Monday, August 24, 2009
APECON Pretest
The AP Economics pretest will be given on Thursday and Friday in class. Please bring a #2 pencil to class.
Wednesday, August 12, 2009
Opening of School
Welcome Back!
Please arrive prepared for class!
Please arrive prepared for class!
- Pen and or pencil.
- Notebook and paper.
- Folder to organize materials.
- Textbook
- These items will be expected each day in class.
Tuesday, August 11, 2009
Class Syllabus
AP Microeconomics/Macroeconomics
Teacher: Perry Walthour
Email: walthourp@duvalschools.org
School Phone: 381-3930 ext. 150
Cell Phone: 504-5490
Students and parents should feel free to contact me at any time to discuss any concerns that may arise. I would encourage parents to contact me on a weekly basis regarding the academic progress of their child.
Parents and Students should check our class website @ http://www.leeapecon.blogspot.com/ on a daily basis for updates on various aspects of the course.
AP Micro/Macro Economics is a year long, college-level course. Each student is expected to take the AP Exam that is administered in May. Successful achievement on the AP Exam allows the student to earn three hours of college credit.
AP Micro/Macro Economics is a nine week study each of economic principles concerning individual decision makers within an economy and emphasizes economic principles as applied to the economy as a whole. The main areas of concentration include basic economic concepts; the nature and functions of product markets; factor markets; and efficiency, equity and role of government. Analysis of national income and its components, economic indicators, inflation and unemployment, money and banking, stabilization policies, and the United States and world trade. Students are expected not only to know the material but also apply critical thinking skills to the units covered.
Text
Campbell R. McConnell and Stanley L. Brue, Economics: Principles, Problems and Policies, 16th edition,McGraw-Hill Irwin.
Supplements
John S. Morton and Rae Jean B. Goodman, Advanced Placement Economics: Microeconomics, 3rd edition, National Council on Economic Education.
John S. Morton and Rae Jean B. Goodman, Advanced Placement Economics: Microeconomics, 3rd edition, National Council on Economic Education
The following will be the schedule for the first 9 weeks of the course. This will cover the Microeconomics portion of the course.
Part I: Introduction to Economics (15 days)
3 quizzes, 3 FRQs, 1 Test
McConnell Brue Chapter 1: The Nature and Method of Economics
Morton: Activity 1
-Scarcity and Choice
-Opportunity Costs
-Rational Behavior
-Marginalism: Benefits and Costs
-Theoretical Economics
-ceteris paribus
-Economic Policy
-Economics Goals
-Pitfalls to Sound Reasoning
McConnell Brue Chapter 2: The Economizing Problem
Morton: Activity 2, 3, 4, 5
-Foundations: Wants vs. Needs
-Resources: Land, Labor, Capital, Entrepreneurial Ability
-Full Employment
-Full Production
-Production Possibilities Frontier
-Law of Increasing Opportunity Cost
-Allocative Efficiency
-Unemployment and Productive Inefficiency
-Economic Growth
-International Trade
-Economic Systems: Market, Command, Transitional
-Circular Flow Model
McConnell Brue Chapter 3: Individual Markets: Demand and Supply
Morton: Activity 9, 10, 11, 12, 13, 14, 15, 16, 22
-Demand
-Law of Demand
-Demand Curve
-Market Demand
-Determinants of Demand
-Shift vs. Slide
-Price/Non-price factors
-Supply
-Law of Supply
-Supply Curve
-Determinants of Supply
-Shift vs. Slide
-Price/Non-price factors
-Equilibrium
-Surplus
-Shortage
-Market Clearing Price
-Rational Function of Prices
-Changes in Supply, Demand and Equilibrium
-Price Ceilings and Shortages
-Problems
Price Floors and Surpluses
-Problems
McConnell Brue Chapter 4: The Market System
-Characteristics of the Market System
-Private Property
-Self-Interest
-Competition
-Markets and Prices
-Market System at Work
-Basic Economic Questions
McConnell Brue Chapter 5: The U.S. Economy: Private and Public Sectors
-Circular Flow Model
-Business Organizations
-Government Finance
McConnell Brue Chapter 6: The United States in the Global Economy
Morton: Activity 6, 7
-U.S. and World Trade
-Specialization and Comparative Advantage
-Foreign Exchange Market
-Government and Trade
-Multilateral Trade Agreements and Free Trade Zones
McConnell Brue Chapter 20: Elasticity of Demand and Supply
Morton: 17, 18, 19, 20
-Price Elasticity of Demand
-Coefficient
-Elastic
-Inelastic
-Unit Elastic
-Total Revenue Test
-Price Elasticity and TR Curve
-Determinants
-Excise taxes
-Minimum Wage and Rent Controls
-Price Elasticity of Supply
-Short Run
-Long Run
-Cross Elasticity and Income Elasticity of Demand
-Income Elasticity of Demand
-Normal Goods
-Inferior Goods
McConnell Brue Chapter 21: Consumer Behavior and Utility Maximization
Morton: Activity 21
-Income and Substitution Effect
-Law of Diminishing Marginal Utility
