AP MACROECONOMICS
Students will be able to...
1/30:
1/31:
2/01: Review the course content outline, rules and procedures; identify how scarcity and choice are central to the study of economics.
2/02: Identify how scarcity and choice are central to the study of economics; describe the importance of opportunity cost in individual choice and decision making; distinguish between positive economics and normative economics.
2/03: Identify and define the basic components of "macroeconomics"; describe the meaning of stock purchases and begin research for the class' stock market game.
2/06: Explain why the scarcity problem induces people to consider opportunity costs; graph "trade-offs" and "opportunity costs" using a Production Possibilities Curve.
2/07: Explain why the scarcity problem induces people to consider opportunity costs; graph "trade-offs" and "opportunity costs" using a Production Possibilities Curve.
2/08: Distinguish between absolute and comparative advantage; explain how comparative advantage leads to gains from trade in the global marketplace.
2/09: Distinguish between absolute and comparative advantage; explain how comparative advantage leads to gains from trade in the global marketplace.
2/10: Evaluate their knowledge and understanding of Unit One.
2/13: Define the "law of demand" and identify the determinants of demand; distinguish between movements along the demand curve and changes in demand.
2/14: Define the "law of demand" and identify the determinants of demand; distinguish between movements along the demand curve and changes in demand.
2/15: Define the "law of supply" and identify the determinants of supply; distinguish between movements along the supply curve and changes in supply.
2/16: Define the "law of supply" and identify the determinants of supply; distinguish between movements along the supply curve and changes in supply.
2/17: NO SCHOOL--PRESIDENT'S WEEKEND.
2/20: NO SCHOOL--PRESIDENT'S WEEKEND.
2/21: Identify how equilibrium price and quantity are affected when there is a change in supply and/or demand.
2/22: Define "price controls" and identify who benefits and who loses from price controls.
2/23: Define "quality controls" and identify who benefits and who loses from quality controls.
2/24: Evaluate their knowledge and understanding of Unit Two.
2/27: Evaluate their knowledge and understanding of Unit Two.
2/28: Identify the circular flow diagram of the economy; describe what gross domestic product, or GDP, is and the three ways of calculating it.
2/29: Describe what gross domestic product, or GDP, is and the three ways of calculating it.
3/01: Distinguish between real GDP and nominal GDP; explain why real GDP is the appropriate measure of economic activity.
3/02: Define unemployment and how the unemployment rate is calculated; explain the relationship between unemployment rate and economic growth.
3/05: Define unemployment and how the unemployment rate is calculated; explain the relationship between unemployment rate and economic growth.
3/06: No Class--HSPA Testing.
3/07: Identify and evaluate the causes of the Great Recession by watching the documentary Inside Job.
3/08: No Class--HSPA Testing.
3/09: Identify and evaluate the causes of the Great Recession by watching the documentary Inside Job.
3/12: Identify the three different typs of unemployment and their causes; describe the factors that determine the natural rate of unemployment.
3/13: Explain the relationship between unemployment rate and economic growth.
3/14: Identify the economic costs of inflation.
3/15: Describe how inflation is calculated.
3/16: Evaluate their knowledge and understanding of Unit Three.
3/19: Understand the nature of the multiplier, which shows how initial changes in spending lead to further changes.
3/20: Define the meaning of the aggregate consumption function, which shows how current disposable income affects consumer spending; identify the determinants of investment spending and why investment spending is considered a leading indicator of the future state of the economy.
3/21: Define how the aggregate demand curve illustrates the relationship between the aggregate price level and the quantity of aggregate output demanded in the economy; identify what factors can shift the aggregate demand curve.
3/22: Identify what factors can shift the aggregate demand curve.
3/23: Define how the aggregate supply curve illustrates the relationship between the aggregate price level and the quantity of aggregate output supplied in the economy; identify what factors can shift the aggregate supply curve.
3/26: Identify what factors can shift the aggregate supply curve; describe why the aggregate supply curve is different in the short run from in the long run.
3/27: Differentiate between short-run and long-run macroeconomic equilibrium; identify the causes and effects of demand shocks and supply shocks.
3/28: Describe how the AD–AS model is used to formulate macroeconomic policy; explain why fiscal policy is an important tool for managing economic fluctuations and distinguish between expansionary and contractionary fiscal policy.
