Advanced Placement Microeconomics and Macroeconomics: Course Syllabus

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1 Mr. Marcoux AP Economics Conard High School Advanced Placement Microeconomics and Macroeconomics: Course Syllabus What is Economics? Economics is a social science that studies the production, consumption, and distribution of goods and services. More specifically, economists are interested how and why people, businesses, and governments make the choices they do given the scarce resources around them. Microeconomics takes a closer look at these decisions at a low, or micro, level; it looks at the smaller picture and focuses on the level of how much governments and businesses should produce, for what price, and for what quantity. The main tenants of microeconomics include elasticity, competition, labor, and market failures. Conversely, macroeconomics focuses less on the fine print and more on the aggregate. Topics such as national income, aggregate supply and demand, business cycles, unemployment, fiscal policy, money and baking, money creation, and foreign exchange (as well as others) will be covered with macroeconomics. Knowing simple economic principles allows one to better understand the world in which they live. What is the purpose of this course? The purpose of this course is to teach you the tools, models, and graphs economists use to analyze economic activity at the micro and macro level. By taking this course, and doing well in this course, you will have a much better understanding of markets and the way they operate as well as being a step ahead of your peers at university. Since this is an AP course in which you can receive up to six college credits, it will be instructed like a college course thorough, rigorous, and fast paced. The most essential part of doing well in AP Econ is through application. In this course I will teach you models that you will apply to solve problems. You must know the models, you cannot rely on memorization in this course it is all application. Know the concepts, use the concepts, own the concepts. What specific subjects will be addressed? Topics/models that will be mastered in this course include: scarcity, opportunity costs, production possibilities, specialization, comparative advantage, supply and demand, models of consumer choice, perfectly competitive markets, imperfectly competitive markets, firm production, costs, revenues, product pricing and outputs, efficiency and government policy, factor markets, efficiency, equity, the role of government, unemployment, national income, inflation, financial markets, and international trade. Though these may seem like foreign concepts now, we will work together to understand and simplify them throughout the year.

2 How are the AP Tests structured? Throughout this year, your quizzes, tests, and homework will mimic the types of questions you will be asked on the AP Microeconomics test and AP Macroeconomics test. On the AP Tests in May, you will have 70 minutes to answer 60 multiple-choice questions that force you to think critically to apply the models and concepts that you ve learned from class. Each multiple-choice question has five possible answers. Additionally, you have another 60 minutes to answer three free response questions (FRQs) that will require you to correctly label graphs, tables, etc There is one test for microeconomics and one test for macroeconomics; tests will be given in early to mid May and may not occur on the same day. How do I succeed in AP Econ? As mentioned previously, this is an AP course and I will be teaching you at the college level; because of this, much more responsibility is placed on your shoulders. I strongly recommend applying this advice throughout the year. - Be here. o Attendance in AP Econ is vital. Economic terms, models, and graphs can be difficult to understand; if you are absent often, it will be difficult to teach yourself what you miss. - Be prepared. o Make sure you have a college ruled notebook. You will take notes in class and will be asked to copy graphs as well, therefore, it s advised that you use a pencil. That said, having different colors of pens will also be beneficial as often graphs can get crowded with several curves and lines. - Be heard. o Your participation matters. The best way to remember new material is by sharing your responses with the class and myself. More so, asking questions in class is paramount. You will likely encounter concepts you will be confused about it is an absolute must to inquire about what you do not grasp. The only silly question is the one that is unasked! - Be organized. o Date your notes everyday and keep your worksheets in a separate folder or 3 ring binder. If you take notes on loose-leaf paper, you will lose them and will not know what to study. Be sure to keep all quizzes, as they will be fantastic guides that will aid your studying for the tests in May. - Be dedicated. o This is a fast paced course and you must fully commit to it. When taking economics, not only do you have to know the models and concepts, you also are learning a new language of economic vocabulary. You must complete the reading and homework sets during the course. Additionally, review and study every night; my door is always open after school if you need extra help. o We have to move along quickly in class because of the pace of this course. If too much time is spent on one topic, it means I cannot fully prepare you on another one. If we move on with a topic and you need additional help, please see me before, during, or after school. - Be self-aware. o You need to understand that this course is unlike any other AP offered in the Social Studies department. Many of you have never heard of the terminology used in this course, and mostly all of you have never worked with the graphs and models we will use. That said, you will struggle at times in this class that s OK and to be expected! It s important for you to be selfaware and to recognize where you might need additional help. We learn by making mistakes!