-Consumer Choice and Budget Constraint
-Utility-Maximizing Rule
-Utility Maximization and the Demand Curve
Part II: Microeconomics of Product Markets (14 days)
3 quizzes, 3 FRQ’s, 1 test
McConnell Brue Chapter 22: The Costs of Production
Morton: Activity 24, 25, 26
-Economic Costs
-Implicit and Explicit Costs
-Normal Profit as a Cost
-Economic/Pure Profit
-Economic Loss
-Short Run/Long Run
-Short Run Relationships
-TP, MP and AP
-Law of Diminishing Returns
-Short Run Production Costs
-Fixed
-Variable
-Total
-AFC, AVC, ATC
-Marginal Cost and Marginal Product
-Relationship of MC to AVC and ATC
-Shifts of Cost Curves
-Long Run Production Costs
-LR Cost Curve
-Economies of Scale
-Labor Specialization
-Managerial Specialization
-Efficient Capital
-Other Factors
-Diseconomies of Scale
McConnell Brue Chapter 23: Pure Competition
Morton: Activity 27, 28, 29, 30, 31
-Four market Models
-Pure Competition, Pure Monopoly, Monopolistic Competition, Oligopoly
-Characteristics of Pure Competition
-Demand: Purely Competitive Seller
-Perfectly Elastic Demand
-AR, TR and MR
-Profit Maximization in the Short Run
-TR and TC
-MR and MC
-MR=MC Rule
-Three Characteristics of MR=MC Rule
-Profit Max Rule
-Loss Minimizing Rule
-MC and Short Run Supply
-Changes is Supply
-Market Price and Profits
-Firm vs. Industry
-Profit Maximization in the Long Run
-Long Run Equilibrium
-Entry Eliminates Economic Profits
-Exit Eliminates Losses
-Long Run Supply
-Perfectly Elastic Long Run Supply
-Increasing Cost Industry
-Decreasing Cost Industry
-Pure Competition and Efficiency
-Productive Efficiency
-Allocative Efficiency
-Under allocation
-Over allocation
-Efficient Allocation
-Invisible Hand
McConnell Brue Chapter 24: Pure Monopoly
Morton: 32, 33, 34, 36, 37, 38, 39
-Characteristics of a Pure Monopoly
-Examples
-Barriers to Entry
-Economies of Scale
-Legal
-Patents
-Licenses
-Ownership or Control of Essential resources
-Pricing
-Monopoly Demand
-MR less than P
-Price Maker/Price Setter
-Setting Price
-MR=MC Rule
-Supply Curve: None
-Total vs. Unit Profit
-Loss by Monopolist
-Economic Effects of Monopoly
-Price, Output and Efficiency
-Income Transfer
-Economies of Scale
-Price Discrimination
-Conditions
-Examples
-Outcomes
-Regulated Monopoly
-Socially Optimal Price: P=MC
-Fair Return Price: P=ATC
-Dilemma of Regulation
McConnell Brue Chapter 25: Monopolistic Competition and Oligopoly
Morton: Activity 40, 41, 42
-Characteristics of Monopolistic Competition
-Demand Curve
-Short Run Profit/Loss
-Long Run Normal Profit
-Monopolistic Competition and Efficiency
-Productive/Allocative Efficiency
-Excess Capacity
-Characteristics of Oligopoly
-Behavior
-“Game Theory”
-Collusive Tendencies
-Incentives to Cheat
-Oligopoly Models
-Kinked-Demand Theory
-No collusive Oligopoly
-Cartels and Collusion
-OPEC
-Price Leadership
-Oligopoly and Efficiency
Part III: Microeconomics of Resource Markets (10 days)
2 quizzes, 2 FRQs, 1 Test
McConnell Brue Chapter 27: The Demand for Resources
Morton: Activity 43, 44, 45, 46, 47
-Significance of Resource Pricing
-Marginal Productivity Theory of Resource Demand
-Derived Demand
-Marginal Revenue Product
-Rule for Employing Resources
-MRP=MRC
-MRP as Resource Demand Schedule
-Resource Demand under Imperfect Product Market Competition
-Market Demand for a Resource
-Determinants of Resource Demand
-Product Demand
-Productivity
-Price of Other Resources
-Elasticity of Resource Demand
-Optimal Combination of Resources
-Least Cost Rule
-Profit Maximizing Rule
-Marginal Productivity Theory of Income Distribution
McConnell Brue Chapter 28: Wage Determination
Morton: Activity 48, 49
-Labor, Wages and Earnings
-Level of Wages
-Productivity
-Real Wages
-Growth
-Perfectly Competitive Labor Market
-Market Demand
-Market Supply
-Market Equilibrium
-Monophony
-Supply Curve
-MRC/Wage Rate
-Equilibrium Wage
-Examples
-Union Model
-Minimum Wage Controversy
-Wage Differentials
-Pay for Performance
McConnell Brue Chapter 29: Rent, Interest and Profit
Morton: Activity 50, 51
-Economic Rent
-Interest
-Loanable Funds
-Interest Rates
-Economic Profit
Part IV: Microeconomics of Government (6 days)
1 quiz, 1 FRQ, 1 Test
McConnell Brue Chapter 30, Government and Market Failure
Morton: Activity 52, 54, 55
-Public Goods
-Externalities
-Spillover Costs
-Spillover Benefits
-Marginal Social Benefit
-Marginal Social Costs
-Subsidies
-Private Goods
McConnell Brue Chapter 31, Public Choice Theory and the Economics of Taxation
Morton: Activity 56, 59, 60
-Government Failure
-Apportioning the Tax Burden
-Benefits Received versus Ability to Pay
-Progressive, Proportional and Regressive Taxes
-Tax Incidence and Efficiency Loss
-Elasticity and Tax Incidence
-Efficiency Loss of a Tax
-Probable Incidence of U.S. Taxes
-U.S. Tax Structure
The following will be the schedule for the Macroeconomic portion of the course during the second 9 week period.
