2012 Macroeconomics Syllabus

AP Macroeconomics


Teacher: Perry Walthour

Email: walthourp@duvalschools.org

School Phone: 381-3930 ext. 1157

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 @ www.leeapecon.blogspot.com on a daily basis for updates on various aspects of the course.
Parents please register for Oncourse in room 107 at Lee. Oncourse will allow you to check the academic ststus of your child anytime.


AP Macro Economics is a semester 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 Macro Economics is an 18 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


Part I: Introduction to Economics

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

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

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

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

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

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., Tuesday, May 17, 2012 at 8 AM.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 1:45 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!