Council for Economic Education
|
|
- Reynold Small
- 5 years ago
- Views:
Transcription
1 Council for Economic Education Council for Economic Education Teaching Opportunity The Council for Economic Education (CEE) is an organization dedicated to promoting financial and economic literacy. CEE provides educational materials, training and professional development programs, and other products to promote economic learning and sound decision making. CEE has also developed Voluntary National Content Standards in Economics to be used in designing a complete economics curriculum. The Council for Economic Education was founded in 1949 on the idea that there is no aspect of education more important than that which makes all our citizens intelligent and truly informed about the economic system in which they live and work. Today, CEE advocates economic and personal finance education in the United States at the local, state, national, and international levels. In the United States, CEE reaches 150,000 teachers each year. Internationally, CEE delivers programs in more than 30 countries. CEE sponsors MyEconEdLink, an organization for K-12 teachers and those interested in economics education. MyEconEdLink provides educational materials, conferences and workshops, and facilitates communication among economic educators around the world. For more information, or to become a member of MyEconEdLink, visit councilforeconed.org/resources/community/. xlviii
2 Text Correlation to the Voluntary National Content Standards in Economics In 1994 the United States Congress designated economics as one of the nine core subjects to be taught in America s schools. As a result, the Council for Economic Education developed the Voluntary National Content Standards in Economics for use in economics curricula. Understanding Economics provides extensive coverage for the 20 voluntary content standards. For a complete discussion of the standards, you can reach the Council for Economic Education online at or at For each standard, the student will understand: [1] Scarcity Productive resources are limited. Therefore, people cannot have all the goods and services they want; as a result, they must choose some things and give up others. Understanding Economics Chapter and Lesson Coverage Chapter 1 Lesson 1 Scarcity and the Science of Economics Lesson 2 Our Economic Choices Lesson 3 Using Economic Models Chapter 2 Lesson 1 Economic Systems Lesson 2 Mixed Economies Lesson 3 The Global Transition to Capitalism Lesson 3 Global Problems and Economic Incentives [2] Decision Making Effective decision making requires comparing the additional costs of alternatives with the additional benefits. Many choices involve doing a little more or a little less of something: few choices are all or nothing decisions. Chapter 1 Lesson 1 Scarcity and the Science of Economics Lesson 2 Our Economic Choices Lesson 3 Using Economic Models Chapter 2 Lesson 1 Economic Systems Lesson 2 Mixed Economies Chapter 3 Lesson 3 Evaluating Economic Performance Chapter 4 Chapter 5 Lesson 1 What Is Demand? Lesson 2 Factors Affecting Demand? Lesson 3 Cost, Revenue, and Profit Maximization Chapter 6 Lesson 1 How Prices Work Chapter 15 Lesson 3 Macroeconomic Equilibrium Chapter 19 Lesson 1 Lesson 2 Financial Institutions and Your Money Business Organizations and Your Money Council for Economic Education xlix
3 Text Correlation to the Voluntary National Content Standards in Economics For each standard, the student will understand: Understanding Economics Chapter and Lesson Coverage [3] Allocation Different methods can be used to allocate goods and services. People acting individually or collectively must choose which methods to use to allocate different kinds of goods and services. Chapter 2 Chapter 6 Lesson 2 Mixed Economies Lesson 1 How Prices Work Lesson 3 Social Goals, Prices, and Market Efficiency Chapter 14 Lesson 1 Taxes [4] Incentives People usually respond predictably to positive and negative incentives. Chapter 6 Lesson 1 How Prices Work Chapter 14 Lesson 1 Taxes Lesson 3 Global Problems and Economic Incentives [5] Trade Voluntary exchange occurs only when all participating parties expect to gain. This is true for trade among individuals or organizations within a nation, and among individuals or organizations in different nations. Chapter 17 Lesson 1 Absolute and Comparative Advantages Lesson 2 Barriers to International Trade Lesson 3 Foreign Exchange and Trade Deficits Lesson 2 Globalization: Characteristics and Trends [6] Specialization When individuals, regions, and nations specialize in what they can produce at the lowest cost and then trade with others, both production and consumption increase. Chapter 17 Lesson 1 Absolute and Comparative Advantages [7] Markets and Prices A market exists when buyers and sellers interact. This interaction determines market prices and thereby allocates scarce goods and services. Chapter 6 Lesson 1 How Prices Work Lesson 2 The Effects of Prices Chapter 7 Lesson 1 Competition and Market Structures Lesson 2 Market Failures [8] Role of Prices Prices send signals and provide incentives to buyers and sellers. When supply or demand changes, market prices adjust, affecting incentives. Chapter 4 Lesson 1 What is Demand? Lesson 2 Factors Affecting Demand Lesson 3 Elasticity of Demand Chapter 5 Chapter 6 Lesson 1 What is Supply? Lesson 2 The Theory of Production Lesson 3 Cost, Revenue, and Profit Maximization Lesson 1 How Prices Work Lesson 2 The Effects of Prices Lesson 3 Social Goals, Prices, and Market Efficiency Lesson 3 Global Problems and Economic Incentives l
4 For each standard, the student will understand: [9] Competition and Market Structure Competition among sellers usually lowers costs and prices, and encourages producers to produce what consumers are willing and able to buy. Competition among buyers increases prices and allocates goods and services to those people who are willing and able to pay the most for them. Understanding Economics Chapter and Lesson Coverage Chapter 3 Lesson 1 American Free Enterprise Capitalism Chapter 7 Lesson 1 Competition and Market Structure Lesson 2 Market Failures [10] Institutions Institutions evolve and are created to help individuals and groups accomplish their goals. Banks, labor unions, markets, corporations, legal systems, and not-for-profit organizations are examples of important institutions. A different kind of institution, clearly defined and enforced property rights, is essential to a market economy. Chapter 8 Lesson 1 Forms of Business Organizations Lesson 3 Nonprofit Organizations Chapter 9 Lesson 1 The Labor Movement Lesson 1 Structures and Responsibilities of the Fed Lesson 2 Monetary Policy Chapter 19 Lesson 