AP Economics Review Guide

AP Economics Review Guide

The review guide that I am suggesting and that we will be using in class is "5 Steps to a 5 Macro/Micro Economics" by Eric Dodge (ISBN-13: 9780071621861) $18.95 at www.barnesandnoble.com

This time of year you can find these books in stock at the local Barnes & Noble or Borders.

Calendar for Exam 2: Sorry its late, but you had a hard copy!

AP Macro Economics
Calendar for Exam 2

2/24
Price Level and Inflation
PowerPoint: Inflation, CPI, GDP deflator, Real v. Nominal Interest Rates
(M&B) Ch 8 pp 146 - 154
(5s5-2) Ch 12 pp 177 - 181
Activities 11-B, 13 & 15
Worksheet: Inflation - Happy, Sad or ?
Worksheet: Inflation and Price Indexes

Consumption, Savings and Loanable Fund
PowerPoint: Consumption & Saving
PowerPoint: Loanable Funds Market
(M&B) Ch 9 pp 159 - 166
(5s5-2) Ch 13 pp 187 - 191
Activity 20

2/26
Loanable Funds, Investment and Crowding-Out
PowerPoint: Investment Demand
(M&B) Ch 9 pp 166 - 172
(5s5-2) Ch 13 pp 191 - 194
Activity 22
Internet: Loanable Funds
Worksheet: Loanable Funds and Investment Demand


3/2
Loanable Funds FRQ
Balance of Payments
PowerPoint: Balance of Payments
PowerPoint: Self-Correcting Balance of Trade
(To watch the embedded video, it helps if you hit the stop button below and then hit play when it says 'ready'... be patient and let it buffer... to view it in a stand alone player, click on the hyperlink below the media player)
Video Lesson: Balance of Payments
(M&B) Skim Ch 37; Read Ch 38 pp 752 - 756
(5s5-2) Ch 17 pp 249 - 255; 258 - 260
Activity 52
Worksheet: Balance of Payments

3/4
Multipliers
PowerPoint: Multipliers
Aggregate Demand
PowerPoint: Aggregate Demand
(M&B) Ch 10 pp 182 - 186 & Ch 11 pp 203 - 209
(5s5-2) Ch 13 pp 194 - 197 & Ch 14 pp 201 - 204
Activity 21
Activity 23

3/8
Multiplier FRQ
Aggregate Supply, Classical v. Keynesian
PowerPoint: Aggregate Supply
(M&B) Ch 11 pp 209 - 213
(5s5-2) Ch 14 pp 204 - 207
Activity 24

3/10
Macroeconomic Equilibrium
PowerPoint: AS/AD Model
(To watch the embedded video, it helps if you hit the stop button below and then hit play when it says 'ready'... be patient and let it buffer... to view it in a stand alone player, click on the hyperlink below the media player)
Video Lesson: AS/AD Model
(M&B) Ch 11 pp 214 - 220
(5s5-2) Ch 14 pp 207 - 212
Activities 25 & 27
Internet: AS/AD Model

3/23
Recessions, Stagflation, Inflation & Macroeconomic Equilibrium in the Long-Run, The Self-correcting Economy
PowerPoint: AS/AD Model
(To watch the embedded video, it helps if you hit the stop button below and then hit play when it says 'ready'... be patient and let it buffer... to view it in a stand alone player, click on the hyperlink below the media player)
Video Lesson: Self-correcting Economy
(M&B) Ch 16 pp 306 - 311
Activity 28
Internet: AS/AD Model

3/25
Review

3/29
Test 2

AP Economics Review Guide

The review guide that I am suggesting and that we will be using in class is "5 Steps to a 5 Macro/Micro Economics" by Eric Dodge (ISBN-13: 9780071621861) $18.95 at www.barnesandnoble.com

This time of year you can find these books in stock at the local Barnes & Noble or Borders.

Exam 1 Calendar

This calendar is intended to help you be better prepared for class. ALL READING SHOULD BE DONE PRIOR TO CLASS. Reading quizzes will be given routinely.

