AP Macroeconomics Syllabus 3

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AP Macroeconomics
Syllabus 3    Syllabus Number:                              876118v1

AP 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 allows the
student to earn three hours of college credit.

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.

McConnell, Campbell, and Stanley Brue. Economics, 16th ed. McGraw-
Hill/Irwin, 2005.

Morton, John. Advanced Placement Economics Macroeconomics
Student Activities, 3rd ed. New York: National Council on Economic
Education, 2003.

Additional Readings
Wall Street Journal
Local newspaper articles
Magazine articles

Unit One: Basic Economic Concepts
Basic Economic Concepts [CR1]                                              CR1--The course
                                                                           provides instruction
       A. Scarcity, choice, and opportunity cost                           in basic economic
       B. Production possibilities curve                                   concepts.
       C. Comparative advantage, absolute advantage, specialization,
          and exchange
       D. Demand, supply, and market equilibrium
       E. Macroeconomic issues: business cycle, unemployment,
          inflation, growth

Chapters Included in Unit One
McConnell, Chapters 1, 2, 3, 6

List of Key Concepts and Graphs
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
                                                                                CR1--The course
price and quantity, introduction of key macroeconomic issues [CR1]              provides instruction
                                                                                in basic economic
      Production possibilities curve (frontier)
      Demand and supply curves showing equilibrium
      Demand and supply curves showing shifts in demand/supply [CR9]            CR9--The course
                                                                                teaches students
                                                                                how to generate,
                                                                                interpret, label, and
List of key words or terms                                                      analyze graphs,
Key terms: economics, factors of production--inputs, capital,                   charts, and data to
                                                                                describe and explain
microeconomics, macroeconomics, positive economics, normative                   economic concepts.
economics, ceteris paribus, fallacy of composition, scarcity, opportunity
cost, model, production possibilities, constant costs, law of increasing
opportunity cost, absolute advantage, comparative advantage,
specialization, terms of trade, demand, law of demand, quantity
demanded, market demand, substitutes, complements, normal goods,
inferior goods, supply, law of supply, quantity supplied, market
equilibrium, equilibrium price, equilibrium quantity, business cycle,
recession, trough, recovery, unemployment, inflation, economic growth

Web Resources

Economics U$A
   1. Resources and scarcity: what is economics all about? [CR8]                CR8--The course
                                                                                promotes the
   2. Markets: Do they serve our needs                                          understanding of
   3. Paul Solman videos for use with McConnell, Brue, 16th ed.,                aggregate economic
                                                                                activity; the
      Chapters 1, 2, 3, and 6                                                   utilization of
                                                                                resources within and
                                                                                across countries; and
Simulation Games                                                                the critical evaluation
                                                                                of determinants of
       Resource Scarcity Game                                                   economic progress
       Market in Wheat (John Morton, Advanced Placement Economics,              and economic
                                                                                decisions made by
       Instructor's Manual, 2nd ed.)                                            policymakers.

      Morton. Advanced Placement Economics, Activities 18.

Other print resources--books or articles
      Ten Principles of Economics, in Principles of Economics, 3rd ed.,
      by Greg Mankiw
      10 Steps to Success, Cracking the AP Economics Examination, by
      David Anderson

Timeline for Unit One
Day Class Activity
1     Introduction to the economic way of thinking, Chapters 1 and 2
2     Discussion of scarcity, opportunity costs/Resource Scarcity Game
3     Production possibilities, Chapter 2
45   Absolute and comparative advantage, terms of trade, Chapter 6
6     Test on introductory information/ begin demand, Chapter 3
7     Demand, donut-eating exercise
8     Shifts in demand, begin supply
9     Quiz on demand, shifts in supply, changes in equilibrium
10    Macroeconomic issues
11    Finish material/study guide discussion
11    Unit One test

Unit Two: Measurement of Economic
AP Outline                                                                CR2--The course
Measurement of Economic Performance [CR2]                                 provides instruction
National income accounts                                                  in measurements of
            1. Circular flow                                              performance.
            2. Gross domestic product
            3. Components of gross domestic product
            4. Real versus nominal gross domestic product
      2. Inflation measurement and adjustment
            1. Price indices
            2. Nominal and real values
            3. Costs of inflation
      3. Unemployment
            1. Definition and measurement
            2. Types of unemployment
            3. Natural rate of unemployment

Chapters Included in Unit Two
McConnell, Chapters 7, 8

List of key concepts and graphs
Concepts: Circular flow of economic activity, inclusions and exclusions
concerning gross domestic product, expenditure approach to GDP,
income approach to GDP, nominal versus 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
                                                                             CR9--The course
      Phases of the business cycle [CR9]                                     teaches students
                                                                             how to generate,
                                                                             interpret, label, and
List of Key Words or Terms                                                   analyze graphs,
Key Terms: Gross domestic product, intermediate goods, final goods,          charts, and data to
                                                                             describe and explain
multiple counting, expenditure approach, income approach, personal           economic concepts.
consumption expenditures, gross private domestic investment, net
private domestic investment, government purchases, net exports,
national income, consumption of fixed capital, depreciation, personal
income, disposable personal income, nominal GDP, real GDP, GDP
deflator, peak, recession, trough, recovery, labor force, unemployment
rate, frictional unemployment, structural unemployment, cyclical
unemployment, full-employment rate of unemployment, natural rate of
unemployment, inflation, Consumer Price Index, demand-pull inflation,
cost-push inflation, nominal income, real income, deflation

Web Resources

Economics U$A: What is GNP? video (provides useful information that
can easily be adapted for GDP)
Paul Solman videos, Chapters 7 and 8

Advanced Placement Economics, Activities 1217.

Timeline for Unit Two
Day Class Activity
1    Video--What is GNP?

2       Components of GDP, expenditure approach, income approach
        (Chapter 7)
3       Quiz, exercise on nominal and real GDP
4       Types of unemployment (Chapter 8)
5       Types of inflation
6       Determining real and nominal values using price indexes
7       Effects of inflation--short play on inflation
8       Review activities from Morton workbook
9       Unit Two Test

Unit Three: National Income and Price
AP Outline
                                                                           CR3--The course
National Income and Price Determination [CR3]                              provides instruction
                                                                           in national income
                                                                           and price
    A. Aggregate demand                                                    determination.
       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

Chapters Included in Unit Three
McConnell, Chapters 9 and11

List of Key Concepts and Graphs
Concepts: marginal propensity to consume, the multiplier effect, reasons
for a downward sloping aggregate demand curve, determinants of             CR8--The course
                                                                           promotes the
aggregate demand, aggregate supply in the short and long run, sticky       understanding of
versus flexible prices and wages, determination of equilibrium output      aggregate
                                                                           economic activity;
and price level, actual versus full employment, utilization of resources   the utilization of
[CR8]                                                                      resources within
                                                                           and across
                                                                           countries; and the
                                                                           critical evaluation
                                                                           of determinants of
                                                                           economic progress
                                                                           and economic
                                                                           decisions made by

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