Jurupa Hills High School – Advanced Economics Syllabus
Philosopher: Eric Davis
(909) 357-6300 ext. 16436
daviea@fusd.net (checked multiple times daily will respond timely, my preferred method of contact)
Room D206 – Computer Lab
Class Description: This one year course will focus upon the content outlined by the college board organization for Microeconomics
and Macroeconomics. My goal for students in this class is to be able to pass the AP exam in May which will earn them college credit
in the area of Economics. If time permits we will attempt to cover all material for both Micro and Macro AP Exams, however it is
highly recommended that students get a comprehensive AP review guide and begin studying for the test now.
Course Outline:
We will be following the course outline described in The College Board’s Acorn Booklet found at the following site:
http://apcentral.collegeboard.com/apc/public/repository/52270_apeconlocked5_3_4316.pdf
Percentage Goals of Exam
Content Area (multiple-choice section)
I. Basic Economic Concepts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8–14%)
A. Scarcity, choice, and opportunity cost
B. Production possibilities curve
C. Comparative advantage, absolute advantage, specialization, and trade
D. Economic systems
E. Property rights and the role of incentives
F. Marginal analysis
MACROECONOMICS
II.
Measurement of Economic Performance (12–16%)
A.
1.
2.
3.
4.
National income accounts
Circular flow
Gross domestic product
Components of gross domestic product
Real versus nominal gross domestic product
B.
1.
2.
3.
Inflation measurement and adjustment
Price indices
Nominal and real values
Costs of inflation
C.
1.
2.
3.
Unemployment
Definition and measurement
Types of unemployment
Natural rate of unemployment
III.
A.
1.
2.
National Income and Price Determination (10–15%)
Aggregate demand
Determinants of aggregate demand
Multiplier and crowding-out effects
B.
1.
2.
3.
Aggregate supply
Short-run and long-run analyses
Sticky versus flexible wages and prices
Determinants of aggregate supply
C.
1.
2.
3.
4.
Macroeconomic equilibrium
Real output and price level
Short and long run
Actual versus full-employment output
Business cycle and economic fluctuations
IV.
Financial Sector (15–20%)
A.
1.
Money, banking, and financial markets
Definition of financial assets: money, stocks, bonds
2.
3.
4.
5.
6.
Time value of money (present and future value)
Measures of money supply
Banks and creation of money
Money demand
Money market and the equilibrium nominal interest rate
B.
1.
2.
3.
Loanable funds market
Supply of and demand for loanable funds
Equilibrium real interest rate
Crowding out
C.
1.
2.
3.
Central bank and control of the money supply
Tools of central bank policy
Quantity theory of money
Real versus nominal interest rates
V.
Stabilization Policies . (20–30%)
A.
1.
2.
3.
4.
Fiscal and monetary policies
Demand-side effects
Supply-side effects
Policy mix
Government deficits and debt
B.
1.
2.
3.
The Phillips curve
Short-run and long-run Phillips curves
Demand-pull versus cost-push inflation
Role of expectations
VI.
Economic Growth . (5–10%)
A.
Definition of economic growth
B.
1.
2.
3.
Determinants of economic growth
Investment in human capital
Investment in physical capital
Research and development, and technological progress
C.
Growth policy
VII.
Open Economy: International Trade and Finance . (10–15%)
A.
1.
2.
3.
Balance of payments accounts
Balance of trade
Current account
Financial account (formerly known as capital account)
B.
1.
2.
3.
Foreign exchange market
Demand for and supply of foreign exchange
Exchange rate determination
Currency appreciation and depreciation
C.
Imports, exports, and financial capital flows
D.
