AP Microeconomics



“There are only two options regarding commitment. You’re either IN or you’re OUT.

There’s no such thing as life in-between.” ~Pat Riley

COURSE DESCRIPTION

Advanced Placement MACroeconomics is a college level economics course offered to high school students. The course content is designed to develop critical-thinking skills through the understanding, application, and analysis of fundamental economic concepts. Students will be expected to apply quantitative and mathematical skills including creating and manipulating graphs in order to interpret economic concepts to demonstrate mastery. Also, they will be expected to take data and scenarios represented in graphic settings and apply those concepts to a wide variety of real world as well as hypothetical situations. That is, students will use economic logic to analyze a wide variety of macroeconomic policy situations in different countries while evaluating the validity and reliability of the data in use as well as the statistical calculations used to derive the measurements. This course prepares students for the AP® MACroeconomics Examination. Finally, this bundle will also aid in preparing you for your Senior Research Presentation in February 2018.

Economics is a new language and a new way of thinking about the world. It will require significant rehearsal. When you struggle, it is important to ask for help as soon as possible because early difficulties will only compound if you delay! Since economics is unlike any other course you have taken; expect that you may need some extra help along the way—this will strengthen your understanding and increase your scores! Later material will be much simpler if you strengthen your understanding early on in the course! This class satisfies the economics requirement for graduation. Georgia mandates an end-of-course test for this class. It will count 20% of the student’s final grade. State-approved review materials are online.

Please note: I am purposely capitalizing the “MAC” in macro to differentiate from micro as the two AP exams and the two classes are NOT interchangeable; though there is overlap.

AP EXAM

The AP® MACroeconomics Exam will be administered during the P.M. session on Wednesday, May 16, 2018. The exam consists of 60 multiple-choice questions (2/3 weight) and 3 free-response questions (1/3 weight). It is an expectation that all enrolled students will take the exam, so plan to register now. If you qualify for free/ reduced lunch, large discounts are available for AP® registration fees, SAT fees, and college application fees.

Depending on the college/university policy, students can receive college credit for scores of 3 or above on the exam (>50%). For example, UGA will give you credit for Econ 2106 with a score of 3 or higher while Georgia Tech requires a 4 (67%) or 5 (>80%) for you to receive credit for the same course. Check the AP Credit Equivalencies with the college(s) you are considering to learn their policy.

READINGS

McB: McConnell, Campbell R. and Stanley L. Brue. Economics: Principles, Problems, and Policies. 17th ed. New York: Irwin/McGraw- Hill, 2008.

TS: Rivoli, Pietra. The Travels of a T-Shirt in the Global Economy: An Economist Examines the Markets, Power, and Politics of World Trade. Hoboken, New Jersey: John Wiley & Sons, 2015. (red cover)

Anderson, David. Economics by Example. New York, New York: Worth Publishers, 2007. Optional.

ADDITIONAL READING/WEBSITES

Any additional readings will be distributed in class or placed on our class website as identified above. Topical current event articles will be assigned as appropriate. The website will also include helpful websites, review materials, and other materials as they become available. You are required to check the class website regularly! I link several reputable resources which will help you understand economics.

McConnell-Brue Textbook Website 19th edition for students:

Use the 19th edition converter provided/listed in the class website to see the assigned supplemental materials for the 17th edition textbook that has been assigned to you. This support site provides practice quizzes that you should take regularly to prepare for in class assessments—the equivalent chapters will be listed on our unit blog.

Numerous websites that include interactive quizzes, concept review, graphs, etc.

➢

➢ National Council on Economic Education

➢ web link to McConnell and Brue textbook, 17th edition

➢ web link to McConnell and Brue textbook, 19th edition

➢ web link to Jacob Clifford’s ACDC Economics videos

➢ web link to ACDC Economics teacher and student materials

➢ web link to Crash Course Economics videos

➢ a site providing practice for the Georgia EOC in Economics

➢ State review and practice EOC.

