Peabody Veterans Memorial High School AP Economics Syllabus
Microeconomics/Macroeconomics
The AP Program offers two separate exams in economics, one in microeconomics and one in macroeconomics. The aim of this AP Economics course is to provide students with a learning experience equivalent to that in a typical college introductory economics course.
In this course, students will prepare for the AP Microeconomics and the AP Macroeconomics Exams and Post-secondary Economic Education by;
· Mastering economic thinking and decision-making.
· Learning to support and explain concepts with both written responses and a variety of graphical models.
· Demonstrating understanding of the connections between economics and math.
· Understanding the general development of modern economic theory.
· Becoming familiar with the basic language of business and economists and being able to understand the basic measurements of economic performance in printed media.
***PVMHS ONLY REQUIRES YOU TO SIGN UP FOR ONE OF THE TWO OFFERED AP ECONOMICS EXAMS, HOWEVER IT IS STRONGLY RECOMMENDED THAT YOU SIGN UP FOR BOTH!***
***THE AP MACROECONOMICS EXAM IS SCHEDULED FOR THURSDAY, MAY 14, 2015 AT NOON***
***THE AP MICROECONOMICS IS SCHEDULED FOR FRIDAY, MAY 15, 2014 AT 8:00 AM***
AP Exam Formats:
Each Exam is scheduled for 2 hours 10 minutes. Students are given 70 minutes to answer 60 MC Questions. Then, following a 10 minute reading period, students have 50 minutes to write answers to 3 Free Response Questions (One long question (25 min.) and two shorter questions (25 min.)
Required Text: McConnell, Brue, Flynn Economics AP Edition, 19th Edition; http://glencoe.mcgraw-hill.com/sites/0217511447/
YOU MUST BE ABLE AND WILLING TO READ AND THIS BOOK VERY CAREFULLY WHEN NECESSARY!
***Barron’s AP Economics Exam Review Book***
Student Requirements:
· Must bring textbook to class every day!
· 3 ring binder
1. Syllabus/Important Papers
2. Class Notes / Key Vocabulary
3. Returned Quizzes
4. Worksheets
5. Homework
Grading Policy:
Unit Exams (Multiple Choice and FRQ’s) : 50%
Quizzes: 30%
Homework/Current Events/Assignments//Other: 20%
Grading scale:
A- 90-100%
B- 80-89%
C- 70-79%
D- 65-69%
F-64%- Below
STUDENTS SHOULD EXPECT TO DO SEVERAL HOURS OF OUTSIDE CLASROOM WORK PER WEEK! This will include but is not limited to Free Response Questions, Graphing, Vocabulary, worksheets, outside readings, etc.
1. As an overall goal, students will pass the both the AP Microeconomics and AP Macroeconomics exam with a score of 3 or higher.
2. An additional goal is to acclimate students to a college level course and a rigorous course of study.
***MY LATE DAY IS THRUSDAY FOR EXTRA HELP OR MAKEUP WORK!***
Requirements:
Each student is expected to complete all assignments and tasks as assigned in class or at home. With such preparation, students can bring evidence and participate actively in classroom discussions, writings, etc. PARTICIPATION IS REQUIRED! Topics are varied and sometimes can be controversial, however the student must remain focused on completing the assignments and incorporating a variety of points of view into their knowledge base.
Note to students: Students who are not in class on any given day are responsible for any missed assignments, assessments, readings, etc. Every day is a teaching day and if you are not in class, teaching will still occur. Please check with me, a fellow classmate, or the class webpage for valuable information, assignments, etc. if/when you are absent.
BEGIN TO THINK LIKE AN ECONOMIST!!!
The Nine Principles of Economic Thinking
1. Everything has a cost
2. People choose for good reasons
3. Incentives matter
4. Economic actions carry secondary effects
5. People gain from voluntary trade
6. Economic thinking is marginal thinking (evaluate whether the benefit of one more unit of something is greater than its cost)
7. The price of a good or service is affected by people’s choices
8. People can create economic systems to influence choices and incentives.
9. The test of a theory is its ability to predict
PVMHS - AP Microeconomics Course Outline
The purpose of the AP Microeconomics course is to give students a thorough understanding of the principles of economics that apply to the functions of individual decision makers, both consumers and producers, within an economic system. It places emphasis on the nature and functions of product markets, and includes the study of factor markets and the role of government in promoting greater efficiency and equity in the economy. Graphing and data interpretations will be key tools in comprehending how the economy operates. Students will take the AP Microeconomics test at the end of this course.
Unit TitlesUnit 1: Basic Economic Concepts (8-14%)
Unit 2: Nature and Function of Product Markets (55-70%)
Unit 3: The Theory of the Firm (55-70% Cont.)