1 Financial Institutions and Your Money [11] Money and Inflation Money makes it easier to trade, borrow, save, invest, and compare the value of goods and services. The amount of money in the economy affects the overall price level. Inflation is an increase in the overall price level that reduces the value of money. Chapter 3 Lesson 3 Evaluating Economic Performance Chapter 10 Lesson 1 The Evolution, Functions, and Characteristics of Money Lesson 2 The Development of Modern Banking Chapter 13 Lesson 2 Inflation [12] Interest Rates Interest rates, adjusted for inflation, rise and fall to balance the amount saved with the amount borrowed, which affects the allocation of scarce resources between present and future uses. Chapter 10 Lesson 1 The Evolution, Functions, and Characteristics of Money Lesson 2 Monetary Policy Chapter 19 Lesson 1 Financial Institutions and Your Money [13] Income Income for most people is determined by the market value of the productive resources they sell. What workers earn primarily depends on the market value of what they produce. Chapter 9 Lesson 2 Wages and Labor Disputes Lesson 3 Economic Trends and Issues Chapter 12 Lesson 3 Poverty and the Distribution of Income [14] Entrepreneurship Entrepreneurs take on the calculated risk of starting new businesses, either by embarking on new ventures similar to existing ones or by introducing new innovations. Entrepreneurial innovation is an important source of economic growth. Chapter 1 Lesson 2 Our Economic Choices Chapter 3 Lesson 2 Roles and Responsibilities in a Free Enterprise Economy Chapter 7 Lesson 2 Market Failures Chapter 8 Lesson 2 Business Growth and Expansion Council for Economic Education li
5 Text Correlation to the Voluntary National Content Standards in Economics For each standard, the student will understand: [15] Economic Growth Investment in factories, machinery, new technology, and in the health, education, and training of people stimulates economic growth and can raise future standards of living. Understanding Economics Chapter and Lesson Coverage Chapter 1 Lesson 3 Using Economic Models Lesson 1 Demand-Side Policies Lesson 2 Supply-Side Policies Lesson 3 Economics and Politics Chapter 17 Lesson 1 Absolute and Comparative Advantage Lesson 1 Economic Development [16] Role of Government and Market Failure There is an economic role for government in a market economy whenever the benefits of a government policy outweigh its costs. Governments often provide for national defense, address environmental concerns, define and protect property rights, and attempt to make markets more competitive. Most government policies also have direct or indirect effects on people s incomes. Chapter 2 Chapter 3 Lesson 1 Economic Systems Lesson 2 Mixed Economies Lesson 3 The Global Transition to Capitalism Lesson 2 Roles and Responsibilities in a Free Enterprise Economy Lesson 3 Evaluating Economic Performance Chapter 6 Lesson 3 Social Goals, Prices, and Market Efficiency Chapter 7 Lesson 2 Market Failures Lesson 3 The Role of Government Chapter 15 Lesson 1 Taxes Lesson 2 Federal Government Finances Lesson 3 State and Local Government Finances Lesson 1 Structure and Responsibilities of the Fed Lesson 2 Monetary Policy Lesson 3 Economics and Politics Lesson 3 Global Problems and Economic Incentives [17] Government Failure Costs of government policies sometimes exceed benefits. This may occur because of incentives facing voters, government officials, and government employees, because of actions by special interest groups that can impose costs on the general public, or because social goals other than economic efficiency are being pursued. Chapter 7 Lesson 2 Market Failures Lesson 2 Monetary Policy Lesson 3 Economics and Politics Chapter 17 Lesson 2 Barriers to International Trade lii
6 For each standard, the student will understand: [18] Economic Fluctuations Fluctuations in a nation s overall levels of income, employment, and prices are determined by the interaction of spending and production decisions made by all households, firms, government agencies, and others in the economy. Recessions occur when overall levels of income and employment decline. Understanding Economics Chapter and Lesson Coverage Chapter 12 Chapter 13 Lesson 1 Measuring the Nation s Output and Income Lesson 2 Population Growth and Trends Lesson 1 Business Cycles and Economic Instability Lesson 2 Inflation Lesson 3 Unemployment Chapter 15 Lesson 3 Macroeconomic Equilibrium Lesson 3 Economics and Politics Lesson 1 Economic Development [19] Unemployment and Inflation Unemployment imposes costs on individuals and the overall economy. Inflation, both expected and unexpected, also imposes costs on individuals and the overall economy. Unemployment increases during recessions and decreases during recoveries. Chapter 12 Chapter 13 Lesson 3 Poverty and the Distribution of Income Lesson 1 Business Cycles and Economic Instability Lesson 2 Inflation Lesson 3 Unemployment [20] Fiscal and Monetary Policy Federal government budgetary policy and the Federal Reserve System s monetary policy influence the overall levels of employment, output, and prices. Chapter 15 Lesson 1 Demand-Side Policies Lesson 2 Supply-Side Policies Lesson 3 Macroeconomic Equilibrium Lesson 1 Structure and Responsibilities of the Fed Lesson 2 Monetary Policy Lesson 3 Economics and Politics Used with permission. Voluntary National Content Standards in Economics, 2 nd Edition. Copyright 2010 Council for Economic Education, New York, NY. All rights reserved. For more information visit or call Council for Economic Education liii
7 Voluntary National Content Standards in Economics Understanding Economics incorporates the 20 Voluntary National Content Standards developed and revised by the Council for Economic Education. Standard 1 Scarcity Productive resources are limited. Therefore, people cannot have all the goods and services they want; as a result, they must choose some things and give up others. Standard 2 Decision Making Effective decision making requires comparing the additional costs of alternatives with the additional benefits. Many choices involve doing a little more or a little less of something: few choices are all or nothing decisions. Standard 3 Allocation Different methods can be used to allocate goods and services. People acting individually or collectively must choose which methods to use to allocate different kinds of goods and services. Standard 4 Incentives People usually respond predictably to positive and negative incentives. Standard 5 Trade Voluntary exchange occurs only when all participating parties expect to gain. This is true for trade among individuals or organizations within a nation, and among