AP Economics Mr. Reeder Chattahoochee High School

Overview Social Studies Department Social Science with Math The assumption is NO economics background Economics course is required for graduation Economics EOC is required for graduation My Teaching Style:

What is Economics? A study of human behavior The study of incentives The Social Science dealing with the efficient use of scarce resources to achieve the maximum satisfaction of economic wants. A different way of thinking – Opportunity cost – Rational decisions – Cost-benefit analysis – Thinking at the margin

The AP Exams College Board’s National exams in May 2 AP exams = 2 college course credits 2 hours long 70-minute multiple-choice section (60 questions) 60-minute free-response section (3 questions) Some questions in the free-response section require graphical analysis

ent/search-credit-policies ent/search-credit-policies College credit varies Colleges are increasingly requiring a composite score CollegeMin AP Score Needed (Mic, Mac) College Credits Given College Course Exempted Ga Tech4, 43, 3Econ 2105, Econ 2106 Ga State3, 3 Econ 2105, Econ 2106 UGA3, 3 Econ 2105, Econ 2106 Brown UniversityComposite 81 courseEcon 0110 Wake Forest4, 43, 3Econ 150 MIT5, 59, 9 PrincetonComposite 103 coursesEcon 100, 101, 102 College Credit

Prerequisites Senior (4 th year of high school) Math: A or B in Honors Precalculus, Adv. Algebra and Trig., Accelerated Integrated Pre-Calculus, Integrated Trigonometry, or AP Calculus (AB or BC) Social Studies: A or B in AP US History or A in on-level US History Good attitude towards a new subject

Math Correlation AP Econ (especially AP Micro) correlates with success in upper-level math courses much more than it correlates with success in Social Studies courses. Math Course Co-EnrollmentAvg AP Econ grade Ga Tech Calculus93%* AP Calculus BC91%* AP Calculus AB85% Pre-calculus77% AMDM74% * No student has ever received a failing grade

Day-By-Day Summer Work purchase student activity work and begin Mini-lesson Lecture ~daily Practice graphing (dry erase boards) ~ twice a week Text book ~ 1 chapter a week with quizzes over readings Student Workbook ~ 1 activity a day (usually in class) Videos and clips when relevant

AP Micro Content Topics Micro = small units within the economy Households, Business Firms Major Content Domains: I.Basic Economic Concepts II.The Nature and Functions of Product Markets III.Factor Markets IV.Market Failure and the Role of Government

Sample Micro Question Which of the following situations would necessarily lead to an increase in the price of peaches? (a)The wage paid to peach farm workers rises at the same time that medical researchers find that eating peaches reduces the chances of a person’s developing cancer. (b)While the wages of peach farm workers fall drastically, the peach industry launches a highly successful advertising campaign for peaches. (c)A breakthrough in technology enables peach farmers to use the same amount of resources as before to produce more peaches per acre. (d)The prices of apples and oranges fall. (e)Weather during the growing season is ideal for peach production. ANSWER: A (peaches cost more to produce, plus more people want them)

Typical Micro graph FRQ

AP Microeconomics Test Career Results Percent passing AP Test: 95% Average AP Test score: 4.3 Average grade in class: 86%

AP Macro Content Topics Macro = the entire interconnected economy GDP, Unemployment, Business Cycle, Fiscal Policy, Monetary Policy, Federal Reserve, International Trade Major Content Domains I.Basic Economic Concepts II.Measurement of Economic Performance III.National Income and Price Determination IV.Financial Sector V.Inflation, Unemployment, and Stabilization Policies VI.Economic Growth and Productivity VII.Open Economy: International Trade and Finance

Sample Macro Question Which of the following groups would most likely gain from unanticipated inflation? (a) Landlords who own apartments in cities with rent controls. (b) Individuals who have fixed retirement incomes. (c) Individuals who earn high incomes (d) Individuals who have borrowed money at fixed interest rates (e) Banks that have loaned all excess reserves at a fixed interest rate. Answer: D

Typical Macro graph FRQ

AP Macroeconomics Test Career Results Percent passing AP Test: 98% Average AP Test score: 4.5 Average grade in class: 83%