AP Macroeconomics Syllabus
Why is economics sometimes called the “dismal science”? The curious among you may want to find out the answer to this question. Suffice it to say that economics is both “real” and “out there” (translation: theoretical). Much of what you will learn in this class is best explained through the use of graphs and lists of assumptions, none of which exist in the “real world.” On the other hand, a firm foundation in economical thinking can assist you in your personal life both now and in the future. In just a few weeks you will recognize that concepts like opportunity cost, supply and demand, and marginal utility have application in everyday life.
What do common proverbs like “If something is worth doing, it is
worth doing well.” and “You should always do your best.” mean to you? Do they
mean that every time you undertake a task you should continue doing that task
until you have achieved perfection or at least the benchmark of “best” that you
have defined for yourself? Maybe, but maybe not. Economics has a special way of
looking at the choices made by ordinary people that may surprise you.
All of us face constraints. Indeed, high school (and life in
general) is often seen as one big challenge to get everything done that needs
to be done. The major constraint we all face is time. Phrases like “make good
time” and “save time” are misleading. Time is scarce, and any attempt to create
it or save it will fail. While you are engaging in doing something to perfection,
you are not engaging in any other job (or any other pleasure for that matter).
Otherwise stated, every action on your part involves an opportunity cost. The
quest for perfection involves the use of time and hence is costly to you. You
must give up other valuable alternatives in order to achieve perfection in any
endeavor.
So, the secret to life is doing less than your best? Of course
not. An economist would say that perfection is achievable only at the cost of
something else. All choices (the good, the bad, and the ugly) involve trade
offs. The trick is to weigh the costs and benefits of choices made and to
include the opportunities given up in the decision-making. For example,
economical thinking may proceed like this:
I have an economics test in two days. It is important to me that I
do well on the test. I also have to work each evening this week. It is
important to me that I keep this job. I have three other tests this week that
are also important to me. On top of all that, I have a new acquaintance that I
would like to get to know better. There are just not enough hours in the day
for me to go to school, study enough to ace all my tests, work each evening,
and get to know my new friend. How do I solve this problem? Well, I thankfully
choose to study economics first. In the first couple of hours of study, I learn
enough about marginal costs and benefits to solve my dilemma. It says right
here in my notes that I should “undertake any activity up to the point at which
the marginal benefit equals the marginal cost.” I now know that the marginal
benefit is what I get out of a third hour spent studying economics (a
marginally better economics grade). The marginal cost is the benefit I could
get from doing something else with that hour (a much better grade on my
chemistry test). Wow, economics is easy; I think it is time to study chemistry.
The course you are about to begin considers marginality very
closely. This semester, we will explore the world created when the factors of
production—land, labor, capital, and entrepreneurship—become marketable. Our
analysis deals with the economy as a whole with respect to gross domestic
product, inflation, income and employment, monetary and fiscal policies, and
foreign trade. Special emphasis will be placed on how the parts of the economy
interact with each other to determine national income, economic growth, and the
standard of living.
The course will take many formats. Lecture/discussion will be
combined with independent and group classroom activities, outside research, and
classroom discussion/debates.
Advanced Placement students pride themselves on their maturity.
Each one of you will manage yourselves in a professional way. It is you who
bear the responsibility for your success. You must prepare independently for material
not covered in class, seek out answers to your questions, and ask for
assistance when needed. As the instructor, I will work hard to make sure that
you have the information and resources you need to pass the AP Exam in the
spring. It is up to you to make it happen.
Since this course is offered in the fall and the AP Economics test
is administered in the spring, a tutorial will be offered in April and early
May. While participation in the tutorial is optional, it is highly recommended
that students prepare for the exam by attending the sessions offered. They will
be held after school with locations and times to be announced. This course is
designed to prepare you for the AP Macroeconomics Exam. Success in this course
should also lead to a passing grade on the exam (3 or better) and may end up in
college credit, depending on the school you decide to attend.
Boyes, William & Michael Melvin. Economics. Seventh ed.
National Council on Economic Education, Advanced Placement
Economics Workbook.
Buchholz, Todd G. New Ideas from Dead Economists. Revised edition.
Anderson, David. Cracking the AP Economics (Macro & Micro)
2007-2008.
Be
Better: The school has a list of
rules that you must follow (read the Student Handbook), but in this class you
must do better than that. When in doubt about how to act, use the Golden
Rule. Demonstrating good behavior is always better than avoiding bad
behavior.
Be
Prepared: Write all assignments
down, including the due date. Bring assigned materials to class daily.
Materials always include your textbook, notebook, and a blue or black
pen. Occasionally other materials are listed as part of your homework
assignment. Assignments and tests must be completed with a dark blue or black
pen. Unless Scantrons are used, pencils are NOT accepted.
Be
Prompt: Be in your seat when the
bell rings. You are tardy if there is space between your seat and the desk when
the bell rings. Complete and turn in all assigned work on time.
