AP Macroeconomics is an Advanced Placement College-level Economics course designed to give you a thorough understanding of macroeconomics, the overall health of an economy and the principles that apply to an economic system as a whole. The course places particular emphasis on the study of national income and price-level determination. Through class lectures, in-class exercises, and outside readings, this course will cover basic economic concepts, the measurement of economic performance, national income and price determination, the financial sector, inflation, unemployment, stabilization policies, economics growth, and the open economy on the international scale. Students learn to use graphs, charts, and data to analyze, describe, and explain economic concepts. The AP Macroeconomics course will end in May, followed by the taking of the AP Macroeconomics test.
Macroeconomics cannot be well served by a textbook, simply because both the global economy and the theory are often in a state of flux. This is particularly evident in the case of deflation, a 21st-century phenomenon that has not yet received the attention it deserves in economics literature. Therefore, I have summarized and regularly update (sometimes even as I teach the topic!) each unit of the AP Macroeconomics syllabus for the students. Meanwhile, the students are encouraged to dip into books rather than read them in a linear fashion. Therefore as an instructor, I reserve the right to modify the syllabus to adapt to the student needs.
Class Assessment Methods
Formative Grades (Assignment Formats):
- Class Participation/Classwork
- Current Events
- AP Central Progress Checks
Summative Grades (Exam Formats):
- Multiple Choice Questions
- Free Response Questions
Krugman’s Economics for the AP Course, 2nd Edition, 2015
- Understand the basic economic concepts, such as marginal analysis and opportunity costs.
- Understand the role of scarcity and choice which form the foundation for supply and demand, specialization, and exchange.
- Determine how to measure economic performance, national income and price level determination.
- Determine how economists assess the performance of the economy with an introduction to measures of economic performance and the business cycle.
- Determine how to represent and evaluate macroeconomic indicators and the business cycle in the aggregate demand-aggregate supply model.
- Determine how aggregate economic activity and the critical evaluation of determinants of economic progress and economic decisions made by policy makers influence the economy.
- Examine and analyze how unemployment and inflation impact the overall economy.
- Understand how the financial sector and the monetary policy influence economic decisions.
- Determine how the long-run implications of policy actions and the concept of economic growth and determine the effectiveness of stabilization policies.
- Understand the concept of an open economy in which a country interacts with the rest of the world through both product and financial markets.
- Determine how an open economy and international trade and finance impact the global marketplace.
- Understand how to generate charts and graphs to describe economic concepts.
- Understand how to interpret and analyze charts, graphs and data to describe economic concepts.