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.
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. Students should read the textbook and test their knowledge by
attempting the questions at the end of each chapter. While these questions are
not graded, material from the textbook will appear on quizzes. Students are
encouraged to ask for assistance during class if help is needed understanding
chapter questions. 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.
Students must turn in all the workbook activities for each chapter. Homework
assignments are due on the date the chapter quiz is scheduled. Two of the
workbook assignments will be graded for accuracy, the rest will be graded for
completion.
Chapter Quizzes are multiple-choice with at least one free response/graphing
question taken from prior AP exams.
Chapter Quizzes are worth 40 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.