INTRODUCTION TO AP ECONOMICS



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Christopher Evans, M.Ed

F211/ (480)-224-2268

Evans.Christopher@

Office Hours: Before and After School By Appointment

AP Macroeconomics

The Advanced Placement course in macroeconomics gives high-ability students the opportunity to earn college credit in macroeconomics while still in high school. More importantly, the content of an AP macroeconomics course helps students develop critical thinking skills through the understanding, application and analysis of fundamental macroeconomic concepts. Students also learn to apply quantitative and mathematical skills to the discipline, test economic propositions empirically, improve their decision-making skills and apply economic logic to a wide variety of real world and hypothetical situations.

Course Materials

1. Textbook: Principles of Economics, 5th Ed. 2008, N. Gregory Mankiw

2. Advanced Placement Economics: Macroeconomic student activities, 3rd Ed. 2003

National Council of Economic Education

Supplies Needed

Signed syllabus 2 Note Books Highlighters

Loose-leaf paper Black or blue pens Post-it Notes for annotating your textbook

3-ring binder (separated into three sections: Notes, Class readings, Assignments/Projects)

Websites

We will be using multiple websites during the semester to try and maximize our exposure to economics and to relate what we are learning in the classroom to what is happening in the world. These are valuable tools that you will need to be familiar with.

- Planbook: For all information concerning the course

- Remind: For keeping up to date with announcements pertaining to your class.

Course Objectives / Rough Outline

Here is an overview of what we are hoping to accomplish this semester, along with a tentative guideline of how long each should take. This will most certainly adjust and be amended, so don’t get too wrapped up in it. For a much more up-to-date look, follow the Google Calendar.

|Course Outlines and Objectives |

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| | | |

|UNIT I: BASIC ECONOMIC CONCEPTS | | |

| |(8-12 days) |UNIT TEST |

| | | |

|The focus of this unit is scarcity. We will examine some methodological questions in economics, and cover such concepts as scarce resources, unlimited |

|wants, and tradeoffs in decision-making. We will analyze the different economic systems--market, command and traditional--that have been used to answer the|

|questions of what to produce, how to produce and for whom to produce. Finally, this unit will introduce the student to the economic way of thinking. This |

|unit will make up 8-12% of the AP Exam. |

|OBJECTIVES |

|1. Describe and analyze the "economic way of thinking" |

|2. Describe the methodology used in economics |

|3. Graph and interpret data |

|4. Graph and distinguish between inverse, direct and zero relationships |

|5. Graph and distinguish between constant and variable relationships |

|6. Identify the conditions that give rise to the economic problem of scarcity |

|7. Define Opportunity Cost |

|8. Identify the Opportunity Costs involved in various courses of action |

|9. Construct a Production Possibilities curve from sets of hypothetical data |

|10. Apply the concept of Opportunity Cost to a Production Possibilities Curve |

|11. Analyze the significance of different locations on, above or below a Production Possibilities Curve |

|12. Identify the three economic questions every economic system must answer |

|13. Compare and contrast the economic philosophies of Adam Smith and Karl Marx |

|14. Describe and analyze the economic goals of different economic systems |

|15. Analyze the advantages and disadvantages of different economic systems |

|UNIT II: MEASURES OF ECONOMIC PERFORMANCE |(8-12 days) |UNIT TEST |

| | | |

|The "nuts and bolts" performance of any national economy is usually measured in terms of Gross National Product, Gross Domestic Product, and the levels of |

|inflation and unemployment. This unit will cover the components of gross income measures and the costs of inflation and unemployment. Students will learn to|

|distinguish between nominal and real values, and how to use price indices to convert nominal magnitudes into real magnitudes. As the course moves from |

|static descriptions to dynamic models, we will discuss the actual levels of inflation, unemployment, GNP and GDP in the United States. This unit will make |

|up 8-12% of the AP Exam. |

|OBJECTIVES |

|1. Analyze the components of the Circular Flow Diagram and use it to explain how a single purchase can influence all the Macro flows in the country |

