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AP Microeconomics and Macroeconomics Course Syllabus

Courses must be taken together!

Full Year Course = 1 Credit

COURSE WEBSITE: http://www.aplia.com


Course Overview:
Advanced Placement Micro and Macroeconomics is a year-long course (1 social studies credit)
that focuses on building broad-based knowledge of economic fundamentals and preparing students for
success on the AP Microeconomics and AP Macroeconomics Exams in May and achieving college credit
while still in high school. The course utilizes college level materials, primary sources, and web-based
resources. Students are required to participate in daily readings, activities, written and web-based
assignments and discussions. They will also complete challenging exams, a variety of projects,
cooperative learning experiences, and oral and multi-media presentations to gain an understanding of
fundamental micro and macroeconomic concepts and their relation to the world of business today.
Writing skills are emphasized. This course serves as a foundation not only for future study of economics,
but also the related fields of business, finance, marketing, political science, and mathematics.
Text: Mankiw, N. Gregory. Principles of Economics. 4th ed. Mason, OH: Southwestern, 2006.
Course Materials:
Each student is required to maintain a portfolio that is to be used only for AP
Economics. Portfolios must consist of the following: 2 3-ring binder, 8 dividers with tabs, loose-leaf or
spiral-bound college-ruled paper for note-taking, and an adequate supply of pens, #2 pencils, and a
highlighter pen. Once assembled, students are required to bring portfolios, along with course textbooks,
to class every day. Portfolios will be examined periodically (often unannounced) and will be factored into
course grades. Taking class notes are required and are part of portfolio grades. Portfolios will be
collected for a final comprehensive grading at the end of the course. Portfolio materials must be brought
to class for assembly on:
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Units of Study:
Microeconomics (1st Semester)
Mankiw Textbook Chapters 1-22
Unit 1: Introduction/Basic Economic Concepts (Chaps. 1-3)
definitions, scarcity, trade-offs, opportunity cost, economic systems, thinking at the margin, circular flow,
production possibilities, specialization, and absolute and comparative advantage

Unit 2: How Markets Work (Chaps. 4-6)


Market structures, supply & demand, supply and demand curves, equilibrium, income and substitution
effects, normal and inferior goods, price system, elasticity, price ceilings and price floors, tax incidence

Unit 3: Markets and Welfare (Chaps. 7-9)


Consumer and producer surplus, efficiency, deadweight loss of taxation, Laffer curve, individual and market
demand curves, world price and domestic price, trade barriers and free trade

Unit 4: The Economics of the Public Sector (Chaps. 10-12)


Externalities (positive & negative), social benefits and costs, private solutions Coase Theorem, public
policies Pigovian taxes, tradable pollution permits, public vs. private goods, free-rider problem, common
resources, tragedy of the commons, importance of property rights, tax system, tax equity, types of taxes

Unit 5: Firm Behavior and the Organization of Industry (Chaps. 13 &14)


Costs of production, total revenue, total cost, profit, economic profit vs. accounting profit, production
function, marginal product and diminishing returns, utility, total utility / marginal utility, utility maximization,
fixed, variable, average, and marginal cost curves, profit maximization MR=MC, short-run and long-run

ATC, economies and diseconomies of scale, perfect competition, profit maximization, supply decisions and
short-run shut down decisions, long-run decisions to enter or exit the market, efficiency

Unit 6: Monopolies, Oligopolies & Monopolistic Competition (Chaps. 15-17)


Monopoly (why monopolies arise, types of monopolies, a monopolys revenue, profit maximization, price
discrimination, cost of monopoly deadweight loss and social cost, public policy toward monopolies antitrust laws and regulation), Oligopoly (collusion, cartels, interdependence, game theory Prisoners
Dilemma, public policy), Monopolistic Competition (product differentiation, profit maximization, short run and
long-run, is excess capacity a social problem?)

Unit 7: The Economics of Labor Markets (Chaps. 18-22)


Demand for labor, production function and marginal product of labor, value of the marginal product of labor,
supply of labor / labor market, equilibrium in markets for labor, land, and capital, earnings and
discrimination, income inequality, sources of income inequality, equity, political philosophies of redistributing
income (Utilitarianism, Liberalism, Libertarianism), policies to reduce poverty, minimum wage laws, TANF

Macroeconomics (2nd Semester)


Mankiw Textbook Chapter 23-35
Unit 1: The Data of Macroeconomics Chaps. 23 & 24)
Gross Domestic Product, the components of GDP (C+I+G+NX), real vs. nominal GDP, Consumer Price
Index (how its calculated, problems with measuring CPI, GDP deflator vs. CPI, real and nominal interest
rates, other price indices)

Unit 2: Real Economy in the Long-Run (Chaps. 25-28)


