D. C. Everest Social Studies
Economics - Advanced Placement
Essential Understandings | - The course provides instruction in basic economic concepts.
- The course provides instruction in measurement of economic performance.
- The course provides instruction in national income and price determination.
- The course provides instruction in the financial sector.
- The course provides instruction in inflation, unemployment, and stabilization policies.
- The course provides instruction in economic growth and productivity.
- The course provides instruction in the open economy (international trade and finance).
- The course promotes the understanding of aggregate economic activity; the utilization of resources within and across countries; and the critical evaluation of determinants of economic progress and economic decisions made by policy makers.
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Essential Skills | - The course teaches the use of economic models to understand economic concepts and thinking.
- The course teaches students how to generate, label, and analyze graphs, charts, and data to describe and explain economic concepts.
- The course teaches students toexamine the relationship between the government and the economy including the federal budget, fiscal and monetary policy.
- The course promotes students to analyze current economic events by using economic thinking.
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AP Econ | Quarter 1 or 3 | Quarter 2 or 4 |
Reading | McConnell, Campbell, and Stanley Brue. Macroeconomics: Principles, Problems, and Policies, Economics, 17th ed. McGraw-Hill/Irwin, 2008. - Oral Book Review—one required per quarter (*Students choose their book from an approved book list. See Appendix A)
- Economic endeavors --Students must hand in minimum of five current economic endeavors per quarter. (see writing for more information)
- Practice/Activity book
Morton, John, Stephen G. Buckles, Steven L. Miller, David M. Nelson, and Edward C. Prehn. High School Economics Courses, 2nd ed. Joint Council on Economic Education, 1992. Various Articles including: Introduction to Economics The Economic Revolution: from “The Worldly Philosophers” “Economics discover its feelings From The Economist” Dec 23 2006 “Measuring Broad Economic Goals” “Numbers that make the news” | McConnell, Campbell, and Stanley Brue. Macroeconomics: Principles, Problems, and Policies, Economics, 17th ed. McGraw-Hill/Irwin, 2008. - Oral Book Review—one required per quarter (*Students choose their book from an approved book list. See Appendix A)
- Economic endeavors --Students must hand in minimum of five current economic endeavors per quarter. (see writing for more information)
- Practice/Activity book
Morton, John, Stephen G. Buckles, Steven L. Miller, David M. Nelson, and Edward C. Prehn. High School Economics Courses, 2nd ed. Joint Council on Economic Education, 1992. Various Articles including: “Why specialize in Trade” “We may be taking some hits from free trade” (Alan Blinder interview Market place 2007) |
Writing | Students must hand in minimum of five current economic endeavors per quarter. Student requirements include examining current economic events, and economic analysis of article. Sources: A web site, a newspaper article, or a magazine article with economic implications. Students are not required to use specific periodicals or articles but draw heavily upon The Economist, MSNBC.com, Wall Street Journal, New York Times, Wisconsin State Journal, and the Wausau Daily Herald to name a few of the various Magazine and Newspaper Articles used.Write up requirements: Summary, analysis, judgement/evaluation. Quizzes and tests | Students must hand in minimum of five current economic endeavors per quarter. Student requirements include examining current economic events , and economic analysis of article. Sources: A web site, a newspaper article, or a magazine article with economic implications. Students are not required to use specific periodicals or articles but draw heavily upon The Economist, MSNBC.com, Wall Street Journal, New York Times, Wisconsin State Journal, and the Wausau Daily Herald to name a few of the various Magazine and Newspaper Articles used.Write up requirements: Summary, analysis, judgement/evaluation. Quizzes and tests |
Discussion | Oral Book Review—one required per quarter*Students choose their book from an approved book list or get prior approval. See Appendix A simulations/labs Partner presentations Endeavor Discussions topic discussions throughout | Oral Book Review—one required per quarter*Students choose their book from an approved book list or get prior approval. See Appendix A simulations/labs Partner presentations Endeavor Discussions topic discussions throughout Group “Review Video/Presentation” Assignment |
Vocabulary |
Allocative Efficiency | Barter | Capital | Capital Goods | Ceteris Paribus | Circular Flow Model | Command System | Competition | Consumer Goods | Deductive | Direct relationship | Economic Growth | Economic Perspective | Economic Policy | Economic Principles | Economic Profit |
Factors of Production | Fallacy of Composition | Firms | Full Production | Full Production | Households | Indirect relationship | Inductive | Labor | Land | Macroeconomics | Marginal Analysis | Market Equilibrium | Market System | Medium of Exchange | Microeconomics |