individuals or organizations in different nations. Standard 6 Specialization When individuals, regions, and nations specialize in what they can produce at the lowest cost and then trade with others, both production and consumption increase. Related concepts: Capital Resources, Capital Goods, Choice, Consumer Economics, Consumers, Goods, Human Resources, Natural Resources, Limited Resources, Opportunity Cost, Producers, Production, Productive Resources, Scarcity, Service, Wants, Entrepreneurship, Inventors, Entrepreneur, Factors of Production Related concepts: Decision Making, Profit Motive, Benefit, Costs, Marginal Analysis, Marginal Benefits, Marginal Cost, Profit, Profit Maximization, Cost/Benefit Analysis Related concepts: Economic Systems, Market Structure, Supply, Command Economy, Market Economy, Traditional Economy, Command Economy Related concepts: Choice, Incentive, Scarce Resources Related concepts: Barriers to Trade, Barter, Exports, Imports, Voluntary Exchange, Exchange, Exchange Rate, Free Trade Related concepts: Economic Specialization, Division of Labor, Production, Productive Resources, Specialization, Factor Endowments, Gains from Trade, Relative Price, Transaction Cost, Factors of Production, Full Employment, Comparative Advantage, Absolute Advantage liv
8 Standard 7 Markets and Prices A market exists when buyers and sellers interact. This interaction determines market prices and thereby allocates scarce goods and services. Standard 8 Role of Prices Prices send signals and provide incentives to buyers and sellers. When supply or demand changes, market prices adjust, affecting incentives. Standard 9 Competition and Market Structure Competition among sellers usually lowers costs and prices, and encourages producers to produce what consumers are willing and able to buy. Competition among buyers increases prices and allocates goods and services to those people who are willing and able to pay the most for them. Standard 10 Institutions Institutions evolve and are created to help individuals and groups accomplish their goals. Banks, labor unions, markets, corporations, legal systems, and not-for-profit organizations are examples of important institutions. A different kind of institution, clearly defined and enforced property rights, is essential to a market economy. Standard 11 Money and Inflation Money makes it easier to trade, borrow, save, invest, and compare the value of goods and services. The amount of money in the economy affects the overall price level. Inflation is an increase in the overall price level that reduces the value of money. Standard 12 Interest Rates Interest rates, adjusted for inflation, rise and fall to balance the amount saved with the amount borrowed, which affects the allocation of scarce resources between present and future uses. Related concepts: Price, Market Price, Market Structure, Markets, Price Floors, Price Stability, Equilibrium Price, Quantity Demanded, Quantity Supplied, Relative Price, Exchange Rate, Shortage, Surplus Related concepts: Non-price Determinants, Price Floor, Price Stability, Supply, Demand, Determinants of Demand, Determinants of Supply, Law of Demand, Law of Supply, Price Ceiling, Substitute Good, Price, Incentive, Market-clearing Price Related concepts: Market Structure, Non-price Competition, Levels of Competition. Collusion Related concepts: Legal and Social Framework, Mortgage, Borrower, Interest, Labor Union, Legal Forms of Business, Legal Foundations of a Market Economy, Nonprofit Organization, Property Rights, Banking, Financial Institutions Related concepts: Exchange, Money Management, Money Supply, Currency, Definition of Money, Money, Characteristics of Money, Functions of Money, Goods and Services, Inflation, Deflation, Consumer Price Index (CPI) Related concepts: Interest Rate, Monetary Policy, Real vs. Nominal Risk, Risk, Investing, Savers, Savings Voluntary National Content Standards in Economics lv
9 Voluntary National Content Standards in Economics Standard 13 Income Income for most people is determined by the market value of the productive resources they sell. What workers earn primarily depends on the market value of what they produce. Standard 14 Entrepreneurship Entrepreneurs take on the calculated risk of starting new businesses, either by embarking on new ventures similar to existing ones or by introducing new innovations. Entrepreneurial innovation is an important source of economic growth. Standard 15 Economic Growth Investment in factories, machinery, new technology, and in the health, education, and training of people stimulates economic growth and can raise future standards of living. Standard 16 Role of Government and Market Failure There is an economic role for government in a market economy whenever the benefits of a government policy outweigh its costs. Governments often provide for national defense, address environmental concerns, define and protect property rights, and attempt to make markets more competitive. Most government policies also have direct or indirect effects on people s incomes. Standard 17 Government Failure Costs of government policies sometimes exceed benefits. This may occur because of incentives facing voters, government officials, and government employees, because of actions by special interest groups that can impose costs on the general public, or because social goals other than economic efficiency are being pursued. Related concepts: Human Resources, Derived Demand, Functional Distribution of Income, Labor, Labor Market, Marginal Resource Product, Personal Distribution of Income, Wage, Aggregate Demand (AD), Aggregate Supply (AS), Demand, Price of Inputs, Functional Distribution Related concepts: Taxation, Costs, Costs of Production, Entrepreneur, Risk, Taxes, Cost/Benefit Analysis, Innovation, Entrepreneurship, Inventors, Incentives Related concepts: Incentive, Interest Rate, Opportunity cost, Production, Technological Changes, Trade-off, Trade-offs Among Goals, Human Capital, Intensive Growth, Investment, Physical Capital, Productivity, Risk, Standard of Living, Economic Efficiency, Economic Equity, Economic Freedom, Economic Growth, Economic Security, Poverty, Investing, Business, Businesses and Households, Factors of Production, Health and Nutrition, Savers, Savings, Stock Market Related concepts: Externalities, Income, Natural Monopoly, Redistribution of Income, Role of Government, Taxation, Transfer Payments, Bonds, Distribution of Income, Income Tax, Maintaining Competition, Monopolies, Negative Externality, Non-clearing Markets, Positive Externality, Negative Externality, Property Rights, Public Good, Maintaining Regulation, Taxes, Regulation, Government Expenditures, Government Revenues Relative concepts: Cost/Benefit Analysis, Benefit, Costs, Special Interest Group, Barriers to Trade, Role of Government lvi
