Agenda – Economics (Macro and Micro Combined)

Course Description

In this workshop teachers will immerse themselves in the AP Economics program (Macroeconomics and Microeconomics) with the support of the Course and Exam Description binders (CED) created and distributed in 2019 by the College Board. The workshop will focus on specific content concerns outlined by the teachers in the class and by the Chief Reader report. We will review economic models and theories, help students calculate and evaluate economic data and create students centered classroom experiences and simulations for successful learning.  This will help students overcome some of the challenges in the course. A major part of the workshop will be devoted to planning and gaining confidence in our ability to teach the AP Economic syllabus along with forming a lasting professional learning community.

Schedule for AP Macro/ AP Micro 4 Day APSI

Macro/Microeconomics 4-day schedule   Theresa Fischer (ecofisch@gmail.com)

We will be meeting from 8:00 am – 4:15 pm

Goals and Objectives

  1. To prepare teachers for teaching AP Economics through an intensive review of the curriculum content, evaluations, and time management
  2. To familiarize participants with “degree of difficulty” assignments for the students to do well on the AP examination as well as active learning exercises to inspire student participation.
  3. To help guide participants in teaching student applications of economic concepts to the “Real World”
  4. To share with the participants how the examination is graded and how to prepare students for success of the examination itself.
  5. To model for participants lessons of challenging economic concepts, including graphing of market models, externalities, aggregate demand and aggregate supply, monetary policy, loanable funds, currency graphs, opportunity costs and comparative advantage, MRP and others with a focus on formative assessment.
  6. To clearly identify for teachers the “need to know concepts and models “as well as provide guidelines for those activities which will enrich the AP Classroom.

 

Publication: by Council for Economic Education.

Advanced Placement 5th Ed. Macroeconomics Student Manual

Advanced Placement 5th Ed. Microeconomics Student Manual

TOPICS — Day 1 Macro/Micro

Over the course of the next week, we ask that you please watch the following video, which has been developed for AP Macroeconomics teachers outlining changes to the course and exam:  https://academicmerit.wistia.com/medias/t6ufvc0fdi

Basic Concepts – scarcity, efficiency, production possibilities, circular flow, absolute and comparative advantage, and Tariffs (Micro Unit 1)( Macro 1)

  1. Absolute and Comparative Advantage—Clifford- https://www.youtube.com/watch?v=HneRNVtahYw&t=583s
  2. Island of Tasmania MRU video

https://www.youtube.com/watch?v=cwx9fZOL81c

  1. Terms of Trade-– Jason Welker

https://www.youtube.com/watch?v=WCy7XGwvWsg&list=RDLVXTEb98PY0XA&index=6

  1. Input v Output qts. –Reviewecon.com

Supply and Demand – (Macro 1)

Anatomy of a Supply/ Demand — consumer surplus/producer surplus, price ceiling price floor, (Micro 2)

HOW TO SCORE ON THE FRQs!!

Practice:

Microeconomics FRQS – 2012 #2, 2016#1, 2015#3,

Macroeconomics FRQS – 2016 #3; 2018 #3; 2019 Set 2 #3

HOMEWORK – Create the Supply and Demand Newspaper Assignment See attached in Unit 2

  1. Check out MR University for Supply and Demand
  2. ACDC Clifford for Supply and Demand
  3. com Supply and Demand
  4. Videos of You tube College Board AP Macro/Micro Supply and Demand
  5. Revise your curriculum because of this lesson.

 

Day 2

Continue with the CED. Answer any qts and concerns from Day 1 Share with each other your S/D assignment and then a few will share with the class.

Macroeconomics (Unit 2) Inflation, GDP and Unemployment—

Know your formulas!! Correct formula+ correct answer = 1 pt.

  1. Calculating inflation, unemployment, and GDP
  2. Ann Flation and Inflation Spectrum
  3. RGDP v NGDP
  4. The importance of showing your work.
  5. Background info about inflation, unemployment, and GDP—Volunteers are needed
  6. FRQs—2008B #3, 2006#3, 2011B#3; 2021 #3

Microeconomics (Unit 2) Elasticity, Marginal Utility and (Unit 3) Cost Curves and Pure Competition.

