent limitation on what we can have, with our need and want for material things. Macroeconomics is particularly concerned with how we act together in societies to address economic issues. We will learn about how we decide as a society what to produce, how that production is distributed among us, what problems can undermine our prosperity, and how we combat those problems. Our class has the following principle goals: To enable you to apply economic thinking to your own life. To educate you in Macroeconomics at a level equivalent to a university first-year course. To improve your skills in thinking, writing, and speaking in preparation for post high school education. To prepare you for the Advanced Placement Macroeconomics exam that will be given this Spring. Grading: All of the grades taken for this course will be meaningful and purposeful. I will not give you an assignment that is not designed to either help you succeed on the AP exam or truly better your understanding of a economic concept. With that in mind, multiple choice tests and free response questions will count for 60% of your six weeks average. Quizzes, projects, and activities will count as the remaining 40% of your average. Each six weeks you should have at least one multiple choice test and several free response question. Quizzes and other assignments will pop up periodically. Students will be allowed one retake to any test that they have failed. They have one week from the time they receive their grade to retake the test. However, the student will be required to have corrected their old test before being allowed to take the test again. Students will not earn higher than a 70 on the retest. Tests are important and help the student develop the necessary study habits and skills needed at this level of education so lets try our best the first time every time.

2 Expectations: The AP exam is a timed test. That means that one of our highest priorities must be getting prepared to meet those time demands. Due to the rigid time constraints, I plan on doing most of the free response questions in class. Since they are timed on the real test I would like to see the progression we make first hand. Of course, all of our test will also be completed in class. With that being said, the main things you will be required to do outside of class are READ and complete activities! Reading is essential to your success in this class! You will not have busy work so I do not believe having your material read before you enter the classroom is too much to ask. I know that all of you can be successful and I will do everything in my power to make sure that occurs. Materials: A big spiral Pens and pencils 5 Steps to a 5 Text, Readings, Materials: McConnell, Campbell R. and Stanley L. Brue. Economics. 15th Edition. New York: McGraw-Hill Irwin, The high school will ensure that each of you has a copy of the textbook checked out to you, the better to read and study diligently. 5 steps to a 5, AP Macroeconomics and Microeconomics, or edition, Eric Dodge McGraw-Hill. Advanced Placement Macroeconomics Student Activities 3rd Edition, 2003, Morton and Goodman, National Council on Economic Education. Closing: I am extremely excited to get the honor of teaching AP Macroeconomics! This is a practical class that helps you understand the world in a way you have never been able to before. I look forward to working with you in what I am almost positive will be a great year. Course Outlines and Concepts: Unit 1. I. Basic Economic Concepts (8 12%) International Trade and Finance (10-15%) A. Scarcity, choice and opportunity costs 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 VII. International Trade and Finance (10-15%) B. Foreign exchange market 1. Demand for and supply of foreign exchange 2. Exchange rate determination 3. Currency appreciation and depreciation 1-2 Scarcity, Factors of Production, Trade-offs, M&B Ch. 1 Opportunity Cost M&B pgs.22-25

3 5S5 pgs Production Possibilities Curve, Introduction to M&B pgs economic growth, Economic Systems: Morton Activity 1 Authoritarian & Democratic Socialism v. PPC Activity Market Capitalism 5s5 pgs Theory of Comparative Advantage, Gains M&B ch.6 from trade, Introduction to net exports and 5s5 pgs & barriers to trade Morton Activity 2 Internet trade barriers 7-8 Supply & Demand, Elasticity Trade FRQ Morton Activity 3B, 4, 5B, 6 M&B pgs s5 pgs & Market Equilibrium, Goods and M&B pgs Financial Markets w/ focus on FOREX 5s5 pgs Morton Activity 7B Internet Supply and Demand Practice Supply and demand Analysis Foreign Exchange Market Supply and Demand FRQ Morton Activity 53B&54 M&B pgs s5 pgs con't Internet Foreign Exchange Foreign Exchange Activity Foreign Exchange FRQ Unit 2. II. Measurement of Economic Performance (12 16%) A. National income accounts 1. Circular flow 2. Gross domestic product 3. Components of gross domestic product 4. Real versus 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 13-14 Circular Flow and the Aggregate Economy M&B pgs s5 pgs Morton Activity 9&10 Internet Circular flow, GDP GDP M&B ch.7 Morton Activity 11C&12 Internet National Accounting Counted or Not Business Cycle and Unemployment M&B pgs s5 pgs Morton Activity 11A, 16, &17 Internet Unemployment Labor Force and Unemployment Activity Price Level and Inflation M&B pgs s5 pgs Morton Activity 11B, 13, &15 Inflation-Happy, Sad, or? Inflation and Price Index 21 Review 22 Test 1 with Unit 2 FRQS Unit 3. III. National Income and Price Determination (10 15%) 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 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 VII. Open Economy: International Trade and Finance. (10 15%) A. Balance of payments accounts 1. Balance of trade

