AP Economics Course Description - …

1 Economics mIcroEcoNomIcs macroeconomics Course Description Effective Fall 2012 AP Course Descriptions are updated regularly. Please visit AP Central ( ) to determine whether a more recent Course Description PDF is available. 41/5/12 10:55 AM The College Board The College Board is a mission-driven not-for-profit organization that connects students to college success and opportunity. Founded in 1900, the College Board was created to expand access to higher education. Today, the membership association is made up of more than 5,900 of the world s leading educational institutions and is dedicated to promoting excellence and equity in education. Each year, the College Board helps more than seven million students prepare for a successful transition to college through programs and services in college readiness and college success including the SAT and the advanced placement Program.

2 The organization also serves the education community through research and advocacy on behalf of students, educators, and schools. For further information, visit AP Equity and Access Policy The College Board strongly encourages educators to make equitable access a guiding principle for their AP programs by giving all willing and academically prepared students the opportunity to participate in AP. We encourage the elimination of barriers that restrict access to AP for students from ethnic, racial, and socioeconomic groups that have been traditionally underrepresented. Schools should make every effort to ensure their AP classes reflect the diversity of their student population. The College Board also believes that all students should have access to academically challenging Course work before they enroll in AP classes, which can prepare them for AP success.

3 It is only through a commitment to equitable preparation and access that true equity and excellence can be achieved. AP Course Descriptions AP Course Descriptions are updated regularly. Please visit AP Central ( ) to determine whether a more recent Course Description PDF is available. 2012 The College Board. College Board, ACCUPLACER, advanced placement Program, AP, AP Central, SAT, SpringBoard, and the acorn logo are registered trademarks of the College Board. PSAT/NMSQT is a registered trademark of the College Board and National Merit Scholarship Corporation. All other products and services may be trademarks of their respective owners. (Visit the College Board on the Web: ) icontents About the AP Program ..1 Offering AP Courses and Enrolling Students ..1 How AP Courses and Exams Are Developed ..2 How AP Exams Are Scored ..2 Additional Resources.

4 3AP Economics ..4 Introduction ..4 The Courses ..4 Teaching the Courses ..4 College Courses ..5 The Exams ..5AP Microeconomics ..6 Topics ..6 I . Basic economic Concepts ..6 II . The Nature and Functions of Product Markets ..6 III . Factor Markets ..8 IV . Market Failure and the Role of Government ..8 Topic Outline ..8 Sample Multiple-Choice Questions ..11 Answers to Multiple-Choice Questions ..19 Sample Free-Response Questions ..20AP macroeconomics ..22 Topics ..22 I . Basic economic Concepts ..22 II . Measurement of economic Performance ..22 III . National Income and Price Determination ..23 IV . Financial Sector ..23 V . Stabilization Policies .. 24 VI . economic Growth ..24 VII . Open Economy: International Trade and Finance ..24 Summary Outline ..25 Sample Multiple-Choice Questions ..28 Answers to Multiple-Choice Questions.

5 33 Sample Free-Response Questions ..34 Teacher Support ..37AP Central (apcentral .collegeboard .org) ..37 Additional Resources ..37 2012 The College Board. Visit the College Board on the Web: 82019 AP Economics Course Description 2011,12 mac Draft01 01/20/10 ljg dr01revs 2/2/10 mc dr01revs 2/3/10 mc pdf 2/3/10 mc pdf 2/19/10 mc dr03 3/15/10 mc pdf 3/15/10 mc dr04 3/26/10 mc RevsDrft04 3/29/10 jdb pdf 4/5/10 mc Preflight 4/13/10 jdb 52270-84406 dr01 062910 ljg Preflight 06/30/10 ljg 52270-91196 AP Economics Course Description Fall 2012 Drft01 1/16/12 jdb Drft03 2/27/12 jdb 52270 82019 AP Economics Course Description 2011,12 mac Draft01 01/20/10 ljg dr01revs 2/2/10 mc dr01revs 2/3/10 mc pdf 2/3/10 mc pdf 2/19/10 mc dr03 3/15/10 mc pdf 3/15/10 mc dr04 3/26/10 mc RevsDrft04 3/29/10 jdb pdf 4/5/10 mc Preflight 4/13/10 jdb 52270-84406 dr01 062910 ljg Preflight 06/30/10 ljg 52270-91196 AP Economics Course Description Fall 2012 Drft01 1/16/12 jdb dr01revs 1/24/12 mc dr01revs 1/25/12 mc pdf 1/25/12 mc dr02 1/27/12 mc dr02revs 2/3/12 mc pdf 2/3/12 mc Drft03 2/27/12 11/5/12 10.

