COURSE SYLLABUS FOR AP MACROECONOMICS
Mr. Eddie Laury
elaury@judsonisd.org
http://school.judsonisd.org/webpages/elaury/
COURSE DESCRIPTION
AP Macroeconomics is an 18-week, college-level course. Each student is expected to
take the AP Macroeconomics Exam that will be administered in May 2014.
Successful achievement on the AP Exam allows the student to earn three hours of
college credit upon approval from the college or university of their choice.
This course is designed to give students a thorough understanding of the principles that
apply to an economic system as a whole, including national income and price
determination, economic performance measures, economic growth, and international
economics.
TEXTBOOK
McConnell, Campbell, and Stanley Brue, Economics, 15th ed., McGraw-Hill/Irwin, 2002.
Gleason, Joyce and Janet West, Instructor’s Resource Manual, McGraw-Hill/Irwin,
2002.
Morton, John S. and Rae Jean Goodman. Advanced Placement Economics, Student
Activities 3rd Edition
REQUIRED MATERIALS
(You must bring these items with you to class
EVERYDAY!)
Textbook
Blue or Black Pen
Pencil
Notebook/Graph paper
1 ½” three-ring binder
CLASS RULES
Students should be:
Punctual
Prepared
Productive
Polite
(Willing to) Participate
TUTORING SCHEDULE
Tuesdays 4:30-5:30
Wednesdays 7:30-8:20
SECRETS TO SUCCESS IN AP MACROECONOMICS
1.
2.
3.
4.
5.
READ! READ! READ!
Learn to think, write, and speak in “economese” – the language of economics.
Understand rather than memorize the information.
Be able to accurately explain and graph crucial cause/effect relationships.
Begin reviewing for the AP Exam one month before the test date! (not the night before)
COURSE EVALUATION
TESTS = 40%
TESTS - will consist of no more than 60 multiple-choice questions and a short
free-response. Most tests will cover three or four chapters at a time. Students
who are absent will be required to make-up the test the day they return to class,
unless several days of instruction were missed and then other arrangements will
be made.
QUIZZES= 50%
FREE-RESPONSE QUIZZES - These quizzes will be given prior to a major test
to check for understanding of the graphs covered in the current unit and to prepare
students for the Free-response portion of the AP exam. Notes will not be allowed
on these quizzes. Students who are absent will be required to make-up these
quizzes the day they return to class, unless several days of instruction were
missed and then other arrangements will be made.
POP QUIZZES – Every now and then a pop quiz may be given to make sure
you're keeping up with the assigned reading and/or homework. You will be
allowed to use your notes on these quizzes. Students who are absent will be
required to make-up these quizzes the day they return to class, unless several days
of instruction were missed and then other arrangements will be made.
DAILY GRADES/HOMEWORK = 10%
HOMEWORK – When given, it will typically be due the following class
period. Homework assignments will not be accepted late!
SEMESTER PROJECT TBD
REMIND 101
To receive reminders of assignment via text message I subscribe to a service called
Remind 101. It is a safe and free way for me to communicate with you while keeping
both our phone numbers confidential. It is NOT required you use this service.
5th period: To receive messages via text, text @mrlaury5 to (832) 304-2182.
6th period: Text @mrlaury6 to (832)304-2182.
You can opt-out of messages at any time by replying, 'unsubscribe @mrlaury.
AS YOUR TEACHER…
* I can explain models and concepts
* I can simplify some of the material
* I can organize our learning
* I can help you evaluate your learning
I’m looking forward to a great semester!
* I cannot explain everything you need to know
* I cannot think for you
* I cannot learn for you
* I cannot take the AP test for you
BASIC OUTLINE
The following are the chapters we will cover during this semester. Notice that we will
NOT be covering every chapter in the book. We will only cover the Macroeconomic
topics.
Chapter 1 – The Nature and Method of Economics
Chapter 2 – The Economizing Problem
Chapter 3 – Individual Markets: Demand and Supply
Chapter 4 – The Market System
Chapter 5 – The U.S. Economy: Private and Public Sectors
Chapter 6 – The United States in the Global Economy
(Only the portions over specialization and comparative advantage, and exchange rates)
Unit One Test
Chapter 7 – Measuring Domestic Output, National Income, and the Price Level
Chapter 8 – Introduction to Economic Growth and Instability
Chapter 9 – Building the Aggregate Expenditures Model
Chapter 10 – Aggregate Expenditures: The Multiplier, Net Exports, and Government
Unit Two Test
Chapter 11 – Aggregate Demand and Aggregate Supply
Chapter 12 – Fiscal Policy
Chapter 16 – Extending the Analysis of Aggregate Supply
Chapter 17 – Economic Growth and New Economy
Unit Three Test
Chapter 13 – Money and Banking
Chapter 14 – How Banks and Thrifts Create Money
Chapter 15 – Monetary Policy
(Financial Literacy information will covered during this unit as well)
Unit Four Test
Chapter 6 – The United States in the Global Economy
Chapter 37 – International Trade
Chapter 38 – Exchange Rates, the Balance of Payments, and Trade Deficits
Unit Five Test
Chapter 19 – Disputes over Macro Theory and Policy
Practice AP Exam
College Board Summary Outline for AP Macroeconomics
The following is a summary outline of the major content areas covered by the AP
Examination in Macroeconomics. The percentages indicated reflect the approximate
percentages devoted to each content area in the multiple-choice section of the
examination. The outline is a guide and is not intended as an exhaustive list of topics.
I. Basic Economic Concepts (8-12%)
A. Scarcity, choice, and opportunity costs
B. Production possibilities curve
C. Comparative and 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 payment 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