AP Honors Macroeconomics

wallsgloomyManagement

Oct 28, 2013 (3 years and 9 months ago)

76 views



AP Honors Macroeconomics

Course Outcome Summary



Information

Credits

0.5

Organization

Hartford Union High School:


Mission/Description

Mission Statement: Our mission is to enable students to participate actively and responsibly as
democratic citizens
in a complex and changing society through instruction and application of knowledge
of the past, of other cultures and of the social sciences.


Course Description: The aim of this AP course is to provide the student with a learning experience
equivalent to

that obtained in most college introductory courses. This course places particular emphasis
on the study of national income and price determination, and also develops a student's familiarity with
economic performance measures, economic growth, and interna
tional economics. If you are going into a
business related field, this course would be highly recommended. The student will taking a test put out
by the college board to gain up to 4 college credits.


Textbooks

1
. Economics

2
. Advanced Placement Economi
cs Macroeconomics: Student Activities


Units and Timelines


Unit 1
-

What is Economics? (2 days)


Unit 2
-

Basic Economic Concepts (4 days)


Unit 3
-

Macroeconomics Variables (2 weeks)


Unit 4
-

The AD/AS Model (2 weeks)


Unit 5
-

Keynesian and Fisca
l Policy (2 weeks)


Unit 6
-

Monetary Policy (2 weeks)


Unit 7
-

International Economics (2 weeks)





Core Abilities

o

Integrate self awareness and attitudes appropriately in diverse social situations.

o

Analyze divergent views to resolve conflicts.

o

Assess personal goals, values, and motivations.

o

Assume responsibility for own actions.

o

Balance a lifestyle that is safe and healthy.

o

Demonstrate appropriate communication skills.

o

Devise solutions to complex problems.

o

Initiate positive leader
ship skills.

o

Integrate self awareness and attitudes appropriate in diverse social situations.

o

Organize data into useable forms.

o

Utilize appropriate behaviors and attitudes in the work environment.

o

Utilize technology to improve efficiency.


Com
petencies, Linked Standards, Objectives and
Performance Standards

1.

Analyze the three economic questions that every economic system must answer.

Linked External Standards


WI.SS.B.12.13 Analyze examples of ongoing change within and across cultures, such a
s
the development of ancient civilizations; the rise of nation
-
states; and social, economic,
and political revolutions


WI.SS.D.12.1 Explain how decisions about spending and production made by
households, businesses, and governments determine the nation's

levels of income,
employment, and prices


WI.SS.D.12.2 Use basic economic concepts to compare and contrast local, regional, and
national economies across time and at the present time


WI.SS.D.12.3 Analyze and evaluate the role of Wisconsin and the Unite
d States in the
world economy


WI.SS.D.12.7 Compare, contrast, and evaluate different types of economies (traditional,
command, market, and mixed) and analyze how they have been affected in the past by
specific social and political systems and important h
istorical events


WI.SS.D.12.12 Compare and contrast how values and beliefs, such as economic
freedom, economic efficiency, equity, full employment, price stability, security, and
growth, influence decisions in different economic systems


WI.SS.E.12.17 Exa
mine and describe various belief systems that exist in the world, such
as democracy, socialism, and capitalism

Performance Standards

o

Investigate graphing, economics as a science, economic systems through technology
program with practice and answer questi
ons

o

compare/ contrast chart of answers to the three economic questions for Traditional,


Socialist, and Capitalist economies and includes an analysis of why these systems
answer the questions the way they do.

Learning objectives

a.

Define the economic que
stions of What, How, and For whom.

b.

Analyze how the basic economic questions are answered in different societies.

c.

Analyze how a society might change the answers to What, How, and For Whom as the
economic goals of the society change.


2.

Explore bene
fits and costs, production and trade and demand and supply.

