Course Guidelines
AP/IB Economics
2016-2017
Ms. Colo
Welcome to IB Economics! These guidelines contain important information to help you
succeed in this class. Read and familiarize yourself with the material below. Please note
that I adhere to all UNHP policies and procedures.
Teacher Contact Information
 Room: #208 (3A), (5B) & #206 (1B)
 Email: [email protected]
 Class website: accessible via www.northhillsprep.org
 Tutorials: During Advisory Hours or by Appointment
Course Description
The aims of the economics syllabus are to enable students to:
1. Develop an understanding of microeconomic and macroeconomic theories and
concepts and their real-world application 2. Develop an appreciation of the impact on
individuals and societies of economic interactions between nations and 3. Develop an
awareness of development issues facing nations as they undergo the process of
change.
Basic Required Supplies
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1 three-ring binder
Dividers (labels: Do-Now’s/Exit Ticket, Notes, Minor Assignments, Major
Assignments)
Notebook paper
Optional spiral for note-taking
Black/blue pen
Pencil
Textbook
Krugman, Paul and Wells, Robin. Economics, Second Edition.
http://www.allhallows.org/ourpages/auto/2012/9/7/60346251/Krugmans Economics for
AP Text Book.pdf
Class Rules
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Be respectful of yourself, others, and the classroom.
Be prepared at the beginning of class.
Cell phones, music devices, cameras, are not permitted.
Food and gum are not permitted. Water is the only beverage allowed.
All work must be done in black/blue ink or pencil.
Class Procedures
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Entering the classroom: Enter quietly and begin the daily Do-Now.
Exiting the classroom: I dismiss class, not the bell. You will be permitted to leave
after desks are straightened and trash is disposed.
Going to the bathroom/locker/water fountain: Raise your hand to ask permission
to leave the room. If approved, you will sign and take a pass. Except in
emergency cases, you will not be permitted to leave during the first or last 5
minutes of class.
Nurse/Emergency: Please alert me, and I will handle these situations
accordingly.
Submitting Work: Unless told otherwise, you will submit homework in the
Homework Bin at the beginning of class. If homework is not submitted at this
time, it will be counted late.
Speaking in class: Raise your hand and wait to be called on.
Absence Make-Up Policy
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Excused Absences: If you miss 1 class, you will have 2 days to submit any
missed assignments. If you are absent for more than 3 consecutive days, you
and I will determine essential assignments to complete and agree upon due
dates. All work assigned before your absence will be due the day you return to
class. The Late Work Policy below does not apply to excused absences.
Unexcused Absences: Work due and tests or quizzes scheduled for the day of
an unexcused absence are considered late and are covered by the Late Work
Policy below.
It is your responsibility to check with me regarding missed work. This includes
missing class due to school-related activities. If you miss class due to a schoolrelated activity, you must discuss missed work beforehand. Otherwise, the work
missed will be counted late.
Late Work Policy
Work submitted late will be accepted for a maximum grade of 70%. However, any
assignments not submitted by the following dates will receive a 0%.
Q1
Q2
Q3
Q4
Friday, September 30
TBD
TBD
TBD
Academic Honesty
If you are found in violation of the UNHP Academic Honesty Policy or Code of Conduct,
you will receive a 0% for the assignment with no opportunity to retake or make up the
grade and will be subject to discipline, up to expulsion.
Discipline Plan
Below is my series of mounting consequences for discipline problems.
 Verbal warning
 Behavior Plan Assessment
 Parent-teacher conference
 Office referral
You will not receive a verbal warning for tardies, dress code violations, cell phones,
music devices, or cameras. I reserve the right to change the above procedure at any
time.
Methods of Assessment
A combination of minor and major assignments will be utilized to assess your progress
and guide future learning.
