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AP Economics

AP Econ Unit 1
Unit 1: Macroeconomics/Microeconomics
Basic Concepts
1 week

A.      Scarcity, choice, and opportunity costs
B.      Production possibilities curve
C.      Property rights and the role of incentives
D.      Marginal analysis

Key Topics: Scarcity, Choice, Opportunity Cost, PPF, Specialization, Basic Marginal Benefit/Marginal Cost Analysis, Fundamentals of Graphs, Incentives
Readings:  Module 1,3, Section 1 Appendix
EBE, Ch 1, 2, 16
Assignments: p.9, p.22, p.32(#1,2,4,5), p.45

Class notes


Review Videos

AP Econ Unit 2
Unit 2:  Macroeconomics
Introduction to Macro
1 week

A.      Macroeconomic issues: business cycle, GDP, unemployment, inflation, growth
B.      Economic systems

Topics: The Business Cycle, Recessions, Unemployment, Aggregate Output, Inflation and Price Stability, Circular Flow, National Income Accounts, GDP, Basic Gov’t/Markets Relationship, The Role of Government, Comparative Economic Systems
Readings:  Module 2, 10
        EBE Ch. 26
Assignments: p.15, p.111, p.32(#6), p.150(#1,2)

Review Videos

AP Econ Unit 3
Unit 3: Macroeconomics/Microeconomics
Introduction to Supply and Demand
2 weeks

A.      Supply and demand (15–20%)
1.      Market equilibrium
2.      Determinants of supply and demand
B.      Indvidual v. Market

Topics: Demand, Supply
Readings:  Module 5, 6, 7
        EBE Ch. 3, 5
Assignments: p.57-58, p.70, p.75-76, p.96-96(#1-12)

Class notes

Review Videos

Practice Test

AP Econ Unit 4
Unit 4:  Macroeconomics
Measurement of Economic Performance
2 weeks

A.      National income accounts
1.      Circular flow
2.      Gross domestic product
3.      Components of gross domestic product
4.      Real versus nominal gross domestic product
B.      Inflation measurement and adjustment
1.      Price indices
2.      Nominal and real values
3.      Costs of inflation
C.       Unemployment
1.      Definition and measurement
2.      Types of unemployment
3.      Natural rate of unemployment

Topics:  Calculating GDP, Income & Expenditure Models, Calculating Unemployment, Causes and Categories of Unemployment, The Calculation of Inflation, Productivity, Economic Growth
Readings: Module 11, 12, 13, 14, 15, 33, 37, 38
        EBE Ch. 21
Assignment: p.116-117, p.125, p.133, p.140, p.148, p.374-375, p.151-155((#3,6,8,11[only:4yrPubRes and 4yrPrivRes] 13-15,17,19)

Class notes

Review Videos

Can Economics Help You Be a Better Parent?

AP Econ Unit 5
Unit 5:  Macroeconomics
National Income, Price Determination
2 weeks

A.      Aggregate demand
1.      Determinants of aggregate demand
2.      Multiplier and crowding-out effects
B.      Aggregate supply
1.      Short-run and long-run analyses
2.      Sticky versus flexible wages and prices
3.      Determinants of aggregate supply
C.      Macroeconomic equilibrium
1.      Real output and price level
2.      Short and long run
3.      Actual versus full-employment output
4.      Business cycle and economic fluctuations

Topics:  Spending Multiplier, Consumption, Investment, Interest Rate, Aggregate Demand, Aggregate Supply, SRAS, LRAS, Potential Output and Full Employment,  Spending Multiplier, Taxing Multiplier, Economic Growth in Models
Readings: Module 16, 17, 18, 19, 20, 21, 40
Assignment: p.170-171, p.178, p.188-189, p.198, p.207-208, p.214, p. 403-404,
p.216-219((#1,3, 4, 6-11, 13-16, 23, 24)*

Class notes


AP Econ Unit 6
Unit 6:  Macroeconomics
The Financial Sector
2 weeks

A.      Money, banking, and financial markets
1.      Definition of financial assets: money, stocks, bonds
2.      Time value of money (present and future value)
3.      Measures of money supply
4.      Banks and creation of money
5.      Money demand
6.      Money market and the equilibrium nominal interest rate
B.      Loanable funds market
1.      Supply of and demand for loanable funds
2.      Equilibrium real interest rate
3.      Crowding out
C.      Central bank and control of the money supply
1.      Tools of central bank policy
2.      Quantity theory of money
3.      Real versus nominal interest rates