There is no need to download the assignments, unless you are absent from class. All assignments will be copied and handed out in class. Late work is not accepted.

If you are having trouble opening any links from this page feel free to go directly to Mr. Mayer's site. http://tw.neisd.net/webpages/dmayer/files/AP%20Syllabus%20Spring%202010.htm

Reading material comes from:
McConnell & Brue 15e Economics (M&B) (Green Textbook)
5 Steps to a 5, 2nd ed. (5s5-2)

Unit 1: Basic Economic Concepts
I. Basic Economic Concepts (8 -12% of exam)
A. Scarcity, choice and opportunity costs
B. Production possibilities curve
C. Comparative advantage, specialization and exchange
D. Demand, supply, and market equilibrium
E. Macroeconomic issues : business cycle, unemployment, inflation and growth

Unit 7: Open Economy: International Trade & Finance
VII. Open Economy: International Trade and Finance (10 - 15% of exam)
B. Foreign exchange market


1/20
Introduction to course, Issue Books
What's economics? Scarcity, Factors of Production, Trade-offs, Opportunity Cost
PowerPoint: Scarcity, Opportunity Cost & PPC

Reading:
(M&B) Ch 1 w/ appendix
(M&B) Ch 2 pp 22-25
(5s5-2) Ch 5 pp 49 - 53

1/22
Production Possibilities Curve, Introduction to economic growth
Economic Systems: Authoritarian & Democratic Socialism v. Market Capitalism
PowerPoint: Economic Systems

Reading
(M&B) Ch 2 pp 25 - 34
(5s5-2) Ch 5 pp 53 - 55; 58 - 59

Assignments:
Activity 1
Worksheet: PPC

1/26
Theory of Comparative Advantage, Gains from trade, Introduction to net exports and barriers to trade
PowerPoint: Comparative Advantage
Thomas Friedman - The Other Side of Outsourcing

Reading:
(M&B) Ch 6
(5s5-2) Ch 5 pp 55 - 57

Assignments:
Activity 2 in Workbook (Activity 6)
Internet: Trade Game
Worksheet: Trade Barriers

1/28
Trade FRQ
Supply & Demand, Elasticity
PowerPoint: Supply & Demand

Reading:
(M&B) Ch 3 pp 40 - 49
(5s5-2) Ch 6 pp 63 - 72

Assignments:
Activities 3-B, 4, 5-B & 6 in workbook
Downloads: (9-B, 10, 12-B & 13)

2/1
Market Equilibrium, Goods and Financial Markets w/ focus on FOREX
PowerPoint: Supply & Demand
Video Lesson: Supply & Demand

Reading prior to class:
(M&B) Ch 3 pp 49 - 55
(5s5-2) Ch 6 pp 72 - 77

Assignments:
Activity 7-B in workbook
Download: Activity 16
Worksheet: Supply and Demand Analysis
Internet: Supply & Demand Practice


2/3
Supply & Demand FRQ
Foreign Exchange Market
PowerPoint: Foreign Exchange
(To watch the embedded videos, it helps if you hit the stop button below and then hit play when it says 'ready'... be patient and let it buffer... to view it in a stand alone player, click on the hyperlink below the media player)
Video Lesson: Foreign Exchange Lesson # 1 The Frenchman and the Sombrero
Video Lesson: Foreign Exchange Lesson # 2 Let's Buy German!!!!!

Reading prior to class:
(M&B) Ch 38 pp 756 - 769
(5s5-2) Ch 17 pp 255 - 258

Assignments:
Activities 53-B & 54
Worksheet: Foreign Exchange
Internet: Foreign Exchange



Unit 2: Measurement of Economic Performance

II. Measurement of Economic Performance (12 - 16% of exam)
A. National income accounts
B. Inflation measurement and adjustment
C. Unemployment


2/5
FOREX FRQ
Circular Flow and the Aggregate Economy
PowerPoint: Circular Flow

Reading prior to class:
(M&B) Ch 2 pp 34 - 35
(5s5-2) Ch 12 pp 169 - 171

Assignments:
Activities 9 & 10
Internet: Understanding the Circular Flow, GDP
Online Quiz


