ADVANCED PLACEMENT MICROECONOMICS AND …

1 1 ADVANCED PLACEMENT MICROECONOMICS AND macroeconomics course DESCRIPTION AND PHILOSOPHY There is no aspect of education more important that that which makes all our citizens intelligent and truly informed about the economic system in which they live and work. --National Council on Economic Education "Nobody can be a great economist who is only an economist - and I am even tempted to add that the economist who is only an economist is likely to become a nuisance if not a positive danger." -- Friedrich Hayek "The Theory of Economics .. is a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its possessor draw correct conclusions." -- J. M. Keynes If all the economists were laid end to end, they d never reach a conclusion.

2 -- George Bernard Shaw ADVANCED PLACEMENT (AP ) Economics is an elective full - year course open to juniors and seniors. Students will receive the equivalent of one semester of college - level preparation in the fields of introductory MICROECONOMICS and macroeconomics . The course is designed to provide a foundational understanding for possible future study in economics and business. Additionally, students will acquire skills and knowledge prospectively suitable and sufficient to receive assessment designation as "extremely well qualified" on the ADVANCED PLACEMENT MICROECONOMICS and macroeconomics The course complies with all AP Curriculum Requirements [CR] and, where appropriate, the New Jersey Core Curriculum Content Standards: 21st Century Life and Career Standards Learning Progressions.

3 AP economics is designed to present economics as a relevant, serious, spirited, and evolving social The course is intended to expand the realms of descriptive, quantitative, inductive, and deductive reasoning so that students may see the world through the reasonable and considered lens of an economist. The course will help students gain an integrated insight to economic terminology, concepts, theories, data analysis and models as well as the operational dynamics of economic societies, especially the United States. The course will be guided by "two principles .. (1) institutions and history are important in policy discussions and (2) good economics is open economics -- willing to deal with all ideas."3 Students shall understand that assigned reading prompts and flipped classroom presentations are to be completed in advance of class lectures, discussions, and problem set encounters.

4 The instructional elements of class are intended to clarify and reinforce assigned readings, master essential economic concepts and models, and nurture a full understanding of AP curricular content and exam requirements. Students shall understand the necessity of independent learning, self - inspired understanding, as well as the importance of cooperative group efforts in gaining full command of AP MICROECONOMICS and macroeconomics . While the lecture - discussion method may be required for initial presentation of the 1 Laker Pride, dictum. 2 Michael Parkin, MICROECONOMICS , 8th ed. (New York: Peasron / Addison Wesly), 2008. 3 David C. Colander, Economics, 8th ed.

5 (New York: McGraw - Hill / Irwin) 2010. 2 course content AP economics will emphasize "active learning" as students will become the critical actors and assessors in the learning dynamic. This will stimulate interest and promote a deeper understanding of model concepts critical to performing well on the exam. Students will learn to graph early and graph often in order to acquire visual, tangible, representational, and graphical understanding of essential economic concepts. Lastly, students will learn to think like modern economists by employing and analyzing the full empirical scope of traditional and modern economic models. As this subject may, at first, intimidate students, the pedagogical methods employed are designed put students at ease and allow them to enjoy, perhaps come to embrace, this dismal The course will employ structured learning experiences though which students will engage in authentic self - assessment and problem based (and set) critical thinking activities in keeping with the district's Accreditation for Growth (AFG) goals and objectives.

6 The course will provide students with the life and career skills needed to function optimally .. [in the] .. intensely competitive and constantly changing worldwide marketplace. Students will be equipped with a foundational understanding of MICROECONOMICS and macroeconomics that will allow them to contend and excel in the college classroom, the work place, and the 21st century market economy. The course will provide students the opportunity to demonstrate creative and critical thinking by recognizing and acting on promising opportunities while accepting responsibility for possible risks. 5 Readings Required Text: Colander, David C. Economics. 8th ed. New York: McGraw Hill Irwin, 2010. Supplementary Text: Mankiw, N.

7 Gregory. Principles of Economics. 6th ed. Mason, OH: South Western Cengage Learning, 2012. Resources Stone, Gary L. ADVANCED PLACEMENT Economics: MICROECONOMICS . New York: Council for Economic Education. 2012 Ray, Margaret ADVANCED PLACEMENT Economics: macroeconomics . New York: Council for Economic Education. 2012 The New York Times The Wall Street Journal Written Summer 2013 4 Yours, Thomas Carlyle. 5 Quotations above are provided verbatim from the New Jersey Core Curriculum Content Standards: 21st for Century Life and Career Standards. All other substantive elements and points of focus contained in the course Description, Philosophy, and Expectations are intended to comply with the enumerated objectives and Progress Indicators contained in NJCCCS , , , and 3 AP MICROECONOMICS The complimentary design and end of the ADVANCED PLACEMENT course in MICROECONOMICS shall be the study of individual choice as influenced by economic forces.

8 Microeconomic study shall focus on the consumption and production decision - making of individuals, households, firms, and polities in the allocation of societal resources; a dynamic interchange that operates within the often contentious realms of human nature, product and factor markets, and government policy. UNIT 1 Basic Economic Concepts [CR1] [CR5] [CR6] Scarcity, choice, and opportunity cost Production possibilities curve Comparative advantage, absolute advantage, specialization, and trade Economic systems Property rights and the role of incentives Marginal analysis Objectives: Students will be able to .. Define economics and explain how economists develop models. Explain why scarcity and choice are the basic problems in economics.

9 Explain how to make decisions by comparing marginal costs and marginal benefits. Define opportunity cost and explain its relationship to economic reasoning. Differentiate between MICROECONOMICS and macroeconomics . Describe the intellectual source origin(s) and conceptual element(s) of property rights and incentives. Determine and discuss the impact of scarcity on human decision-making and economic activity. Distinguish among positive economics, normative economics, and the art of economics (political economy). Demonstrate opportunity cost with the production possibility curve State the principal of increasing marginal utility cost. Relate the concept of comparative advantage to the production possibility curve.

10 Explain the principle of comparative advantage and why, generally, economists oppose trade restrictions. Determine and articulate how, through comparative advantage and trade, countries can consume beyond their production possibilities. Define market economics. Contrast socialism with capitalism. Describe how businesses, households, and government interact in the market economy. State six roles of government related to economics. 4 Topic/Content Skills Assessments Resources Instructional Method Tech Infusion NJCCCS Economics and Economic Reasoning Quiz / Exam Text Based Concepts and Activities: Lessons and Worksheets AP Objective and Free Response Question(s) Q & A / Discussions Colander, Economics Chapter 1 Lecture (Theme / Concept Introduction), group work activities including problem based learning, problem sets, and examining multiple choice and free response questions.