Topics:  Savings and Investment, Financial v. Capital Investment, M1, TVM, Banking and Money Creation, Money Multiplier, The Federal Reserve, Money Market, Loanable Funds Market
Readings: Module 22, 23, 25, 26, 27, 28, 29
Assignment: p.229, p.236, p.251-252, p.260, p.266-267, p.275-276, p.287, p.290-293(#1,2,5,6,10,11,13,14,18-20,22)


AP Econ Unit 7
Unit 7:  Macroeconomics
Stabilization Policies
1 week

A.      Fiscal and monetary policies
1.      Demand-side effects
2.      Supply-side effects
3.      Policy mix
4.      Government deficits and debt
B.      The Phillips curve
1.      Short-run and long-run Phillips curves
2.      Demand-pull versus cost-push inflation
3.      Role of expectations

Topics:  Budget Balance, Fiscal Policy, Automatic Stabilizers, Monetary Policy and Interest Rates, The Phillips Curve (SR,LR), Macroeconomic Views Over Time
Readings: Module 30, 31, 32, 34, 35, 36
        EBE Ch. 22, 25
Assignment: p.306. p.314, p.319, p.341-342, p.353-364(#2,3,5,6,7,10,12)


Active v. Passive Policy Decisions

AP Econ Unit 8
Unit 8: Macroeconomics
International Trade and Finance
2 weeks

A.      Balance of payments accounts
1.      Balance of trade
2.      Current account
3.      Financial account
B.      Foreign exchange market
1.      Demand for and supply of foreign exchange
2.      Exchange rate determination
3.      Currency appreciation and depreciation
C.      Imports, exports, and financial capital flows
D.      Relationships between international and domestic
financial and goods markets

Topics:  Capital Flows and Balance of Payments, Foreign Exchange Market, Free Trade, Comparative and Absolute Advantage
Readings: Module 4, 41, 42, 43, 44, 45
        EBE Ch. 23, 27, 28,
Assignment: p.29-30, p.419-420, p.430, p.32-33(#8-12), p.453-454(#1,3-6, 8-10)


Comparative Advantage Review Sheet .pdf

Extra Material

AP Econ Unit 9
Unit 9: Microeconomics
Consumer Choice
2 weeks

A.      Elasticity
1.      Price, income, and cross-price elasticities of demand
2.      Price elasticity of supply
B.      Consumer surplus, producer surplus, and allocative efficiency
1.      Tax incidence and deadweight loss
C.      Theory of consumer choice
1.      Total utility and marginal utility
2.      Utility maximization: equalizing marginal utility per dollar
3.      Individual and market demand curves
4.      Income and substitution effects

Topics: Law of Diminishing Marginal Benefits, Consumer and Producer Surplus, Consumer Choice/Optimal Purchase Rule, Allocative Efficiency, Deadweight Loss, Elasticity, Total Revenue Test,
Readings: Module 46, 47, 48, 49, 50, 51
        EBE Ch.4, 9, 10
Assignment: p.464-465, p.474, p.481, p.493-494, p.509-519, p.521-522,
3a simple formula
6 quick draw S/D for each

Class notes

Review Videos

AP Econ Unit 10
Unit 10: Micoreconomics
The Role of Government and Market Failures
2 weeks

A.      Externalities
1.Marginal social benefit and marginal social cost
2.Positive externalities
3.Negative externalities
5. Price and quantity controls
B.      Public goods
1.Public versus private goods
2.Provision of public goods
C.      Public policy to promote competition
1.Antitrust policy
D.      Income distribution
2.Sources and measures of income inequality

Topics: Role of Government, Public versus Private Goods, Marginal Social Cost/Marginal Social Benefit Analysis, Market Failures, Positive and Negative Externalities, Taxes, Free Riders, “Tragedy of the Commons”
Readings: Module 8, 9, 50, 74, 75, 76, 77, 78
        EBE Ch. 11, 12, 17, 18, 24, 29
Assignment: p.86-87, p.93-94, p97-99(#14,15,17,18), p.730, p.741-742, p.752-753, P.775-775(#1,2,7-11,14,15)


Final Assignment must be uploaded to YouTube
Password: bartrambears

AP Econ Unit 11
Unit 11: Microeconomics
Costs, Revenues and Profit
3 weeks

A.      Production and costs (10–15%)
1.      Production functions: short and long run
2.      Marginal product and diminishing returns
3.      Short-run costs
4.      Long-run costs and economies of scale
5.      Cost minimizing input combination and productive efficiency
B.      Profit
1.Accounting versus economic profits
2.Normal profit
3.Profit maximization: MR=MC rule

Topics: Law of Diminishing Marginal Returns, Economies of Scale, 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
Readings:  Module 52, 53, 54, 55, 56, 57
Assignment: p. 534-535, p.540-541, p.547, p.557-558, p.565-567, p.578-581(#1-3,5,9-12,16)


