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)
Assignments
that are incomplete or missing will result in Academic Support being assigned. The completed assignment is due 48
hours later. Additional Academic Support sessions will be assigned until the
student receives a passing grade on the assignment. 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 quizzes/tests
can be taken during Dragon Time on Friday, but students have only two Dragon Time sessions with which to
make up a quiz/test (provided the absence was excused). Students who missed
multiple quizzes/tests in multiple classes may have to make up a quiz/test
after school and must schedule that time directly with me. No reminder will be
given to students who have to make up a quiz/test. It is YOUR responsibility to
arrange to make up a quiz/test. If a student fails to make up a quiz/test before
the second Dragon Time expires, the grade becomes a zero and Academic Support
is assigned each day until it is made up. The highest grade that can be earned
on a make-up quiz/test taken after Academic Support is assigned is 70%.
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 Wednesdays.
An 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. Both providing answers to other students and
accepting answers from other students are considered cheating.
Misrepresenting one’s work through plagiarism is treated as cheating as well.
Incidences of cheating will result in a zero on the assignment/test and 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 2 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.
AP Test Preparation
AP
Macroeconomics is only offered in the fall semester. The actual AP exam takes
place in May, more than four months after the completion of instruction.
Success on the AP exam depends on proper preparation and review in the spring.
It is highly recommended that students purchase and use “Cracking the AP
Economics” (Princeton Review) that is referenced under Texts. In addition it is
essential that students attend review sessions offered after school in April
and early May. A schedule of review sessions and topics to be covered will be
posted online and emailed to students in the spring. Please plan on attending
these sessions.