10 Standard 18 Economic Fluctuations Fluctuations in a nation s overall levels of income, employment, and prices are determined by the interaction of spending and production decisions made by all households, firms, government agencies, and others in the economy. Recessions occur when overall levels of income and employment decline. Standard 19 Unemployment and Inflation Unemployment imposes costs on individuals and the overall economy. Inflation, both expected and unexpected, also imposes costs on individuals and the overall economy. Unemployment increases during recessions and decreases during recoveries. Standard 20 Fiscal and Monetary Policy Federal government budgetary policy and the Federal Reserve System s monetary policy influence the overall levels of employment, output, and prices. Related concepts: Gross Domestic Product (GDP), Macroeconomic Indicators, Nominal Gross Domestic Product (GDP), Per Capital Gross Domestic Product (GDP), Potential Gross Domestic (GDP), Real Gross Domestic Product (GDP), Deflation, Labor Force, Unemployment, Unemployment Rate, Inflation, Imports, Exports, Net Exports, Recession, Depression, Consumer Price Index (CPI) Related concepts: Types of Unemployment, Causes of Inflation, Consumer Price Index (CPI), Deflation, Labor force, Unemployment, Unemployment Rate, Inflation Related concepts: Inflation, National Debt, Tools of the Federal Reserve, Discount Rate, Federal Budget, Fiscal Policy, Monetary Policy, Open Market Operations, Reserve Requirements, Budget, Budget Deficit, Central Banking System, Budget Surplus, Causes of Inflation, Taxes, Role of Government, Revenues, Expenditures, Federal Reserve System Voluntary National Content Standards in Economics lvii
CURRICULUM COURSE OUTLINE
CURRICULUM COURSE OUTLINE Course Name(s): Grade(s): 11-12 Department: Course Length: Pre-requisite: Macroeconomics Social Studies 1 Semester Microeconomics Textbook/Key Resource: McConnell and Brue. Macroeconomics
More informationEconomics Online Instructional Materials Correlation to the 2009 Economics and Personal Finance Standards of Learning and Curriculum Framework
and Curriculum Framework Provider York County School Division Course Syllabus URL http://yorkcountyschools.org/virtuallearning/coursecatalog.aspx Course Title Economics & Personal Finace Last Updated 2010-11
More informationGeorgia Standards of Excellence Economics 2016
A Correlation of 2016 To the Georgia Standards of Excellence Economics 2016 FORMAT FOR CORRELATION TO THE GEORGIA STANDARDS OF EXCELLENCE (GSE) GRADES K-12 SOCIAL STUDIES AND SCIENCE Subject Area: Economics
More information1.3 Prices, Supply, and Demand Compare how supply, demand, price, equilibrium, elasticity, and incentives affect the workings of a market.
Michigan STATE STANDARD OR BENCHMARK: CORRELATES WITH: E1 The Market Economy Social Studies K-12: Economics 1.1 Individual, Business, and Government Choices Explain and demonstrate how economic organizations
More informationECONOMICS EXAMINATION OBJECTIVES
ECONOMICS EXAMINATION OBJECTIVES The following objectives of the examination are to test whether the candidates have acquired a basic understanding of economics with special emphasis on Hong Kong conditions
More informationCourse Map Economics
Course Title: Economics Course Map Text: Thinking Economics (National Council on Economic Education) Duration: one semester Frequency: one class period daily Year: 2013-2014 Other materials: Areas to be
More informationECONOMICS WITH FINANCIAL LITERACY CURRICULUM MAP
2017-2018 Teachers may determine their own pacing of the following topics over the course of the quarter, so long as all the standards are covered. THE ECONOMIC WAY OF THINKING....1 ECONOMIC SYSTEMS. 1
More informationAdvanced Placement Macro Economics
Advanced Placement Macro Economics Economics is a study of mankind in the ordinary business of life. Alfred Marshall Through the AP Macroeconomics course, students will have a better understanding of the
More informationAlaska State Content Standards for Government & Citizenship
A Correlation of Prentice Hall Economics Alaska State Content Standards for A Correlation of, 2 A Correlation of, INTRODUCTION This document demonstrates how 2013 meets the Alaska State Content Standards
More informationJEFFERSON COLLEGE COURSE SYLLABUS ECO101 MACROECONOMICS. 3 Credit Hours. Prepared by: James Watson. Revised Date: February 2007 by James Watson
JEFFERSON COLLEGE COURSE SYLLABUS ECO101 MACROECONOMICS 3 Credit Hours Prepared by: James Watson Revised Date: February 2007 by James Watson Arts & Science Education Dr. Mindy Selsor, Dean ECO101 MACROECONOMICS
More informationSSEMA1 The student will illustrate the means by which economic activity is measured. a. Explain that overall levels of income, employment, and prices
SSEMA1 The student will illustrate the means by which economic activity is measured. a. Explain that overall levels of income, employment, and prices are determined by the spending and production decisions
More informationEconomics Scope and Sequence
Course / Grade Title: s/ Grade 10 s Scope and Sequence Course / Grade Content: What will students be expected to know and do? Provide the core knowledge and skills (standards) that will be taught and assessed.
More informationMacroeconomics. Identify and apply relevant terminology and concepts to economic issues and problems.
Macroeconomics Course Text and Study Guide Text: McConnell, Campbell R. and Stanley L. Brue. Macroeconomics: Principles, Problems, and Policies, 17th edition. McGraw-Hill, 2008. ISBN 0-07-327308-2. Study
More informationA. unchanged decrease B. surplus decrease C. unchanged no change D. surplus increase E. unchanged increase A. A B. B C. C D. D E. E.
AP Macroeconomics Test (Answers on last Page) 1. Which of the following correctly describes the components of Aggregate Demand? A. Consumption expenditures + Investment expenditures + Government expenditures
More informationMacroeconomics
Macroeconomics 978-1-63545-006-4 To learn more about all our offerings Visit Knewtonalta.com Source Author(s) (Text or Video) Title(s) Link (where applicable) OpenStax Senior Contributing Authors: Steve
More informationIM Syllabus ( ): Economics IM SYLLABUS ( ) ECONOMICS IM 08 SYLLABUS
IM SYLLABUS (2011-2014) ECONOMICS IM 08 SYLLABUS 1 Economics IM 08 Syllabus (Available in September) Paper I: Written exam (3 hrs) Aim As a general guideline, the emphasis in the teaching and examination
More informationBasic Concepts. MICROECONOMICS: deals with specific economic units and a detailed consideration of these individual units.
