A.P. Economics – 20-21
Introduction & Course Expectations
Economics is the study of how limited resources are allocated among businesses and individuals with unlimited wants. Microeconomics studies how individuals, households and businesses act or react to these forces while macroeconomics looks at the economy as a whole. The A. P. Economics course is a full-year college level course. It begins with introductory concepts, followed by microeconomics in the first semester and then macroeconomics in the second semester. The college board describes the courses as follows:
“The purpose of the AP course in microeconomics is to give students a thorough understanding of the principles of economics that apply to the functions of individual decision makers, both consumers and producers, within the economic system. It places primary emphasis on the nature and functions of product markets, and includes the study of factor markets and the role of government in promoting greater efficiency and equity in the economy. 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. It 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”
There are separate exams in May for each course with macroeconomics at noon on Monday May 10th and microeconomics at noon on Wednesday May 12th.
My official office hours are during grey block. Grey block meets on Thursday and Friday from 1:15 to 2:30. Students may drop by but I would suggest making an appointment to make sure I am available. Also, I teach all of my classes in room 137 so if you are in the school you can find me there. My planning blocks are yellow and orange blocks however most communications this year will probably be online. Regardless, I consider it my charge as a teacher to help you so feel free to come by or reach out anytime.
Grades for each term will be on a variety of assessments but this is a test based course so the majority of your grades will from quizzes. Other assessments include homework, participation, course notebook/portfolio and projects.
Learning Economics and taking A.P. exams in the Covid-19 era:
In a typical year we do not have enough time to cover every topic assigned with the desired amount of time or detail. I have worked hard over the years to improve student performance in these areas, but suffice it to say many students need time on topic and in class instruction to do well. This year we will have less of both of these commodities so it makes this year’s class even more challenging. I will do everything in my power to assist you. I will be recording some classes, provide non class review times, and other yet to be discovered aids to help you but no matter how much I do on your behalf, it is imperative that you take responsibility for your learning. Do your own work. Do the homework. It is okay if you make mistakes, that is part of learning. If you have done the work in advance the classes will be helpful and educational. However, if you simply come to class unprepared, your ability to recall and use the information intelligently on class tests or on the May A.P. exams may be limited. I
All materials are due at the beginning of class. If you are absent, you are required to check the website for assignments you have misses and all work is due upon your return. If you have extenuating circumstances, contact me immediately. The more proactive you are, the more forgiving I may be!
The textbook will be Krugman’s Economics for AP by Margaret Ray and David Anderson, First edition. There will also be hand-outs, Power Points, and other assorted materials. These materials will be assessable on the class website on Canvas and students are required to maintain notebooks of their work.
A strong work ethic is critical to excel in this class. Economics is a conceptual course that is built upon a foundation, so you must be diligent from the get-go. Having said this, I am confident that those with excellent work habits and a string work ethic will do very well. In addition to a strong work ethic, having an interest in, and an enthusiasm for, studying economics is of vital importance. Economics is an exciting field and understanding the concepts can change the way you look at the world!
Basic Economic Concepts.
- Scarcity, choice & opportunity costs.
- Production possibilities curve.
- Absolute and comparative advantages, trade.
- Economic systems
- Marginal analysis
- Supply and demand.
- Price and quantity controls.
- Surplus, deadweight loss and efficiency.
- Consumer choice.
- Production, revenues and costs.
- Short run and long run production.
- Marginal product and diminishing returns.
- Short run costs
- Long run costs and economies of scale.
- Productive efficiency.
- Market structure.
- Perfect competition.
- Oligopoly and game theory.
- Monopolistic competition.
- Supply and demand.
- Derived factor demand.
- Marginal revenue product.
- Hiring and input decisions.
- Market distribution of income.
Market failure and the role of government.
- Public goods.
- Public policy to promote competition.
- Income distribution.
- Basic Economic Concepts – see microeconomics.
- National income accounts.
National income and price determination.
- Aggregate demand.
- Aggregate supply.
- Macroeconomic equilibrium.
- Money, banking and financial markets.
- Loanable funds market.
- Central banks and money supply.
- Fiscal and monetary policies.
- The Phillip’s curve.
- Balance of payments.
- Foreign exchange markets.
- Imports and exports.
The syllabus page shows a table-oriented view of the course schedule, and the basics of course grading. You can add any other comments, notes, or thoughts you have about the course structure, course policies or anything else.
To add some comments, click the "Edit" link at the top.