Health Care NYTIMES

AP Econ Unit 12
Unit 12: Micoeconomics
Perfect Competition
3 weeks

A.Profit maximization
B.Short-run supply and shutdown decision
C.Behavior of firms and markets in the short run and in the long run
D.Efficiency and perfect competition

Topics: Relationship between Industry and Firm, Profit Maximization, Long-Run Equilibriums, Short-Run Equilibriums and the Adjustment Mechanism, Allocative Efficiency.
Readings:  Module 58, 59, 60
        EBE Ch. 6
Assignment: p.589, p597-598, p.606-607, p.632-633(#1-8)


AP Econ Unit  13
Unit 13: Microeconimics
Imperfect Competition
3 weeks

A. Monopoly
1.Sources of market power
2.Profit maximization
3.Inefficiency of monopoly
4.Price discrimination
5. Natural monopoly
B. Oligopoly
1.Interdependence, collusion, and cartels
2.Game theory and strategic behavior
3.Dominant strategy
4.Nash equilibrium
C. Monopolistic competition
1.Product differentiation and role of advertising
2.Profit maximization
3.Short-run and long-run equilibrium
4.Excess capacity and inefficiency

Topics: Relationship Between Price and MR, Barriers to Entry, Profit Maximization, Monopoly, Regulation, Natural Monopoly, Oligopoly and Duopoly Game Theory with Game Tree and Payoff Matrix (dominant strategy, Nash Equilibrium, collusion, prisoner’s dilemma, interdependence), Collusive Oligopoly, Monopolistic Competition (long run and short run) (Note: In each imperfectly competitive
market structure, examine its effect on allocative efficiency and consumer and producer surplus, and make comparisons to perfect competition.)
Readings: Module 61, 62, 63, 64, 65, 67, 68
        EBE Ch. 20
Assignment: p.615-616, p.622-623, p.629, p.633-636(#11-20), p.643, p.650-651, p657-658, p.666-667, p675-677(#5-8,10,13,14,15)


AP Econ Unit 14
Unit 14: Microeconimcs
Factor Markets
2 weeks

A.      Derived factor demand
B.      Marginal revenue product
C.      Hiring decisions in the markets for labor and capital
D.      Market distribution of income

Topics: Factors of Production (review definitions of marginal revenue, marginalproduct, the law of diminishing marginal returns), Derived Demand, MarginalRevenue Product Analysis, Optimal Purchase Rule, Perfectly Competitive FactorMarkets, Profit Maximization/Cost Minimization Rules, Monopsony, EconomicRent, Distribution of Income AmongFactors, Unions
Readings: Module 69, 70, 71, 72, 73
        EBE Ch. 7, 8, 30
Assignment: p.688-689, p.694, p.704-705, p.709-710, p.719-720(#1-9)


Review at AP Central

Book Details

Cracking the AP Economics Macro & Micro Exams
David Anderson


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Book Details

5 Steps to a 5 AP Microeconomics and Macroeconomics
Eric R Dodge


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Econ Unit 1
Introduction to Economics

Introduction to Economics
•       Scarcity
•       Opportunity Cost
•       Trade-offs
•       Circular flow of money
•       Factors of production
o        Land
o       Labor
o       Capitol
o       Entrepreneurship
•       Economic Choices
•       Production Possibilities Model
Economic Systems
•       Market, Command, Traditional and Mixed Economies
o       Capitalism
o       Socialism
Basic Economic Questions
o        What to produce?
o       How to produce?
o       For whom to produce?

Class notes

ISA #1-8
1.1 p.10 2-4
Under Armour p.11 1-2
1.2 p.17 4-6
Adam Smith p.18 1-2
1.3 p.25 2&6
2.1 p.41 2-6
Home Depot p.42 1-2
2.3 p.54 1-2


Review Videos

Econ Unit 2

Supply and Demand
•       Law of Supply and Demand
•       Determinants of Supply and  Demand
•       Price Elasticity
•       Market Equilibrium
Consumer Marginal Anylsis
•       Utility Maximizing Decsions
o       DMU
o       MC/MB Analysis

Class notes

ISA #2-9
4.1 p.95 7-8
4.2 p.101 2-3
Oprah Winfrey p.102 1-2
4.3 p.109 2-4,6
iPod p.110 1-2
5.1 p.125 2-3
6.1 p.146 2-4
eBay p.147 1-2
6.2 p.154 4-6