3 - Breathe. o You may find this course to be overwhelming at times, but it s nothing that we can t get through. My goal is for you to be comfortable, confident, and crazy about economics never feel as if you can t approach me about any of the content covered in this course. As teachers, we thrive when our students thrive and I want more than anything for you to be successful in this class. If I can help you in anyway, please let me know! Class Requirements: - Respect yourself, your peers, your teacher, and school property. o Please raise your hand if you have a question, be attentive and quiet during class time, and respect the opinions of others. I will not tolerate ridicule of others or any hurtful or snide comment. - Work hard. o As an AP level student a college student, I have very high expectations for you. I will not tolerate side conversations during lecture or unfocused chatter when we practice concepts during class. At this point in your academic careers, you should understand the behavior that s expected of you, especially in a course as rigorous as a double AP. - Be on time, leave on time. o You should be on time for every class, and you should be prepared to learn until the bell rings; please do not pack up early. The time we have is time that s critical. - Be engaged. o Please be attentive in class keep cell phones off your desk and away. - Make-up work. o If you are absent for a class, you will be responsible for gathering and turning in any missed handouts, class notes, or class work. Of course, if you need help understanding any of the concepts you may have been absent for, I will always be available. Student responses to: If you could give one piece of advice for incoming AP Econ students, what would it be? - Buy AP review book (5 steps to a 5) and refer to them when you are confused with class discussions. - Watch ACDC econ videos. - Take notes, remember equations. - Look out for when he s about to skip a question on a Kahoot. - If you don t understand a concept, speak up. - Bring a sweatshirt to class. - If you don t understand a topic, don t wait to ask for help. - To review and stay focused; stay after school or visit during a free period. - Ask questions until you totally understand a concept. - Stay on top of the material because it does build. - Study. - Study a lot. - Pay attention in class. - Remember the graphs and the connections between them. - Be prepared for the graphs. - Learn the graphs!!!

4 Grading Rationale: In order to prepare you for the AP Exam in May, much of the grading emphasis will be placed on unit test scores. Due to the nature of this course, some tests may be cumulative and ask you to refer back to concepts previously taught. In rare occasions, papers and performance tasks will also count as test grades and may be given periodically throughout the year, although the vast majority of your test grades will be content driven. What s unique about AP Economics as a social studies class is that there is very little writing on the FRQs; at most you may be required to write a 4-sentence explanation to a problem. Given this, writing will not be something emphasized in this course. Quizzes will be given throughout the unit; typically quizzes will be announced, however I reserve the right to issue pop quizzes when necessary. Pop quizzes will typically align with the previous night s homework or lecture, in which case you would be allowed to use said homework on the quiz or even your notes from class. Homework is immediately due the class after it is assigned. Assignment: Tests & Major Assignments: Quizzes: Homework & Class Work: Weight: 55% 30% 15% Office Hours/Extra Help: If for any reason you need help with a homework assignment, problem set, or need to review for an assessment, I am available Monday Friday from 2:15 to 2:40 without an appointment. If you need to make up a quiz, test, or need an extended review, you should schedule a time to meet before school, after school, during my free period, or even during my lunch. Personal Note: It is my honor and pleasure to be able to teach you, and I can t wait. I expect great things from you, and I hope you expect great things from me too. I look forward to having a phenomenal year with you and welcome your feedback at anytime during the course. I, (print name) have thoroughly read through this syllabus, understand Mr. Marcoux s expectations, and am aware of what is expected of me in my AP Economics class throughout this school year. Student Signature: Parent and/or Guardian Name(s): Parent and/or Guardian s signature(s): Parent and/or Guardian s (s)**: **A note to parents: I find myself to communicate most effectively though and would love to field any questions or concerns at Thank you very much.