Linked External Standards


WI.SS.A.12.5 Use a variety of geographic information and resources to analyze and
illustrate the ways in which the unequal global distribution of natural resources
infl
uences trade and shapes economic patterns


WI.SS.A.12.7 Collect relevant data to analyze the distribution of products among global
markets and the movement of people among regions of the world


WI.SS.B.12.13 Analyze examples of ongoing change within and a
cross cultures, such as
the development of ancient civilizations; the rise of nation
-
states; and social, economic,
and political revolutions


WI.SS.D.12.1 Explain how decisions about spending and production made by
households, businesses, and governments
determine the nation's levels of income,
employment, and prices

Performance Standards

o

answer questions to assess understanding of content on costs and benefits, production
and trade and supply and demand

o

essay includes the concepts of scarcity and oppo
rtunity costs and their relationship to the
production possibilities curve model, analyzing the significance of different locations on,
above, and below the curve that may be used in student's portfolio

o

use graphs and other methods of analysis to answer
questions on deman/supply, a
change in quantity demanded/supply and a change in demand/supply, concepts of
equilibrium/disequilibrium that may be used in student's portfolio

o

essay includes the concepts of trade, regional scarcity, and comparative advanta
ges as a
precursor to trade in two real countries whose production possibilities curve has shifted
as a result of trade

Learning objectives

a.

Compare benefits and costs and see how people determine their highest net benefit

b.

Examine the production possi
bilities frontier and how it's created

c.

Apply the concept of opportunity cost to a production possibilities curve and look at the
role of efficiency in the graph of the ppf.

d.

Compare and contrast the effects of societal priorities on the slope, outer l
imits, and
operating points of the production possibilities curve.

e.

Investigate about the concepts of absolute advantage and comparative advantage

f.

Analyze how specialization increases wealth and how it applies to the PPF for an entire
economy



g.

Explo
re the things that increase the possible production in an economy, and examine the
role of trade in determining the PPF

h.

Examine the concept of demand/supply, demand/supply curves, and changes in
demand/supply, and the measure of price elasticity of dema
nd/supply

i.

Explore the concept of equilibrium and see how to determine changes in equilibrium,
government intervention
-
price supports and price floors
-
and the corresponding surpluses
and shortages created by intervention


3.

Evaluate how accurate are th
e government's method of measuring the broad economic
goals of economic growth, full employment and price stability.

Linked External Standards


WI.SS.D.12.1 Explain how decisions about spending and production made by
households, businesses, and government
s determine the nation's levels of income,
employment, and prices


WI.SS.D.12.4 Explain and evaluate the effects of new technology, global economic
interdependence, and competition on the development of national policies and on the
lives of individuals an
d families in the United States and the world


WI.SS.D.12.6 Use economic concepts to analyze historical and contemporary questions
about economic development in the United States and the world


WI.SS.D.12.7 Compare, contrast, and evaluate different types

of economies (traditional,
command, market, and mixed) and analyze how they have been affected in the past by
specific social and political systems and important historical events


WI.SS.D.12.12 Compare and contrast how values and beliefs, such as economi
c
freedom, economic efficiency, equity, full employment, price stability, security, and
growth, influence decisions in different economic systems


WI.SS.E.12.17 Examine and describe various belief systems that exist in the world, such
as democracy, sociali
sm, and capitalism

Performance Standards

o

learner defines the broad economic goals of society with 100% accuracy according to
the criteria set by the AP exam

o

poster presentation includes the use of the circular flow diagram to explain
macroeconomics act
ivities.

o

answer questions on the economic goals of full employment, price stability, and
economic growth and how we typically measure their achievement through technology
program

o

essay includes the nature and purpose of national income accounting (GDP)

and
discussion of the strengths and weaknesses of these accounts as measurement tools that
may be used for student's portfolio

o

essay question includes a description of the business cycle, its causes, and its
relationship to inflation and unemployment.

o

answer questions to assess understanding of content on inflation, business cycles,
unemployment and GDP with 100% accuracy according to the AP exam

Learning objectives

a.

Analyze the components of the circular flow diagram.



b.

Describe the broad economic
and social goals of American society.

c.

Explain the importance of GDP as a measurement of economic production and growth.

d.

Compute GDP using both the income and expenditure approaches.

e.

Evaluate the strengths and weaknesses of GDP as a measure of econ
omic well
-
being.

f.

Use a price index to calculate the rate of inflation.

g.

Analyze the reasons some groups are hurt while other groups benefit from unanticipated
inflation.

h.

Describe the four types of unemployment and how measurements are done.

i.

Appl
y economic growth, inflation and unemployment statistics to the phases of the
business cycle.


4.

Differentiate between aggregate demand and aggregate supply theory.