Review Videos

Econ Unit 3

Business Organizations and Institutions
•       Sole Proprietorships
•       Limited Liability Corporations
•       Corporations
•       Partnerships
•       Mergers
o       Vertical
o       Horizontal
o       Conglomerate
•       Non-Profit Organizations
•       Multi-National Corporations
•       Entrepreneurship in the US Economy
Market Structures
•       Perfect Competition
•       Monopolistic Competition
•       Monopoly
•       Natural Monopoly
•        Oligopoly
•       Non-price Competition
•       Regulation and Deregulation
Firm Marginal Anylsis
•        Profit max. decisions on price and output (quantity)
o       Marginal Cost
o       Marginal Revenue (MB)   
•       Labor Force and Markets
•       Wage Determination

ISA #3-10
3.1 p.70 2-3
Andrea Jung p.71 1-2
3.2 p.77 2-4
7-Eleven p.78 1-2
5.2 p.130 4-6
5.3 p.137 2-6
7.1 p.177 5-7
Bill Gates p.178 1-2
8.2 p.213 2&4
Harley Davidson p.214 1-2

Review Videos

Econ Unit 4

Financial Literacy
o  Financial Planning
o  Budgeting
o  Spending and Credit
o  Savings and Investing
Financial Markets
o  Stocks
o  Bonds
o  Mutual Funds
o  Retirement Accounts
o  Real Estate
o  Diversification

Econ Unit 5

Measuring Economic Performance
•       Gross Domestic Product/ Gross National Product
o       Consumption Expenditures
o       Business Investment
o       Government Expenditures
o       Net Exports
•       Aggregate Demand and Aggregate Supply
•       Consumer Price Index
o       Business Cycle
o       Expansion
o       Peak
o       Contraction
o       Trough
•       Economic Growth
•       Productivity
•       Capital Investment
•       Full Employment
•       Economic Challenges
•       Technology
•       Economic Goals of the United States

Class notes

ISA #5-7
12.1 p.327 2-5
Global Fruit p.350 1-2
13.1 p.359 3,4&7
13.2 p.367 2,4-7
Milton Friedman p.368 1-2
13.3 p.375 5-8

Review Videos

Can Economics Help You Be a Better Parent?

Econ Unit 6

A.      Externalities
1.Marginal social benefit and marginal social cost
2.Positive externalities
3.Negative externalities
5. Price and quantity controls
B.      Public goods
1.Public versus private goods
2.Provision of public goods

Market Failures and Government Intervention
Social Goals and Market Efficiency
Principles and Types of Taxes
Spending, Transfer payments, Subsidies, Deficit and Debt

ISA #6-8
7.2 p.183 3-4
6.3 p.161 2-3
9.1 p.236 2-7
9.2 p.245 2-3
10.1 p.265 4&8
10.2 p.275 2&5-6
Boeing p.276 1-2
10.3 p.283 2


Econ Unit 7

Financial Institutions
•       Money and Banking
•       Functions of Money
•       Characteristics of Money
•       Composition of Money
Government and the Economy
•       Taxes and Government Spending
•       Direct and Indirect Taxes
•       Progressive, Proportional, Regressive Taxes
•       Fiscal Policy
o        Government Spending
o       Tax Policies
•       The Federal Budget and Deficits
o       Deficit Spending
o       National Debt
o       Entitlements
o       Social Security
•       Monetary Policy
o       Discount Rate
o       Reserve Requirement
o       Open Market Operations
•        Organization and Function of the Federal Reserve System
•       Public Policy Analysis
•       Economic Philosophers
o       Adam Smith
o       Karl Marx
o       Thomas Malthus
o       John Maynard Keynes
o       Milton Friedman

Class Notes

ISA #7-8
14.1 p.368 3
14.2 p.397 3,5,7
Ben Bernanke p.398 1-2
14.3 p.407 4-8
15.1 p.417 2,3,5-7
John Maynard Keynes p.428 1-2
15.3 p.433 3-4&7
Best Buy p.434 1-2

Review Videos

Econ Unit 8

The Global Economy
•       International Trade
•       Comparative Advantage and Absolute Advantage
•       Open Model Economy Circular Flow
•       Trade Barriers
•       Trade Agreements
o       NAFTA
o       EU
o       WTO
•       Economic Development
•       Balance of Trade
•       Developing Nations
•       Developed Nations
•       Financing Economic Development
•       Negative and Positive Externalities
•       Globalization
o       Interdependence of economies
o        Renewable and nonrenewable resources
o       Sustainability
o       Inflation, Unemployment, Economic Growth

ISA #8-3
16.1 p.445 2-5
16.2 p.454 2-7
16.3 p.461 2-3&7


Comparative Advantage Review Sheet .pdf / .jpeg

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Last Modified: Mar 26, 2014