NORTH COBB COURSE OUTLINE BY UNIT OF STUDY

Detailed unit plans with topics, GPS standards (where applicable), reading assignments by day, graphing assignments, and other assignments are located on the course website on the unit webpage. Click on that unit for the details. Information applicable to all units is on the main page. Units one through three are basically the same as the AP Microeconomics curriculum. The units that follow will focus on the AP MACroeconomics curriculum. Class time will be allotted based on the percentages as described by the College Board Acorn Book available from the College Board website (see blog).

I. FUNdamentals

Readings: McB chapter 1 by Aug 7/8, ch 2 by 14/15, and ch 5 by 21/22;

Tshirt preface, prologue and chapters 1 & 2 by Aug 2/3

Assignments: Current Event, Quizzes, Test, and FRQ (likely test date August 30); unit page of blog will have exact dates. Online Quizzes chapters 1, 2, and 5; complete after you finish your reading.

o Senior Research Presentation Preparation (finish ASR on own)

A. Course Prequel

B. Scarcity

C. Choice & Marginal Analysis

D. Opportunity cost

E. Production possibilities curve

F. Factors of Production

G. Economic systems

H. Property rights & incentives

I. International trade

J. Specialization

K. Absolute/Comparative advantage

L. Externalities

M. Public Goods/Services

N. Nominal/Real

O. Circular Flow Basics

II. Personal Finance Economics Part A - Topics associated with the Georgia Performance Standards for EOC assessment that deal with college or other post-secondary options.

Readings: Online Econ LowDown and EverFi (due dates will be on unit page of blog)

Assignments: Resume and online quizzes over the readings listed above.

A. Rational decision making

B. Savings/investment plans

C. Human Capital

D. PLUS: Planning for College

III. Consumer Choice, Demand, & Supply

Readings : McB chapters 3, 18, 19, and part A of 20 Tshirt chapter 3

Assignments: Producer Interview & Market Research, Quizzes, Test, & FRQ

A. Supply and demand: individual and market

B. Income and substitution effects

C. Determinants of supply and demand

D. Market equilibrium

E. Consumer, producer, and total surplus

F. Shortages and surpluses

G. Price ceilings and floors

H. Price, cross-price, and income elasticities of demand

I. Price elasticity of supply

J. Total and marginal utility, utility maximizing rule

K. Implications of taxation on supply and demand, deadweight loss

L. Implications of international trade on supply and demand-world price, tariffs, and quotas

M. Using supply and demand to analyze exchange rates

N. Costs of Production

O. Market Structures

IV. Measurement of Economic Performance

Readings: McB chapters 4, 6, 7, and pg 182 Tshirt chapter 4

Assignments: Surveys & Data Analysis, Quizzes, Test, & FRQ

A. Overview of how the economy works: the circular flow of income and products that contain the four sectors: households, businesses, government and international influences and the business cycle.

B. Key measures of economic performance: gross domestic product, unemployment, inflation.

C. Economic growth: real and nominal GDP.

D. Nature and causes of unemployment; costs of unemployment; how unemployment rate is measured; criticisms associated with the measurement of unemployment rate; natural rate of unemployment and the factors that affect it.

E. Inflation and how it is measured

F. Costs of inflation; price indices: consumer price index (CPI); GDP deflator; how indices are constructed and used to convert nominal values into real values; how to convert dollar values in the past to dollar values in the present; differences between the two price indices as a measure of inflation; the problems associated with each measure.

G. Sticky prices and sticky wages

V. National Income and Price Determination, Economic Growth and Productivity, & Inflation, Unemployment, and Stabilization Policies

Readings : McB chapters 10, 11, and 15 Tshirt chapters 5 & 6

Assignments: Data Analysis & Graphs, Balancing Budget Project, Current Event, Quizzes, Test, & FRQ

A. Aggregate supply and aggregate demand model

B. Equilibrium, national output; general price level

C. Analyze and evaluate the effects of public policy

D. Spending multiplier concept and impact on aggregate demand; crowding out

E. How long run economic growth occurs: role of productivity in raising real output and the standard of living

F. The role of investment in human capital formation and physical capital accumulation, research and development, and technical progress in raising productivity.