Relationships between international and domestic financial and
goods markets
MICROECONOMICS:
II. The Nature and Functions of Product Markets. . . . . . . . . . . . . . . . . . . . . (55–70%)
A. Supply and demand (15–20%)
1. Market equilibrium
2. Determinants of supply and demand
3. Price and quantity controls
4. Elasticity
a. Price, income, and cross-price elasticities of demand
b. Price elasticity of supply
5. Consumer surplus, producer surplus, and market efficiency
6. Tax incidence and deadweight loss
B. Theory of consumer choice (5–10%)
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
C. 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
D. Firm behavior and market structure (25–35%)
1. Profit:
a. Accounting versus economic profits
b. Normal profit
c. Profit maximization: MR=MC rule
2. Perfect competition
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
3. Monopoly
a. Sources of market power
b. Profit maximization
c. Inefficiency of monopoly
d. Price discrimination
e. Natural monopoly
4. Oligopoly
a. Interdependence, collusion, and cartels
b. Game theory and strategic behavior
5. Monopolistic competition
a. Product differentiation and role of advertising
b. Profit maximization
c. Short-run and long-run equilibrium
d. Excess capacity and inefficiency
III. Factor Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10–18%)
A. Derived factor demand
B. Marginal revenue product
C. Labor market and firms’ hiring of labor
D. Market distribution of income
(Included in this Factor Market are derived demand for land, labor, and capital, along with the marginal factor cost of each.)
IV. Market Failure and the Role of Government . . . . . . . . . . . . . . . . . . . . . . . (12–18%)
A. Externalities
1. Marginal social benefit and marginal social cost
2. Positive externalities
3. Negative externalities
4. Remedies
B. Public goods
1. Public versus private goods
2. Provision of public goods
C. Public policy to promote competition
1. Antitrust policy
2. Regulation
D. Income distribution
1. Equity
2. Sources of income inequality
If time permits we will continue to learn additional concepts and prepare for taking both Economics AP Exams which are differentiated into Macroeconomics and
Microeconomics. I am partial to Micro-economics as it is more applicable for individuals and contemporary economics as a whole is moving towards explanation
through Micro rather than Macro-economics. If however, we have mastered Microeconomics we will move forward to Macroeconomic concepts as follows:
We will be following the course outline described in The College Board’s Acorn Booklet found at the following site:
http://apcentral.collegeboard.com/apc/public/repository/52270_apeconlocked5_3_4316.pdf
The outline for AP Macroeconomics is found on pages 24 - 26 and reads as follows:
Percentage Goals of Exam
Content Area (multiple-choice section)
I. Basic Economic Concepts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8–12%)
A. Scarcity, choice, and opportunity costs
B. Production possibilities curve
C. Comparative advantage, absolute advantage, specialization, and exchange
D. Demand, supply, and market equilibrium
E. Macroeconomic issues: business cycle, unemployment, inflation, growth
II. Measurement of Economic Performance. . . . . . . . . . . . . . . . . . . . . . . . . . (12–16%)
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
III. National Income and Price Determination. . . . . . . . . . . . . . . . . . . . . . . . . (10–15%)
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. Economic fluctuations
IV. Financial Sector . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (15–20%)
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
7. Loanable funds market
B. 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
V. Inflation, Unemployment, and Stabilization Policies . . . . . . . . . . . . . . . . . (20–30%)
A. Fiscal and monetary policies
1. Demand-side effects
2. Supply-side effects
3. Policy mix
4. Government deficits and debt
B. Inflation and unemployment
1. Types of inflation
a. Demand-pull inflation
b. Cost-push inflation
2. The Phillips curve: short run versus long run
3. Role of expectations
VI. Economic Growth and Productivity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5–10%)
A. Investment in human capital
B. Investment in physical capital
C. Research and development, and technological progress
D. Growth policy
VII. Open Economy: International Trade and Finance . . . . . . . . . . . . . . . . . . (10–15%)
A. Balance of payments accounts
1. Balance of trade
2. Current account
3. Capital account
B. Foreign exchange market
1. Demand for and supply of foreign exchange
2. Exchange rate determination
3. Currency appreciation and depreciation
C. Net exports and capital flows
D. Links to financial and goods markets
Skills: promote chart, graph and reading comprehension, critical thinking, and primary source evaluation.
Textbook: Anderson, David and Ray, Margaret. Krugman’s Economics for AP* New York, NY. Worth Publishers, 2011
Required Materials: Students are required to bring a spiral notebook solely for use in Economics, this will be referred to as the
students’ interactive notebook which is a graded assessment. In addition to this notebook pen and pencil should be brought to class
every day.