Part I: Introduction to Economics (10 days)
2 Quizzes, 2 FRQs, 1 Test
McConnell Brue Chapter 1: The Nature and Method of Economics
Morton: Activity 1
-Scarcity and Choice
-Rational Behavior
-Marginalism: Benefits and Costs
-Theoretical Economics
-ceteris paribus
-Economic Policy
-Economics Goals
-Pitfalls to Sound Reasoning
McConnell Brue Chapter 2: The Economizing Problem
-Foundations: Wants vs. Needs
-Resources: Land, Labor, Capital, Entrepreneurial Ability
-Full Employment
-Full Production
-Production Possibilities Frontier
-Law of Increasing Opportunity Cost
-Allocative Efficiency
-Unemployment and Productive Inefficiency
-Economic Growth
-International Trade
-Economic Systems: Market, Command, Transitional
-Circular Flow Model
McConnell Brue Chapter 37, International Trade
Morton: Activity 2
-Comparative and Absolute Advantage
-Trade Barriers and Free Trade
McConnell Brue Chapter 3: Individual Markets: Demand and Supply
Morton: Activity 3, 4, 5, 6, 7, 8
-Demand
-Law of Demand
-Demand Curve
-Market Demand
-Determinants of Demand
-Shift vs. Slide
-Price/Non-price factors
-Supply
-Law of Supply
-Supply Curve
-Determinants of Supply
-Shift vs. Slide
-Price/Non-price factors
-Equilibrium
-Surplus
-Shortage
-Market Clearing Price
-Rational Function of Prices
-Changes in Supply, Demand and Equilibrium
-Price Ceilings and Shortages
-Problems
Price Floors and Surpluses
-Problems
McConnell Brue Chapter 6: The United States in the Global Economy
-Specialization and Comparative Advantage
-Foreign Exchange Market
-Government and Trade
-Protectionism vs. Free Trade
Part II: Macroeconomic Measurement and Basic Concepts (5 days)
1 Quiz, 1 FRQ, 1 Test
McConnell Brue Chapter 7: Measuring Domestic Output and National Income
-GDP
-Expenditure Approach
-Income Approach
-National Accounts
-Nominal GDP
-Real GDP
-Shortcomings
McConnell Brue Chapter 8: Introduction to Economic Growth and Instability
Morton: Activity 11, 12, 13, 14, 15, 16, 17, 18
-Economic Growth
-Business Cycle
-Unemployment
-Inflation
-Redistribution
-Effects
Part III: National Income, Price Determination and Fiscal Policy (12 days)
3 Quizzes, 2 FRQs, 1 Test
McConnell Brue Chapter 9: Basic Macroeconomic Relationship
Morton: Activity 20, 21, 22
-Income-Consumption and Income-Saving Relationship
-Real Interest Rate – Investment Relationship
-Multiplier Effect
McConnell Brue Chapter 10: The Aggregate Expenditures Model
Morton: Activity 19
-Equilibrium GDP
-International Trade
-Public Sector
-Full-Employment
McConnell Brue Chapter 11: Aggregate Demand and Aggregate Supply
Morton: Activity 23, 24, 25
-Aggregate Demand
-Aggregate Supply
-Equilibrium
McConnell Brue Chapter 16, Analysis of Aggregate Supply
Morton: Activity 26, 27, 28, 29
-Short Run to Long Run
-Supply Shocks
-Supply-Side Policies
McConnell Brue Chapter 12: Fiscal Policy
Morton: Activity 30, 31, 32, 33
-Fiscal Policy and the AD/AS Model
-Stabilizers
-Full-Employment
-Time Lags
Part IV: Money, Banking and Monetary Policy (7 days)
2 Quizzes, 1 FRQ, 1 Test
McConnell Brue Chapter 13: Money and Banking
Morton: Activity 34, 35, 36
-Functions of Money
-Supply of Money
-M1, M2 and M3
- Value
-Demand for Money
-Money Market
-Federal Reserve
McConnell Brue Chapter 14, How Money and Thrifts Create Money
Morton: Activity 37
-Fractional Banking
-Money Multiplier
McConnell Brue Chapter 15, Monetary Policy (1 day)
Morton: Activity 38, 39, 40, 41, 42, 43, 44, 45
-Tools
-Open-Market Operations
-Reserve Ratio
-Discount Rate
-Monetary Policy, Real GDP and Price Level
-Actions
Part V: Long-Run Perspectives and Macroeconomic Debates (6 days)
1 Quiz, 1 FRQ, 1 Test
McConnell Brue Chapter 18, Deficits, Surpluses and Public Debt
-Budget Philosophies
-Public Debt
-Deficits and Surpluses
McConnell Brue Chapter 16, Analysis of Aggregate Supply
Morton: Activity 46
-Extended AD/AS Model
-Inflation/Unemployment Relationship
-Supply Shocks
-Phillips Curve
-Long-Run Phillips Curve
-Taxation and Aggregate Supply
-Disinflation
McConnell Brue Chapter 19, Disputes over Macro Theory and Policy
Morton: Activity 48
-Classicals
-Keynesians
-Instability
-Self-Correcting
VI. Economic Growth (2 days)
1 Quiz
McConnell Brue Chapter 17, Economic Growth
Morton: Activity 47
-Factors
-PPF Analysis
-Economies of Scale
-Productivity
Part VI: International Trade (3 days)
1 Quiz, 1FRQ, 1 Test
McConnell Brue Chapter 38, Exchange Rates, Balance of Payments and Trade Deficits
Morton: Activity 49, 50, 51, 52, 53, 54, 55,
-Financing International Trade
-Balance of Payments
-Exchange Rates
-Flexible
-Fixed
-International Exchange Rate System
-Recent U.S. Trade Deficits
Grading:
Students will have the opportunity to earn a certain number of points for each assignment given. Their grade will be determined by the number of points earned divided by the number of points available. The following are point values for assignments that will be given in the class:
Test = 100 points each.
Essays = 100 points each
Homework = 10 points each
Class Participation= 100 points overall
Class Participation:
All students are expected to be fully prepared and to participate actively in class discussion. Some students are more comfortable speaking publicly than others; therefore students who merely listen and are attentive will be considered to be actively participating in the lesson. All students must remain 100 per cent engaged throughout the course of the lesson. Sleeping, inattentiveness, and distractive behavior do not constitute active engagement, and any such conduct will bear heavily in my mind when grades are determined. No one is perfect, and occasional lapses are to be expected; for that reason, warnings will be given liberally before anyone is penalized. However any student who continuously or persistently fails to participate will be penalized. Students who are reading, working on assignments for other classes, or otherwise consciously disengaged will warrant immediate sanction. Please don’t insult my intelligence by telling me you can do two things at once.
. Due Dates:
All assignments will be due at the tardy bell on the date designated. Assignments handed in any time after the tardy bell, including those handed in during or immediately after class are late, and will be penalized ten points for each day they are late. Assignments not handed in by the tardy bell on the third day will not be accepted, and a grade of zero assigned. I reserve the right to require essays to be turned in at the beginning of the school day if circumstances warrant.
The intense level of work required in an Advanced Placement Course is such that daily attendance is essential to success. Students should take care that they are absent from class only when attendance is impossible. Students who are absent are responsible for all missed work. Those students who present an excused absence report from the school attendance office will be allowed three school days to complete missed assignments. This time may be extended for good cause shown. Students who fail to present an excused absence report will not be allowed to complete missed work and a grade of zero will be assigned. Additionally, students who fail to complete makeup work within three school days will receive a grade of zero. There will be no exceptions to this rule. Work eaten by dogs or computers is no excuse. It is the student's responsibility to complete missed work within the designated time limit. Reminders will not be given.