G. How public policies influence the LR economic growth of an economy.

H. Public policy affects on economy’s output, price level and level of employment in SRT and LR

I. Impacts of fiscal policy and monetary policy on aggregate demand and aggregate supply; the economy’s output and price level in SR and LR.

J. Economic effects of government budget deficits; crowding out; the burden of the national debt; the relationships between deficits, interest rates and inflation.

K. SR and LR distinctions

L. Impacts of monetary and fiscal policies

M. SR and LR effects of supply shocks

N. Phillips curves: understanding of the inflation– unemployment tradeoff

O. Significance of expectations, including inflationary expectations.

VI. Financial Sector

Readings: McB chapters 12, 13, 14, & 17 Tshirt chapters 7 & 8

Assignments: Current Event, Quizzes, Test, & FRQ

A. How monetary policy works

B. Definition of money and other financial assets: bonds and stocks, time value of money, measures of the money supply, fractional reserve banking and the Federal Reserve System, multiple deposit expansion, money multiplier.

C. Money demand and its determinants

D. Equilibrium interest rate; how investment demand curve provides the link between changes in the interest rate and changes in aggregate demand; how changes in aggregate demand affect real output and price level.

E. Financial markets and the loanable funds market

F. Real interest rate

G. Difference between money market and loanable funds market.

H. Tools of central bank policy: impact on the money supply and interest rates.

I. Distinction between nominal and real interest rate.

J. Quantity theory of money

K. Effect of monetary policy on real output growth and inflation.

VII. Open Economy: International Trade and Finance (after EOC)

Readings: McB chapters 35, 36, & 16 Tshirt chapters 9 & 10

Assignments: Current Event, Quizzes, Test, & FRQ

A. Open economy interacts with the rest of the world both through the goods market and the financial markets; how a country’s transactions with the rest of the world are recorded in the balance of payments accounts

B. Trade balance; distinction between the current account balance and the capital account balance; implications for the foreign exchange market.

C. The foreign exchange market; how the equilibrium exchange rate is determined

D. How market forces and public policy affect currency demand and currency supply in the foreign exchange markets.

E. Currency appreciation and depreciation

F. How capital flows affect exchange rates and how appreciation or depreciation of a currency affects a country’s net exports.

G. Changes in net exports and capital flows affect financial and goods markets.

H. Trade restrictions: how the international payments system hinders or facilitates trade, how domestic policy actions affect international finance and trade, and how international exchange rates affect domestic policy goals.

VIII. Research Presentations and Preparation (February 2018) Readings/Resources on blog.

IX. Personal Finance Economics Part B - Topics associated with the Georgia Performance Standards for EOC assessment.

Readings: Online Econ LowDown and EverFi (due dates will be on unit page of blog)

Assignments: Quizzes and Test (no test corrections)

E. Rational decision making

F. Response to incentives

G. Savings/investment plans

H. Financial institutions

I. Insurance

J. Human Capital

K. Interest charged vs. interest earned

X. End of Course Assessment/Test –

Even though the majority of this course will focus on MACroeconomics, students will be taught all economics concepts including personal finance and microeconomics necessary for success on this state test which will be 20% of the final grade. Review materials are posted on the blog—click Resources, Economics, EOC Resources.

XI. Policymaking Analysis-

Students will apply economic concepts to problem solve issues of importance to them. This could be a continuation of their senior magnet ASR project or a new topic on a local, state, national, or international issue. Rubric is already posted on the blog and this will be due May 2, 2018. Chapters 28-34 might be helpful in choosing a topic or providing background information.

GRADING POLICY

Assignment Categories/Weights Grade Scale

Unit Tests (Multiple Choice / FRQs/Projects) 50% 90-100 = A

Quizzes & Homework 30% 80-89 = B

(Unit Graphs/Current Events, etc. 74-79 = C

Final Exam / EOC 20% 70-73 = D

-------------- below 70 = F

100%

If you are feeling the onset of SENIORITIS, keep in mind that you cannot graduate without passing this class and that earning a D or F will do you no favors in your HOPE calculation or college acceptances.