2/9
GDP
PowerPoint: GDP

Reading prior to class:
(M&B) Ch 7
(5s5-2) Ch 12 pp 171 - 176

Assignments:
Activities 11-C, & 12
Worksheet: Is it counted or not counted in GDP
Internet: National Accounting


2/11
Business Cycle and Unemployment
PowerPoint: Business Cycle & Unemployment
Video: Look for Business Cycle concepts, structural unemployment, labor market, creative destruction

Reading prior to class:
(M&B) Ch 8 pp 136 - 146
(5s5-2) Ch 12 pp 176 - 177; 181 - 183

Assignments:
Activities11-A, 16 & 17
Worksheet: Labor Force & Unemployment
Internet: Unemployment


2/16
Price Level and Inflation
PowerPoint: Inflation, CPI, GDP deflator, Real v. Nominal Interest Rates

Reading prior to class:
(M&B) Ch 8 pp 146 - 154
(5s5-2) Ch 12 pp 177 - 181

Assignments:
Activities 11-B, 13 & 15
Worksheet: Inflation - Happy, Sad or ?
Worksheet: Inflation and Price Indexes

2/18
Review
-
2/22
Test 1 w/ Unit 2 FRQs
-

INFINITE CAMPUS

Students are requested to check their grades periodically via Infinite Campus (IC).

Link to IC: http://www.mansfieldisd.org/infinitecampus.htm

If you have been locked out of IC you must have Mrs. Ward (THS Receptionist) reset your password.

AP MACRO ECONOMICS SYLLABUS

COURSE DESCRIPTION
Economics is both a practical and an academic discipline. As a result, economic theories are affected by changes in world economic trends and by advances in economic research. In this course, students will acquire an understanding of several macroeconomic theories by examining how the economy functions within the context of pertinent economic issues from current and historical perspectives. Students taking the course can expect to learn how the measures of economic performance, such as GDP, inflation and unemployment, are construction, and how to apply them to assess, evaluate, and /or predict the macroeconomic conditions of an economy.

MISD Course Description link: http://www.mansfieldisd.org/departments/guidance/pdf/hs-courseguide07-08.pdf

TEXTBOOK
McConnell, Campbell R., and Brue, Stanley L. Economics: Principles, Problems, and Policies. 15th ed. Boston: Irwin/McGraw-Hill, 2002.

WORKBOOK (Assignments taken from this book)
Morton, John. Advanced Placement Economics Macroeconomics Student Activities, 3rd ed.
New York: National Council on Economic Education, 2003

ADDITIONAL READINGS
As assigned

Cumulative Project
Near the end of the course students will be responsible for completing a cumulative visual media project.
Students can choose their topic to demonstrate through some type of visual media (i.e. power point or video editing)
The following must be addressed in the student’s presentation:
Relevant research
Literature
Web based
Primary data collection
Secondary data collection
Use appropriate data
Use appropriate tables, charts, and graphs
Cite all sources




EXPECTATIONS OF AP STUDENTS
Attend class prepared to participate in class discussions. This will require substantial effort on the part of the student with regard to reading, which is more demanding in Advance Placement courses.
Keep track of all notes, handouts, assignments, etc., and maintain them in an organized manner.
Turn in ALL assignments on the due date.
Make sure all assignments are completed legibly and are academically honest.
Take the AP Macro Economics exam in May of the current school year.


RE-TESTING:
Students will be given the opportunity to re-test if a score of 69% or less is received on a unit exam. Re-testing will actually consist of correcting the question(s) and proving the correct answer(s) by noting the textbook, video notes, or lecture notes. A maximum score of 70% can be earned on a re-test. All re-tests must be taken after-school. Once a re-test begins it must be completed at that time. Students will NOT be given the opportunity to re-test on final exams.


GRADING
The grade average for 3-week grade reports The course grade as it appears on the
will be determined as follows: Report Card and Transcript will be
TESTS/PROJECTS 60% determined as follows:
DAILY WORK 40% GRADE AVERAGE 80%
FINAL EXAM 20%
This grade will not be determined
until the end of the semester.