Extracurricular Activities:
The very nature of Advanced Placement courses requires that students commit substantial time to completion of readings, essays, etc. Students who wish to be successful in the course and on the economics examination must be willing to apportion their time judiciously. There are no shortcuts. It is entirely possible, even likely, that out of class preparation time will interfere with extra curricular activities, sports, courtship, work, etc. The choice of priorities is yours; however do not expect sympathy or understanding if your grade is adversely affected..
The Advanced Placement Examination:
The Micro/Macroeconomic Examination is scheduled for 8:00 a.m., Thursday May 13, 2010.Florida law requires that all students enrolled in Advanced Placement courses sit for the examination. All fees for the examination are paid by the Duval County School Board. Scores on the exam range from 1 – 5 with 5 the highest. Three or better is considered a successful grade. Students who score three or higher may be entitled to college credit. Individual colleges determine the necessary scores required before credit will be awarded. Any and all students who score a grade of FIVE on the Micro/Macroeconomics exam are entitled to a dinner for two at a restaurant of your choice on my tab. Go for it!
. Academic Integrity:
All work turned in for credit must be the student’s own original work; it must not be plagiarized nor obtained by any other dishonest or inappropriate means. Assistance or coaching from any third person, including but not limited to former students, parents, etc. on any work submitted for credit is inappropriate. All computer generated work turned in for credit must be accompanied by a floppy disk with the student's name written legibly on an outside label. Additionally, all work submitted for credit of any kind (quizzes, tests, summaries, essays, etc) must be signed at the foot of the last page by the student. Your signature constitutes your attestation that the work is your own. Unsigned work will be returned unread, and the normal penalty for late work applied.
Typical college policy for academic dishonesty is expulsion from the institution for the first offense. Students who receive inappropriate assistance or commit any act of academic dishonesty, including but not limited to plagiarism, use of published summaries in place of assigned readings (Cliff's Notes, Sparks Notes, Pink Monkey, etc), snooping to copy answers from other students, crib sheets, etc, are guilty of theft, and will receive a grade of zero for the assignment. Additionally, the student’s parents, the National Honor Society, and Educational testing service will be notified. A signed report of the incident will be placed in the student’s scholarship file with appropriate recommendations..
I will be available every Thursday afternoon at 2:20 sharp to answer any questions or to provide extra help or tutoring. Please take advantage of this help opportunity.
Classroom Behavior:
All members of the class will show respect to all other members of the class at all times.
Hats and electronic devices are not allowed in my class. I do not want to see them.
Food and drink are not allowed in class. Water is allowed.
Please come prepared for class every day. (Textbook, Pen and or pencil, Notebook Paper, Notebook.)
A Final Word:
Rest assured that I understand and appreciate more than anyone the difficult nature of this course and the demands on your time which will often appear unreasonable. The course has been designed to satisfy the requirements of Educational Testing Service, which sponsors the Advanced Placement Program; not out of any desire to punish or mistreat my students, all of whom are very special to me. I hope that you will feel free to contact me at any time with any question or concern. I will not be upset if you call me on weekends or at night (provided the hour is reasonable, of course.), and that you understand that I will do all I can to assist you. REMEMBER: (1) The only stupid question is the one you do not ask, and (2) The only time I will get angry with you is if you have a problem and DON'T share it with me.
I look forward to a great year of learning with each of you!
Teacher: Perry Walthour
Email: walthourp@duvalschools.org
School Phone: 381-3930 ext. 150
Cell Phone: 504-5490
Students and parents should feel free to contact me at any time to discuss any concerns that may arise. I would encourage parents to contact me on a weekly basis regarding the academic progress of their child.
Parents and Students should check our class website @ http://www.leeapecon.blogspot.com/ on a daily basis for updates on various aspects of the course.
AP Micro/Macro Economics is a year long, college-level course. Each student is expected to take the AP Exam that is administered in May. Successful achievement on the AP Exam allows the student to earn three hours of college credit.
AP Micro/Macro Economics is a nine week study each of economic principles concerning individual decision makers within an economy and emphasizes economic principles as applied to the economy as a whole. The main areas of concentration include basic economic concepts; the nature and functions of product markets; factor markets; and efficiency, equity and role of government. Analysis of national income and its components, economic indicators, inflation and unemployment, money and banking, stabilization policies, and the United States and world trade. Students are expected not only to know the material but also apply critical thinking skills to the units covered.
Text
Campbell R. McConnell and Stanley L. Brue, Economics: Principles, Problems and Policies, 16th edition,McGraw-Hill Irwin.
Supplements
John S. Morton and Rae Jean B. Goodman, Advanced Placement Economics: Microeconomics, 3rd edition, National Council on Economic Education.
John S. Morton and Rae Jean B. Goodman, Advanced Placement Economics: Microeconomics, 3rd edition, National Council on Economic Education
The following will be the schedule for the first 9 weeks of the course. This will cover the Microeconomics portion of the course.
