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Advanced Placement Macroeconomics

Course Name: AP/Pre-AP Macroeconomics and the Free Enterprise System


Teacher: Mr. Jaime A. Lopez; Room E-119; Conference 6th period (1pm -1:30 pm)
Phone: 956.548.9954

One Semester Course: 18 weeks, M-F, 6 classes per day and 45 minutes per class
Course Description: This semester long advanced placement course is designed to be an intensive 18 week
study of Macroeconomics. We will, however, study certain concepts of Microeconomics. The curriculum for
AP Economics will include aspects of basic economics concepts such as scarcity, Supply and Demand, the
Money and Banking System, Distribution of Income, The Governments role in the Economy, Fiscal and
Monetary Policy, as well as International Trade/Globalization. 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- everyone in this class
will start with a clean slate. Advanced Placement classes are designed for college freshmen. You, as a
student- should have signed up for this class with high expectations. 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 success. ***Important Reminder: You will
need to maintain a three ring binder with ALL course notes and graphs. This will be part of your FINAL grade.

List of texts that will be used in class:


Please note that there is not an officially adopted textbook for this AP/Pre-AP course.

Reference Texts:
Ray, M. & Anderson, D. & Krugman, P. & Wells, R.
Krugmans Macroeconomics for AP*.
Worth Publishers/BFW. 2nd Edition. 2011
ISBN: 13: 978-1-4641-2218-7
ISBN: 10: 1-4641-2218-0

Arnold, Roger A.
Macroeconomics
Thomson South-Western 8th Edition. 2005, 2008.
ISBN: 13: 978-0-324-53803-8
ISBN: 10: 0-324-53803-0

Course Overview:
Course intentions:
To give students a thorough understanding of the principles that apply to an economic system as a
whole, including national income and price determination, economic performance measures, economic
growth, and international economics.
To give high school students the opportunity to be challenged by the rigor of a college level course,
while learning life relevant concepts from the discipline of economics.
To help students develop study skills that will be the basis for advanced college courses.

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Course Requirements:
Grading Policies
67% Major (Tests, research papers)
33% Minor (reading quizzes, problem sets) plus other (out of class assignments, homework)
Late work and Make-up Work
Late work is deducted 10 points per day. If absent on a test day, it must be made up as soon as
possible.

Expectations:
Attendance
If you are absent from school it is your responsibility to get the missed assignments. Attendance is a
must, so you cannot miss class to complete extracurricular obligations; they are called
extracurricular for a reason.
Work Outside of Class
1. Complete required reading
2. Complete unfinished class assignments
3. Study (for real!)

Requisite Skills
Students taking AP Macroeconomics are expected to enter the class with a certain minimum
academic predispositions and skill sets:
1. Grade-level reading and writing abilities
2. Basic math knowledge and abilities through Algebra I including, but not limited to and
understanding of variables, linear equations, graph construction, reading and analysis,
determining ratios
3. Time-management skills
Academic Integrity
It is my expectation and the expectation of Hanna Early College and Brownsville ISD that all work,
papers, notes, projects, and test answers are the product of your own work. You are prohibited
from giving or receiving questions from and/or answers to tests or quizzes. Plagiarism is unethical,
considered cheating, and is unacceptable. Cheating in this or any other course may disqualify a
student from membership or participation in extracurricular and school sanctioned activities. Cell
phones are not permitted on desks during class time and especially during tests.

The AP Exam: The AP exam is given around the middle of May. It is a timed exam but it is a manageable one. It
is your job to organize and STUDY your notes, graphs, website reviews and release tests- not doing so will
guarantee a low score. Good luck and stay focused.

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Course Outline

Unit 1: Basic Concepts of Economics

1. The Unit at a Glance:


a. Scarcity
b. Choice and Opportunity Cost
c. Production Possibilities Frontiers (curve)
d. Circular Flow Model
e. Basic principles of demand, supply and market equilibrium
f. Basic Concepts of Comparative Advantage, Absolute Advantage, Specialization and
Exchange
Unit Objectives:
a. Define the economizing problem, incorporating the relationship between limited resources
and unlimited wants.
b. Use the Circular Flow Model to identify the decision makers and markets in a market
economy.
c. Describe each of the two roles played by households and business in the Circular Flow
Model.
d. Given appropriate data, construct and analyze a production possibilities curve.
e. Use market models to analyze changes in demand, supply, quantity demanded, quantity
supplied and changes in market equilibrium.
f. Distinguish among the market models: traditional, command, market and mixed.
g. Describe the characteristics of a capitalist economy and analyze the roles of the households,
firms, and government as economic participants therein.
h. Calculate comparative advantage and absolute advantage and describe the benefits from
specialization and voluntary trade.