|2. Describe the purpose of National Income Accounting |

|3. Define Gross National Product, Gross Domestic Product, Net National Product, National Income, Personal Income, and Disposable Income |

|4. Explain how we measure GNP and GDP |

|5. Explain what Goods and Services are counted in GNP and GDP as Consumption, Investment, Government Expenditures, and Net Exports |

|6. Compute GNP, GDP, NI, PI, and DI when given National Income Accounting data |

|7. Compute GNP and GDP using both the Income and Expenditure methods |

|8. Describe the purpose of a Price Index |

|9. Explain how a Price Index is calculated |

|10. Use a Price Index to calculate the rate of Inflation |

|11. Distinguish between Demand-Pull inflation and Cost-Push Inflation |

|12. Describe the difference between Nominal and Real GNP |

|13. Explain how Unemployment is measured in the United States |

|14. Calculate Unemployment and Employment Rates from appropriate data |

|15. Differentiate between Frictional, Cyclical, Structural and Seasonal Unemployment |

|16. Describe the phases of the Business Cycle |

|17. Identify the phases of the Business Cycle when given the appropriate economic data  |

| |

|UNIT III: THE KEYNESIAN AS/AD MODEL | (20 days) |UNIT TEST |

| | | |

|The material in this unit is the heart of a Macroeconomics course. Since the material is complex, students will need a theoretical construct to organize the|

|concepts; that construct will be the Aggregate Supply-Aggregate Demand model. Students will build the components of the Classical and Keynesian models, |

|including the consumption function, the investment function, the marginal propensity to consume and to save, and the multiplier, and will practice the |

|simple algebra of income determination and determine Keynesian equilibrium. Finally, the relevance of this analysis to fiscal policy decisions will be shown|

|by identifying the goals and tools of fiscal policy and end by analyzing fiscal policy through the economic concepts developed in this unit. This unit will |

|make up 25-30% of the AP Exam. |

|OBJECTIVES |

|1. Define Aggregate Demand, Aggregate Supply and Equilibrium |

|2. List and explain the basic causes of shifts in Aggregate Demand and Aggregate Supply |

|3. Graph Aggregate Demand and Aggregate Supply |

|4. Describe what determines the amount of goods and services produced and the level of employment in the Classical theory of Aggregate Supply-Aggregate |

|Demand |

|5. Describe what determines the amount of goods and services produced and the level of employment in the Keynesian theory of Aggregate Supply-Aggregate |

|Demand |

|6. Explain how Consumption and Saving are related to Disposable Income in the Keynesian model |

|7. Describe and calculate from given data the Marginal Propensity to Consume and the Marginal Propensity to Save |

|8. Describe the Multiplier |

|9. Given values for the marginal Propensity to Consume, calculate the values for the Multiplier |

|10. Calculate the change in total spending that occurs from a given change in Business or Government expenditures when MPC is known |

|11. Describe Keynesian Equilibrium in words and diagrams |

|12. Explain the Equilibrium levels of Output and Employment in Keynesian analysis when prices are free to vary |

|13. Explain and show graphically how Fiscal Policy can be used to reduce and Inflationary or Recessionary Gap |

|14. Describe how Fiscal Policy can be used to stabilize the economy |

|15. Distinguish between Automatic and Discretionary Stabilizers |

|16. Distinguish between a Contractionary and Expansionary Fiscal Policy |

|17. Evaluate Macroeconomic conditions and determine the Fiscal Policy that can be used to improve those conditions |

|18. Use a Keynesian 45° Total Expenditure Diagram to analyze economic problems and proposed solutions to those problems |

|19. List and explain the complications encountered in employing Fiscal Policy  |