Linked External Standards


WI.SS.D.12.1 Explain how decisions about spending and product
ion made by
households, businesses, and governments determine the nation's levels of income,
employment, and prices


WI.SS.D.12.10 Analyze the ways in which supply and demand, competition, prices,
incentives, and profits influence what is produced and dist
ributed in a competitive
market system


WI.SS.D.12.13 Describe and explain global economic interdependence and competition,
using examples to illustrate their influence on national and international policies

Performance Standards

o

learner defines concepts

of aggregate demand and aggregate supply with 100%
accuracy.

o

explanatory graph presentation includes aggregate demand and shifting, aggregate
supply and shifting and short/long run equilibrium.

o

essay and explanatory graphs includes applying aggregate

demand and supply to
macroeconomics concepts and policy issues.

Learning objectives

a.

Examine aggregate demand, aggregate supply, and equilibrium.

b.

Describe the reasons for the horizontal, vertical, and upward
-
sloping segments of the
aggregate supply c
urve.

c.

Analyze the basic causes of shifts in aggregate demand and aggregate supply curves the
effects of these shifts on real national output and the price level.

d.

Access the short and long run AD/AS equilibrium

e.

Analyze macroeconomics policy issues
using aggregate supply and demand curves.


5.

Contrast the Keynesian and Classical theories using the AD/AS model.

Linked External Standards


WI.SS.B.12.5 Gather various types of historical evidence to analyze issues, form a
reasoned conclusion in the li
ght of other possible conclusions, and develop a coherent
argument in the light of other possible arguments




WIB.12.8 Recall, select, explain the significance of important people, their work, and
their ideas in the ares of political and intellectual leade
rship, inventions, discoveries, and
the arts, within each era of Wisconsin, United States, and world history


WI.SS.D.12.1 Explain how decisions about spending and production made by
households, businesses, and governments determine the nation's levels of

income,
employment, and prices


WI.SS.D.12.6 Use economic concepts to analyze historical and contemporary questions
about economic development in the United States and the world


WI.SS.D.12.10 Analyze the ways in which supply and demand, competition, pri
ces,
incentives, and profits influence what is produced and distributed in a competitive
market system

Performance Standards

o

learner defines "laissez
-
faire" capitalism with 100% accuracy.

o

essay includes interpretation of the AD/AS model, classical view

of full employment as
the norm of a capitalist economy, and that laissez
-
faire is the best policy to achieve that
may be used in student's portfolio

o

essay includes interpretation of the AD/AS model, and the Keynesian view that an
economy may be at short
/long run equilibrium below or above full employment may be
used in student's portfolio

o

essay includes the Keynesian view that active government fiscal and monetary policies
are used to reach adjustments to price stability, full employment, and economic

growth.

Learning objectives

a.

Describe what determines the amount of goods and services produced and the level of
employment according to the classical theory.

b.

Describe what determines the amount of goods and services produced and the level of
employm
ent according to the Keynesian theory.

c.

Distinguish between classical and Keynesian theories of employment and the proper role
of government in the economy.

d.

Differentiate between Keynesian and classical theories using the AD/AS model.



6.

Evaluate f
iscal policy case studies using both the AD/AS and Keynesian models.

Linked External Standards


WI.SS.B.12.5 Gather various types of historical evidence to analyze issues, form a
reasoned conclusion in the light of other possible conclusions, and develop
a coherent
argument in the light of other possible arguments


WIB.12.8 Recall, select, explain the significance of important people, their work, and
their ideas in the ares of political and intellectual leadership, inventions, discoveries, and
the arts, w
ithin each era of Wisconsin, United States, and world history


WI.SS.D.12.1 Explain how decisions about spending and production made by
households, businesses, and governments determine the nation's levels of income,
employment, and prices


WI.SS.D.12.6
Use economic concepts to analyze historical and contemporary questions
about economic development in the United States and the world




WI.SS.D.12.11 Explain how interest rates are determined by market forces that
influence the amount of borrowing and saving

done by investors, consumers, and
government officials


WI.SS.D.12.13 Describe and explain global economic interdependence and competition,
using examples to illustrate their influence on national and international policies

Performance Standards

o

learner

defines tools of fiscal policy, contractionary fiscal policy, expansionary fiscal
policy, automatic stabilizers, and discretionary stabilizers with 100% accuracy.

o

essay includes effects of fiscal policy to alter real GDP, employment, and the price level

using either Keynesian equilibrium analysis or AD/AS analysis.