Part I: Introduction to Economics (15 days)
3 quizzes, 3 FRQs, 1 Test
McConnell Brue Chapter 1: The Nature and Method of Economics
Morton: Activity 1
-Scarcity and Choice
-Opportunity Costs
-Rational Behavior
-Marginalism: Benefits and Costs
-Theoretical Economics
-ceteris paribus
-Economic Policy
-Economics Goals
-Pitfalls to Sound Reasoning
McConnell Brue Chapter 2: The Economizing Problem
Morton: Activity 2, 3, 4, 5
-Foundations: Wants vs. Needs
-Resources: Land, Labor, Capital, Entrepreneurial Ability
-Full Employment
-Full Production
-Production Possibilities Frontier
-Law of Increasing Opportunity Cost
-Allocative Efficiency
-Unemployment and Productive Inefficiency
-Economic Growth
-International Trade
-Economic Systems: Market, Command, Transitional
-Circular Flow Model
McConnell Brue Chapter 3: Individual Markets: Demand and Supply
Morton: Activity 9, 10, 11, 12, 13, 14, 15, 16, 22
-Demand
-Law of Demand
-Demand Curve
-Market Demand
-Determinants of Demand
-Shift vs. Slide
-Price/Non-price factors
-Supply
-Law of Supply
-Supply Curve
-Determinants of Supply
-Shift vs. Slide
-Price/Non-price factors
-Equilibrium
-Surplus
-Shortage
-Market Clearing Price
-Rational Function of Prices
-Changes in Supply, Demand and Equilibrium
-Price Ceilings and Shortages
-Problems
Price Floors and Surpluses
-Problems
McConnell Brue Chapter 4: The Market System
-Characteristics of the Market System
-Private Property
-Self-Interest
-Competition
-Markets and Prices
-Market System at Work
-Basic Economic Questions
McConnell Brue Chapter 5: The U.S. Economy: Private and Public Sectors
-Circular Flow Model
-Business Organizations
-Government Finance
McConnell Brue Chapter 6: The United States in the Global Economy
Morton: Activity 6, 7
-U.S. and World Trade
-Specialization and Comparative Advantage
-Foreign Exchange Market
-Government and Trade
-Multilateral Trade Agreements and Free Trade Zones
McConnell Brue Chapter 20: Elasticity of Demand and Supply
Morton: 17, 18, 19, 20
-Price Elasticity of Demand
-Coefficient
-Elastic
-Inelastic
-Unit Elastic
-Total Revenue Test
-Price Elasticity and TR Curve
-Determinants
-Excise taxes
-Minimum Wage and Rent Controls
-Price Elasticity of Supply
-Short Run
-Long Run
-Cross Elasticity and Income Elasticity of Demand
-Income Elasticity of Demand
-Normal Goods
-Inferior Goods
McConnell Brue Chapter 21: Consumer Behavior and Utility Maximization
Morton: Activity 21
-Income and Substitution Effect
-Law of Diminishing Marginal Utility
-Consumer Choice and Budget Constraint
-Utility-Maximizing Rule
-Utility Maximization and the Demand Curve
Part II: Microeconomics of Product Markets (14 days)
3 quizzes, 3 FRQ’s, 1 test
McConnell Brue Chapter 22: The Costs of Production
Morton: Activity 24, 25, 26
-Economic Costs
-Implicit and Explicit Costs
-Normal Profit as a Cost
-Economic/Pure Profit
-Economic Loss
-Short Run/Long Run
-Short Run Relationships
-TP, MP and AP
-Law of Diminishing Returns
-Short Run Production Costs
-Fixed
-Variable
-Total
-AFC, AVC, ATC
-Marginal Cost and Marginal Product
-Relationship of MC to AVC and ATC
-Shifts of Cost Curves
-Long Run Production Costs
-LR Cost Curve
-Economies of Scale
-Labor Specialization
-Managerial Specialization
-Efficient Capital
-Other Factors
-Diseconomies of Scale
McConnell Brue Chapter 23: Pure Competition
Morton: Activity 27, 28, 29, 30, 31
-Four market Models
-Pure Competition, Pure Monopoly, Monopolistic Competition, Oligopoly
-Characteristics of Pure Competition
-Demand: Purely Competitive Seller
-Perfectly Elastic Demand
-AR, TR and MR
-Profit Maximization in the Short Run
-TR and TC
-MR and MC
-MR=MC Rule
-Three Characteristics of MR=MC Rule
-Profit Max Rule
-Loss Minimizing Rule
-MC and Short Run Supply
-Changes is Supply
-Market Price and Profits
-Firm vs. Industry
-Profit Maximization in the Long Run
-Long Run Equilibrium
-Entry Eliminates Economic Profits
-Exit Eliminates Losses
-Long Run Supply
-Perfectly Elastic Long Run Supply
-Increasing Cost Industry
-Decreasing Cost Industry
-Pure Competition and Efficiency
-Productive Efficiency
-Allocative Efficiency
-Under allocation
-Over allocation
-Efficient Allocation
-Invisible Hand
McConnell Brue Chapter 24: Pure Monopoly
Morton: 32, 33, 34, 36, 37, 38, 39
-Characteristics of a Pure Monopoly
-Examples
-Barriers to Entry
-Economies of Scale
-Legal
-Patents
-Licenses
-Ownership or Control of Essential resources
-Pricing
-Monopoly Demand
-MR less than P
-Price Maker/Price Setter
-Setting Price
-MR=MC Rule
-Supply Curve: None
-Total vs. Unit Profit
-Loss by Monopolist
-Economic Effects of Monopoly
-Price, Output and Efficiency
-Income Transfer
-Economies of Scale
-Price Discrimination
-Conditions
-Examples
-Outcomes
-Regulated Monopoly
-Socially Optimal Price: P=MC
-Fair Return Price: P=ATC
-Dilemma of Regulation
McConnell Brue Chapter 25: Monopolistic Competition and Oligopoly
Morton: Activity 40, 41, 42
-Characteristics of Monopolistic Competition
-Demand Curve
-Short Run Profit/Loss
-Long Run Normal Profit
-Monopolistic Competition and Efficiency
-Productive/Allocative Efficiency
-Excess Capacity
-Characteristics of Oligopoly
-Behavior
-“Game Theory”
-Collusive Tendencies
-Incentives to Cheat
-Oligopoly Models
-Kinked-Demand Theory
-No collusive Oligopoly
-Cartels and Collusion
-OPEC
-Price Leadership
-Oligopoly and Efficiency
Part III: Microeconomics of Resource Markets (10 days)
2 quizzes, 2 FRQs, 1 Test
McConnell Brue Chapter 27: The Demand for Resources
Morton: Activity 43, 44, 45, 46, 47
-Significance of Resource Pricing
-Marginal Productivity Theory of Resource Demand
-Derived Demand
-Marginal Revenue Product
-Rule for Employing Resources
-MRP=MRC
-MRP as Resource Demand Schedule
-Resource Demand under Imperfect Product Market Competition
-Market Demand for a Resource
-Determinants of Resource Demand
-Product Demand
-Productivity
-Price of Other Resources
-Elasticity of Resource Demand
-Optimal Combination of Resources
-Least Cost Rule
-Profit Maximizing Rule
-Marginal Productivity Theory of Income Distribution
McConnell Brue Chapter 28: Wage Determination
Morton: Activity 48, 49
-Labor, Wages and Earnings
-Level of Wages
-Productivity
-Real Wages
-Growth
-Perfectly Competitive Labor Market
-Market Demand
-Market Supply
-Market Equilibrium
-Monophony
-Supply Curve
-MRC/Wage Rate
-Equilibrium Wage
-Examples
-Union Model
-Minimum Wage Controversy
-Wage Differentials
-Pay for Performance
McConnell Brue Chapter 29: Rent, Interest and Profit
Morton: Activity 50, 51
-Economic Rent
-Interest
-Loanable Funds
-Interest Rates
-Economic Profit
Part IV: Microeconomics of Government (6 days)
1 quiz, 1 FRQ, 1 Test
McConnell Brue Chapter 30, Government and Market Failure
Morton: Activity 52, 54, 55
-Public Goods
-Externalities
-Spillover Costs
-Spillover Benefits
-Marginal Social Benefit
-Marginal Social Costs
-Subsidies
-Private Goods
McConnell Brue Chapter 31, Public Choice Theory and the Economics of Taxation
Morton: Activity 56, 59, 60
-Government Failure
-Apportioning the Tax Burden
-Benefits Received versus Ability to Pay
-Progressive, Proportional and Regressive Taxes
-Tax Incidence and Efficiency Loss
-Elasticity and Tax Incidence
-Efficiency Loss of a Tax
-Probable Incidence of U.S. Taxes
-U.S. Tax Structure
The following will be the schedule for the Macroeconomic portion of the course during the second 9 week period.