Opportunity Cost | Positive Economics | Post Hoc Fallacy | Principles | Product Market | Production Possibility Curve | Productive Efficiency | Pure Capitalism | Pure Capitalism | Resource payments | Scarcity | Specialization | Tradeoffs | Traditional Economy | Utility |
Economic System | Economic System | Economics | Entrepreneurial ability |
Mixed Economy | Models | Normal Profit | Normative Economics |
Business Cycle | Consumer Price Index | Consumption | Consumption of Capital | Cost-push Inflation | GDP Deflator | Cyclical Unemployment | Demand –pull Inflation | Discouraged Workers | Disposable Income | Durable Good | Excise Tax | Exclusion Principle | Expenditure Approach | Export | Externality | Final Goods | Fiscal Federalism | Free-rider problem | Frictional Unemployment | Full Employment | Full Production | Functional Distribution of Income |
GDP Gap | GNP | Government Purchases | Gross Domestic Product | Gross Private Investment | Okun’s Law | Hyperinflation | Import | Income Approach | Income Tax | Inflation | Intermediate Goods | Investment | Labor Force | Monopoly | National Income | National Income Accounting | Natural Rate of unemployment | Net Domestic Product | Net Export | Nominal GDP | Nominal Interest rate | Non durable Good |
Peak | Personal Consumption | Personal Distribution of Income | Personal Income | Price Index | Producer Price Index | Progressive Tax | Public Goods | Quasi-public Goods | Real GDP | Real interest rate | Recession | Recovery | Rule of 70 (72) | Services | Spillover Benefits | Spillovers Costs | Standard of Living | Structural Unemployment | Transfer payments | Trough | Unemployment Rate | Value Added |
Equilibrium Price Level | Demand | Aggregate Demand | Averages Propensities | Balanced Budget Multiplier | Budget Deficit | Budget Surplus | Built- in Stabilizer | Classical Range | Complex multiplier | Contraction Fiscal Policy | Crowding-Out Effect | Equilibrium Real GDP | Cyclical deficit | Discretionary Fiscal Policy | Efficiency Wages |
Expected Rate of Return | Foreign Purchases Effect | Government Spending Multiplier | Horizontal Range | Inflationary Gap | Injection | Interest-rate Effect | Intermediate Range | Investment Demand Curve | Investment Schedule | Marginal Propensity to Save | Keynesian Range | Leakage | Long -Run Aggregate Supply Curve |
Marginal Propensity to Consume | Market Equilibrium | Multiplier | Net Export Effect | Progressive Tax System | Ratchet Effect | Recessionary Gap | Regressive Tax | Say’s Law | Short -Run Aggregate Supply Curve | Simple multiplier | Structural Deficit | Supply | Supply-Side Economics | Vertical Range | Wealth Effect |
Actual Reserves | Asset Demand for Money | Balance Sheet | Board of Governors | Certificate of Deposit | Checkable Deposits | Discount Rate | Easy Money | Excess Reserves | Federal Funds Rate | Federal Reserve Notes | Federal Reserve System | Fiat Money |
Fractional Reserve System | Intrinsic Value | M1 | M2 | M3 | Medium of Exchange | Monetary Policy | Money Market | Money Market Mutual Fund | Money Multiplier | Near-monies | Open Market Operations | Prime Interest Rate |
Required Reserves | Reserve Ratio | Savings Account | Store of Value | Tight Money | Time Deposits | Token Money | Total Demand for Money | Transaction Demand for Money | Unit of Account | Vault Cash | Velocity of Money |
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Aggregate Supply Shocks | Annually balance budget | Balance budget amendment | Crowding out | Cyclically balance budget | Demand Factors | Economic Growth | Efficiency Factor | Efficiency Wage theory | Entitlements | Equation of Exchange | External debt |
Functional Finance | Infrastructure | Keynesians | Labor –force participation | Labor productivity | Laffer Curve | Lassie-Faire | Level of Transactions | Long -Run Aggregate Supply Curve | Long-Run | Long-Run Aggregate Supply Curve | Long-Run Phillips Curve |
Monetarists | Phillips Curve | Productivity | Public Debt | Self-Correction | Short -Run Aggregate Supply Curve | Stagflation | Standard of Living | Supply Factors | Supply-Side Economics | Velocity of Money |
Absolute Advantage | Balance deficits | Balance of Payments | Balance of Trade | Balance surplus | Brain Drain | Bretton Woods | Capital Account | Capital Flight | Capital intensive good | Central Economic planning | Comparative Advantage | Cost Ratio | Currency Market | Current Account |
Devaluation | Developing Countries | Direct foreign investment | Dumping | Exchange rate system | Export subsidies | Fixed Rate system | Gains from Trade | GATT | Gold Standard | Import Quota | Infrastructure | International Monetary Fund | Labor intensive good | Labor theory of value |
Land intensive good | Land reform | Managed Floating Exchange rates | Most-favored nation status | NAFTA | Non-tariff barrier | Official Reserves | PPC | Protective Tariff | Purchasing Power Parity | Revenue Tariff | Surplus value | TARIFF | Terms Of Trade | World Bank | WTO |
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APPENDIX A
AP MACROECONOMICS Book Review List—(updated June 2011)
Barro, Robert J. Getting It Right: Markets and Choices In a Free Society.
Cambridge, MA: MIT Press, 1996.
Bergmann, Barbara. The Economic Emergence of Women. New York: Basic Books,
1986.