GENERAL OUTLINE FOR MACROECONOMICS

I. Basic Economic Concepts (Weeks 1-2)
Objectives:
1. Define scarcity and opportunity costs 2. Apply said definitions to everyday situations 3. Construct Production possibilities curves 4. Apply the concept of opportunity cost 5. Analyze the different points on the production possibilities curve 6. Explain different shaped production possibilities curves. 7. Define absolute advantage and comparative advantage 8. Mathematically determine advantages 9. Explain specialization and exchange

II. Measuring Economic Performance (Weeks 3-4)
Objectives:
1. Define macroeconomics 2. Describe circular flow 3. Describe the economic goals of the US 4. Describe the construction of a price index 5. Explain the difference between real GDP and nominal GDP6. Define and explain anticipated and unanticipated inflation 7. Define and analyze employment 8. Explain and analyze the phases of the business cycle


III. Aggregate Demand and Aggregate Supply: Fluctuations in Outputs and Prices (Weeks 5-9)
Objectives:
1. Develop the Keynesian Model 2. Explain and analyze the Keynesian Model 3. Differentiate between investment in capital stock and financial investment 4. Describe the determinants of investment 5. Define aggregate demand and the factors that effect it 6. Define aggregate supply and the factors that effect it 7. Explain the macroeconomic equilibrium and factors that can cause it to change 8. Explain the relationship between the simple Keynesian model and the AD and AS model 9. Explain shifts in AD and AS 10. Review the process of moving from the SR to LR 11. Explain the impact of government spending changes on the economy. 12. Explore fiscal policy.


IV. Money, Monetary Policy and Economic Stability (Weeks 10-12)
Objectives:
1. Describe the properties and functions of money 2. Define the equation of exchange 3. Explain how changes in the money supply are translated into changes in nominal GDP, prices and output 4. Explain the function of financial intermediaries 5. Explain the fractional reserve system 6. Describe the US Federal Reserve system and tools they use 7. Describe Federal Reserve policy and the interest rate 8. Define the real interest rate and the nominal interest rate.


V. Monetary and Fiscal Policy Combinations: Stabilization Policy in the Real World ( Weeks 13-15)
Objectives:
1. Explain inside and outside lags for monetary and fiscal policy 2. Practice analytical skills with the AD and SRAS model and the money market 3. Define and analyze the Phillips curve 4. Describe long-term growth trend in the US 5. Provide examples of conflicts among attaining economic goals.

VI. International Economics (Weeks 16-17)
Objectives:
1. Revisit and apply the concepts of advantage, terms of trade, and gains from trade to international economies 2. Describe policies that are intended to protect the domestic economy from the effect of international trade 3. Explain how international trade is financed 4. Explain how the international value of the dollar is determined and how it can fluctuate 5. Explain the effect of monetary and fiscal policy on foreign exchange markets.

VII. Review for Final Exam and AP Exam (Week 18)

*This course syllabus has be audited and accepted by the College Board.

AP EXAM
Students are expected to take the exam.
Weighted credit is issued in accordance to MISD policy.
AP exam date is Thursday, May 13, 2010 at 7:15a.m.; location TBA.

TUTORING:
After-school tutoring will be available. If before school tutoring is needed special arrangements will be made.

CONTACT IFORMATION:
Please contact me at powere@mansfieldisd.org or at 817-299-2600

Online Grades Information Link: http://www.mansfieldisd.org/infinitecampus.htm

WELCOME TO AP MACRO ECONOMICS

Welcome to AP Macro Economics! I look forward to a successful semester and a productive AP exam season!

Here is my contact information. If you are sick, absent from class for school activities, or just have a question please let me know and I will get back with you as soon as I can.

Email: powere@mansfieldisd.org
Facebook: you can join the Timberview UIL Academic group on facebook and email that way also.
School Phone: 817-299-2667 (I cannot check voicemail at this time)

Mrs. Cox