Henry M. Jackson High School 2017-2018 AP Macroeconomics Syllabus
Instructor: Deb Kalina
This full-year advanced placement course is designed to be an intensive year-long study of Macroeconomics. We will, however, study certain aspects of Microeconomics as well. The curriculum for AP Economics will include aspects of Supply and Demand, the Money and Banking System, Distribution of Income, The Government’s role in the Economy, Fiscal and Monetary Policy, as well as International Trade. Students will be expected to learn this with a very strong emphasis on current events and the practical implementation of economic decisions and policies. Please remember that this is an Advanced Placement class and will be taught as such. Advanced Placement classes are designed for college freshmen. You should only have signed up for this class if you truly expect to take your responsibility seriously! Students who take their work seriously and do well should expect to take the AP Exam in May. All students at the end of this class should be able to take introductory economics classes in college with confidence and great success.
Mankiw, N. Gregory. Principles of Economics. 6th ed. Mason, Ohio: Thomson South-Western, 2012.
- Krugman, Paul, and Robin Wells. Economics. New York: Worth Publishers, 2006.
- Morton, John S. and Goodman, Rae Jean B., Advanced Placement Economics
- (Teacher’s Manual & Student’s Manual), New York, National Council of Economic Education, 2003.
- Taylor, John B. Economics. 4th ed. Boston: Houghton Mifflin, 2004.
- Sowell, Thomas. Basic Economics. 2nd ed. New York: Perseus Books, 2011
- Other Supplementary Materials: I use a number of websites in my teaching – for in class use, research papers, lecture notes – to cite them all here would take up too much space. I also use current events multiple times each week to relate text learning with practical uses. Also, the 5-6 2-page papers that are assigned during the year all have a current event prompt.
Course Themes & Objectives:
1.) The student will understand many of the factors that influence the global economic system.
2.) The student will evaluate fiscal and monetary policy in a market economy.
3.) The student will learn how to manipulate data in order to measure economic performance.
4.) The student will understand the role that supply and demand play in determining production and distribution in a market economy.
5.) The student will be able to evaluate the role of money and financial institutions in a market economy.
6.) The student will understand how trade and government policies affect the economies of the world.
7.) The student will compare and contrast Keynesian, Classical, Monetarist and Rational Expectations economic theories.
8.) The student will analyze the trade-offs between inflation and unemployment
9.) The student will understand the causes and effects of historical trends in the U.S. business cycle.
Summative assignments you are expected to complete for this class will fall into one of three categories (OPEN-RESPONSE ESSAYS, TESTS, HOMEWORK & CLASS PARTICIPATION). Your grade for each semester is calculated as follows:
Open-Response Essays and Projects
Quizzes and Tests
Homework & Class Participation
Mid-term and Final Exam
Homework: ALL your homework will be completed in a class notebook. Students will be expected to keep class notes, all text related assignments, and research notes in the notebook. The notebook will become very important to students preparing for tests; especially, the midterm and final exams. Students will find it very difficult to do well on quizzes and tests if they do a poor job on their notebook.
- Tests & Projects: There will be 3-4 major tests per marking period. There will also be a mid-term and final exam. In each term there will also be 2-3 summative 2-page “open response” essays. These essays will ask students to use text information, economic evaluations, and current events to address economic problems. At times a student may enter into a “contract assignment” with the teacher to replace their lowest test grade. Students will be limited to one such assignment per semester and all expectations will be agreed upon by the teacher before work begins.
- Quizzes: There may be as many as 1 to 2 quizzes per week. They may, or may not be announced. Quizzes will be formative in nature, allowing the student to assess her own understanding of the macroeconomic topic being covered in class.
- Class Participation: Twenty percent of your grade is based on participation. Calculating your daily participation grade is roughly done as follows: homework 2 points, active participation 2 points, attendance 1 point. Attendance means being in class on time, notebook and homework out and ready. Your preparation and enthusiasm in class can only help your grade and make the course more interesting. Homework is given summative weighting because the student’s participation in class discussion will be very limited if the assigned homework has not been completed prior to class.
- Make-ups: If you are absent it is YOUR responsibility to see me about missed work. The day you return from your absence you will see me to find out what you have to make up. If you fail to, the grade for that assignment will become a zero until it is completed. If you are absent from school the day before a test that has been announced for many days, you will still be expected to take the test with the rest of the class.
Course Unit Outline
- Basic Economic Concepts (8–12%)
- Scarcity, choice, and opportunity costs
- Production possibilities curve
- Comparative advantage, specialization, and exchange
- Demand, supply, and market equilibrium
- Macroeconomic issues: business cycle, unemployment, inflation, growth
- Measurement of Economic Performance (12–16%)
- National income accounts
- Circular flow
- Gross domestic product
- Components of gross domestic product
- Real versus nominal gross domestic product
- Inflation measurement and adjustment
- Price indices
- Nominal and real values
- Costs of inflation
- Definition and measurement
- Types of unemployment
- Natural rate of unemployment
III. National Income and Price Determination (10–15%)
- Aggregate demand
- Determinants of aggregate demand
- Multiplier and crowding-out effects
- Aggregate supply
- Short-run and long-run analyses
- Sticky versus flexible wages and prices
- Determinants of aggregate supply
- Macroeconomic equilibrium
- Real output and price level
- Short and long run
- Actual versus full-employment output
- Business cycle and economic fluctuations
- Financial Sector (15–20%)
- Money, banking, and financial markets
- Definition of financial assets: money, stocks, bonds
- Time value of money (present and future value)
- Measures of money supply
- Banks and creation of money
- Money demand
- Money market and the equilibrium nominal interest rate
- Loanable funds market
- Supply of and demand for loanable funds
- Equilibrium real interest rate
- Crowding out
- Central bank and control of the money supply
- Tools of central bank policy
- Quantity theory of money
- Real versus nominal interest rates
- Stabilization Policies (20–30%)
- Fiscal and monetary policies
- Demand-side effects
- Supply-side effects
- Policy mix
- Government deficits and debt
- The Phillips curve
- Short-run and long-run Phillips curves
- Demand-pull versus cost-push inflation
- Role of expectations
- Economic Growth (5–10%)
- Definition of economic growth
- Determinants of economic growth
- Investment in human capital
- Investment in physical capital
- Research and development, and technological progress
- Growth policy
VII. Open Economy: International Trade and Finance (10–15%)
- Balance of payments accounts
- Balance of trade
- Current account
- Financial account (formerly known as capital account)
- Foreign exchange market
- Demand for and supply of foreign exchange
- Exchange rate determination
- Currency appreciation and depreciation
- Imports, exports, and financial capital flows
- Relationships between international and domestic financial and goods markets
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AP Macroeconomics Syllabus
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