5 AP Macroeconomics Syllabus (S.1) Timeframes & topics subject to change Unit 1: Basic Economic Concepts (12 Days Maximum) All of the topics covered in this unit will also show up in microeconomics. We will only cover it once. o McConnell, Brue, Flynn: Chapter 1 & 2 o Day 1: Introduce key terms, budget lines, and opportunity costs o Day 2: Scarcity & Production Possibility Curves (PPC) - GRAPH o Day 3: Practice with the PPC & the implications of future investment o Day 4: PPC shifters MAJOR CONCEPT o Day 5: Introduction to absolute & comparative advantage MAJOR CONCEPT o Day 6: Comparative advantage practice o Day 7: Comparative advantage and terms of trade o Day 8: Circular flow model o Day 9: Wrap up loose ends & test review o Day 10: Unit 1 Test: Multiple Choice o Day 11: Unit 1 Test: Free Response Questions (FRQs) Unit 2: Supply & Demand, Surpluses, Shortages, & Introduction to Elasticity (13 Days Maximum) All of the topics covered in this unit will also show up in microeconomics. We will only cover it once. o McConnell, Brue, Flynn: Chapter 3 & 4 o Day 1: Introduction to demand o Day 2: Demand shifters MAJOR CONCEPT o Day 3: Introduction to supply & supply shifters MAJOR CONCEPT o Day 4: Shortages & surpluses this concept will come up again in micro; it s important o Day 5: Supply & demand together GRAPH; MAJOR CONCEPT o Day 6: Continue with supply & demand practice o Day 7: Supply & demand double shifts o Day 8: Elasticity of demand (this is a microeconomic concept, however it will be introduced in this unit) o Day 9: Total revenue test & price controls MAJOR CONCEPT o Day 10: Wrap up loose ends & test review o Day 11: Unit 2 Test: Multiple Choice o Day 12: Unit 2 Test: FRQs

6 Unit 3: Introduction to Macroeconomics (9 days maximum) o McConnell, Brue, Flynn: Chapter 23 & 24 o Day 1: Introducing major macroeconomic terminology o Day 2: Determinants of gross domestic product (GDP) MAJOR CONCEPT o Day 3: Measurement of GDP o Day 4: Inflation, GDP, & consumer price index (CPI) practice MAJOR CONCEPT o Day 5: Inflation, GDP, & CPI practice o Day 6: Inflation, GDP, & CPI practice o Day 7: 3 types of unemployment o Day 8: Test Review o Day 9: Unit 3 Test: Multiple Choice & FRQs Last Test Grade for Quarter 1 Unit 4: Aggregate Supply & Demand and Fiscal Policy (19 days maximum) MAJOR UNIT: all concepts are emphasized on the AP Test! This unit may be split into 2 tests due to the amount of content presented - TBD. o McConnell, Brue, Flynn: Chapter 29 & 30 (potentially two) o Day 1: Marginal propensity to consume (MPC), marginal propensity to save (MPS), & the spending multiplier o Day 2: MPC, MPS, & spending multiplier continued o Day 3: Aggregate demand (AD) o Day 4: Short-run aggregate supply (SRAS) o Day 5: SRAS continued o Day 6: Long-run aggregate supply (LRAS) o Day 7: Aggregate demand & supply together MOST IMPORTANT GRAPH IN MACRO! o Day 8: Aggregate demand & supply together: long-run effects HUGE CONCEPT o Day 9: AD & AS in the long-run continued o Day 10: Classical v. Keynesian economics (potential test following this lesson) o Day 11: Phillips curve MAJOR GRAPH! o Day 12: Philips curve continued o Day 13: Fiscal policy HUGE CONCEPT o Day 14: Fiscal policy continued o Day 15: Flex day o Day 16: Review for test o Day 17: Unit 4 Test: Multiple Choice o Day 18: Unit 4 Test: FRQs

7 Unit 5: Money & Banking and Monetary Policy (19 days maximum) MAJOR UNIT: all concepts are emphasized on the AP Test! This unit may be split into 2 tests due to the amount of content presented - TBD. o McConnell, Brue, Flynn: Chapter 31, 32, & 33 (potentially two) o Day 1: Introduction to money o Day 2: Stocks and bonds & continuing with money o Day 3: Flex day o Day 4: Time value of money o Day 5: Reserves, banking, the FDIC, and intro to monetary policy HUGE CONCEPT o Day 6: Reserve ratio practice problems o Day 7: Quiz o Day 8: Introduction to money supply MAJOR GRAPH; MAJOR CONCEPT o Day 9: Money supply & demand practice o Day 10: Monetary policy HUGE CONCEPT o Day 11: Federal funds rate, discount rate, reserve rate, buying/selling bonds o Day 12: Continuing with the federal funds rate & intro to term auction facility o Day 13: Introduction to the loanable funds market MAJOR GRAPH; MAJOR CONCEPT o Day 14: Continuing with loanable funds & federal funds rate o Day 15: Practice with the loanable funds market o Day 16: Test review o Day 17: Unit 5 Test: Multiple Choice o Day 18: Unit 5 Test: FRQs Unit 6: Open Economy, International Trade, & Foreign Exchange Markets (FOREX) (9 days maximum) o Ray: Module 41 o Day 1: Balance of payments o Day 2: Net capital outflow o Day 3: Quiz o Day 4: FOREX MAJOR GRAPH; MAJOR CONCEPT o Day 5: Continuing with FOREX o Day 6: Flex day o Day 7: Test review o Day 8: Unit 6 Test: Multiple Choice & FRQs Last Test Grade for Quarter 2