Basic Concepts ECONOMICS: The study of how limited productive resources are efficiently allocated in a world of unlimited wants. SCARCITY: WANTS EXCEED RESOURCES We want more than we are capable of getting.
More informationPrinciples of Macroeconomics
Principles of Macroeconomics 978-1-63545-094-1 To learn more about all our offerings Visit Knewton.com Source Author(s) (Text or Video) Title(s) Link (where applicable) OpenStax Senior Contributing Authors:
More informationFoundations of Economics 5 th Edition, AP Edition 2011
A Correlation of 5 th Edition, AP Edition 2011 Advanced Placement Microeconomics and Macroeconomics Topics AP is a trademark registered and/or owned by the College Board, which was not involved in the
More informationAggregate Demand and Aggregate Supply
Aggregate Demand and Aggregate Supply Chapter 19 Copyright 2001 by Harcourt, Inc. All rights reserved. Requests for permission to make copies of any part of the work should be mailed to: Permissions Department,
More informationFoundations of Economics 5 th Edition, AP*Edition 2011
A Correlation of 5 th Edition, AP*Edition 2011 To the Advanced Placement Topics Microeconomics and Macroeconomics *Advanced Placement, Advanced Placement Program, AP, and Pre-AP are registered trademarks
More informationADVANCED PLACEMENT MACROECONOMICS
ADVANCED PLACEMENT MACROECONOMICS Maple Grove Senior High School Jeff Rush rushj@district279.org, rushsocialstudies.weebly.com, aplia.com Social Studies Department Required textbook Economics, McConnell
More informationAdvanced Placement Macroeconomics
Advanced Placement Macroeconomics Introduction Welcome to AP Macroeconomics! This is a challenging course; taught at the college level, this course requires that you operate at a level higher than what
More informationGrade 12 Social Studies: Economics, the Enterprise System, and Finance
Grade 12 Social Studies: Economics, the Enterprise System, and Finance NYS Learning/Core Standards Content (What needs to be taught?) Curriculum Materials Used (All) Assessments Used (Daily/Weekly/Benchmarks)/
More informationSecond Edition ROBERT H. FRANK BEN S. BERNANKE LOUIS D. JOHNSTON. Cornell University
Second Edition ROBERT H. FRANK Cornell University BEN S. BERNANKE Princeton University [affiliated] Chairman, Board of Governors of the Federal Reserve System with special contribution by LOUIS D. JOHNSTON
More information1.2 Identify transferable and employability skills in school, community and workplace settings. Unit 2, Ch. 5 Unit 4, Ch. 11
North Dakota STATE STANDARD OR BENCHMARK: CORRELATES WITH: Family and Consumer Sciences 1.1 Analyze strategies to manage multiple life roles and responsibilities (individual, family, career, community,
More informationInterview Preparation Lecture. Venue: Career Launcher Tambaram Centre Date: 26 th January, 2018
Interview Preparation Lecture Venue: Career Launcher Tambaram Centre Date: 26 th January, 2018 Session One Duration: 1.5 hours What to expect from B-schools & what B-schools expects from you Why Economics??
More informationBUSI 101 Capital Markets and Real Estate
BUSI 101 Capital Markets and Real Estate PURPOSE AND SCOPE The Capital Markets and Real Estate course (BUSI 101) is intended to acquaint the student with the basic principles of macroeconomics and to give
More informationNorthridge Local Schools 9 12 Social Studies Course of Study. Length: ½ year Credit: ½
Northridge Local Schools 9 12 Social Studies Course of Study Course: Economics and Financial Literacy Grade Level: 10 12 Course Description: Length: ½ year Credit: ½ This course explores the fundamentals
More informationUnit 1 Test Review Chapters 1 & 2 Introduction to Economics
Unit 1 Test Review Chapters 1 & 2 Introduction to Economics Scarcity is the fundamental problem of economics. Land, labor, capital, entrepreneurs are the four factors of production. Actions in one part
More informationGarden City High School Course: AP Macroeconomics
Garden City High School Course: AP Macroeconomics Instructional Philosophy The Advanced Placement Macroeconomics curriculum is a full year program designed to provide both an overview of economics. Economics
More informationCFA Program Financial Accounting (Text Book) - Study Plan
CFA Program Financial Accounting (Text Book) - Study Plan S.No 1. Introduction to Accounting and Financial Statements The meaning of Accounting Attributes of Accounting Output of accounting process Use
More informationNo 02. Chapter 1. Chapter Outline. What Macroeconomics Is About. Introduction to Macroeconomics
No 02. Chapter 1 Introduction to Macroeconomics Chapter Outline What Macroeconomists Do Why Macroeconomists Disagree Macroeconomics: the study of structure and performance of national economies and government
More informationEconomics Unit 3 Summary
SSEMA1 Illustrate the means by which economic activity is measured. Economic activity derives from the sectors of the economy explored in the fundamentals and microeconomics units. Individuals, businesses,
More informationECO 120 Survey of Economics
ECO 120 Survey of Economics Revised: Fall 2016 COURSE OUTLINE Prerequisites: None Course Description: Presents a broad overview of economic theory, history, development, and application. Introduces terms,
More informationCBA Model Question Paper C04
CBA Model Question Paper C04 Question 1 The recession phase of the trade cycle A is often caused by excessive consumer expenditure. B is normally characterised by accelerating inflation. C is most prolonged
More informationWorld Class Education
World Class Education www.kean.edu By Paul Suozzo Assistant Professor of Bus. Studies Ocean County College 1. Introduction 2. Markets 3. Consumer Theory 4. Costs of Production 5. Competition 6. Monopoly
More informationDunbar s Big Review Sheet AP Macroeconomics Exam Content Area [Hubbard Textbook pages] (percentage coverage on AP Macroeconomics Exam) I.