3/29: Explain why fiscal policy has a multiplier effect and how the multiplier effect is influenced by automatic stabilizers.
3/30: Evaluate their knowledge and understanding of Unit Four.
4/02: Identify the relationship between savings and investment spending; identify the purpose of the four principal types of financial assets.
4/03: Identify the definition and functions of money; describe the various roles money plays and the many forms it takes in the economy.
4/04: Analyze why a dollar today is worth more than a dollar a year from now; explain how the concept of present value can help you make decisions when costs or benefits come in the future.
4/05: Explain the role of banks in the economy and the reasons for and types of banking regulation.
4/06: NO SCHOOL--SPRING BREAK.
4/16: NO SCHOOL--SPRING BREAK.
4/17: Explain the role of banks in the economy; identify the reasons for and types of banking regulation; describe how banks create money.
4/18: Identify the reasons for and types of banking regulation; describe how banks create money.
4/19: Describe the history, structure and functions of the Federal Reserve; identify the major tools the Federal Reserve uses to serve its functions.
4/20: Define the money demand curve; explain why the liquidity preference model determines the interest rate in the short run.
4/23: Identify how the loanable funds market matches savers and investors; describe the determinants of supply and demand in the loanable funds market; identify how the two models of interest rates can be reconciled.
4/24: Evaluate their knowledge and understanding of Unit Five.
4/25: Identify why governments calculate the cyclically adjusted budget balance; identify why a large public debt and implicit liabilities of the government may be a cause for concern.
4/26: Describe how the Federal Reserve implements monetary policy by moving the interest rate to affect aggregate output; identify why monetary policy is the main tool for stabilizing the economy.
4/27: Describe the effects of an inappropriate monetary policy; define the concept of monetary neutrality and its relationship to the long-term economic effects of monetary policy.
4/30: Describe the classical model of the price level; explain why efforts to collect an inflation tax by printing money can lead to high rates of inflation; identify the difference between cost-push and demand-pull inflation.
5/01: Identify and describe the short-run and long-run tradeoffs between inflation and unemployment; explain why expansionary policies are limited due to the effects of expected inflation; explain why even moderate levels of inflation can be hard to end.
5/02: Explain why classical macroeconomics wasn't adequate for the problems posed by the Great Depression; identify how Keynes and the Great Depression legitimized macroeconomic policy activism.
5/03: Summarize the elements of the modern macroeconomic consensus; describe the remaining disputes.
5/04: Evaluate their knowledge and understanding of Unit Six.
5/07: Identify how we measure long-run economic growth; describe how real GDP has changed over time and varies across countries; examine the sources of long-run economic growth.
5/08: Illustrate changes in productivity using an aggregate production function; describe how growth has varied among several important regions of the world and why teh convergence hypothesis applies to economically advanced countries.
5/09-5/16: Review the major topics to be covered on the forthcoming AP Exam; identify the areas of needed remediation in preparation for the forthcoming AP Exam.
5/17: Take the AP Macroeconomics Exam and score a 5!.
5/18: Identify how we measure long-run economic growth; describe how real GDP has changed over time and varies across countries; examine the sources of long-run economic growth.
5/21: Illustrate changes in productivity using an aggregate production function; describe how growth has varied among several important regions of the world and why teh convergence hypothesis applies to economically advanced countries.
5/22: Describe how growth has varied among several important regions of the world and why teh convergence hypothesis applies to economically advanced countries.
5/23: Explain why long-run growth rates differ so much among countries; identify the challenges to growth posed by scarcity of natural resources, environmental degradation, and efforts to make growth sustainable.
5/24: Evaluate their knowledge and understanding of Unit Seven.
5/25: NO SCHOOL--UNUSED SNOW DAY.
5/28: NO SCHOOL--DECORATION DAY.
5/29: NO SCHOOL--UNUSED SNOW DAY.
5/30: Profile the macroeconomy of an assigned nation and identify the characteristics of economic growth present and/or lacking.
5/31: Profile the macroeconomy of an assigned nation and identify the characteristics of economic growth present and/or lacking.
6/01: Profile the macroeconomy of an assigned nation and identify the characteristics of economic growth present and/or lacking.