Blinder, Alan S. Hard Heads, Soft Hearts: Tough-Minded Economics for a
Just Society. Reading. MA: Addison-Wesley, 1987.
Bucholz, Todd G. New Ideas from Dead Economists. New York: Plume,
1990.
Dixit, Avinash, and Barry Nalebuff. Thinking Strategically: A competitive Edge in
Business, Politics, and Everyday Life. New York: Norton, 1991.
Frank, Robert H., and Philip J. Cook. The Winner-Take all Society: How more and
More American Compete for Fewer and Bigger Prizes, Encouraging Economic
Waste, Income Inequality, and an Impoverished Cultural Life. New York: Free Press, 1995.
Friedman, Milton, and Rose Friedman. Free to Choose: A Personal
Statement. New York: Harcourt Brace Javanovich, 1980.
Friedman, Milton. Capitalism and Freedom. Chicago: University of
Chicago Press, 1962.
_____. Money Mischief. New York: Harcourt Brace Jovanovich, 1992.
Friedman, Thomas. The Lexus and the Olive Tree. New York: Farrar Straus Giroux, 1999.
Friedman, Thomas. The World is Flat: A Brief history of the Twenty-first Century. Farrar, Straus and Giroux, 2006.
Greenspan, Alan. The Age of Turbulence: Adventures in a New World. Penguin Press, 2007.
Harford, Tim. The Undercover Economist: Exposing why the rich are rich, the poor are poor and why you can never buy a descent used car! Oxford University Press, 2006.
Heilbroner, Robert L. The Worldly Philosophers. 6th Ed., updated.
New York: Simon and Schuster, 1992.
Heilbroner, Robert L. and William Milberg. The Making of Economic
Society. 10th Ed. Upper Saddle River, NJ: Prentice Hall, 1998.
Holland, Joshua. ![]()
The fifteen biggest lies about the economy: and everything else the right doesn't want you to know about taxes, jobs, and corporate America. Wiley, 2010.
Irwin, Douglas A., Against the Tide: an Intellectual History of Free Trade.
Princeton, NJ: Princeton University Press, 1996.
January, Brendan. Globalize It! The Stories of the IMF, the World Bank, the WTO, and Those Who Protest. Twenty-First Century Books, 2003
Jevons, Marshall. Murder at the Margin. Princeton, NJ: Princeton
University Press, 1993.
Johnston, David Cay. Free Lunch: How the wealthiest Americans enrich themselves at government expense (and stick you with the bill). Portfolio, 2007.
_____. The Fatal Equilibrium. Cambridge, MA: MIT Press, 1985.
Keynes, John Maynard. The Economic Consequences of the Peace. Reprint edition.
New York: Penguin Books, 1995.
Krugman, Paul R. The Accidental Theorist: and Other Dispatches from the
Dismal Science. New York: Norton, 1998.
_____. The Age of Diminished Expectations: U.S. Economic
Policy in the 1990s. 3rd Ed. Cambridge, MA: MIT Press, 1997.
_____. Fuzzy Math: the Essential Guide to the Bush Tax Plan. New York: Norton, 2001.
_____. Peddling Prosperity: Economic Sense and Nonsense in the Age of
Diminished Expectations. New York: W.W. Norton, 1994.
Landsburg, Steven E. The Armchair Economist: Economics and Everyday
Life. New York: The Free Press, 1993.
Levitt, Steven D. and Stephen J. Dubner. Freakonomics: a rogue economist explores the hidden side of everything. William Morrow, 2006.
McCarty, Marilu Hurt. The Nobel Laureates: How the World’s Greatest Economic Minds
Shaped Modern Thought. McGraw-Hill, 2001.
O'Rourke, P. J. On the Wealth of Nations. Atlantic Monthly Press, 2007.
Payne, Ruby K. A Framework for Understanding Poverty. Aha! Process, 2005.
Phillips, Kevin. Bad money: reckless finance, failed politics, and the global crisis of American capitalism. Viking, 2008.
Rajan, Raghuram. Fault lines: how hidden fractures still threaten the World Economy. Princeton University, 2010.
Rivoli, Pietra. The Travels of a T-shirt in the Global Economy: an Economist Examines the Markets, Power and Politics of World Trade. John Wiley & Sons, 2005.
Roberts, Russell D. The Choice: a Fable of Free Trade and Protectionism.
Englewood Cliffs, NJ: Prentice-Hall, 1994.
Samuelson, Paul A. and William A. Barnett. eds. Inside the Economist's Mind: Conversations with Eminent Economists. Blackwell Pub., 2007.
Soto, Hernando de. The Mystery of Capital: Why Capitalism Triumphs in the West and
Fails Everywhere Else. Basic Books, 2000.
Stiglitz, Joseph E. Globalization and its Discontents. Norton, 2002.
Wheelan, Charles J. Naked Economics: Undressing the Dismal Science. Norton, 2002.
Zakaria, Fareed. The Post-American World. Norton, 2008.