Production and Growth, determinants and role of productivity, economic growth and public policy (saving
and investing, investment in human and physical capital, research and development, diminishing returns
and catch-up effect, free trade), The Financial System (national income accounts, financial institutions in the
US economy, market for loanable funds, government budget deficits and surpluses, finance tools: the Rule
of 72, unemployment (definition and measurement, types of unemployment, natural rate of unemployment,
unions and collective bargaining, theory of efficiency wages)

Unit 3: Money and Prices in the Long Run (Chaps. 29 & 30)
Definition of financial assets: money, stocks, bonds, economic functions of money, kinds of money,
measures of the money supply, The Federal Reserve System (Feds organization, FOMC), Banks and
Money Supply (money creation and fractional reserve banking, money multiplier, Fed tools of monetary
control), Money growth and inflation (money supply and money demand / money market, quantity theory of
money, velocity of money, inflation tax, Fisher effect, costs of inflation - Shoeleather costs, menu costs,
present and future value)

Unit 4: The Macroeconomics of Open Economies (Chaps. 31 & 32)


Exports, imports, net exports, Net Capital Outflow (balance of payments accounts - current and capital
account), exchange rates (nominal & real), purchasing-power parity, market for loanable funds, market for
foreign currency exchange (currency appreciation & depreciation), balance of trade, political instability and
capital flight

Unit 5: Short-Run Economic Fluctuations (Chaps. 33-35)


The Business Cycle, aggregate demand curve and its determinants, aggregate supply curve and its
determinants (short run vs. long run, sticky vs. flexible wages and prices), actual vs. full-employment output,
economic fluctuations, Monetary policy and aggregate demand (Fed tools, role of interest rate targets in
Fed policy), Fiscal policy and aggregate demand (fiscal policy tools, multiplier effect, crowding-out effect),
policy mix, government deficits and debts, stabilization policy active and automatic, trade-off between
inflation and unemployment (Phillips curve short-run and long-run), inflation (types demand-pull and
cost-push, costs of reducing inflation)
Rational Expectations Theory

Assignments/Tests:
A test is given after each unit. Each test is designed to replicate the AP Micro and
Macroeconomics exams in that 2/3 of each test is multiple choice and 1/3 is free-response.
Small quizzes are given to students to encourage them to keep up with the textbook readings.
These are used at the instructors discretion.

Most assignments consist of practical problem sets, readings, analyses, and written assignments
from a combination of the following, in addition to the course textbook:
o Aplia course website - http://www.aplia.com
o John Mortons book, Advanced Placement Economics, published by the National Council
on Economic Education (3rd edition 2003).
o Advanced Placement Economics: A Study of Macroeconomics and Microeconomics,
published by the Center for Learning (2006).
o Wall Street Journal Classroom Edition and website.
o Economics: Annual Editions, published by Dushkin (34th edition 2007)
o Macroeconomics 05/06: Annual Editions, published by Dushkin (15th edition 2005)
During the semester, students are required to find recent articles concerning topics from our
studies. Students present these to the class by summarizing the article, citing the economic
principles and drawing any appropriate graphs.
Additional assignments may/will include, but are not limited to, web-based assignments, special
projects, research projects, oral and multi-media presentations, simulations, round-table
discussions, and group work.
Anticipated Homework/Study Load:
It is anticipated that students in AP Micro and Macroeconomics will average spending 30-45
minutes 4 days a week on assignments, readings, or study related to this course at home.
Late & Make-up Work:
Students have exactly the number of days they were absent to turn in make-up work. Make-up
work will only be accepted for excused absences and must be accompanied by a blue make-up work
form when handed in. Make-up quizzes and tests must be taken in the same time frame as make-up
work. Late work will only be accepted on an AMNESTY DAY. There will be 3 unannounced Amnesty
Days per marking period. Each student will receive two green Amnesty passes per marking
period. Amnesty work will only be accepted that is complete, has a pass attached to it, and is ready to
hand in at the beginning of the class period on an Amnesty Day. Extra credit points will be given for
unused Amnesty passes at the end of each marking period.
Attendance:
U.C.S. Board of Education policy on tardies and absences will be followed. It is students
responsibility to check the AP Economics Assignment Book on the table by the door following an
absence, pick up any handouts/assignments from the colored folders, obtain missed class and current
event notes from a classmate, and be aware of announced test and due dates.
Grading Policy:
A simple point system is used in this course. Each component of the course is awarded a point
value. Points are converted to a percentage, and percentages to letter grades. Semester grades will be
determined on the basis of the standard 40%/40%/20%. Letter grades will be assigned as follows: 92.5100 = A, 89.5-92.4 = A-, 86.5-89.4 = B+, 82.5-86.4 = B, 79.5-82.4 = B-, 76.5-79.4 = C+, 72.5-76.4 = c,
69.5-72.4 = C-etc59.4 and below = F. Comprehensive, written final exams will be administered
during exam weeks.