Leon M Goldstein High School For The Sciences
Advanced Placement Economics Leon M. Goldstein High School
Mr. S. Ryan Syllabus for 2015-2016
***This is the syllabus for the Advanced Placement Economics course at Leon M. Goldstein High School. Each student may have the chance, if they pass the test, to gain college credit. The workload is heavy and challenging and will take much dedication and study. Below is a summary of the main concepts that will be explored throughout the course. Your textbook is entitled Kugman’s Economics for AP by Margaret Ray and Dave Anderson.
Advanced Placement Microeconomics (Semester 1)
Advanced Placement Macroeconomics
(Semester 2)
Leon M. Goldstein High School
Teacher: Stephen Ryan 2010-20011
The following is the student syllabus for AP Micro and Macroeconomics. Each topic will be researched, thoroughly discussed and referred back to throughout the course.
Textbook: Principles of Economics 3rd Edition. N. Gregory Mankiw I:
I: Basic Economic Concepts
(Applicable to both Micro and Macro)
economics
scarcity
complements
substitutes
choice determinants of demand
technology determinants of supply
resources equilibrium
shortage
surplus
positive economics
price floor
normative economics
price ceiling
economic good transaction costs
free good private and public sectors
models socialism
ceteris paribus capitalism
opportunity cost centrally-planned economy
production possibility curve
traditional economies
specialization
four basic economic questions
comparative advantage consumer sovereignty
terms of trade mercantilism
consumption possibility curve laissez-faire
market
change in supply
fair trade
change in quantity supplied globalization resource allocation
Adam Smith
Supply Demand public goods
change in demand externalities
change in quantity demanded
free trade
rational self-interest
WTO/GATT, NAFTA
Graphing Supply/Demand Curve Graphs
Microeconomics
II. Costs and Revenues
Law of Diminishing Marginal Returns
Economies of Scale
Budget Constraints
Consumer Choice
Consumers’ Optimal Choice
Costs (fixed, variable, marginal)
Cost Curves (relationship between curves)
Total and Marginal Revenues
Profit and Loss (MR/MC and TR/TC)
Break-Even
Shut Down
Economic Profit versus Normal Profit
III. Perfect Competition
Assumptions
Relationship between Industry and Firm
Profit Maximizations
Long-Run Equilibriums
Short-Run Equilibriums
Adjustment Mechanisms
Allocative Efficiency
IV. Imperfect Competition
Relationship between Price and Marginal Revenue
Barriers to Entry
Profit Maximization
Monopoly/Natural Monopoly/Regulation of Monopolies
Oligopoly and Duopoly Game Theory with Game Tree and Payoff Matrix
Monopolistic Competition (LR and SR)
Nash Equilibrium
Collusive Oligopoly
V. Factor Markets
Factors of Production
Derived Demand
Marginal Revenue Product Analysis
Optimal Purchases Rule
Perfectly Competitive Factor Markets
Profit Maximization/Cost Minimization Rules
Economic Rent
Distribution of Income Among Factors
Unions
VI. Role of Government
Public versus Private Goods
Marginal Social Cost/Marginal Social Benefit Analysis,
Market Failures, Positive and Negative Externalities,
Taxes, Free Rides
Macroeconomics
I. Measuring Economic Performance
Circular flow model
real and nominal GDP
chain-type real GDP
foreign exchange market
exchange rates
balance of payments
current account
trade deficit
aggregate demand
trade surplus
aggregate supply
business cycles
production function
classical model
depression
Say’s law
recession
market-clearing
labor force
money illusion
underemployment
labor supply and demand
underground economy
aggregate expenditures
types of unemployment
II: National Income and Price
Determination
John Maynard Keynes
GDP gap
international arbitrage
natural rate of unemployment
classical dichotomy
complete crowding out
equation of exchange
CPI
quantity theory
menu costs
GDP price shoe leather costs
GNP, NNP, NI, PI
disposable income (Yd)
Purchasing power parity