8 AP Microeconomics Syllabus (S.2) Timeframes & topics subject to change Unit 1 & 2: Basic Economic Concepts Review, Elasticity, Excise Taxes, Utility Maximization, & Consumer Choice Theory (13 Days Maximum) o 5 Steps to a 5 Chapter 7 o Day 1: Introduction to microeconomics & review of basic economic concepts o Day 2: Review of basic economic concepts o Day 3: Supply & demand review o Day 4: Consumer surplus, producer surplus, & deadweight loss MAJOR CONCEPT o Day 5: Elasticity MAJOR CONCEPT o Day 6: Continuing with elasticity o Day 7: Excise taxation o Day 8: World price, tariffs, & quotas o Day 9: Utility maximization & consumer choice theory o Day 10: Continuing with utility maximization & consumer choice theory o Day 11: Test review o Day 12: Unit 1 & 2 Test: Multiple Choice o Day 13: Unit 1 & 2 Test: FRQs Unit 3: Costs of Production (9 Days Maximum) o McConnell, Brue, Flynn: Chapter 7 o Day 1: Accounting v. economic profit o Day 2: Normal profit o Day 3: Production & diminishing returns o Day 4: Flex day o Day 5: Costs of production MAJOR CONCEPT o Day 6: Costs of production & explanation of curves o Day 7: Shifting cost curves & long run costs o Day 8: Wrap up lose ends & test review o Day 9: Unit 3 Test: Multiple Choice & FRQs

9 Unit 4: Perfect Competition (10 days maximum) MAJOR UNIT: all concepts are emphasized on the AP Test! o TBD o Day 1: Introduction to competition & perfect competition o Day 2: Practice with perfectly competitive markets MAJOR GRAPH; MAJOR CONCEPT o Day 3: Continuing with perfectly competitive markets o Day 4: Flex day o Day 5: Perfect competition in the long run MAJOR GRAPH; MAJOR CONCEPT o Day 6: Continuing with perfect competition in the long run o Day 7: Perfect competition & efficiency o Day 8: Test Review o Day 9: Unit 4 Test: Multiple Choice & FRQs Last Test Grade for Quarter 3 Unit 5: Imperfect Competition (10 days maximum) MAJOR UNIT: all concepts are emphasized on the AP Test! o 5 Steps to a 5 Chapter 10 o Day 1: Monopolies, profit maximization, & efficiencies MAJOR GRAPH; MAJOR CONCEPT o Day 2: Continuing with monopolies o Day 3: The price discriminating monopoly & regulative counters o Day 4: Monopolistic competition MAJOR GRAPH; MAJOR CONCEPT o Day 5: Game theory & oligopolies MAJOR CONCEPT o Day 6: Practice with game theory & oligopolies o Day 7: Review for test o Day 8: Unit 5 Test: Multiple Choice o Day 9: Unit 5 Test: FRQs

10 Unit 6: The Resource Market (8 days maximum) o 5 Steps to a 5 Chapter 10 o Day 1: Supply & demand for resources o Day 2: MRP, MRC, & hiring workers MAJOR CONCEPT o Day 3: Practice with MRP & MRC o Day 4: Monopsony & unions o Day 5: Monopsony & combining resources o Day 6: Test review o Day 7: Unit 6 Test: Multiple Choice & FRQs Unit 7: Market failures & the Role of Government (8 days maximum) o 5 Steps to a 5 Chapter 11 o Day 1: Market failures & public goods o Day 2: Externalities MAJOR GRAPH; MAJOR CONCEPT o Day 3: Externalities practice o Day 4: Regulating monopolies & antitrust laws o Day 5: Distribution of income & understanding taxes o Day 6: Test review o Day 7: Unit 7 Test: Multiple Choice & FRQs Last Test Grade for Quarter 4 Review & Preparation for the AP Exams (Timeframe TBD) - In class & homework: o Review of major graphs o Practice MC Tests o Barrage of FRQs Post AP Exams (Timeframe TBD) - In class: o Integrity & morality in economics o Assessing the great recession of 2008 o Philosophy & economics! Assessing moral hazard, mutually beneficial transactions, & the hidden costs of externalities o Getting the most from your college experience: what s really in your best interest at university? o Final project (TBD)

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