Dunbar s Big Review Sheet AP Macroeconomics Exam Content Area [Hubbard Textbook pages] (percentage coverage on AP Macroeconomics Exam) I. Basic Economic Concepts (8-12%) Three Fundamental Questions [8]:
More informationECON 1010 Principles of Macroeconomics Solutions to the Final Exam
ECON 1010 Principles of Macroeconomics Solutions to the Final Exam Section A: Multiple Choice Questions. (120 points; 3 pts each) #1. The opportunity cost of something is: a) greater during periods of
More informationQUICK REVISION. CFA level 1
ECONOMICS QUICK REVISION NOTES CFA level 1 Edited By Sam Economics Keynes: Sticky prices, so if Demand falls, Supply will fall, and employment falls Expenditures GDP: Consumer Spending, Private Investment,
More informationECON 1102: MACROECONOMICS 1 Chapter 1: Measuring Macroeconomic Performance, Output and Prices
ECON 1102: MACROECONOMICS 1 Chapter 1: Measuring Macroeconomic Performance, Output and Prices 1.1 Measuring Macroeconomic Performance 1. Rising Living Standards Economic growth is the tendency for output
More informationThe World Economy from a Distance
The World Economy from a Distance It would be difficult for any country today to completely isolate itself. Even tribal populations may find the trials of isolation a challenge. Most features of any economy
More informationPrinciple of Macroeconomics, Summer B Practice Exam
Principle of Macroeconomics, Summer B 2017 Practice Exam 1) If real GDP in a small country in 2015 is $8 billion and real GDP in the same country in 2016 is $8.3 billion, the growth rate of real GDP between
More informationLecture 7. Fiscal Policy
Lecture 7 Fiscal Policy The role of government spending and taxes Fiscal policy: government spending and tax policy AD = C + II + G What if G changes? What is the effect on Y? How large is (government)
More informationPrentice Hall Economics: Principles In Action 2005 Correlated to: Alabama Course of Study, Social Studies, Economics (Grade 12)
Alabama Course of Study, Social Studies, Economics (Grade 12) TWELFTH GRADE Economics Students will: 1. Explain the role of scarcity in answering the basic economic questions of what, how, how much, and
More informationThe expansion of the U.S. economy continued for the fourth consecutive
Overview The expansion of the U.S. economy continued for the fourth consecutive year in 2005. The President has laid out an agenda to maintain the economy's momentum, foster job creation, and ensure that
More informationPhase II Curriculum Unit 1: Introduction to Economics Essential Understanding:
Davison Community Schools ADVISORY CURRICULUM COUNCIL Phase II, March 19, 2018 Economics Course Essential Questions (from Phase I report): 1. How does scarcity affect economic decisions at all levels?
More informationMacro Graphs: Using Manipulatives and Technology to Review Macro Models
Macro Graphs: Using Manipulatives and Technology to Review Macro Models Lesson by Sherilyn Narker, senior education program manager, Federal Reserve Bank of Atlanta Lesson description This lesson provides
More informationAP Economics Pacing Guide
AP Economics Pacing Guide Course Description: The purpose of AP Macroeconomics is to understand the principles of economics that apply to an economic system as a whole. The course will explore the study
More informationChapter 1: Economics: The Core Issues - WHAT IS THIS CHAPTER ALL ABOUT?
Principles of Economics ECON 2301/2302 Schiller, 14th Edition Chapter Learning Objectives Chapter 1: Economics: The Core Issues - The chapter introduces students to the basic building blocks of economics
More informationFinal. Mark Scheme ECON2. Economics. (Specification 2140) Unit 2: The National Economy. General Certificate of Education (A-level) January 2013 PMT
Version 1 General Certificate of Education (A-level) January 2013 Economics ECON2 (Specification 2140) Unit 2: The National Economy Final Mark Scheme Mark schemes are prepared by the Principal Examiner
More informationIntroduction to Macroeconomics
Week 1: General notes: o Macroeconomics studies the aggregate impact of individual decisions. Microeconomics studies decision-making by individual economic agents o In the study of macroeconomics, an economist
More informationOCR Unit 2. Economics Revision. Judah Chandra
1 OCR Unit 2 Economics Revision Economics Revision Judah Chandra 2 AD = C + I + G (X - M) KEY TERMS Economic growth - in the short run, an increase in real GDP, and in the long run, an increase in productive
More informationThe Influence of Monetary and Fiscal Policy on Aggregate Demand. Lecture
The Influence of Monetary and Fiscal Policy on Aggregate Demand Lecture 10 28.4.2015 Previous Lecture Short Run Economic Fluctuations Short Run vs. Long Run The classical dichotomy and monetary neutrality
More informationECO403 Macroeconomics Solved Online Quiz For Midterm Exam Preparation Spring 2013
ECO403 Macroeconomics Solved Online Quiz For Midterm Exam Preparation Spring 2013 Question # 1 of 15 ( Start time: 03:22:55 PM ) Total Marks: 1 If the U.S. real exchange rate increases, then U.S. ----------------
More informationEcon 102 Final Exam Name ID Section Number
Econ 102 Final Exam Name ID Section Number 1. Over time, contractionary monetary policy nominal wages and causes the short-run aggregate supply curve to shift. A) raises; leftward B) lowers; leftward C)
More informationVHS AP Economics Syllabus Microeconomics and Macroeconomics Syllabus 33 week course
VHS AP Economics Syllabus Microeconomics and Macroeconomics Syllabus 33 week course Textbook: Krugman, P., & Wells, R., (2006). Economics. NY: Worth Publishers Recommended Reading: Buccholz,, Todd, New
More informationAnswers and Explanations
Answers and Explanations 1. The correct answer is (E). A change in the composition of output causes a movement along the production possibilities curve. A shift in the curve is caused by changes in technology,
More informationECO202: PRINCIPLES OF MACROECONOMICS FIRST MIDTERM EXAM SPRING 2007 Prof. Bill Even FORM 1. Directions
Assigned Seat ECO202: PRINCIPLES OF MACROECONOMICS FIRST MIDTERM EXAM SPRING 2007 Prof. Bill Even FORM 1 Directions 1. Fill in your scantron with your unique id and form number. Doing this properly is
More informationSummit Public Schools Summit, New Jersey. AP Macroeconomics Course of Study Grades One Semester
Summit Public Schools Summit, New Jersey AP Macroeconomics Course of Study Grades 11-12 One Semester Course Description: AP Macroeconomics introduces qualified students to the discipline of macroeconomics
More information2015 EXAMINATIONS ECONOMICS - MSS J133 JOINT UNIVERSITIES PRELIMINARY EXAMINATIONS BOARD MULTIPLE CHOICE QUESTIONS
JOINT UNIVERSITIES PRELIMINARY EXAMINATIONS BOARD 2015 EXAMINATIONS ECONOMICS - MSS J133 MULTIPLE CHOICE QUESTIONS 1. The fundamental problem of economics is A. The establishment of a political framework
More informationMACROECONOMICS - CLUTCH CH INTRODUCING ECONOMIC CONCEPTS.