Part I: Introduction to Economics (10 days)
2 Quizzes, 2 FRQs, 1 Test
McConnell Brue Chapter 1: The Nature and Method of Economics
Morton: Activity 1
-Scarcity and Choice
-Rational Behavior
-Marginalism: Benefits and Costs
-Theoretical Economics
-ceteris paribus
-Economic Policy
-Economics Goals
-Pitfalls to Sound Reasoning
McConnell Brue Chapter 2: The Economizing Problem
-Foundations: Wants vs. Needs
-Resources: Land, Labor, Capital, Entrepreneurial Ability
-Full Employment
-Full Production
-Production Possibilities Frontier
-Law of Increasing Opportunity Cost
-Allocative Efficiency
-Unemployment and Productive Inefficiency
-Economic Growth
-International Trade
-Economic Systems: Market, Command, Transitional
-Circular Flow Model
McConnell Brue Chapter 37, International Trade
Morton: Activity 2
-Comparative and Absolute Advantage
-Trade Barriers and Free Trade
McConnell Brue Chapter 3: Individual Markets: Demand and Supply
Morton: Activity 3, 4, 5, 6, 7, 8
-Demand
-Law of Demand
-Demand Curve
-Market Demand
-Determinants of Demand
-Shift vs. Slide
-Price/Non-price factors
-Supply
-Law of Supply
-Supply Curve
-Determinants of Supply
-Shift vs. Slide
-Price/Non-price factors
-Equilibrium
-Surplus
-Shortage
-Market Clearing Price
-Rational Function of Prices
-Changes in Supply, Demand and Equilibrium
-Price Ceilings and Shortages
-Problems
Price Floors and Surpluses
-Problems
McConnell Brue Chapter 6: The United States in the Global Economy
-Specialization and Comparative Advantage
-Foreign Exchange Market
-Government and Trade
-Protectionism vs. Free Trade
Part II: Macroeconomic Measurement and Basic Concepts (5 days)
1 Quiz, 1 FRQ, 1 Test
McConnell Brue Chapter 7: Measuring Domestic Output and National Income
-GDP
-Expenditure Approach
-Income Approach
-National Accounts
-Nominal GDP
-Real GDP
-Shortcomings
McConnell Brue Chapter 8: Introduction to Economic Growth and Instability
Morton: Activity 11, 12, 13, 14, 15, 16, 17, 18
-Economic Growth
-Business Cycle
-Unemployment
-Inflation
-Redistribution
-Effects
Part III: National Income, Price Determination and Fiscal Policy (12 days)
3 Quizzes, 2 FRQs, 1 Test
McConnell Brue Chapter 9: Basic Macroeconomic Relationship
Morton: Activity 20, 21, 22
-Income-Consumption and Income-Saving Relationship
-Real Interest Rate – Investment Relationship
-Multiplier Effect
McConnell Brue Chapter 10: The Aggregate Expenditures Model
Morton: Activity 19
-Equilibrium GDP
-International Trade
-Public Sector
-Full-Employment
McConnell Brue Chapter 11: Aggregate Demand and Aggregate Supply
Morton: Activity 23, 24, 25
-Aggregate Demand
-Aggregate Supply
-Equilibrium
McConnell Brue Chapter 16, Analysis of Aggregate Supply
Morton: Activity 26, 27, 28, 29
-Short Run to Long Run
-Supply Shocks
-Supply-Side Policies
McConnell Brue Chapter 12: Fiscal Policy
Morton: Activity 30, 31, 32, 33
-Fiscal Policy and the AD/AS Model
-Stabilizers
-Full-Employment
-Time Lags
Part IV: Money, Banking and Monetary Policy (7 days)
2 Quizzes, 1 FRQ, 1 Test
McConnell Brue Chapter 13: Money and Banking
Morton: Activity 34, 35, 36
-Functions of Money
-Supply of Money
-M1, M2 and M3
- Value
-Demand for Money
-Money Market
-Federal Reserve
McConnell Brue Chapter 14, How Money and Thrifts Create Money
Morton: Activity 37
-Fractional Banking
-Money Multiplier
McConnell Brue Chapter 15, Monetary Policy (1 day)
Morton: Activity 38, 39, 40, 41, 42, 43, 44, 45
-Tools
-Open-Market Operations
-Reserve Ratio
-Discount Rate
-Monetary Policy, Real GDP and Price Level
-Actions
Part V: Long-Run Perspectives and Macroeconomic Debates (6 days)
1 Quiz, 1 FRQ, 1 Test
McConnell Brue Chapter 18, Deficits, Surpluses and Public Debt
-Budget Philosophies
-Public Debt
-Deficits and Surpluses
McConnell Brue Chapter 16, Analysis of Aggregate Supply
Morton: Activity 46
-Extended AD/AS Model
-Inflation/Unemployment Relationship
-Supply Shocks
-Phillips Curve
-Long-Run Phillips Curve
-Taxation and Aggregate Supply
-Disinflation
McConnell Brue Chapter 19, Disputes over Macro Theory and Policy
Morton: Activity 48
-Classicals
-Keynesians
-Instability
-Self-Correcting
VI. Economic Growth (2 days)
1 Quiz
McConnell Brue Chapter 17, Economic Growth
Morton: Activity 47
-Factors
-PPF Analysis
-Economies of Scale
-Productivity
Part VI: International Trade (3 days)
1 Quiz, 1FRQ, 1 Test
McConnell Brue Chapter 38, Exchange Rates, Balance of Payments and Trade Deficits
Morton: Activity 49, 50, 51, 52, 53, 54, 55,
-Financing International Trade
-Balance of Payments
-Exchange Rates
-Flexible
-Fixed
-International Exchange Rate System
-Recent U.S. Trade Deficits
Grading:
Students will have the opportunity to earn a certain number of points for each assignment given. Their grade will be determined by the number of points earned divided by the number of points available. The following are point values for assignments that will be given in the class:
Test = 100 points each.