TEST REMEDIATION

Test remediation in the form of re-tests or test corrections MAY be allowed at teacher discretion. The intent of remediation assignments is to clarify misunderstandings of unit concepts or to reinforce learning of weak areas, not to remediate a poor grade earned from lack of preparation prior to a test. If remediation opportunities are provided, students may not be missing ANY assignments, must have completed the practice problems packet on time, must complete any associated remediation assignment, must complete the work before or after school, and be finished within one week of the day the test was returned.

Further, only NEW material on each test may be corrected. Also, corrections on questions that were definition type or level 1 questions will not be permitted. The format on the blog must be followed to earn points with full explanations provided.

Any communication of ANY kind while anyone is taking a quiz, test, or exam will result in detention at a minimum to be served on Friday afternoons for one hour — ALL students deserve to be able to work without distractions in order to do their best regardless of their test taking speed! On test days, bring something else (not economics class and not an electronic device) to work on in case you finish early or be prepared to sit quietly or nap without disturbing others. Test days are “TECH OFF” days! No device of any kind not even one that only plays music as economic material may be downloaded in podcasts and cameras could photograph exams. I use many released questions which are the property of College Board © 2014 The College Board.

MAKE-UP & LATE WORK

Any missing work associated with an excused absence is considered “make-up work”. All make-up work should be completed in a timely manner and in accordance with North Cobb’s Student Handbook. If you are absent prior to an announced test/quiz or are absent on the day it is administered, you will be expected to take it the day that you return to school. If you are absent on the day an assignment is due, it is then due on the next school day that you are present. Due dates for assignments are binding.

If you check out of school without turning in your assignment to me (due that day), it is late. If you miss an assignment, you are still responsible for completing it. If you are absent on the day an assignment is due, it is then due on the next school day you are present regardless of whether it is an “a” or “b” day. The assignment will not be considered late if the absence is excused.

Any work, not associated with an excused absence, turned in after the assigned due date is considered “late work”. Work not turned in to me at the beginning of class will be counted as late work. Assigned work will be accepted late within one week of the due date, but the maximum grade possible will be 70% of the total points possible on the assignment—assuming you earn all possible points. Work submitted beyond that date is eligible for up to 50% of the maximum. This may seem harsh, but we go over work in class to reinforce learning and clear up problems. Late work is not; therefore, an accurate assessment and is only accepted to help your overall average which suffers greatly from zeros. Also, trying to complete work in class instead of focusing on the material is not maximizing your return on investment.

Staying up to date maximizes grades-If you have any missing assignments, you are NOT eligible for test corrections or ANY extra-credit.

REQUIRED MATERIALS

Resources. Besides a good attitude and being ready to learn, students are required to bring the following materials to class each day:

➢ Assigned work/reading materials

➢ Course 3-ring Binder - organized by unit – you will need several tab dividers of some type. The notebook will contain class and text notes, all handouts, worksheets, video notes, etc.

➢ Pen (blue or black ink) & pencil

➢ Colored Pencils

➢ Basic Calculator - A calculator is not permitted on the AP Exam or classroom tests, but may be used as necessary on class assignments, homework, and quizzes

➢ Paper

STUDENT EXPECTAIONS.

1. Be here and on time. Attend class regularly. Be prepared to learn when the bell rings with your required materials organized. Students are responsible for getting and completing all missed work when absent. Please see me before or after class for questions and to pick up any handouts/assignments you may have missed, get assistance from a classmate, and check the class website. Arriving to class after the bell rings without a pass will be counted as an unexcused tardy. See the student handbook for other rules regarding absences and tardies.

2. Come prepared to work. There is no such thing as a “free day” because we will be learning from bell-to-bell each day. Notebooks must be brought to class every day and all work must be kept inside the notebook in the appropriate unit (not the textbook!). You will need this information in order to prepare for the comprehensive final exam which is 20% of the final grade as well as at the end of the academic year when you are reviewing for the AP exam. Further information about the EOC will be discussed in class but is also available at the DOE & our website.

