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AP Macroeconomics - Full Year Course 2021/2022
"The purpose of the AP course in Macroeconomics is to give students a thorough understanding of the principles of economics that apply to an economic system as a whole. The course places particular emphasis on the study of national income and price-level determination, and also develops students’ familiarity with economic performance measures, the financial sector, stabilization policies, economic growth, and international economics." College Board
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Course Syllabus
AP MACROECONOMICS – COURSE REQUIREMENTS
CLASSWORK AND NOTEBOOK RESPONSIBILITIES FOR EACH CHAPTER FOR TEST, QUIZ, PARTICIPATION, AND HOMEWORK GRADES.
THE FOLLOWING ITEMS MUST BE COMPLETED FOR EACH CHAPTER.
- DEFINE TERMS FOR EACH CHAPTER INTO NOTEBOOK.
- MS WORD - CHAPTER SUMMARY BULLET POINTS.
- WE WILL COVER ABOUT 1 CHAPTER PER WEEK.
- YOU ARE RESPONSIBLE FOR ALL ADDITIONAL ASSIGNMENTS I PLACE ON THE BOARD FOR THAT DAYS LESSON.
- ALL “DO NOW” ASSIGNMENTS TO BE COMPLETED ON MS EXCEL.
- EACH MARKING PERIOD YOU WILL GET PARTICIPATION GRADES, HOMEWORK GRADES, AND TEST/QUIZ GRADES.
- THERE WILL BE REGULAR QUIZZES AND TEST DURING THE MARKING PERIOD.
- ALL LATE ASSIGNMENTS WILL RECEIVE A GRADE OF ZERO.
- IF A STUDENT IS ABSENT, THE STUDENT WILL RECEIVE ONE DAY TO COMPLETE THE ASSIGNMENT.
- BEING ABSENT IS NOT AN EXCUSE. ALL LESSON PLANS ARE ON-LINE AND HANDOUTS ARE PROVIDED IN CLASS.
GRADING:
- TEST/QUIZZES = 60%
- PARTCIPATION = 30%
- HOMEWORK = 10%
GOOD LUCK AND HAVE AN ENJOYABLE SEMESTER.
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Chapter 1: Limits, Alternatives, and Choices
Define all terms in notebook and PowerPoint.
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Important Concepts in Economics
Economics is a social science concerned with the efficient use of scare resources to achieve the maximum satisfaction of societies unlimited economic wants.
Factors of Production:
1. Land
2. Labor
3. Capital
4. Entrepreneurship
Macroeconomics looks a the whole or entire economy.
Examples: GDP (Gross Domestic Product)
CPI (Consumer Price Index) -- Inflation
Employment
Aggregate Expenditures
Aggregate Demand and Aggregate Supply
Business Cycle
National Income Accounting
Federal Reserve
Monetary Policy
Fiscal Policy
International Trade and Investment
Microeconomics looks at individual parts of the economy.
Examples: Elasticity of Demand
Elasticity of Supply
Cost of Production
Equitable Distribution of Income
Pure Competition
Pure Monopoly
Monopolistic Competition
Oligopoly
Demand for Resources
Wages, Rent, Interest, and Profit
Union Models
Marginal Revenue
Marginal Cost
Four Phases of the Business Cycle
1. Peak
2. Recession
3. Trough
4. Recovery
National Income Accounting
GDP - the total market value of all final goods and services produced in an economy during a given period of time.
GDP = C + Ig + Xn + G
GDP - Gross Domestic Product
C - Consumer Spending (70% of GDP)
Ig - Business Spending
Xn - Net Exports (Xn = X - M) Net Exports = Exports minus Imports
G - Government Spending
NDP - Net Domestic Product
- GDP minus Consumption of Fixed Capital (Depreciation)
Federal Reserve -
Central bank of the United States
Former Chairman is Ben Bernanke
Current Chairwoman is Janet Yellen
Created in 1913 by an act of Congress
Fed Funds Rate -
the overnight lending rate between commercial banks.
currently 1.00% - 1.25%
Prime Rate -
the interest rate commercial banks charge their most credit worthy customers.
currently 4.25%
Discount Rate -
the interest rate the Federal Reserve charges commercial banks on loans. currently 1.75%
10 year treasury yield -
long-term government bond
currently 2.12%
Monetary Policy -
the Federal Reserve increasing or decreasing the money supply, increasing or decreasing interest rates to achieve price-level-stability, balanced economic growth, and full-employment.
Easy Monetary Policy -
the Federal Reserve increasing the money supply and decreasing the Fed Funds rate and Discount rate so the economy can move out of the recession/trough phase of the business cycle to the recovery/expansionary phase of the business cycle.
Tight Monetary Policy -
the Federal reserve decreasing the money supply and increasing the Fed Funds rate and Discount rate in order to slow the high rate of inflation and strong economic growth.
Tools of Monetary Policy -
Open Market Operations
Reserve Ratio
Discount Rate/ Fed Funds Rate
FOMC -
Federal Open Market Committee
Meets every six weeks to discuss the Fed Funds Rate, Discount Rate, inflation, employment, and economic growth.
Fiscal Policy -
the government increasing/decreasing spending or increasing/decreasing taxes or a combination of the two to achieve price-level-stability, balanced economic growth, and full-employment.
Expansionary Fiscal Policy -
the government increasing spending, decreasing taxes, or a combination of the two to achieve price-level-stability, balanced economic growth, and full-employment.
Contractionary Fiscal Policy -
the government decreasing spending, increasing taxes, or a combination of the two to achieve price-level-stability, balanced economic growth, and full-employment.