III: Inflation, Unemployment, and Stabilization Policies
deflation
inflation
nominal interest rate unemployment rate
real interest rate
potential (full employment) GDP
expected inflation
demand-pull inflation
cost-push inflation
hyperinflation
IV: Financial Sector
Keynesian Model: fiscal policy:
Consumption Function
Saving Function
Import Function
I, G, X, M
MPC, MPS, MPI
Disposable Income
Aggregate Expenditures
AE=C+I+G+(X-M)
Y=AE in equilibrium
Spending Multiplier =1/(1 – MPC + MPI)
Tax Multiplier=(MPC+MPI)/(1-MPC+MPI)
Tax Multiplier= 1- Spending Multiplier
Leakages = S+T+M
Injections = I+G+X
Paradox of Thrift
V: Economic Growth and Productivity
Keynesian cross diagram
AS/AD Analysis
Aggregate Demand and Supply
Determinants of AD and AS
Equilibrium
Cost-Push Inflation
Demand-Pull Inflation
Capacity Utilization
Real Income (Wealth) Effect
Interest Rate Effect
Net Export Effect
Neo-classical AS
Neo-Keynesian AS
Classical Model
Fixed-Price Keynesian Model
Ordinary upward sloping AS
Supply Side Economics
Fiscal Policy
Discretionary Fiscal Policy
Automatic stabilizers
GDP Gap
Budget Deficit
National Debt
Progressive Tax System
Proportional Tax System
Regressive Tax System
Twin Deficits
Laffer Curve
VI: Open Economy, International Trade and Finance
Loanable Funds Market
Crowding Out Effect
Monetary Policy
Functions of Money
M1, M2, and M3
Commodity Money
Fiat Money
Gresham’s Law
Equation of Exchange
MV=PY
Quantity theory of Money
Monetarist Model
Money Supply and Demand
Investment Function
Federal Reserve System
Function of the FED
FOMC
Tools of Monetary Policy
Open Market Operations
Discount Rate
Reserve Requirement
Informal Powers
Repurchase agreements
Phillip’s Curve
The following is a tentative course calendar based on chapters and assessments that will be covered during the course of the year.
September: Basic Concepts in Economics Section 1,2 and 9
(Micro) October: Section 10,11
November: Section 12,13
December: Section 14
January: (January will consist of Micro exam Review)
(Macro) February: Section 3 and 4
March: 5 and 6
April: 7 and 8
May: ****The month of May will be a plethora of review for both exams****
Grading Policy-All grading is cumulative with each marking semester. (September to January, and February to June)
Tests = 60% (2-3 tests a marking period)
Quizzes = 25% (at least 1 on every chapter)
HW: 15% (10-12 HW’s given a marking period)
F=0-64% D =65-69% C =70-79% B=80-89% A=90=100%
***All homework is due on its due date and cannot be made up without an acceptable doctor’s note. THERE ARE NO MAKE UP TESTS! If you are absent on an exam date, you must have a legitemate doctor’s note so as to not receive a zero for the exam. Then you will have to make up a different exam which in all likeihood will be more difficult. If absences/study habits/latenesses are a recurring problem a meeting will be made with your parent/guardian as to whether or not you should remain in the course. If you are caught cheating in my AP class, you shall receive no credit for that test/quiz/HW and you will probably receive a failing for that marking period. My job as teacher of the AP Economics course is NOT to “teach” you material, but merely to clarify concepts on the material that you have already read/worked on/studied. If you do not read the material for each chapter you will be lost. Do not depend on classroom lectures or cramming the evening before an exam or quiz. You will not “get it” from just paying attention in class. If you do not study, it will be obvious to me and you will struggle both on my exams, and especially the AP exams.
Please have your parent/guardian and yourself sign below, indicating that you have read the course description syllabus and agree to the terms mentioned above before continuing with the course.
_________________________________ ________________________________
Student Signature Parent/Guardian Signature
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