Course Syllabus

Mr. Emmett

 

A.P. Economics –  2022-23

 

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 8 am on Thursday May 4th and microeconomics at noon on Friday May 5th.

 

Office hours:

My official office hours are during Orange & Blue blocks.  Room 137 is in use during Orange  block so I will typically be somewhere on the first floor.  I am also available before and after school.  Regardless, I consider it my charge as a teacher to help you so feel free to come by or reach out anytime.

 

E-mail:

emmettr@wellesleyps.org

 

Grading:

This is a test based course and testing will represent 80% of your grades.  Homework is 20% of your grade and is an opportunity to raise your overall grade.

 

 

 

 

Due dates:

All materials are due at the beginning of class.  If you are absent, you are required to check the website for assignments you have missed 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!

 

Course Materials:

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.

 

Policies and procedures:

  • Be on time to class or online – this means in your seat with your notebooks and materials on your desk ready to go.
  • Daily attendance is critical to success in class so avoid scheduling conflicts.
  • Do not pack up you stuff before the end of class!!! We will continue working to the bell.
  • Take copious notes – you will have multiple explanations to the material so I try to give my own interpretation. This means what is discussed in class may not be found elsewhere.
  • See student handbook for other issues.

 

Last thoughts:

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 strong 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!

 

 

Syllabus:

 

Microeconomics:

  1. Basic Economic Concepts.
    1. Scarcity, choice & opportunity costs.
    2. Production possibilities curve.
    3. Absolute and comparative advantages, trade.
    4. Economic systems
    5. Marginal analysis
  2. Markets.
    1. Supply and demand.
      1. Equilibrium.
      2. Determinants.
      3. Price and quantity controls.
      4. Surplus, deadweight loss and efficiency.
      5. Elasticity.
      6. Taxes.
    2. Consumer choice.
    3. Production, revenues and costs.
      1. Short run and long run production.
      2. Marginal product and diminishing returns.
      3. Short run costs
      4. Long run costs and economies of scale.
      5. Productive efficiency.
    4. Market structure.
      1. Profits.
      2. Perfect competition.
      3. Monopoly.
      4. Oligopoly and game theory.
      5. Monopolistic competition.
    5. Factor markets.
      1. Derived factor demand.
      2. Marginal revenue product.
      3. Hiring and input decisions.
      4. Market distribution of income.
    6. Market failure and the role of government.
      2. Public goods.
      3. Public policy to promote competition.
      4. Income distribution.

 

 

Marcoeconomics

  1. Basic Economic Concepts – see mincroeconomics.
  2. Economic performance.
    1. National income accounts.
  3. National income and price determination.
    1. Aggregate demand.
    2. Aggregate supply.
    3. Macroeconomic equilibrium.
  4. Financial sector.
    1. Money, banking and financial markets.
    2. Loanable funds market.
    3. Central banks and money supply.
  5. Stabilization policies.
    1. Fiscal and monetary policies.
    2. The Phillip’s curve.
  6. Economic growth.
  7. International trade.
    1. Balance of payments.
    2. Foreign exchange markets.
    3. Imports and exports.