!! www.clutchprep.com CONCEPT: INTRODUCING MACROECONOMIC CONCEPTS BUSINESS CYCLE Business Cycles describe the increases and decreases in economic activity that occur over periods of several years Employment
More informationSUGGESTED SOLUTION INTERMEDIATE M 19 EXAM. Test Code CIM 8155
SUGGESTED SOLUTION INTERMEDIATE M 19 EXAM SUBJECT- ECONOMICS Test Code CIM 8155 BRANCH - () (Date :) Head Office : Shraddha, 3 rd Floor, Near Chinai College, Andheri (E), Mumbai 69. Tel : (022) 26836666
More informationAP Macroeconomics Fall Semester 2016
AP Macroeconomics Fall Semester 2016 Ms. Huynh ( Win ), Room 126 Phone: (626) 441-5820 Ext 2126 Email: Thuynh@spusd.net Curricular Overview This semester long course will introduce students to the principles
More informationHill College 112 Lamar Dr. Hillsboro, Texas 76645
Hill College 112 Lamar Dr. Hillsboro, Texas 76645 COURSE SYLLABUS Course Prefix and Number ECON 2301 Course Title PRINCIPLES OF MACROECONOMICS Prepared by: T. SMITH Date: April 2010 Approved by: Susan
More informationINTRODUCTION THE PUBLIC SECTOR MARKET FAILURE INTRODUCTION MARKET FAILURE MARKET FAILURE
Chapter 4 THE PUBLIC SECTOR INTRODUCTION The market can determine WHAT goods to produce, HOW, and for WHOM. Market outcomes may not necessarily be most desirable by policy makers. Government intervention
More informationModule 4: Applications of Supply and Demand
The following list shows a summary of the topics covered in the macroeconomics course. Module 1: Economic Thinking Understanding Economics and Scarcity The Concept of Opportunity Cost Labor, Markets, and
More informationCFA Candidate Self-Assessment Test
CFA Candidate Self-Assessment Test The CFA Program is postgraduate. The readings assigned in the study program and the questions on the CFA examinations are geared for individuals who are prepared to deal
More informationChapter 4: A First Look at Macroeconomics
Chapter 4: A First Look at Macroeconomics Principles of Macroeconomics I. Economics as a Social Science A. Economics is the social science that studies the choices that individuals, businesses, governments,
More informationLecture 22. Aggregate demand and aggregate supply
Lecture 22 Aggregate demand and aggregate supply By the end of this lecture, you should understand: three key facts about short-run economic fluctuations how the economy in the short run differs from the
More informationGEORGIA PERFORMANCE STANDARDS. Macroeconomics
GEORGIA PERFORMANCE STANDARDS Macroeconomics GEORGIA PERFORMANCE STANDARDS INTERNATIONAL ECONOMICS Macroeconomic Concepts SSEMA1 The student will illustrate the means by which economic activity is measured.
More informationName: Days/Times Class Meets: Today s Date:
Name: _ Days/Times Class Meets: Today s Date: Macroeconomics, Fall 2007, Final Exam, several versions, December Read these Instructions carefully! You must follow them exactly! I) On your Scantron card
More informationSubject: Economics. Grade / Group: 1201/1202. Teacher s Name: Ana Isabel Almeida L. Semester Examination or Guide: Date:
Westhill Institute Vestigia Nulla Retrorsum Department of Curriculum and Academic Programs Subject: Economics Grade / Group: 1201/1202 Teacher s Name: Ana Isabel Almeida L. Semester Examination or Guide:
More informationMARK SCHEME for the October/November 2010 question paper for the guidance of teachers 2281 ECONOMICS
UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS GCE Ordinary Level MARK SCHEME for the October/November 2010 question paper for the guidance of teachers 2281 ECONOMICS 2281/22 Paper 2 (Structured Questions),
More informationName: Days/Times Class Meets: Today s Date:
Name: _ Days/Times Class Meets: Today s Date: Macroeconomics, Spring 2008 Exam 3, TTh classes, various versions Read these Instructions carefully! You must follow them exactly! I) On your Scantron card
More informationMACROECONOMICS. Semester 2, 2016 ECF1200
MACROECONOMICS Semester 2, 2016 ECF1200 Week 4: Chapter 8 - Saving, investment and the financial system The financial system Groups of institutions that help to match one person s saving with another
More informationSOCIAL AND ETHICAL, ECONOMIC, AND INTERNATIONAL ENVIRONMENT OF BUSINESS NAME: MOD. DATE GIVEN: DATE DUE:
CHAPTER 2-3-4 SOCIAL AND ETHICAL, ECONOMIC, AND INTERNATIONAL ENVIRONMENT OF BUSINESS OBJECTIVES : Explain the social, ethical, economic, and international problems we must encounter and define solutions
More informationPrinciples of Macroeconomics Economics 202 Spring 2010
Principles of Macroeconomics Economics 202 Spring 2010 Dr. Stuart Allen 334-3166 Office Hours: Before Class Department Office 462 Bryan E-mail: stuart_allen@uncg.edu PURPOSE This course uses market analysis
More information5 Macroeconomics SAMPLE QUESTIONS
MULTIPLE-CHOICE UNIT E09 Macroeconomics Summative Exam Sample Multiple-Choice Questions Circle the letter of each correct answer. 1. Which of the following monetary and fiscal policy combinations would
More informationMODERN PRINCIPLES: MACROECONOMICS. Tyler Cowen George Mason University. Alex Tabarrok George Mason University. Worth Publishers
MODERN PRINCIPLES: MACROECONOMICS Tyler Cowen George Mason University Alex Tabarrok George Mason University Worth Publishers CONTENTS Preface xv CHAPTER 1 The Big Ideas 1 Big Idea One: Incentives Matter
More informationAP Macroeconomics Syllabus Course Outline Required text: Economics: Principles, Problems, and Policies McConnel and Brue 15 th edition
AP Macroeconomics Mrs. Cook 1 st Period Room 210 AP Macroeconomics Syllabus Course Outline Required text: Economics: Principles, Problems, and Policies McConnel and Brue 15 th edition Unit One: Basic Economic