Students will be provided with a folder which will be kept in the classroom for building their senior portfolio.
State Standards: correspond to California Economics Framework Standards 12.1-12.6. Daily lessons are aligned with the district
curriculum pacing guide. Below are the headlining topics for the Economics standards, however each one is dissected into 3-10
additional subtopics. Details can be found on pages 66-68 at: http://www.cde.ca.gov/be/st/ss/documents/histsocscistnd.pdf
12.1 Students understand common economic terms and concepts and economic reasoning.
12.2 Students analyze the elements of America's market economy in a global setting.
12.3 Students analyze the influence of the federal government on the American economy.
12.4 Students analyze the elements of the U.S. labor market in a global setting.
12.5 Students analyze the aggregate economic behavior of the U.S. economy.
12.6 Students analyze issues of international trade and explain how the U.S. economy affects, and is affected by, economic forces beyond the United States's
borders.
We also have the goal of transitioning to the new “common core” state standards for social science which are outlined in detail on
pages 59 – 66 at:
http://www.corestandards.org/assets/CCSSI_ELA%20Standards.pdf
Scholar Evaluation/Scholar Support & Grading Criteria:
Jurupa Hills utilizes a 4 point scale for all grading purposes. Rubrics will be provided for all graded assignments.
Requirements may vary.
4-Advanced
3-Proficient
2-Basic
1-Below Basic
0-Far Below Basic
Students will receive a zero for any work which is incomplete, or does not meet minimum requirements for the assignment, this
includes not answering all pieces of an essay prompt, not writing enough for an assignment, or missing notes and blank questions in
their notebook. Students will be responsible for figuring out why they received a zero, and resubmitting their work to receive a
passing score.
Assessments:
Categories:
 Interactive Notebook
30%
 Common Assessments
35%
 Alternative Assessments 35%
o May include but not limited to: Projects, Presentations, Document Analysis, Simulations, Writing/Essays
Make-up assignments: If you are absent, it is YOUR responsibility to find out what you missed and make up that work for as many
days as you were absent.
Retake Policy: see student Handbook
Academic Dishonesty Policy: see student Handbook
Classroom Expectations: follow all rules/procedures outlined in the student handbook
1. Respect our People
2. Respect our Property
3. Respect our Pride
Classroom Instructions:
1. No excuses.
2. No use of profanity, or references to drugs, alcohol, or partying.
3. No negative treatment of any individual in our classroom.
Discipline: I like to treat every student with the respect of any other adult. There will be occasions where students will not act the
same in return. Under these circumstances I will take the following action, and not always in this order.
1. Verbal Warning
2. Student-Teacher conference, TeleParent home
3. Loss of privileges (ex. Change of seat), TeleParent home
4. Lunch detention, Phone call home
5. Parent conference
6. Referral to Counselor/Administration
Students will be given the privilege of taking their Economics class in a computer lab, all students are to use the computers in a
respectful manner, report any broken or missing computer equipment when they first arrive at class or it will be assumed they were
responsible for its’ damage. If anyone see’s a student in class unplugging cables, or abusing computer equipment they are to notify
me of the incident during or immediately after that same class period. Any students caught using the computer’s for non-academic
purposes will be verbally warned and asked to call home to tell them they are wasting their class time.
Tardy Policy: Students who walk in late affect the entire class. Please refrain from being late. Anyone without a valid pass will be
considered tardy. School policy dictates that students will be subject to school discipline with multiple tardies.
Electronic Devices: Headphones, iPods, cell phones, two-way devices are devices that are not allowed in the classroom. This is my
one written warning. I will verbally tell you the same on the first day of school. The consequences are outlined in your student
handbook/planner regarding confiscated items.
In Closing: This last piece is to ensure that the teacher, the student, and the parent/s are all on the same page. Please read the
syllabus, sign it, and return it to the teacher. Consider this a contract in agreement of the syllabus and if there are any problems
please do not hesitate to call, email, or come see me.
Please sign and return. Do NOT tear this page out.
Student Signature
X_____________________________________
Parent or Guardian Signature
X_____________________________________
Print Here
_______________________________________________
Phone number and Preferred Email
_______________________________________________
NOX