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High School AP Macroeconomics

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Suggested Prerequisites

Algebra I

Description

In this course, students establish the fundamentals of economics, with a survey of scarcity, opportunity cost, supply, demand, and market equilibrium. They then zoom out to the largest scale of economic analysis, learning the indicators of whole countries’ economic health, specifically gross domestic product, unemployment, and price level. With that foundation, the rest of the course looks at fiscal and monetary policies, their consequences, and the basics of international trade and the foreign exchange market. Besides being intentionally prepared for the AP Exam, students will gain a much deeper understanding of the world around them, the roles that government and banks play in an economy, and the economic outcomes generated by their policy decisions.

Module One: Basic Economic Concepts

-Scarcity

-Opportunity cost

-Comparative advantage and trade

-Demand and supply

-Market equilibrium and disequilibrium


Module Two: Economic Indicators and the Business Cycle

-Gross domestic product (GDP)

-Limitations of GDP

-Unemployment

-Inflation

-Costs of inflation

-Real versus nominal GDP

-Business cycles


Module Three: National Income and Price Determination

-Aggregate demand

-Multipliers

-Short-run and long-run aggregate supply

-Equilibrium and changes in the AD-AS model

-Long-run self-adjustment

-Fiscal policy

-Automatic stabilizers


Module Four: Financial Sector

-Financial assets

-Nominal versus real interest rates

-Functions of money

-Banking and expansion of the money supply

-The money market

-Monetary policy

-The loanable funds market


Module Five: Long-Run Consequences of Stabilization Policies

-Fiscal and monetary policy in the short run

-The Phillips curve

-Money growth and inflation

-Government deficits and national debt

-Crowding out

-Economic growth

-Public policy and economic growth


Module Six: Open Economy—International Trade and Finance

-Balance of payments

-Exchange rates

-The foreign exchange market

-Effects of policy and economic conditions changes on the foreign exchange market

-Net exports

-Real interest rates and international capital flows

This is a one-segment course.