5 2. Current account 3. Capital account C. Net exports and capital flows D. Links to financial and goods markets Consumption, Savings and Loanable Fund M&B pgs Morton Activity Loanable Funds, Investment and Crowding-Out M&B pgs S5 pgs Morton Activity 22 Internet Loanable funds Loanable funds Balance of Payments Loanable funds FRQ M&B pgs S5 pgs Morton Activity 52 Balance of Payments Multipliers/Aggregate Demand BoP FRQ M&B pgs M&B pgs S5 pgs Morton Activity 21 & Aggregate Supply, Classical v. Keynesian Multiplier FRQ M&B pgs S5 pgs Morton Activity Macroeconomic Equilibrium M&B S5 pgs Morton Activity 25 and 27 Internet AS/AD Recessions, Stagflation, Inflation & M&B pgs Macroeconomic Equilibrium in the Long-Run, Internet AS/AD The Self-correcting Economy Morton Activity Review 38 Test/Unit 3 FRQs

6 39-40 The Phillips Curve & Expectations M&B pgs Morton Activity 46 Internet The Phillips Curve Fiscal Policy, Crowding Out & Net Export Effects M&B pgs S5 pgs Morton Activity 30&31 Phillips Curve FRQ Unit 4. IV. Financial Sector (15 20%) 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 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 rat Money, The Money Market/ M&B pgs The Fed Today 5S5 pgs Morton Activity 35&39 Internet Money Market Banking and Multiple Deposit Expansion Money Market FRQ M&B ch. 14 Morton Activity 37 Internet Creation of Money Monetary Policy Multiple Deposit Expansion FRQ M&B Ch. 15 Morton Activity 38, 40, & 42 Internet Game: Fed Chairman Unit 5. V. Inflation, Unemployment, and Stabilization Policies (20 30%) A. Fiscal and monetary policies 1. Demand-side effects 2. Supply-side effects

7 3. Policy mix 4. Government deficits and debt B. Inflation and unemployment 1. Types of inflation a. Demand-pull inflation b. Cost-push inflation 2. The Phillips curve: short run versus long run 3. Role of expectations Unit 6. VI. Economic Growth and Productivity. (5 10%) A. Investment in human capital B. Investment in physical capital C. Research and development, and technological progress D. Growth policy Fiscal & Monetary Policy Combinations Monetary Policy FRQ Quantity Theory of Money, Real v. Nominal Interest M&B ch. 1 Morton Activity 36, 41, 43, & Supply Side Economics, The Laffer Curve Fiscal Monetary FRQ M&B pgs & Laffer Curve Economic Growth & The Effects of M&B ch. 17 & 18 Government Debt Morton Activity 29 & Review 56 Test 3 with FRQs Unit 7. AP Review and Personal Finance 57 Review Unit 1 & 2 58 Review Unit 3 & 4 59 Review Unit 5 & 6 60 Review need areas 61 Release test with FRQs 62 Debrief Practice Exam & Cumulative FRQs

8 63 Introduction to Personal Finance Internet hands on banking 64 Personal Finance Internet hands on banking 65 Personal Finance Internet hands on banking 66 Personal Finance Internet hands on banking 67 Personal Finance Internet hands on banking 68 Semester Exam Review 69 Semester Exam