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By the end of this course, you will be able to do the following:*Go over the format and goals of the course. See how to succeed in the course andwhat to expect on the AP exam.*Explore the basics of economics, including goods, services, markets, and afundamental concept of economics: scarcity.*Examine the major questions each economic society faces and explore the differentways traditional, command, and mixed economies answer these questions*Explore benefits and costs and see how people compare them to determine theirhighest net benefit. Also look at the related concepts of self-interest, opportunitycost, and sunk cost.*Examine the production possibilities frontier (PPF) and how itís created. Investigatethe relationship of opportunity cost and production, and look at the role of efficiencyin the graph of the production possibilities frontier.*Learn about the concepts of absolute advantage and comparative advantage, aswell as how and why people agree to trade with each other.*Explore how specialization increases wealth and look at a PPF for an entireeconomy. Explore the things that increase the possible production in an economy,and examine the role of trade in determining the PPF.*Examine the concept of demand, demand curves, changes in demand, and themeasure of price elasticity of demand.*Examine the concept of supply, supply curves, changes in supply, and the measureof price elasticity of supply.*Explore the concept of equilibrium and see how to determine changes in equilibrium.Examine government interventionóprice supports and price floorsóand thecorresponding surpluses and shortages created by intervention.*Investigate the components of the circular flow model, and see the components puttogether to make a picture of an economy.*Examine GDP and compare it to some other economic measures. Explore therelationship between income and expenditures in an economy.*Examine the flaws of using only RGDP to measure growth. Look at the sources oflong-term growth and the trade-off between spending today and future growth.*Examine the business cycle and how itís evaluated.*Examine the categories of unemployment and the criteria for each: seasonal,frictional, cyclical, and structural unemployment.*Examine the CPI. See how itís calculated and learn how itís used to measureinflation.*Explore interest rates and their effect on investment and the purchases of financialinstruments.*Examine the concepts of demand-pull inflation and cost-push inflation*Examine aggregate demand (AD), and explore the role the price level plays indetermining the shape of the AD curve.*Examine aggregate supply (AS), and explore the role the production capacity of aneconomy plays in determining the shape of the AS curve.*Learn how short-run economic equilibrium is determined by aggregate demand andshort-run aggregate supply. Look at how changes in AD or AS, called shocks, changeequilibrium.*Examine the concept of full employment. Explore reasons the full-employment levelof output changes. Look at changes in long-run equilibrium caused by changes inaggregate demand or aggregate supply.*Explore consumption and investment functions as Keynes saw them.*Explore the different components of the Keynesian model and the definition ofequilibrium. Look at the sources and results of changes in equilibrium.*Examine the differences and similarities between the Keynesian and AD/AS models.Look at examples demonstrating the predictive power of each model.*See analyses of fiscal policy in the Keynesian and AD/AS models, explore thedifficulties with fiscal policy, and examine why itís rarely used today.*Explore government spending and taxation in the U.S. economy, and examine thebudget deficit and the national debt.*Explore the roles of money (unit of account, medium of exchange, store of value)and reasons people hold money (transactions, asset portfolio, protection against theunexpected). Examine how much money people hold at one time, and why.*Discover how fractional reserve banking works, look at the role of the Fed in the banking system, and investigatethe S&L failure of the 1980s.*Explore the money creation process, the role of required reserves in determiningthe size of money creation, and the idea of money supply.*Explore the three tools the Fed uses to control the quantity of money in theeconomy: the required reserve ratio, the discount rate, and open market operations.*Explore the process through which a change in the quantity of money in theeconomy changes the level of prices or production.*Examine the similarities and differences between monetary and fiscal policy.*Examine the role of trade in an economy, the reasons why nations trade and imposetrade restrictions, and exchange rates.*Explore current and capital accounts, the relationship between a trade deficit ingoods and services and a trade surplus in capital, and the twin deficits effect.*See how global economics can affect domestic fiscal and monetary policies.*Develop a strategy for studying for and taking the AP Exam. Find out whatto expect in the Exam and get some tips on how to answer free-response questions.

Unit 1: What Is Economics? Unit 2: Basic Economic Concepts Unit 3: Macroeconomic Variables Unit 4: The AD/AS Model Unit 5: Keynesian Economics and Fiscal Policy Unit 6: Money Unit 7: International Economics Unit 8: Preparing for the AP Exam

Teachers are expected to answer questions, grade assignments, and provide feedback to students within 24 hours. Almost all questions will be answered within a few hours, but 24 hours should be the maximum response time. Additionally, teachers are required to check email from students once over the weekend. Teachers will also make phone calls or send text messages to students to help facilitate successful completion of the course. Students and parents are expected to respond when teachers contact them with questions or concerns.

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