AP Macroeconomics. Bade, Robin, and Michael Parkin. Foundations of Economics. AP edition. Boston: Addison Wesley, 2007.

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1 Mr. Freundel Edmodo: Course Description and Rationale AP Macroeconomics Advanced Placement Macroeconomics (AP Macro) gives students a thorough understanding of the principles of economics that apply to an economic system as a whole. It places particular emphasis on the study of national income and price determination, and also develops students familiarity with economic performance measures, economic growth, and international economics. Current economic problems and alternative economic systems are also included. AP Macro is designed for students who desire an in-depth study of how economic principles apply to the world in which they live and to prepare the students to sit for the AP Macro examination required to receive college credit for their efforts. Course Objectives 1. Students will prepare to read and write critically in order to take and succeed on the AP Macro Exam. (CCSS.ELA-Literacy.RH ) 2. Students will evaluate different economic systems and theories in order to create their own understandings of how economics shape world events. (CCSS.ELA.Lit.RA ) 3. Students will use economic concepts of scarcity, monetary policy, price index, etc. to interpret current trade policies between the US and other countries. (CCSS.ELA.Lit.RST ) 4. Students will use knowledge of statistics and mathematics in order to represent economic development in the world. (CCSS.ELA.Lit.RST ) Textbook and Other Materials The primary textbook and workbook for this course are: Bade, Robin, and Michael Parkin. Foundations of Economics. AP edition. Boston: Addison Wesley, You will be expected to keep up-to-date of current economic data and issues through reading the newspaper, appropriate magazines or journals, and appropriate websites. Students will be applying the class concepts to the real world as this class unfolds. Grading Policy and Coursework Students will receive a grade based on the grading policy for Carroll County Public Schools. This scale is listed below: A 90 to 100.0% D 60 to 69%

2 B 80 to 89% F 59% and below C 70 to 79% In accordance with the mandated county grading policy, students who receive an 89.50% or higher will have their grade automatically rounded up to an A and those who receive an 89.49% or lower will have their grade automatically assigned as a B. Your grade will be based on the following criteria, established by CCPS for AP Social Studies classes: Formative Assignments 30% Summative Assignments 70% Formative work may be described as those assignments that measure your progress in learning a concept: questions on a reading assignment, practice economic questions or graphs, the ELP articles, a reading quiz, etc. Summative work may be described as those assignments that require you to create a product that demonstrates what you have learned/mastered, such as a Free Response Question (FRQ), a project, the ELP paper, or a unit test. The teacher reserves the right to change the due date of any assignment due to changes in the class schedule. Reasons this may occur include, but are not limited to, assemblies, snow days, vacation days, etc. All assignments should be done to the best of a student s abilities. This is a college level course and students are expected to do college level work. All students in this classroom are more than capable of such effort and have such academic ability. The teacher expects them therefore to employ these abilities in the completion of this course. Second Chance Learning: Students shall have one opportunity to improve their score on one summative unit test per quarter and one opportunity to improve their score on one summative essay/project. To qualify, students must have completed and submitted the original summative assessment by the assigned due date, must complete the teacher issued reflection form, and must have participated in at least one teacher-facilitated re-teaching lesson (before, during Flex, or after school) within 10 calendar days after receiving the graded summative assessment. The new student assignment must be submitted with the same 10 calendar days from receiving the original graded assessment. The grade that shall be entered as the official grade will be the average of the original and new assessment. Students will be able to attempt second chance learning on one summative unit test and one summative essay/project per quarter. Extra Credit Policy for AP Macro is as follows: Students will be able to complete 4 extra credit assignments throughout the semester. Students can only turn in one assignment per unit and it must be turned in while still working on the unit itself. The extra credit will be applied to summative and formative assessments-3 summative and 1 formative. Points for the extra credit will range from 5-15 points that will be judged at the discretion of the teacher.