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|UNIT IV: MONEY AND BANKING |(15-20 days) |UNIT TEST |

| | | |

|An important step in analyzing Aggregate Demand is the study of the effect of Monetary Policy. The concepts in this unit include the definition of money, |

|fractional reserve banking, and the Federal Reserve System. Students should learn how multiple deposit expansion affects the money supply and how the money |

|supply affects the economy. From this, we can define the determinants of the demand for money and investigate how equilibrium in the money market determines|

|interest rates, and how the investment demand curve provides the link between changes in the money market and changes in Aggregate Demand. Students will |

|also explore the deep divisions among economists about Macroeconomic policy, and will examine the policy prescriptions of Keynesian, Monetarist, |

|Neo-Classical, Rational Expectations and Supply-Side economic theories This unit will make up 20-25% of the AP Exam. |

|OBJECTIVES |

|1. Define and explain the functions of money |

|2. Explain what determines the value of money |

|3. Define and contrast the definitions of M1, M2, and M3 |

|4. Define and compare Required Reserves and Excess Reserves |

|5. Explain how the banking system creates money |

|6. Calculate the Money Multiplier and money growth possible from a given value of Excess Reserves |

|7. Describe the organizational structure of the Federal Reserve System |

|8. Define and explain Open Market Operations |

|9. Explain how Open Market Operations, the Discount Rate, and the Reserve Requirement are used to expand or contract the money supply |

|10. Evaluate the effectiveness of the three main tools of Monetary Policy |

|11. Write and explain the Equation of Exchange |

|12. Compare and contrast the Keynesian and Monetarist views |

|13. Given a series of data, identify the economic problem and prescribe the proper Monetary Policy to correct that problem |

|14. Identify the economic problems and recommend Monetary and Fiscal policies to improve economic performance when given economic statistics |

|15. Use Aggregate Demand and Aggregate Supply to analyze the economic problems and proposed solutions to those problems |

|16. Analyze the tradeoffs involved in various economic policy prescriptions |

|17. Use a Phillips Curve to illustrate tradeoffs between inflation and unemployment in the short run and the long run |

|18. Compare and contrast the effectiveness of Monetary and Fiscal Policy as tools of economic stabilization |

|19. State the assumptions, values, theoretical support, and applicable time periods underlying recommendations concerning Monetary and Fiscal Policies that |

|are in conflict |

|20. Describe and discuss the essence of the Classical, Keynesian, Monetarist, Supply-Side, Rational Expectations, and Neo-Classical theories |

|21. Compare and contrast the theoretical support for the policy prescriptions of these theories |

|22. Discuss the various problems and tradeoffs that policymakers face in the real world  |

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|UNIT VI: INTERNATIONAL ECONOMICS AND GROWTH |(8-12 days) |UNIT TEST |

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|The focus of this unit is world trade, the conduct of commerce among individuals, firms, and governments. This unit will cover concepts such as opportunity |

|cost, comparative and absolute advantage, free trade, protectionism, the balance of payments, and exchange rates. It is important to examine why a country |

|trades, what the effects of restrictions are, how the international payments system helps or hinders trade, and how international exchange rates affect |

|domestic policy goals. This unit will make up 8-12% of the AP Exam. |

|OBJECTIVES |

|1. Define Comparative and Absolute Advantage |

|2. Describe and give examples of the Law of Comparative Advantage |

|3. Define Specialization and Exchange |

|4. Explain how both parties to a trade gain from voluntary exchange |

|5. Explain Comparative Advantage in terms of Opportunity Cost |

|6. When given necessary data, compute the costs of producing two commodities in two countries, determine which nation has the Comparative Advantage in the |

|production of each commodity, calculate the trading ratio, and explain the gains to each nation and the world from Specialization and Trade |

|7. Describe and evaluate the case for Free Trade |

|8. Describe and evaluate the case for Protectionism |

|9. Describe the Balance of Payments |

|10. Describe how Exchange Rate Systems work and convert currency using current exchange rates |

|11. Describe the effects of Depreciating or Appreciating Currency Rates on a nation's imports and exports  |

Grading Scale

Students will be graded on the basis of in-class quizzes, multiple choice tests, essay tests, economic simulations, Socratic seminars, discussion board posts.

|        A |90-100% |

|        B |80-89% |

|        C |70-79% |

|        D |60-69% |

|        F |59-50% |

Infinite Campus

Students are expected to keep track of their own grades. Do not expect your teacher to tell you what your grade is. Do not wait until the end of the semester/ year to gain access to Infinite Campus. Parents can access their child’s grades and assignments by going to the school’s website and clicking on Parent Connect. Students’ information is only accessible by using an individualized password assigned by the school. Parents may contact office personnel/counselor for their child’s password.