Grading Policy
The following is this course’s grading policy:
 Minor assignments (ex: homework, classwork, quizzes): 50%
 Major assignments (ex: tests, projects): 50%
Group 3 aims
The aims of all subjects in group 3, individuals and societies are to: 1. encourage the
systematic and critical study of: human experience and behavior; physical, economic
and social environments; and the history and development of social and cultural
institutions 2. develop in the student the capacity to identify, to analyze critically and to
evaluate theories, concepts and arguments about the nature and activities of the
individual and society 3. enable the student to collect, describe and analyze data used in
studies of society, to test hypotheses, and to interpret complex data and source material
4. promote the appreciation of the way in which learning is relevant both to the culture in
which the student lives, and to the culture of other societies 5. develop an awareness in
the student that human attitudes and beliefs are widely diverse and that the study of
society requires an appreciation of such diversity 6. enable the student to recognize that
the content and methodologies of the subjects in group 3 are contestable and that their
study requires the tolerance of uncertainty.
IB Learner Profile
IB learners strive to be:
 Inquirers: They develop their natural curiosity. They acquire the skills necessary
to conduct inquiry and research and show independence in learning. They
actively enjoy learning and this love of learning will be sustained throughout their
lives.
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Knowledgeable: They explore concepts, ideas and issues that have local and
global significance. In so doing, they acquire in-depth knowledge and develop
understanding across a broad and balanced range of disciplines.
Thinkers: They exercise initiative in applying thinking skills critically and
creatively to recognize and approach complex problems, and make reasoned,
ethical decisions.
Communicators: They understand and express ideas and information confidently
and creatively in more than one language and in a variety of modes of
communication. They work effectively and willingly in collaboration with others.
Principled: They act with integrity and honesty, with a strong sense of fairness,
justice and respect for the dignity of the individual, groups and communities.
They take responsibility for their own actions and the consequences that
accompany them.
Open-minded: They understand and appreciate their own cultures and personal
histories, and are open to the perspectives, values and traditions of other
individuals and communities. They are accustomed to seeking and evaluating a
range of points of view, and are willing to grow from the experience.
Caring: They show empathy, compassion and respect towards the needs and
feelings of others. They have a personal commitment to service, and act to make
a positive difference to the lives of others and to the environment.
Courageous Risk-takers: They approach unfamiliar situations and uncertainty
with courage and forethought, and have the independence of spirit to explore
new roles, ideas and strategies. They are brave and articulate in defending their
beliefs.
Balanced: They understand the importance of balancing different aspects of their
lives – intellectual, physical, spiritual and emotional – to achieve well-being for
themselves and others.
Reflective: They give thoughtful consideration to their own learning and
experience. They are able to assess and understand their strengths and
limitations in order to support their learning and personal development.
Approximate Scope and Sequence
Please note that this material may change throughout the school year.
Section
#
AP Economics
Approximate
Days
Macroeconomics
1 (Q1)
Basic Concepts (8-12%)
1. The study of Economics
2. The PPC
3. Comparative Advantage
4. Intro to Macro
3
2
Supply and Demand
1. Supply and Demand: Introduction and Demand
2. Supply and Demand: Supply
3. Supply and Demand: Equilibrium
3
3
Measurement of Economic Performance (12-16%)
1. The Circular Flow and Gross Domestic Product
2. Interpreting Real Gross Domestic Product
3. The Meaning and Calculation of Employment
4. The Causes and Categories of Unemployment
5. Inflation: An Overview
6. The Measurement and Calculating of Inflation
4
4
National Income and Price Determination (10-15%)
1. Income and Expenditure