6 44 AM About the AP Program AP enables studentstopursue college-level studies while stillinhigh more than 30 courses, each culminating in a rigorous exam, AP provides willing and academicallyprepared studentswiththeopportunitytoearncollegec redit, advanced placement , coursesalso demonstratestocollege admissionofficers that students have sought out the most rigorous Course work available to them. Each AP Course is modeled upon a comparable college Course , and college and university faculty play a vital role in ensuring that AP courses align with college-level and dedicatedAP teachers helpAP studentsin classrooms around the world develop and apply the content knowledge and skills they will need in college.

7 Each AP Course concludes with a college-level assessment developed and scored by college and university faculty as well as experienced AP teachers. AP Exams are an essential partof the AP experience, enabling students to demonstrate their masteryof college-level Course work. More than 90 percent of four-year colleges and universities in the United States grant students credit, placement , or both on the basis of successful AP Exam scores. Universities in more than 60 countries recognize AP Exam scores in the admission process and/or award credit and placement for qualifying placement policies at more than 1,000 colleges and universities. Performing well on anAP Exam means more than just the successful completion of a Course ; it is a pathway to success in college. Research consistently shows that students who scorea3 or higher onAP Exams typically experiencegreater academic successincollegeandaremorelikelytogradua teontimethanotherwise comparable non-AP peers.

8 Additional AP studies are available at apresearchsummaries. Offering AP Courses and Enrolling Students This Course Description details the essential information required to understand the objectives and expectations of an AP Course . The AP Program unequivocally supports the principle that each school develops and implements its own curriculum that will enable students to develop the content knowledge and skills described here. Schools wishingtoofferAP courses mustparticipateintheAP Course Audit,a process through which AP teachers syllabi are reviewed by college faculty. The AP Course Audit was created at the request of College Boardmembers who sought a means for the College Boardto provide teachers and administrators with clear guidelineson curricularandresourcerequirementsforAP coursesandtohelp colleges and universities validate courses marked AP on students transcripts.

9 Thisprocess ensures thatAP teachers syllabi meet or exceed the curricular and resource expectations that college and secondaryschool faculty have established for college-level courses. For more information on the AP Course Audit, visit 1 2012 The College Board. Visit the College Board on the Web: 82019 AP Economics Course Description 2011,12 mac Draft01 01/20/10 ljg dr01revs 2/2/10 mc dr01revs 2/3/10 mc pdf 2/3/10 mc pdf 2/19/10 mc dr03 3/15/10 mc pdf 3/15/10 mc dr04 3/26/10 mc RevsDrft04 3/29/10 jdb pdf 4/5/10 mc Preflight 4/13/10 jdb 52270-84406 dr01 062910 ljg Preflight 06/30/10 ljg 52270-91196 AP Economics Course Description Fall 2012 Drft01 1/16/12 jdb dr01revs 1/24/12 mc dr01revs 1/25/12 mc pdf 1/25/12 mc dr02 1/27/12 mc dr02revs 2/3/12 mc pdf 2/3/12 mc Drft03 2/27/12 21/5/12 10.

10 44 AM How AP Courses and Exams Are Developed AP courses and exams are designed by committees of college faculty and expert AP teachers who ensure that each AP subject reflects and assesses college-level expectations. AP Development Committees define the scope and expectations of the Course , articulating througha curriculum framework what students should know and be able to do upon completion of the AP Course . Their work is informed by data collected from a range of colleges and universities to ensure that AP coursework reflects current scholarship and advancesin the finda listof each subject s current AP Development Committee members, please visit The AP Development Committees are also responsible for drawing clear and well-articulated connections between the AP Course and AP Exam work that includes designing and approving exam specifications and exam questions.