3 Social Studies Content Area Polices Late Work Formative A. Homework is due on the date assigned and during the mod class meets. It will be accepted for up to one school day late for ½ credit. A school day is defined as the next day school is in session, regardless of whether or not a class meets that day (as in the case of A-day/B-day classes). After the next school day, homework will receive no credit. B. Classwork will not be accepted late if the student was in the class and was given adequate time to complete the assignment. Late Work Summative A. Summative projects will be accepted late. For each school day late, grades will be reduced by 10%. After five days, the maximum a student may receive on a summative project will be 50%. All projects must be turned in before the end of the marking period or no credit will be given. Economics Literacy Project (ELP) Throughout the first half of the course, students will be searching for news articles and then relating them to the Handy Dandy Guide (HDG) as part of an Economic Literacy Project (ELP). Instructions regarding the ELP will be given out in class. During the 3 rd quarter, students will read an economic trade book and then write an ELP paper about it. Directions and rubric for the paper will be given out in class. Students will continue to write ELP articles in the fourth quarter. Students may be assigned an in-class ELP for articles the teacher would like all students to read at any time during the year. The ELP articles will be formative assignments during quarters 1 3; there will be some summative ELP articles during the 4 th quarter. The ELP paper will be summative. Students will be told whether or not a 4 th quarter ELP article is summative or formative and how they differ during that quarter. Attendance Class discussions are very important to this course. It is highly unlikely you will be successful if you have poor attendance. It is the student s responsibility to get any make-up work, readings, etc., that were missed due to an excused absence. Students will have an equal number of class days to make up missed work as they had days absent, after which time it will be considered late, except in rare, extreme and extenuating cases. Academic Honesty

4 Students will be held to the Carroll County Public Schools Policy on Academic Honesty. A student caught being academically dishonest will be given the consequences as specified in the countywide policy. Course Outline Unit 1: Basic Economic Concepts 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: the business cycle, unemployment, inflation, growth Textbook Chapters in this unit: Production Possibilities Curve - Demand and Supply Curves showing equilibrium - Demand and Supply Curves showing shifts in demand/supply Unit 2: Measurement of Economic Performance A. National income accounts 1. Circular flow 2. Gross Domestic Product (GDP) 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 Textbook Chapters in this unit: Circular flow of business activity - Phases of the business cycle - General graphs of rates of inflation & unemployment to practice interpretation Unit 3: National Income and Price Determination A. Aggregate Demand 1. Determinants of aggregate demand 2. Multiplier and crowding-out effects

5 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 Textbook Chapters in this unit: Investment Demand Curve - Aggregate Demand Curve and Short Run Aggregate Supply (SRAS) - Aggregate Demand Curve and Long Run Aggregate Supply (LRAS) Unit 4: Financial Sector 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 Textbook Chapters in this unit: Money market - Loanable funds market Unit 5: Inflation, Unemployment, and Stabilization Policies 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 12 days

6 b. Cost-push inflation 2. The Phillips Curve: Short run versus long run 3. Role of expectations Textbook Chapters in this unit: 28; Aggregate Demand/Aggregate Supply Model - Phillips Curve Unit 6: Economic Growth and Productivity A. Investment in human capital B. Investment in physical capital C. Research and development, and technological progress D. Growth policy 8 days Textbook Chapters in this unit: Aggregate Demand/Aggregate Supply Curve - Production Possibilities Curve Unit 7: Open Economy: International Trade & Finance 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 6 days Textbook Chapters in this unit: Production Possibilities Curve - Foreign Exchange Market Review for Final Exam Final Exam 5 days 1 day

7 Please sign this page indicating that you have read and understand the academic requirements, level of academic rigor, grading policy, and syllabus for Mr. Freundel s Advanced Placement Macroeconomics class. Student Signature Date Please have your parent(s) or guardian(s) also read and sign this grading policy and syllabus for Mr. Freundel s Advanced Placement Macroeconomics class. Signature of Parent or Guardian Date Signature of Parent or Guardian Date Dear Parent or Guardian Please indicate below a telephone number or an address and a time that is good for me to call or you in the event I need to contact you regarding your student.