AP MACROECONOMICS UNIT 1
Economic Fundamentals
1/6 - 1/17
UNIT 1 CONTENT MAP
Unit 1 Review Notes Unit 1 Review Powerpoint

 SCARCITY
CHOICE
OPPORTUNITY COST
PROFIT
INCENTIVE
POSITIVE/OBJECTIVE
 NORMATIVE/SUBJECTIVE
INVESTMENT
MARGINAL ANALYSIS
 MICROECONOMICS
AGGREGATE
MACROECONOMICS

 DEFINITION FALLACY
BIAS
CAUSATION FALLACY
COMPOSITION FALLACY
 PRODUCTION POSSIBILITIES
SPECIALIZATION
EQUITY
GROWTH
EFFICIENCY
STABILITY
SECURITY
FREEDOM		 UTILITY
RESOURCES
CAPITAL
LAND
LABOR
ENTERPRISE
 FULL EMPLOYMENT
FULL PRODUCTION
TECHNOLOGY
TRADE
CAPITALISM/MARKET
SOCIALISM/COMMAND
WEEK 1
1/6 - 1/10
LESSON IN CLASS ASSIGNMENTS
Lesson 1

ESSENTIAL QUESTION: What is Economics?

 

 Quiz: Course Expectations

Assignment: Complete Zoo Crew

Answers must be In Your Own Words.

This MUST be turned in at the END of class -- any assignment turned after class will be penalized 1 point.

Read:  Krugman,  Module 1 pp. 2-8
Lesson 2

ESSENTIAL QUESTION: What is the Economic Perspective?

  • The Basic Principles of Economics
    • Scarcity and Choice
    • Opportunity Cost
    • Profit Motive
    • Rational Behavior
    • Marginal Thinking
    • Trade is Good.
 Quiz: Six Principles Quiz

Quick Notes: Unit 1 Powerpoint Lesson 2
Remember: Bring Electronic Device Thursday for Textbook registration!
Lesson 3

ESSENTIAL QUESTION: What is Economic Theory?

  • Theoretical (Positive) Economics
    • Objective
  • Policy (Normative) Economics
    • Subjective
  • Pitfalls to Economic Theory
    • Bias
    • Post Hoc
    • Composition
 Watch:  Excerpt from Brewster's Millions

Be prepared to answer a short quiz based on the questions listed after the video, and discuss the answers.
Quick Notes: Unit 1 Powerpoint Lesson 4

Assignment: Read and discuss the Economic Fallacy Worksheet

Read:  Krugman,  Section 1 Appendix pp. 34-37
Lesson 4

ESSENTIAL QUESTION: How do economists use models?

  • 4 Fundamental Questions
  • 4 Economic Resources
  • 6 Economic Goals
  • 3 Economic Systems
  • Models
    • Relationships
    • Graphs
 QuickNotes: Unit 1 Powerpoint Lesson 5

Read:  Krugman,  Module 3 pp. 16-21

 Homework: Read the online synopsis of Economics U$A #1
Lesson 5 Economics U$A #1: Resources and Scarcity

This video will illustrate how unlimited wants and scarce resources lead to trade-offs and choices, and how those choices and limits can be represented through graphs and models. 

*Makeup - This is OPTIONAL; if you are excused absent the day of a video it is not necessary to make the quiz up. If you choose to do so, follow these directions:

1. Watch Economics U$A #1 online here.
2. Take the 10 question online quiz here.
 3. After completing the quiz online, Email your scores to rcrawford@nova.edu



Bring:  Pencil for Video Quiz

 Watch: Economics U$A #1: Resources and Scarcity

 Be prepared to answer a short quiz based on the questions listed during the video, and discuss the answers.
WEEK 2
1/13 - 1/17
LESSON IN CLASS ASSIGNMENTS
Lesson 6

ESSENTIAL QUESTION: What does the Production Possibilities Frontier represent? 

  • Production Possibilities Frontiers
    • Maximum Efficiency
    • Full Production
    • Full Employment
  • Economic Growth
    • Technology
    • Trade
    • Resources
 Bring:  Pencil for PPF Worksheets

 QuickNotes: Unit 1 Powerpoint Lesson 6
Assignment: Complete and discuss PPF Worksheet #1

Read:  Krugman,  Module 4 pp. 23-28
Lesson 7

ESSENTIAL QUESTION: How does trade promote specialization?

  • Comparative Advantage

    • OC = L/G

  • Absolute Advantage

  • Terms of Trade

  • Relative Prices

  • Gains from Trade

QuickNotes: Unit 1 Powerpoint Lesson 7

*if you missed this lecture, please watch the ACDC Economics Review Macro: Comparative Advantage

Assignment: Complete the Comparative Advantage worksheet.
Lesson 8 Bring:  Pencil for Practice Brief.
Quiz: Production Possibilities Frontiers

 Assignment: Working in teamsof two, complete and discuss the Practice Brief Assignment.

Graphs must be In Your Own Handwriting; Answers must be In Your Own Words.

This MUST be turned in at the end of class--any assignment turned in after class will be penalized 1 point.
Lesson 9

 

Review Unit 1: Use online Textbook site chapter notes and  practice section quizzes for:
Lesson 10
  • Unit 1 Test

 

 Bring:  Pencil for Unit 1 test

This test will consist of 40 multiple choice questions, and one brief essay from the material and concepts in Unit 1.

You will be expected to draw a graph for the essay portion of this test, and write an essay in brief format.

The test will be counted out of 50 points.