Unit 2: Measuring the Economy

1. The Unit At a Glance


a. Income and expenditure approaches to GDP
b. Nominal numbers v. real values
c. Business cycle: Fluctuations in GDP
d. Causes and types of unemployment
e. Causes, types, measures and costs of inflation
2. Unit Objectives
a. Calculate GDP from both the expenditure approach and income approach.
b. Describe the difference between nominal numbers and real numbers.
c. Explain patterns of activity in various phases of the business cycle and analyze the types of
economic instability that occurs including inflation and unemployment.
d. Differentiate among different types of unemployment.
e. Explain the construction of a price index.
f. Calculate price index numbers and rates of inflation.

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Unit 3: Macroeconomic Models and Fiscal Policy

1. The Unit At a Glance:


a. Aggregate Expenditure Model and macroeconomic equilibrium
b. Income and Tax Multipliers
c. Determinants of Aggregate Demand (AD) and Aggregate Supply (AS).
d. Sticky v. flexible wages and prices
2. Unit Objectives
a. Use the aggregate expenditure model to determine macroeconomic equilibrium.
b. Calculate the income multiplier and tax multiplier.
c. Use the determinants of AD and AS to analyze the economy.
d. Differentiate between short-run and long-run aggregate supply.

Unit 4: Money, Banking and Monetary Policy

1. The Unit at a Glance:


a. Demand-side and Supply-side Fiscal Policy
b. Fiscal policy effects on the money market and net exports
c. Loan-able funds
d. Characteristics and Functions of Money
f. Components of the Money Market
e. Structure and Function of the Federal Reserve System
f. Components of the Money Supply?
h. Monetary Policy as a Tool of Economic Stabilization
2. Unit Objectives
a. Explain and evaluate the effectiveness of demand-side fiscal policy and supply-side fiscal
policy.
b. Explain the linkage between fiscal policy and crowding-out of in the loan-able funds market.
c. Analyze the impact of fiscal policy on net exports.
d. Describe the functions, characteristics, and sources of value for money.
e. Identify the components of the money market and use the model for analysis of monetary pol.
f. Describe and explain the structure and function of the Federal Reserve System.
g. Calculate changes in the money supply (expansion and contraction).
h. Apply the tools of monetary policy to correct conditions of economic instability:
i. Evaluate monetary policy as a tool of economic stabilization.
l. Compare and Contrast fiscal and monetary policy as tools of economic stabilization.

Unit 5: Long-run and Short-run Aggregate Supply, Economic Growth and Macroeconomic Theories

1. The Unit at a Glance


a. AD/AS Models
b. Long-run and Short-run Aggregate Supply
c. Short-run and Long-run Phillips Curve
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d. Laffer Curve
e. Determinants and models of Economic Growth
f. Differentiate between budget deficits and national debt
g. Macroeconomic theories: Classical, Keynesian, Monetarism, Rationalist

2. Unit Objectives
a. Differentiate between long-run aggregate supply (LRAS) and short-run aggregate supply
(SRAS)
b. Relate SRAS to the short-run Phillips Curve.
c. List and describe the determinants of economic growth.
d. Show economic growth using production possibilities analysis and AD/AS analysis.
e. Explain the difference between budget deficits and national debt.
f. Compare and contrast the various macroeconomic theories: Classical, Keynesian,
Monetarism, Rationalist.

Unit 6: The United States and The Global Economy

1. The Unit at a Glance:


a. Comparative and absolute advantage in international trade
b. International Currency markets and exchange rates
c. Free Trade vs. Protectionism
d. Balance of Payments
2. Unit Objectives
a. Summarize the importance of international trade to the U.S. in terms of overall volume.
b. Explain why nations trade.
c. Given a data set, distinguish between absolute and comparative advantage.
d Use currency markets to evaluate changes in exchange rates and the impact of those changes
on net exports.
e. Evaluate policies of free trade and protectionism.
f. Explain balance of payments in terms of he capital account and the current account.

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