More informationEconomics Glossary of Terms
Economics Glossary of Terms (for use with the crossword puzzle) asset anything of value owned by an individual or a corporation (i.e. cash, buildings, machinery, land, raw materials, etc.) balance of payments
More informationINDIAN HILL EXEMPTED VILLAGE SCHOOL DISTRICT Social Studies Curriculum - May 2009 AP Economics
Course Description: This full-year college-level course begins with basic economic concepts and proceeds to examine both microeconomics and macroeconomics in greater detail. There are five units which
More informationMacroeconomic Analysis Econ 6022
1 / 36 Macroeconomic Analysis Econ 6022 Lecture 10 Fall, 2011 2 / 36 Overview The essence of the Keynesian Theory - Real-Wage Rigidity - Price Stickiness Justification of these two key assumptions Monetary
More informationQuestions and Answers. Intermediate Macroeconomics. Second Year
Questions and Answers Intermediate Macroeconomics Second Year Chapter2 Q1: MCQ 1) If the quantity of money increases, the A) price level rises and the AD curve does not shift. B) AD curve shifts leftward
More informationPrinciples of Macroeconomics December 17th, 2005 name: Final Exam (100 points)
EC132.02 Serge Kasyanenko Principles of Macroeconomics December 17th, 2005 name: Final Exam (100 points) This is a closed-book exam - you may not use your notes and textbooks. Calculators are not allowed.
More informationChapter 2. Measurement. Teaching Goals. Classroom Discussion Topics
Chapter 2 Measurement Teaching Goals Students must understand the importance of measuring aggregate economic activity. Macroeconomists produce theories that provide useful insights and policy conclusions.
More informationCourse Name: AP Macroeconomics and the Free Enterprise System. One Semester Course: 18 weeks, M-F, 7 period day, 51 minutes per class
Course Name: AP Macroeconomics and the Free Enterprise System One Semester Course: 18 weeks, M-F, 7 period day, 51 minutes per class Bibliography of Texts: Main Text: McConnell, Campbell R. and Stanley
More informationMurrieta Valley Unified School District High School Course Outline June 2013
Murrieta Valley Unified School District High School Course Outline June 2013 Department: Course Title: Social Science Advanced Placement Macroeconomics Grade Level: 12 Course Number: 1705 Prerequisite:
More informationECO401 Quiz # 5 February 15, 2010 Total questions: 15
ECO401 Quiz # 5 February 15, 2010 Total questions: 15 Question # 1 of 15 ( Start time: 09:37:50 PM ) Total Marks: 1 Economic activity moves from a trough into a period of until it reaches a and then into
More informationMIDTERM EXAMINATION #1 Instructions: To insure fairness in grading, please write only your student ID number on the top of each page of your exam.
Principles of Macroeconomics University of Alaska, Anchorage Lance Howe October 7, 2003 ID #: MIDTERM EXAMINATION #1 Instructions: To insure fairness in grading, please write only your student ID number
More informationNotes on Obstfeld-Rogoff Ch.1
Notes on Obstfeld-Rogoff Ch.1 Open Economy = domestic economy trading with ROW Macro level: focus on intertemporal issues (not: multiple good, added later) OR 1.1-1.2: Small economy = Easiest setting to
More informationEveryday Finance: Economics, Personal Money Management, and Entrepreneurship
Everyday Finance: Economics, Personal Money Management, and Entrepreneurship VOLUME 2 GALE CENGAGE Learning- Detroit New York San Francisco New Haven, Conn Waterville, Maine London VOLUME 1 Reader's Guide
More informationAP Macroeconomics review. By: Maria Villasmil. Economis: The study of how people, firms, and government make decisions when faced with scarcity.
AP Macroeconomics review By: Maria Villasmil Economis: The study of how people, firms, and government make decisions when faced with scarcity. Factors of Production: 1)Land: natural resources 2) Labor:
More informationMacroeconomics. Part 1: Issues in Macroeconomics. Chapter 1: Measuring macroeconomic performance - output and prices
Macroeconomics Part 1: Issues in Macroeconomics Chapter 1: Measuring macroeconomic performance - output and prices A macroeconomy is performing well if it meets the following criteria: o Rising living
More informationSTUDENTSFOCUS.COM BA ECONOMIC ANALYSIS FOR BUSINESS
STUDENTSFOCUS.COM DEPARTMENT OF MANAGEMENT STUDIES BA 7103 -ECONOMIC ANALYSIS FOR BUSINESS Meaning of economics. UNIT 1 Economics deals with a wide range of human activities to satisfy human wants. It
More informationECON 2301 TEST 1 Study Guide. Spring 2015
ECON 2301 TEST 1 Study Guide Spring 2015 Instructions: 40 multiple-choice questions, each with 4 responses You will have an hour to do the exam Students need to bring: (1) Sanddollar ID card; (2) scantron
More informationCourse Outcome Summary
SSECON ECONOMICS Course Information: Description: Economics is the study of how individuals and nations make choices about how to use scarce resources to fulfill their wants. This course will examine economics
More informationUNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS General Certificate of Education Ordinary Level
UNIVERSITY F MRIGE INTERNTINL EXMINTINS General ertificate of Education rdinary Level *9195660245* ENMIS 2281/12 Paper 1 Multiple hoice ctober/november 2013 dditional Materials: RE THESE INSTRUTINS FIRST
More informationDynamic Scoring of Tax Plans
Dynamic Scoring of Tax Plans Benjamin R. Page, Kent Smetters September 16, 2016 This paper gives an overview of the methodology behind the short- and long-run dynamic scoring of Hillary Clinton s and Donald
More information