Description and Objectives

Economics, in one sense, is the study of taking what you have around you and putting it to its best use, having already taken into account all the other possible uses of that resource. Using this simple idea, students can begin to use the principles learned in this class and apply them to their school, family, job, country, environment, friendships, and faith… the possibilities are endless. This class aims to help students recognize: 1) the resources around them, 2) all alternative uses for those resources, 3) how to quantify costs and benefits, and 4) how to attain the maximum utility at all times using the most efficient means of production at the lowest cost. The class will be taught in an AP format, and successful completion of the course will prepare the student to take the AP Macroeconomics exam.

Textbooks

The primary text is Economics, McConnell and Brue ISBN 0-07-281935-9

 

In addition, we will use newspaper articles and documentaries to review both historical and current events.

 

Outline of Topics Covered:

 

Part I. Fundamentals of Economics

1. Definition of Economics/Basic Economic Terms
2. Macroeconomics vs. Microeconomics
3. Supply and Demand
4. The Market System
5. The U.S. Economy: Private vs. Public sectors

 

Part II. Macroeconomics Measurement 

1. Measuring Domestic Output and National Income
2. Introduction to Economic Growth and Instability
3. Basic Macroeconomic Relationships

 

Part III. Macroeconomic Models and Fiscal Policy

1. Aggregate Expenditures Model
2. Aggregate Demand and Aggregate Supply
3. Fiscal Policy

 

Part IV. Money, Banking, and Monetary Policy 

1. Money and Banking
2. How Banks and Thrifts Create Money
3. Monetary Policy

 

Part V. Long Run Perspective and Macroeconomic Debates 

1. Extending the Analysis of Aggregate Supply
2. Economic Growth
3. Deficits, Surpluses, and the Public Debt
4. Disputes over Macro Theory and Policy 

    

5. Part VI. International Economics and the World Economy
   1. International Trade
   2. Exchange Rates, the Balance of Trade, and Trade Deficits

Course Requirements

Students are expected to bring their book, notebook and homework to every class. Quizzes are assigned on a daily basis and will take place during the first five minutes of each class. Quizzes and tests will be based primarily on the AP format.

Successful Students

• -Review old notes on a daily basis
• -Ask questions in class
• -Read the news daily
• -Read each chapter more than once
• -Get the assignment from their teacher or fellow classmates if they miss a class
• -Keep all handouts in a folder that they can review at any time necessary

Additional Resources

Students are encouraged to study an AP prep book outside of class time to reinforce their knowledge of key concepts.