AP Economics
Planning periods: 4 (Café), 5, 6
Office: A311
Mr. Champney
gchampney@dist113.org
224-765-2304
Personal Philosophy:
Economics is the most important course you will take in high school. I say this with true sincerity. It is a year-long
course where we learn how to think like economists. It is challenging and fast-paced, and always dynamic. I
challenge you to bring in the front page of a real newspaper any time during the year with no economics on it and
I will give you an extra credit point on a test. Students are expected to bring articles and a summary of the article
into class that apply to the topics we are learning. Extra credit points will be rewarded if the article precisely
applies to concepts that are covered in that week’s lessons. I know that I have reached you when you come into
class and declare that you have experienced consumer surplus at Target or Buffo’s last night, or if you start the
day asking why the stock market tanked the day before (sadly, I can never answer that one). Economics is fun if
you remember that it’s real. You know much more than you think and will learn much more than you would
imagine is possible by the time you leave.
Course
COURSE OUTLINE
A.
Course Description:
A.P. Economics is a college level, full year course designed to provide students with a thorough
understanding of the principles of economics that apply to the functions of consumers and producers
within the economic system (microeconomics), as well as an understanding of the economic principles
which operate within the economic system as a whole (macroeconomics). The course will integrate the
role of the government in promoting greater efficiency and equity in the economy. A.P. Economics will
emphasize the study of national income, economic performance measures, economic growth and
international economics. The aim of A.P. Economics is to provide the student with a learning experience
equivalent to that obtained in a typical college introduction level economics course. Students will learn to
think like economists – to question, to evaluate marginal costs and marginal benefits, to explore the many
ways that one action will cause secondary actions.
1.
MICROECONOMICS - SUMMARY OUTLINE
Content Area
Percentage Goals
for Examination
I. Basic economic concepts...............................................8-12%
A. Scarcity: the nature
B. Opportunity costs and production possibilities
C. Specialization and comparative advantage
D. The functions of any economic system (what, how, and for whom
to produce)
II. The nature and functions of product markets..................60-70%
A. Supply and demand (15-20%)
1. Price and quantity determination
2. Basic manipulation of supply and demand, including ceilings
and floors
3. Elasticity
B. Models of consumer choice (5-10%)
1. Consumer choice behind the demand curve
2. Consumer Surplus
C. Firm production, costs, revenues (10-15%)
1. Marginal product and diminishing returns
2. Average and marginal costs and revenues
3. Long-run costs and economies of scale
D. Product pricing and outputs, both in the individual firm and in the
market (25-30%)
1. Perfect competition
a. Monopoly
b. Oligopoly
c. Monopolistic competition
E. Efficiency and government policy toward imperfect
competition (5-10%)
Course
III. Factor markets..........................................................10-15%
A. Derived factor demand
B. Determination of wages and other factor prices
IV. Efficiency, equity, and the role of government..................8-12%
A. Market failure
1. Externalities
2. Public goods
B. Distribution of income
2.
MACROECONOMICS - SUMMARY OUTLINE
Content Area
Percentage Goals
for Examination
I. Basic economic concepts..................................................5-10%
A. Scarcity: the nature of economic systems
B. Opportunity costs and production possibilities
C. Specialization and comparative advantage
D. The functions of any economic system
(what, how, and for whom to produce)
E. Demand, supply, price determination
II. Measurement of economic performance....................8-12%
A. Gross national product, gross domestic
product, and national income concepts
B. Inflation and price indices
C. Unemployment
III. National income and price determination..............70-75%
A. Aggregate supply (8-12%)
1. Short-run and long-run analysis
2. Sticky versus Flexible wages and prices
3. Supply side policies
B. Aggregate demand (25-35%)
1. Circular flow
2. Components
3. Multiplier
4. Fiscal policy
5. Monetary policy
C. Money and banking (10-15%)
1. Definition of money and its creation
2. Tools of central bank policy
D. Fiscal-monetary mix (10-15%)
1. Interaction of fiscal and monetary policies
2. Monetarist-Keynesian controversy
3. Government Budget Policies
E. Trade-offs between inflation and unemployment (8-10%)
1. Long run versus short run
2. Supply shocks
3. Role of expectations
IV.
Economic Growth 4-6 %
V. International Finance, exchange rates and balance of payments………… 4-6%
A. International trade and policy
B. International finance, exchange rates and balance of payments
Course
B: GRADES
Grades will be based on a total point system, and semester grades are cumulative. Tests and quizzes will
constitute the bulk of your grade, with community engagement making up the rest. Tests may be multiple choice
and/or essay, and will usually look a lot like the actual AP Econ exams. Quizzes will be simple checks of
homework, notes, or mid-unit to check basic understanding of concepts. Student work and understanding will be
monitored daily through formative assessments. Tests will be announced at least several days in advance, and will
be posted on the board. BE AWARE OF TEST DATES IN ADVANCE.
I suggest that you make a place in your notebook to keep track of your grades and that you save all returned work.
This will help you to track your progress and will be your only evidence if there are grade discrepancies between
you and me.
IF YOU KEEP UP WITH YOUR NOTES and HOMEWORK ASSIGNMENTS, AND DO WELL ON
QUIZZES, YOU SHOULD DO WELL OVERALL. IF YOU FALL BEHIND, YOU WILL HAVE PROBLEMS.
DON’T LET THAT HAPPEN TO YOU.
C. Course Requirements:
1.
This course meets every day for one year and we will be on the semester grading system.
2.
Students are strongly encouraged to take both Microeconomics and Macroeconomics A.P. exams which
are offered on the same day. Each exam is approximately 3 hours long. The AP Macro Exam is on
Thursday May 12 and the AP Micro Exam is Friday May 13.
3.
Participation is a key element in this course. Your grade will depend on your effort and participation.
This will include involvement in class activities, seminars and labs.
4.
Attendance will be important for your success. An excellent attendance record will help ensure your
success. Students are expected to check my website and contact a classmate when class is missed. I follow
the school’s attendance policy. If you have questions, refer to the school’s policy.
5.
Students are expected to maintain a topically well-organized binder and/or spiral.
6.
Homework and classwork are helpful to your learning of content and skills.
7.
Chronic late work and excessive missed tests will result in a deduction from your community engagement
grade.
7.
You will be expected to follow current public policy topics using current events sources.
8.
At times your work will be with others in a group. You will be expected to participate fully in the assigned
group work. Cooperative work will be very important in this class.
9.
Students who are experiencing difficulties in the course or who seek additional instruction and discussion
are encouraged to see me immediately. To make contact, see me during class to set up a time or email
me. I am available before and after school and during my posted planning times. If you email me, I will
reply within 24 hours.
10.
Academic dishonesty will not be tolerated and all offenses will be reported to the Dean’s office for
consequences.
Course