  1. Why is elasticity so important to the vendor?
  2. Have you ever experienced Diminishing Marginal Utility?
  3. Marginal Product and Diminishing Marginal Return
  4. Understand the cost curves
  5. Calculations of the cost curves
  6. Bring it together in pure competition.

Micro FRQs – 2008 #2; 2012 #2; 2015 #3;2019 Set 1 #2; 2021 Set 2 #3; 2022 Set 2 #1

HOMEWORK: Bring your questions from class yesterday

  1. Check out Jacob Reed Reviewecon.com in these topics
  2. Check out MJM Foodie.com for cost curves
  3. Do the Marshmallow Simulation and the Production Simulation at home (Anderson)

Bring comments to class on Wednesday.

  1. com- see how this site addresses cost curves. Evaluate all the sites.
  2. Work on the presenting an Indicator using the project sheet in Macro Unit 2
  3. SHARE WITH ME – WHAT DID YOU LIKE? – WHAT MORE CAN I HELP YOU WITH?

DAY 3

Continue with the CED. Answer any questions and concerns of Day 2

Macroeconomics:

Aggregate Demand and Aggregate Supply Unit 3

  1. Characteristics and shifts
  2. Understand the graph for PL and RDGP and Inflation and Recession.
  3. Short Run and Long Run
  4. What is LRAS?
  5. Fiscal Policy – Effect on value of the dollar, interest rates and
  6. The Magic of the Multiplier.

Microeconomics

Understanding the Market Structures – Unit 4

  1. Monopoly—Know my Monopoly Graphs FRQ
  2. Oligopoly and Game theory
  3. Monopolistic Competition
  4. Comparison to Pure Competition
  5. Know my firms and their characteristics

Homework – Bring your questions from yesterday to class!

1. Play the Fiscal Ship and do a write up. Follow directions in Unit 3

  1. Review Micro FRQs Question ONE (MONOPOLY) on the firms. Ready to present on Day 4

2021 Set 1; 2019 set 1,2;2018; 2014;2013, 2014,2011, 2010B; 2008B;

Read EconLowdown-àFlying the Skies Firms in the airline industry.  OR

  1. Read and Present PAGE ONE essay. Select from the following list (register and set up an acct)

https://www.stlouisfed.org/education/resources-to-teach-ap-micro?utm_source=Federal+Reserve+Bank+of+St.+Louis+Publications&utm_campaign=c18a7a9450-EEContentUpdate&utm_medium=email&utm_term=0_c572dedae2-c18a7a9450-57437069

or pick from AP Macro

https://www.stlouisfed.org/education/resources-to-teach-ap-macro?utm_source=Federal+Reserve+Bank+of+St.+Louis+Publications&utm_campaign=c18a7a9450-EEContentUpdate&utm_medium=email&utm_term=0_c572dedae2-c18a7a9450-57437069

Day 4

Macroeconomics –

Monetary Policy New curriculum- review questions and videos

MONETARY BASE, MONEY MARKET GRAPH AND LOANABLE FUNDS

AP Macro Practice FRQ #2: Changes in Monetary Base, Amount of Loans, Money Supply – YouTube

monetary base v money supply – YouTube

Monetary Base – Definition, Formula, vs Money Supply (wallstreetmojo.com)

Trade and Currency–

Graphing

Current Acct v Financial Acct

Check out Khan Academy Unit on Current and Capital Account

Capital Inflows and Outflows—Set examples.

Microeconomics –

Labor- Factor Markets

MRP=MRC–

DMR–

Externalities—PowerPoint  to understand consumption v Production.

FRQs 2022 Qt #2; 2021Set 2 #2 ( cooper)

MR University and Externalities

 

Day 5

Review the CED and My APCLASSROOM.

Grade the 2022 Exam for Macroeconomics and Microeconomics

What are the common errors for each of the qts?

Sum up –all the new websites, sources and plans for a great new year in school!