Unit 4: Nature and Function of Factor Markets (10-18%)
Unit 5: The Role of Government (12-18%)
Dates / SOME Key Topics / Readings, Assignments, Assessments
9/2-9/22 / UNIT 1: BASIC ECONOMIC CONCEPTS
Scarcity, choice, opportunity cost, production possibilities curves, comparative advantage, absolute advantage, specialization, trade, Economic systems, property rights, incentives, Marginal analysis. / Reading and Vocabulary: Ch. 1,2
Other:
9/23-9/24 / Unit 1 Exam
9/29-10/15 / UNIT 2: PRODUCT MARKETS
Supply and Demand, Equilibrium, Price and quantity controls, Elasticity, price, price elasticity of supply and demand, consumer and producer surplus, market efficiencies, theory of consumer choice, total utility, marginal utility, utility maximization, equalizing marginal utility per dollar, individual and market demand curves, income and substitution effects. / Reading and Vocabulary: Ch. 3,4,5,6
Other:
10/16-10/17 / Unit 2 Exam
10/20-11/21 / UNIT 3: THEORY OF THE FIRM
Production functions-short and long term, marginal product and diminishing returns, short run and long run costs, economies of scale, Market structure, profit, MR=MC rule, perfect competition, profit maximization, monopoly, oligopoly, monopolistic competition / Reading and Vocabulary: Ch. 7,8,9,10,11
Other:
11/24-11/25 / Unit 3 Exam
12/1-12/12 / UNIT 4: FACTOR MARKETS
Derived factor demand, marginal revenue product, labor market and firms hiring of labor, market distribution of income / Reading and Vocabulary: Ch. 12,13,14
Other:
12/15-12/16 / Unit 4 Exam
12/24-1/4 / HOLIDAY BREAK
12/17-1/12 / UNIT 5: ROLE OF GOVERNMENT
Externalities, marginal social benefit, marginal social cost, positive and negative externalities, remedies, public goods, private goods, public policy, regulation, tax incidence, income distribution, Lorenz Curve / Reading and Vocabulary: Ch. 16,17,18,20
Other:
1/13-1/14 / Unit 5 Exam
1/15-1/16 / Review for Midterm (Microeconomics Final Exam Counts as Midterm Exam)
1/20-1/23 / MIDTERM WEEK
PVMHS AP Macroeconomics Course Outline
Macroeconomics focuses on how the economic system works as a whole. Students study how the economy is measured by using concepts such as gross domestic product (GDP) and other indicators. Students engage in decision-making processes to create an environment where high employment and a higher standard of living are achievable by using the economic tools of fiscal and monetary policy. Graphing and data interpretation will be key tools to use in understanding how the economy operates. Students will spend time reviewing for the AP Macroeconomics test offered in May.
Unit Titles1. Measurement of Economic Performance (12-16%)
2. National Income and Price Determination (10-15%)
3. Financial Sector (15-20%)
4. Inflation, Unemployment, Stabilization Policies (20-30%)
5. Economic Growth and Productivity (5-10%)
6. International Trade and Finance (10-15%)
***Basic Economic Concepts (8-12%) ***
Dates / SOME Key Topics / Readings, Assignments, Assessments
1/26-2/6 / UNIT 1: MEASUREMENT OF ECONOMIC PERFORMANCE
National Income, GDP, Real vs. Nominal, Inflation, costs of inflation, types of unemployment / Reading and Vocabulary: Ch. 23,24,26
Other:
2/9-2/10 / Unit 1 Exam
2/16-2/20 / WINTER BREAK
2/11-3/1 / UNIT 2: NATIONAL INCOME AND PRICE DETERMINATION
Aggregate Demand and Supply, short run and long run analysis, sticky vs. flexible wages and prices, macro-equilibrium, actual vs. full employment output, economic fluctuations / Reading and Vocabulary: Ch. 27,28,29,35
Other:
3/2-3/3 / Unit 2 Exam
3/4-3/18 / UNIT 3: FINANCIAL SECTOR
Money, Banking, Financial Markets, financial assets, money supply and demand, loanable funds, central bank, quantity theory of money, real vs. nominal interest rates / Reading and Vocabulary: Ch. 31-32
Other:
3/19-3/20 / Unit 3 Exam
3/23-4/15 / UNIT 4: INFLATION, UNEMPLOYMENT, STABILIZATION POLICIES
Fiscal and monetary policies, demand side effects, supply side effects, government deficits and debt, inflation and unemployment, types of inflation, Phillips Curve, role of expectations / Reading and 28,30,33,35,36
Other:
4/16-4/17 / Unit 4 Exam
4/20-4/24 / Spring Break
4/27-4/29 / UNIT 5: ECONOMIC GROWTH AND PRODUCTIVITY
Investment in human and physical capital, research and development, technological process / Reading and Vocabulary: Ch. 25
Other:
4/30 / Unit 5 Exam
5/1-5/6 / UNIT 6: INTERNATIONAL TRADE AND FINANCE
Balance of trade, current account, capital account, foreign exchange market, net exports and capital flows, links to financial and goods markets / Reading and Vocabulary: Ch. 37,38
Other:
5/7-5/8 / Final Macroeconomics Exam (Includes Unit 6)
5/11-5/13 / Review for AP Exams
May 14 and May 15, 2014 / AP Microeconomics and AP Macroeconomics Exams!!!
J