Grade Breakdown

You can expect assessments to make up approximately 75% of your grade.

Quizzes

Students can expect 1-2 quizzes per week that will cover economic terms and concepts.

Tests

There will be one test per unit. These tests will be given approximately every four weeks. The class will go over the multiple-choice questions the following day.  If you are absent (excused) on a scheduled Unit Test day you will be expected to make up that test the following day. If you are unexcused absent or do not take the makeup test the day you return you will receive a grade of zero for the assessment

Papers

Students can anticipate a minimum of one paper each unit. These papers will be research based and somewhere between 1 to 2 pages in length. They will serve as the basis for Socratic seminars on larger macroeconomic concepts.

Final Exam

Unless otherwise instructed by the administration or your teacher, there will be a final examination in this course. The final will be comprehensive and represent 20% of your semester grade.

Socratic Seminars

Each student will be required to read assigned articles, write three questions pertaining to the article, and participate in the circle group discussion of the article. In most seminars, one student will be chosen (by the teacher) to “play” Socrates, call on students, and keep track of who has spoken.  Each student has to speak in order for all participants to obtain the points. In other seminars, you will have different articles to read and thus will have an inner circle that discusses a particular article and then halfway through the seminar, you switch and now the second article is discussed.

Outside Reading

Students will be reading material from various economic books throughout the semester. More information will be available as we approach these times.

Extra Credit

THERE IS ABSOLUTELY NO EXTRA CREDIT IN THIS COURSE! (Please remember this now for use later in the semester)

Student Expectations

Students are expected to….

Be accountable for your own actions.

Be responsible for your own learning and assignments. 

Cheating and copying is unacceptable.

Treat others with respect.

Arrive to class on time with the necessary materials to participate in class.

Participate in class (reading, listening, speaking, etc).

Use appropriate language (mixed-company policy). Profanity is not allowed in school.

Contribute equally in cooperative learning activities/assignments.

Leave your area clean (pick up after yourself).

Hand in assignments on time.

Hand in major assignments on the due date even if you are absent from school.

Read the required text and assigned primary source documents.

Get work from fellow students if class is missed.

Use the class website for assistance in assignments/homework/expectations, etc.

Study for exams (4 hours per exam)

Behave appropriately (respect, honesty, pay attention)

Consequences

First offense – Warning (includes calling the student’s name during class or speaking privately in the hall)

Second and third offenses – Detention/ Parent Contact

Fourth and fifth offenses – Parent/ Student/ Teacher Meeting and Detention

Sixth offense – Referral and student/teacher/parent/administrator conference

Diversity Statement

All individuals have a right to an educational environment free from bias, prejudice and bigotry. As members of the Basha High School educational community, students are expected to refrain from participating in acts of harassment that are designed to demean another student’s race, gender, ethnicity, religious preference, disability or sexual orientation.

Profanity

In accordance with the diversity statement and general guidelines profane language is not tolerated in any way. When in doubt, don’t say it. Students can expect me to be vigilant in addressing this issue.

Absences

Chandler Unified School District mandates that students must keep a minimum of 90% attendance. Students will be referred to administration on their 10TH absence (excused or unexcused) and may be dropped from the course.