3. Stay engaged by participating fully in all class activities including lectures, class discussions, simulations, student presentations, and work assigned in class. See special section on use of personal technology. Doing work from another class, reading an unrelated book, or engaging in any behaviors not related to our class should not occur. “If you do not sleep in my class, I will not come teach at your house” (Butler). Maximize your return on investment! Focus on class content!

4. Show respect for yourself, your classmates, and your teacher; therefore, do not interrupt others when they are speaking. Refrain from carrying on conversations that do not pertain to class or cause disruption in class. In essence, be courteous to the learning environment of others.

5. Complete assignments including reading and any work distributed in class in a timely manner to be in accordance with assigned due dates. This includes reading assignments and any other work that will not necessarily be collected to be graded such as the practice packet. Be aware that all content addressed in any assignment can and will be assessed on tests and quizzes. This class is similar to a math class in that each concept builds on earlier understanding, so doing all work builds a strong foundation for subsequent levels of learning. See the Advice for Student Success for more tips.

6. Do your own work. Cheating in any form will not be tolerated. No unauthorized aides on quizzes/tests, no looking on another student’s paper or trying to get their attention to help you on a quiz or test, etc. Providing unauthorized aid to others either in your class or in another class is unacceptable as is copying or sharing practice problems. Furthermore, when a graded assignment is returned to you, it is not to be shared with anyone who has yet to complete that assignment. If such a situation should occur, a grade of 0 will be assigned, parents will be notified, and there will be an administrative referral.

7. Communicate with me either verbally or in writing to let me know how you are doing in the class on a regular basis. This means asking questions about anything you find confusing. I enjoy helping you understand, but I have to know what you are having trouble understanding. See me for any questions, extra practice, and/or research assistance for your senior presentation. See me before or after class to set up an time for assistance or drop in during office hours or email me using the Cobb County email.

8. Get a pass. Passes are required to leave class for any reason – Passes are issued at the discretion of the teacher. Students who abuse or overuse the privilege of leaving class will not be issued passes. Trips to the vending machine are NOT allowed at any time. Passes are not permitted the first ten or final ten minutes of the period.

9. Maximize Learning. You may pack up materials when instructed by the teacher, not before. The bell is my signal to dismiss you, not your signal to leave. We will not be lining up at the door to wait for the bell.

10. School dress code always applies. Enough said.

11. Language. While in this classroom, you are to refrain from using vulgar /obscene /suggestive /degrading /derogatory remarks/words/comments/ or gestures that are inappropriate. You will receive a warning before being assigned detention or referred to an administrator.

12. Respect the property of others. Write on your own paper, not in the textbooks, on the desks, walls, etc.

13. Do not get up in the middle of a lecture, speaker, and/or video to go to the restroom or to throw away trash, unless approved by the instructor. No sleeping in class or putting your head down. The goal is minimal disruption in class so everyone is able to maximize their return! Visitors are welcome to come in the room, make them feel that way.

14. Health / Allergy. Do not comb your hair or apply cosmetics in class, (this includes spraying perfume, hairspray, scented lotion or the application of nail polish). Be mindful of allergies. Do not come to school when running a fever; please stay home. In this case, sharing is not caring.

15. Clean up after yourself. If you finish an assignment early, you may review, study, complete any missing or late econ assignments, or read at your desk. Before working on assignments for another class, obtain instructor permission. Also, do not work on economics in another class without teacher permission. Please remove any trash from your desk and the surrounding area at the end of the period and straighten all rows of desks.

16. Remember – you are responsible for your own actions! Choices Matter!

Classroom Rules Summarized …

1. Follow directions

2. Be seated & prepared to learn when bell rings

3. Don’t interrupt when someone else is speaking

4. Use appropriate language

5. Obtain permission to leave room

6. No crumbly food: ants will come

7. Drinks in bottles with tops

8. Ask questions to clarify understanding: Maximize your learning!

Failure to follow class expectations will initially result in a conference with the teacher. Subsequent disruptions will result in teacher detention and/or a parent phone call. Continued misbehavior will result in referral to administration.