Learning objectives

a.

Describe how fiscal policy can be used to try and stabilize the economy.

b.

Distinguish between contractionary fiscal policy and expansionary fiscal policy.

c.

Evaluate
macroeconomics conditions and determine the fiscal policy that can improve
those conditions.

d.

Illustrate expansionary and contractionary fiscal policy using both the AD/AS model and
the Keynesian model.

e.

Explain how fiscal policy can be used to reduce
any inflationary or recessionary gap.


7.

Analyze how banks create money and the functions of the Federal Reserve System.

Linked External Standards


WIB.12.8 Recall, select, explain the significance of important people, their work, and
their ideas in the

ares of political and intellectual leadership, inventions, discoveries, and
the arts, within each era of Wisconsin, United States, and world history


WI.SS.D.12.4 Explain and evaluate the effects of new technology, global economic
interdependence, and co
mpetition on the development of national policies and on the
lives of individuals and families in the United States and the world


WI.SS.D.12.5 Explain how federal budgetary policy and the Federal Reserve System's
monetary policies influence overall level
s of employment, interest rates, production, and
prices


WI.SS.D.12.9 Explain the operations of common financial instruments (such as stocks
and bonds) and financial institutions (such as credit companies, banks, and insurance
companies)


WI.SS.D.12.13 De
scribe and explain global economic interdependence and competition,
using examples to illustrate their influence on national and international policies

Performance Standards

o

learner defines, functions of money, reserve requirements, required reserves, ex
cess
reserves, demand deposits, and money multiplier with 100% accuracy.

o

essay includes how banks expand money supply by lending out excess reserves that may
be included in student's portfolio

Learning objectives

a.

Explain the functions and the characte
ristics of money.

b.

Contrast the various definitions of the money supply (M1,M2,M3)



c.

Describe what happens to the money supply when a financial institution makes a loan or
when a loan is repaid.

d.

Calculate the money multiplier when given the reserve r
equirement.

e.

Calculate potential money growth when given the reserve requirement and the level of
excess reserves.

f.

Describe the structure and functions of the Federal Reserve System.


8.

Evaluate the goals and tools of monetary policy.

Linked Externa
l Standards


WI.SS.D.12.4 Explain and evaluate the effects of new technology, global economic
interdependence, and competition on the development of national policies and on the
lives of individuals and families in the United States and the world


WI.SS.D
.12.5 Explain how federal budgetary policy and the Federal Reserve System's
monetary policies influence overall levels of employment, interest rates, production, and
prices


WI.SS.D.12.9 Explain the operations of common financial instruments (such as sto
cks
and bonds) and financial institutions (such as credit companies, banks, and insurance
companies)


WI.SS.D.12.13 Describe and explain global economic interdependence and competition,
using examples to illustrate their influence on national and internati
onal policies

Performance Standards

o

learner defines the discount rate, reserve ratio and open market operations with 100%
accuracy.

o

learner explains the relationship between Fed's monetary policies and the lives of
businesses and families to borrow

o

e
ssay includes analysis of the three main tools used by the Fed to control money supply
and the way it affects real GDP, employment and the price level.

Learning objectives

a.

Define open market operations, the discount rate, and the reserve requirement.

b.

Explain how open market operations, the discount rate, and the reserve requirement are
used to expand or contract the money supply.

c.

Evaluate the effectiveness of the three main tools of monetary policy.

d.

Explain the impact of each monetary policy too
l on the level of demand deposits in the
banking system.


9.

Contrast the Keynesian view of monetary policy with the monetarist view.

Linked External Standards


WIB.12.8 Recall, select, explain the significance of important people, their work, and
their
ideas in the ares of political and intellectual leadership, inventions, discoveries, and
the arts, within each era of Wisconsin, United States, and world history


WI.SS.D.12.1 Explain how decisions about spending and production made by
households, busines
ses, and governments determine the nation's levels of income,
employment, and prices




WI.SS.D.12.4 Explain and evaluate the effects of new technology, global economic
interdependence, and competition on the development of national policies and on the
live
s of individuals and families in the United States and the world


WI.SS.D.12.5 Explain how federal budgetary policy and the Federal Reserve System's
monetary policies influence overall levels of employment, interest rates, production, and
prices


WI.SS.D.
12.6 Use economic concepts to analyze historical and contemporary questions
about economic development in the United States and the world

Performance Standards

o

essay includes the controversies between setting monetary policy through interest rates
(Keyn
esian position) or through the equation of exchange (monetarist position).