Essays = 100 points each
Homework = 10 points each
Class Participation= 100 points overall
Class Participation:
All students are expected to be fully prepared and to participate actively in class discussion. Some students are more comfortable speaking publicly than others; therefore students who merely listen and are attentive will be considered to be actively participating in the lesson. All students must remain 100 per cent engaged throughout the course of the lesson. Sleeping, inattentiveness, and distractive behavior do not constitute active engagement, and any such conduct will bear heavily in my mind when grades are determined. No one is perfect, and occasional lapses are to be expected; for that reason, warnings will be given liberally before anyone is penalized. However any student who continuously or persistently fails to participate will be penalized. Students who are reading, working on assignments for other classes, or otherwise consciously disengaged will warrant immediate sanction. Please don’t insult my intelligence by telling me you can do two things at once.
. Due Dates:
All assignments will be due at the tardy bell on the date designated. Assignments handed in any time after the tardy bell, including those handed in during or immediately after class are late, and will be penalized ten points for each day they are late. Assignments not handed in by the tardy bell on the third day will not be accepted, and a grade of zero assigned. I reserve the right to require essays to be turned in at the beginning of the school day if circumstances warrant.
The intense level of work required in an Advanced Placement Course is such that daily attendance is essential to success. Students should take care that they are absent from class only when attendance is impossible. Students who are absent are responsible for all missed work. Those students who present an excused absence report from the school attendance office will be allowed three school days to complete missed assignments. This time may be extended for good cause shown. Students who fail to present an excused absence report will not be allowed to complete missed work and a grade of zero will be assigned. Additionally, students who fail to complete makeup work within three school days will receive a grade of zero. There will be no exceptions to this rule. Work eaten by dogs or computers is no excuse. It is the student's responsibility to complete missed work within the designated time limit. Reminders will not be given.
Extracurricular Activities:
The very nature of Advanced Placement courses requires that students commit substantial time to completion of readings, essays, etc. Students who wish to be successful in the course and on the economics examination must be willing to apportion their time judiciously. There are no shortcuts. It is entirely possible, even likely, that out of class preparation time will interfere with extra curricular activities, sports, courtship, work, etc. The choice of priorities is yours; however do not expect sympathy or understanding if your grade is adversely affected..
The Advanced Placement Examination:
The Micro/Macroeconomic Examination is scheduled for 8:00 a.m., Thursday May 13, 2010.Florida law requires that all students enrolled in Advanced Placement courses sit for the examination. All fees for the examination are paid by the Duval County School Board. Scores on the exam range from 1 – 5 with 5 the highest. Three or better is considered a successful grade. Students who score three or higher may be entitled to college credit. Individual colleges determine the necessary scores required before credit will be awarded. Any and all students who score a grade of FIVE on the Micro/Macroeconomics exam are entitled to a dinner for two at a restaurant of your choice on my tab. Go for it!
. Academic Integrity:
All work turned in for credit must be the student’s own original work; it must not be plagiarized nor obtained by any other dishonest or inappropriate means. Assistance or coaching from any third person, including but not limited to former students, parents, etc. on any work submitted for credit is inappropriate. All computer generated work turned in for credit must be accompanied by a floppy disk with the student's name written legibly on an outside label. Additionally, all work submitted for credit of any kind (quizzes, tests, summaries, essays, etc) must be signed at the foot of the last page by the student. Your signature constitutes your attestation that the work is your own. Unsigned work will be returned unread, and the normal penalty for late work applied.
Typical college policy for academic dishonesty is expulsion from the institution for the first offense. Students who receive inappropriate assistance or commit any act of academic dishonesty, including but not limited to plagiarism, use of published summaries in place of assigned readings (Cliff's Notes, Sparks Notes, Pink Monkey, etc), snooping to copy answers from other students, crib sheets, etc, are guilty of theft, and will receive a grade of zero for the assignment. Additionally, the student’s parents, the National Honor Society, and Educational testing service will be notified. A signed report of the incident will be placed in the student’s scholarship file with appropriate recommendations..
I will be available every Thursday afternoon at 2:20 sharp to answer any questions or to provide extra help or tutoring. Please take advantage of this help opportunity.
Classroom Behavior:
All members of the class will show respect to all other members of the class at all times.
Hats and electronic devices are not allowed in my class. I do not want to see them.
Food and drink are not allowed in class. Water is allowed.
Please come prepared for class every day. (Textbook, Pen and or pencil, Notebook Paper, Notebook.)
A Final Word:
Rest assured that I understand and appreciate more than anyone the difficult nature of this course and the demands on your time which will often appear unreasonable. The course has been designed to satisfy the requirements of Educational Testing Service, which sponsors the Advanced Placement Program; not out of any desire to punish or mistreat my students, all of whom are very special to me. I hope that you will feel free to contact me at any time with any question or concern. I will not be upset if you call me on weekends or at night (provided the hour is reasonable, of course.), and that you understand that I will do all I can to assist you. REMEMBER: (1) The only stupid question is the one you do not ask, and (2) The only time I will get angry with you is if you have a problem and DON'T share it with me.