Be
Polite: Be quiet and attentive when
the bell rings, when the teacher is talking, and while waiting for permission
to speak. Raise your hand and wait to be acknowledged before asking or
answering questions. Remain seated unless given permission to do
otherwise. Use voices that cannot be heard outside your group during
group work. Go out of your way to be respectful and polite to everyone in
the classroom. The following are examples of impolite behaviors and are not
tolerated in the classroom: eating, drinking, chewing gum, sleeping, and
talking without permission.
1) Follow
The “Four B’s”. Read them
often. Live them daily.
2) Classwork includes taking notes, working independently on exercises, and
participating in group activities. Some classwork will be taken up for a grade
and may count between 10 and 20 points. Classwork assignments cannot be made
up. If a student has an excused absence on the date classwork is assigned, no
grade will be recorded for that student.
3) Late
assignments are not accepted. A zero
is recorded for any assignment not turned in on time. While students are given
some leeway on which assignments to complete for a grade, no leeway is given
for failure to complete them on time. Projects are due on the date announced in
advance. It is recommended that students not in school on a project due date
send the project to school with a friend or parent. Homework should be completed
at home. No time will be given at the beginning of class to complete or
assemble homework assignments.
4) Make-up
tests must be taken after school
on the first Monday or Wednesday following return to class. School policy
allows one class day for each excused absence. Students who miss consecutive
class days must make up tests on the FIRST date (Monday or Wednesday) following
the allotted class days. The make up tests are administered in Room 250 at 2:10
pm. Only students with excused absences on test days are able to take make-up
tests. No reminder will be given to students who have to make up a test.
It is YOUR responsibility to arrange to make up a test. Parents should contact
the school if the test make up time is not workable for a particular student. A
written note signed by a parent explaining the conflict is acceptable. This
note must be given to me BEFORE the assigned make up test date. If a student
fails to make up a test, the grade becomes a zero. There are no make up tests
for make up tests.
5) When
absent or tardy, sign the tardy log
and quietly take your seat. Assignments are given weekly. They are also posted
on the web site as AP Assignments and include assignments for the
previous, current and next weeks. If absent, refer to the web site, assignment
notebook or call a classmate. Missed assignments are due one day after
your return to class.
6) Ask for
help. I am available for
tutoring one hour after school on Tuesdays. No appointment is necessary
for tutoring. Do not hesitate to ask for help on any of the material,
including written assignments.
7) Classroom
procedures include the consequences
for breaking school rules. The first offense receives a reminder of the
appropriate behavior. The second offense receives a verbal warning and a phone
call to parents. The third offense receives a disciplinary referral.
Assessments
Homework includes reading assignments everyday and written assignments on
occasion. More homework will be assigned than will count as a grade. For each
topic covered in class, suggested worksheets from the AP Workbook are listed in
the Course Outline. These activities reinforce concepts presented in class and
in the textbook. They focus on practical application of macroeconomic policies
and provide practice with graphing. In addition, homework will include answers
to Key Questions in the textbook. Students are expected to manage their
learning rate and should focus homework efforts on areas where more practice is
needed. Students are encouraged to complete more assignments than the required
minimum to enhance understanding. Students must turn in at least three homework
assignments per chapter. The assignments turned in must be current for the
chapter assigned. Homework assignments are due on the last date material for that
chapter is covered and will be graded for accuracy.
Chapter
Quizzes are multiple-choice with
at least one free response/graphing question taken from prior AP exams. Chapter Quizzes are worth 50 to 70 points. Vocabulary Quizzes are matching and are
worth between 20 and 40 points, depending on the number of terms included.
Unit
tests are given about 3 times per
grading period. These tests are multiple-choice and free response/graphing. The
difficulty level of the multiple-choice questions are equal to that of an
actual AP exam while the free response/graphing questions are taken from
previous AP tests. Scantrons are required for Unit Tests. They are worth
between 200 to 250 points.
Dead Economist Essays take place periodically throughout the semester. Students
relate the theories of famous economists to current economic topics. The topics
of the essays roughly follow the topics being covered in class. Examples of
current issues covered include NAFTA and the benefits of free trade, the
effects of tax reform on automatic stabilizers, the effects of money velocity
on monetary policy, deficit spending and long-term growth, etc. The schedule
for essays is included in the Course Outline. Each essay is worth 50 points.
A
Macroeconomic Project is
required of all students. This project
involves working in groups to research the current condition of the economy,
developing a formal assessment of the economy that includes both current
economic indicators and long-term trends, recommending both monetary and fiscal
policy to correct current macroeconomic weaknesses, preparing a script and
PowerPoint to present before a panel of investment analysts, and defending your
analysis in a formal question and answer session. The total project is worth
300 points.
A
Comprehensive Final Exam will be
administered at the end of the semester. The format and grading for this test
will imitate the actual AP Exam that will be taken in the spring. All students
will be required to take this exam, even if school policy allows the student's
test results to be exempt from semester grades. This test is practice for the
actual AP Exam and is a good predictor of the results you can expect to
receive.