PERSONAL TECHNOLOGY

Smart phones are an amazing tool that can be used to assist you in the learning process. Unfortunately, they are used in a manner that often hinders learning. Such instances might include using your phone to communicate with others when you should be focusing on what is going on in class or, perhaps, using the camera feature to copy someone else’s work. Given that, we have specific rules related to phones in place:

Personal Technology Continued

1. Personal technology – cell phones, tablets, etc. may not be used or visible at any time during the class period. This applies in all situations, regardless of who you might be calling. If a parent needs to reach you, he or she should call the front office or contact you during class change.

2. Smart phones/tablets may be used in BYOD lessons when announced by the teacher.

3. When test materials are out in the classroom, you will be asked to place your device in your bag to be stored in the front of the room until all materials are collected.

4. If you need to leave the room for any reason other than dismissal or office request, your device may be collected. This ensures that passes to the restroom or water fountain are used for their intended purpose.

5. The classroom is not a charging station. Outlets may not be used to charge personal technology devices at any time. Do not ask permission.

6. Violations of the policy will result in one of two options: 1) You can place your phone in the bin to be collected at the end of class; or 2) You can choose to take a teacher detention, keeping in mind that failing to serve a detention results in referral to administration; 3) keep your device stowed in your bag: BEST CHOICE!

Your choice: choices matter!

DETENTION POLICY

Teacher detentions are held on Friday afternoons from 3:45 p.m. to 4:15 p.m. “I can’t get here then” is not an acceptable excuse. So, if that time is a problem for you, just follow the rules!

ACADEMIC INTEGRITY

Cheating is considered a serious matter. The act of cheating will result in a disciplinary referral. The first incidence does not carry a disciplinary consequence with the administrator, just a conference. In any incidence, the parents of a student who has been involved in cheating will be notified and the student will receive a grade of zero for the test or evaluation period, and a grade of U in conduct. Cheating is defined as, but is not limited to, the following acts:

1. Copying anyone’s answers to questions, exercises, study guides, classwork or homework assignments.

2. Taking any information verbatim from any source, including the Internet, without giving proper credit to the author, or rearranging the order of words and/or changing some words as written by the author and claiming the work as his or her own, i.e., plagiarism.

3. Looking onto another student’s paper during a test or quiz.

4. Having available any study notes or other test aids during a test or quiz without the teacher's permission.

5. Collaborating on assignments when independent work is expected.

6. Making any effort to communicate the contents of assessment questions or answers either verbally or through use of cell phone texting, photography, social networking sites, or other related technology.

7. Using a cell phone or camera at any point during a test or assessment without express permission of the instructor.

EXTRA HELP/QUESTIONS

This class is unlike any other class you have taken in high school as it is a new language, a new way of thinking, and an applied math class incorporating world events. As such, it is reasonable to expect that you will need extra help or practice during the course. I look forward to assisting you in the process of learning to think like an economist and be engaged in civic life.

Office Hours / Extra Help / Increasing your Understanding / I have a question?

I am available for extra help/make-up tests/quizzes every Monday and Wednesday afternoons beginning at 3:35 p.m. and Monday and Friday mornings from 7:45 to 8:10 a.m. Other times are available by appointment. For extra help or questions, come by before or after school or email me. I am not available Tuesday or Wednesday mornings. If you need to contact me for any reason, you may email me at Pamela.Roach@ and I will check this each day before leaving school.

Parents & Students, Please join the Remind classroom: (see page one for the appropriate codes) to receive updates and reminders. This will help you as parents know what is going on in class and your students to stay up to date and maximize their learning!

Signature: Please read and sign this syllabus and place it in your 3 ring binder. Please complete the Receipt of Policies and Communication Information form (on color paper) and return it tomorrow.

If you have any questions, please contact me using the Cobb County email rather than the magnet email. I will only utilize the magnet email for large file transfers, etc. I use Cobb County email. By the indication of the signatures on the receipt form and below, both student and parent/guardian acknowledge an understanding of the basic intent and outline of this course.

Signature of Student:

Signature of Parent or Guardian:

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