Make-up/ Late Work

Assignments are due the day after they are assigned unless otherwise specified. Students with excused absences have one day for each day they are absent. If an assignment is due on Monday and you are sick and return on Tuesday you are expected to turn in the assignment on Tuesday. No late work will be accepted for unexcused absences. If you miss a quiz or a test as a result of an excused absence you are expected to make up the assessment the day you return. If we have a test on a Monday and you are sick and return on Tuesday you are expected to take the test on Tuesday. It is the responsibility of the student to make necessary arrangements with the teacher to set this up. If you fail to make-up a test/ quiz in the allotted time you will receive a zero. No make up tests/quizzes will be given for unexcused absences and students will receive a zero. Extensions are at the teacher’s discretion. Additionally, projects, papers, or other long term assignments that are given more than a week in advance are due on the day specified, regardless of if you are in school or not. If you know you are going to be absent, or if you are sick, it is your responsibility to submit your assignment via email to me or to have a family member / friend submit for you. If you miss the day before a quiz or a test and are in class on the day of the assessment you are still responsible for taking the assessment. We will just have reviewed the day before which you can and should be doing on your own. You also should be routinely checking our class calendar to see what upcoming assessment you have.

Tardiness

Chandler Unified School District places great importance on timeliness. Therefore, classroom tardiness will be dealt with in the same manner as any other violation of classroom rules. Students need to be inside the classroom and preparing for the class when the bell rings. I do understand that there are occasions when you may be late to class for whatever reasons. Please be respectful and courteous and sign in when you do enter the classroom late and DO NOT DISRUPT the learning environment.

Tardy #1: Warning/ Cell Phone on Front Table

Tardy #2: Cell Phone to Office

Tardy #3: Cell Phone to Office/ Parent Notification

Tardy #4: Referral

Cheating/ Plagiarism

Cheating and plagiarism constitute an effort to deceive me and to cheat your peers who are working hard. As such, I have a zero tolerance policy in regards to cheating and plagiarism, and ANY form of cheating or plagiarism will result in a referral to the office, and possible further consequences. Keep in mind, if I get two papers where plagiarism is apparent, then BOTH students will face consequences.

Food and Drinks

Food is not permitted inside the building or class, and water is the only acceptable beverage. I promise you I will make you throw away any food or beverage that I see you with that is not water. Gum is tolerated as long as it is not being abused. Teacher discretion will determine allowance of gum.

Cell Phones / iPods

Cell phones and iPods, or other electronic devices, are not permitted during class unless otherwise instructed by the teacher. If there is a family emergency and a student needs to be contacted please call the office and they can immediately contact the teacher. If an electronic device is out it is the teacher’s prerogative to confiscate the item.

Conference

Conference period will be on Wednesday and Thursday from 9:17 - 9:45.  During this time students are only allowed out of the classroom if they have a pass.  Students will not be able to call or email the teacher they wish to go see if they have not been given a pass in advance. The library is not available during conference.  Students should use this time to study or read. 

Remind 101

This class will utilize Remind 101 as a means of me conveying messages to students when we are not in class together. This allows me to remind students about an upcoming assignment or quiz, to ignore or to add something to their homework, or to look up something before coming into class the next day. It makes both of our jobs easier, and can be utilized with a cell phone.

AP Exam

The expectation is that students taking this class are working towards the AP exam that will be given in May. The expectation is that students taking this class will study diligently for and take that exam. The course is being taught at a college level, and students will have the opportunity to earn college credit for the course by successfully passing the AP exam in May. More information will come as we get into the course regarding your exam.

Personal Property

Students are responsible for their own personal property.

Film List Approval

Over the course of the year we will supplement our learning with various clips and segments from videos both online and on disk. Each of the videos that I plan to show was selected for a specific purpose in that they deepen and reinforce a lesson or theme we have covered. Prior approval is needed in order for students to be able to view these videos. Please indicate on the following page that you acknowledge and approve of your student viewing educational videos in class. Thank you.

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AP Macroeconomics Syllabus 2016-2017

By signing this syllabus you (student and parent) acknowledge receiving and accepting the policies and expectations for this course and are familiar with consequences for non-compliance. Please keep this syllabus in your binder and return this form completed and signed. Students will receive 10 points for returning this syllabus, signed, no later than Friday, July 27th .

Student Name (print) ___________________________________________________________________

Student Signature ______________________________________________________________________

Date _______________________________ Class Period _________

Parent Name (print) _____________________________________________________________________

Parent Signature _______________________________________________________________________

Parent Film Approval (Signature) ___________________________________________________________

Parent Email ___________________________________________________________________________

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