2. Aggregate Demand: Introduction and
Determinants
3. Aggregate Supply: Introduction and Determinants
4. Equilibrium in the Aggregate Demand –
Aggregate Supply Model
5. Economic Policy and the Aggregate Demand _
Aggregate Supply Model
6. Fiscal Policy and Multiplier Effect
3½
5 (Q2)
Financial Sector (15-20%)
1. Saving, Investment, and the Financial System
2. The definition and Measurement of Money
3. The time and value of Money
4. Banking and Money Creation
5. The Money Markey
6. The Markey for Loanable Funds
7. The Federal Reserve System: History and
4
Structure
8. The Federal Reserve: Monetary Policy
6
Inflation, Unemployment, and Stabilization Policies
(20-30%)
A. Long-run Implications of Fiscal Policy:
Deficits
and the Public Debt
B. Monetary Policy and the Interest Rate
C. Money, Output, and Prices in the Long Run
D. Types of Inflation, Disinflation, and
Deflation
E. Inflation and Unemployment:
The Phillips Curve
F. History and Alternative Views of
Macroeconomics
G. The Modern Macroeconomic Consensus
4
7
Economic Growth and Productivity
H. Long-run Economic Growth
I. Productivity and Growth
J. Growth Policy: Why Economic Growth
Rates
Differ
K. Economic Growth in Macroeconomic
Models
2½
8
The Open Economy: International Trade and Finance
A. Capital Flows and the Balance of Payments
B. The Foreign Exchange Market
C. Exchange Rate Policy
D. Exchange Rates and Macroeconomic Policy
E. Putting it All Together
3½
Microeconomics
1&2
(Q3)
Basic Economic Concepts (8-14%)
A. The Study of Economics
1. Scarcity: the nature of economic systems
2. Opportunity cost and production possibilities
3. Specialization and comparative advantage
4. The functions of any economic system (what, how,
and for whom to produce)
B. Supply and Demand
1. Price and quantity determination
2. Basic manipulation of supply and demand, including
ceilings and floors
-
9-12
(Q3&4)
The Nature and Functions of Product Markets (5570%)
A. Behind the Demand Curve: Consumer Choice
1. Income Effects, Substitution Effects,
and Elasticity
2. Interpreting Price Elasticity of Demand
3. Other Elasticities
Sec 9 - 6 ½
Sect 10 - 4 ¾
Sec 11- 6
Sec 12-6 ½
4. Consumer and Producer Surplus
5. Efficiency and Deadweight Loss
6. Utility Maximization
B. Behind the Supply Curve: Profit, Production, and Cost
1. The Production Function
2. Firm Costs
3. Long-Run Costs and Economies of Scale
4. The Cost-Minimizing Input Combination
5. Introduction to Market Structure
6. Defining Profit
7. Profit Maximization
C. Market Structures: Perfect Competition and Monopoly
1. Into to Perfect competition
2. Graphing perfect competition
3. Long Run Outcomes in perfect competition
4. Intro to Monopoly
5. Monopoly and Public Policy
6. Price Discrimination
D. Market Structures: Imperfect Competition
1. Introduction to Oligopoly
2. Game Theory
3. Oligopoly in Practice
4. Introduction to Monopolistic Competition
5. Product Differentiation and Advertising
13
Factor Markets (10-18%)
1. Introduction and Factor Demand
2. The Markets for Land and Capital
3. The Market for Labor
4. Theories of Income Distribution
3½
14
Market Failures and the role of Government
1. Introduction to Externalities
2. Externalities and Public Policy
3. Public Goods
4. Public Policy to Promote Competition
5. Income Inequality and Income Distribution
6½
Students, please sign below to indicate your agreement with the following statement.
“I have read the course guidelines for AP Economics. I understand my responsibilities in
this course and the requirements to be successful. I will abide by all guidelines and class
expectations.”
_____________________________
Student Signature
_____________________________
Student Printed Name
____________________________
Date
____________________________
Class Period
Parents/Guardians, please sign below to indicate your agreement with the following
statement.
“I have read the course guidelines for AP Economics. I understand the intellectual
development offered by this course and support my students enrollment in this course. I
will do my best to have my student abide by the course expectations.”
_____________________
_________________________ ________________
Parent/Guardian Signature
Parent/Guardian Printed Name Date
Please provide any information you would like me to know about your student in order
for him/her to have a positive learning experience in my class. Thank you!
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