I look forward to a great year of learning with each of you!
Monday, August 10, 2009
FCAT Essay Rubric
FCAT Writing Rubric — Grade 10
Score Points in Rubric The rubric further interprets the four major areas of consideration into levels of achievement.
6 Points - The writing is focused and purposeful, and it reflects insight into the writing situation. The organizational pattern provides for a logical progression of ideas. Effective use of transitional devices contributes to a sense of completeness. The development of the support is substantial, specific, relevant, and concrete. The writer shows commitment to and involvement with the subject and may use creative writing strategies. The writing demonstrates a mature command of language with freshness of expression. Sentence structure is varied, and few, if any, convention errors occur in mechanics, usage, punctuation, and spelling.
5 Points - The writing is focused on the topic, and its organizational pattern provides for a logical progression of ideas. Effective use of transitional devices contributes to a sense of completeness. The support is developed through ample use of specific details and examples. The writing demonstrates a mature command of language, and there is variation in sentence structure. The response generally follows the conventions of mechanics, usage, punctuation, and spelling.
4 Points - The writing is focused on the topic and includes few, if any, loosely related ideas. An organizational pattern is apparent, and it is strengthened by the use of transitional devices. The support is consistently developed, but it may lack specificity. Word choice is adequate, and variation in sentence structure is demonstrated. The response generally follows the conventions of mechanics, usage, punctuation, and spelling.
3 Points - The writing is focused but may contain ideas that are loosely connected to the topic. An organizational pattern is demonstrated, but the response may lack a logical progression of ideas. Development of support may be uneven. Word choice is adequate, and some variation in sentence structure is demonstrated. The response generally follows the conventions of mechanics, usage, punctuation, and spelling.
2 Points The writing addresses the topic but may lose focus by including extraneous or loosely related ideas. The organizational pattern usually includes a beginning, middle, and ending, but these elements may be brief. The development of the support may be erratic and nonspecific, and ideas may be repeated. Word choice may be limited, predictable, or vague. Errors may occur in the basic conventions of sentence structure, mechanics, usage, and punctuation, but commonly used words are usually spelled correctly.
1 Point - The writing addresses the topic but may lose focus by including extraneous or loosely related ideas. The response may have an organizational pattern, but it may lack a sense of completeness or closure. There is little, if any, development of the supporting ideas, and the support may consist of generalizations or fragmentary lists. Limited or inappropriate word choice may obscure meaning. Frequent and blatant errors may occur in the basic conventions of sentence structure, mechanics, usage, and punctuation, and commonly used words may be misspelled.
Unscorable The paper is unscorable because
• the response is not related to what the prompt requested the student to do;
• the response is simply a rewording of the prompt;
• the response is a copy of a published work;
• the student refused to write;
• the response is illegible;
• the response is written in a foreign language;
• the response is incomprehensible (words are arranged in such a way that no meaning is conveyed);
• the response contains an insufficient amount of writing addressing the prompt;
• the response contains an insufficient amount of writing to determine if the student was attempting to address the prompt;
• the writing folder is blank.
Score Points in Rubric The rubric further interprets the four major areas of consideration into levels of achievement.
6 Points - The writing is focused and purposeful, and it reflects insight into the writing situation. The organizational pattern provides for a logical progression of ideas. Effective use of transitional devices contributes to a sense of completeness. The development of the support is substantial, specific, relevant, and concrete. The writer shows commitment to and involvement with the subject and may use creative writing strategies. The writing demonstrates a mature command of language with freshness of expression. Sentence structure is varied, and few, if any, convention errors occur in mechanics, usage, punctuation, and spelling.
5 Points - The writing is focused on the topic, and its organizational pattern provides for a logical progression of ideas. Effective use of transitional devices contributes to a sense of completeness. The support is developed through ample use of specific details and examples. The writing demonstrates a mature command of language, and there is variation in sentence structure. The response generally follows the conventions of mechanics, usage, punctuation, and spelling.
4 Points - The writing is focused on the topic and includes few, if any, loosely related ideas. An organizational pattern is apparent, and it is strengthened by the use of transitional devices. The support is consistently developed, but it may lack specificity. Word choice is adequate, and variation in sentence structure is demonstrated. The response generally follows the conventions of mechanics, usage, punctuation, and spelling.
3 Points - The writing is focused but may contain ideas that are loosely connected to the topic. An organizational pattern is demonstrated, but the response may lack a logical progression of ideas. Development of support may be uneven. Word choice is adequate, and some variation in sentence structure is demonstrated. The response generally follows the conventions of mechanics, usage, punctuation, and spelling.
2 Points The writing addresses the topic but may lose focus by including extraneous or loosely related ideas. The organizational pattern usually includes a beginning, middle, and ending, but these elements may be brief. The development of the support may be erratic and nonspecific, and ideas may be repeated. Word choice may be limited, predictable, or vague. Errors may occur in the basic conventions of sentence structure, mechanics, usage, and punctuation, but commonly used words are usually spelled correctly.
1 Point - The writing addresses the topic but may lose focus by including extraneous or loosely related ideas. The response may have an organizational pattern, but it may lack a sense of completeness or closure. There is little, if any, development of the supporting ideas, and the support may consist of generalizations or fragmentary lists. Limited or inappropriate word choice may obscure meaning. Frequent and blatant errors may occur in the basic conventions of sentence structure, mechanics, usage, and punctuation, and commonly used words may be misspelled.
Unscorable The paper is unscorable because
• the response is not related to what the prompt requested the student to do;
• the response is simply a rewording of the prompt;
• the response is a copy of a published work;
• the student refused to write;
• the response is illegible;
• the response is written in a foreign language;
• the response is incomprehensible (words are arranged in such a way that no meaning is conveyed);
• the response contains an insufficient amount of writing addressing the prompt;
• the response contains an insufficient amount of writing to determine if the student was attempting to address the prompt;
• the writing folder is blank.
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