Learning objectives

a.

Contrast the effectiveness of controlling interest rates with controlling the monetary base
as an effective monetary policy.

b.

Identify the economic problem
and prescribe the proper monetary policy to correct that
problem.


10.

Analyze why countries gain from trade.

Linked External Standards


WI.SS.A.12.5 Use a variety of geographic information and resources to analyze and
illustrate the ways in which the un
equal global distribution of natural resources
influences trade and shapes economic patterns


WI.SS.A.12.7 Collect relevant data to analyze the distribution of products among global
markets and the movement of people among regions of the world


WI.SS.C.12
.12 Explain the US's relationship to other nations and its role in international
organizations, such as the United Nations, North Atlantic Treaty Organization, World
Bank, International Monetary Fund, and North American Free Trade Agreement


WI.SS.D.12.1
Explain how decisions about spending and production made by
households, businesses, and governments determine the nation's levels of income,
employment, and prices


WI.SS.D.12.2 Use basic economic concepts to compare and contrast local, regional, and
nati
onal economies across time and at the present time


WI.SS.D.12.3 Analyze and evaluate the role of Wisconsin and the United States in the
world economy


WI.SS.D.12.4 Explain and evaluate the effects of new technology, global economic
interdependence, and
competition on the development of national policies and on the
lives of individuals and families in the United States and the world


WI.SS.D.12.6 Use economic concepts to analyze historical and contemporary questions
about economic development in the Unit
ed States and the world


WI.SS.D.12.8 Explain the basic characteristics of international trade, including absolute
and comparative advantage, barriers to trade, exchange rates, and balance of trade


WI.SS.D.12.13 Describe and explain global economic inter
dependence and competition,
using examples to illustrate their influence on national and international policies




Performance Standards

o

essay includes the theories of absolute and comparative advantage to show why nations
benefit from trade.

o

project app
lies theories of absolute and comparative advantage between a developing
nation and its trading partners by analyzing the 4 factors of production

o

essay includes the student's analysis of the impact of the US's participation in
international trade agreeme
nts and organizations, like NAFTA, IMF, and WTO.

Learning objectives

a.

Describe reasons people and nations gain when they trade.

b.

Distinguish between absolute and comparative advantage.


11.

Analyze why economists generally believe in the concept of fr
ee trade.

Linked External Standards


WI.SS.B.12.5 Gather various types of historical evidence to analyze issues, form a
reasoned conclusion in the light of other possible conclusions, and develop a coherent
argument in the light of other possible argument
s


WI.SS.C.12.12 Explain the US's relationship to other nations and its role in international
organizations, such as the United Nations, North Atlantic Treaty Organization, World
Bank, International Monetary Fund, and North American Free Trade Agreement


W
I.SS.D.12.2 Use basic economic concepts to compare and contrast local, regional, and
national economies across time and at the present time


WI.SS.D.12.3 Analyze and evaluate the role of Wisconsin and the United States in the
world economy


WI.SS.D.12.4

Explain and evaluate the effects of new technology, global economic
interdependence, and competition on the development of national policies and on the
lives of individuals and families in the United States and the world


WI.SS.D.12.6 Use economic concep
ts to analyze historical and contemporary questions
about economic development in the United States and the world


WI.SS.D.12.13 Describe and explain global economic interdependence and competition,
using examples to illustrate their influence on national
and international policies


WI.SS.E.12.17 Examine and describe various belief systems that exist in the world, such
as democracy, socialism, and capitalism

Performance Standards

o

learner defines protectionism, trade barriers, tariffs, quotas, and free tra
de with 100%
accuracy.

o

essay includes the arguments used by supporters of trade barriers and that most of these
claims are viewed as invalid by economists.

Learning objectives

a.

Analyze the economic effect of tariffs and quotas using supply and demand c
urves.

b.

Evaluate the case for protectionism.

c.

Evaluate the economist's case for free trade.