International trade is included in this course as an optional topic. While this might usually be covered in a principles of microeconomics course, it has been included here for review purposes, or in the event that students have not previously taken microeconomics. Please note that some of the learning objectives may overlap with the unit on Tradeoffs.
This lesson concerns how economic growth is measured and defined, the benefits of economic growth over time, and the determinants of a nation’s economic growth, including policy. Students will examine the importance of sustained economic growth over time. Students will understand the meaning and determinants of economic growth. Comparative information and data for different economies over time will be utilized to examine the importance of policy and several factors as economic growth drivers. Students will examine the aggregate production function as a tool to understand the relationship between inputs and aggregate output. The importance of technological progress will be emphasized.
This topic discusses the role of a central banks and monetary policy. Monetary policy is contextual and particular to the unique institutional features of the economy of interest. For example, Chinese Monetary policy would be very different from US Monetary Policy. In order to understand monetary policy contextually it helps to start with the historical evolution of the institution (learning objective 2). This is a good way for students to see the value of economic history as a subfield. Other important topics include an understanding of how a Central Bank conducts Monetary Policy and how this Monetary Policy affects Economic Outcomes. Also important are the pitfalls of Monetary Policy and case studies on various attempt at bank regulation which are getting more and more relevant.
This is an introduction to money and its functions. It explains the role of the central bank in money supply and the money creation process. Money demand and its determinants are essential to an understanding of equilibrium interest rates, when combined with a discussion of money supply. An alternative explanation of bond demand and equilibrium interest rates is introduced through a discussion of the bond market.
This category covers a lot of material. Multiple chapters are included from the main resource. Individual instructors might consider breaking this down into smaller subcategories, or tying individual objectives to other categories; for example, LO2 might be covered in monetary policy, and LO 3 might be covered in discussion of the AD/AS model.
The presentation suggested by this topic is not universally used, but is an option. The objectives assume a closed economy with no flow of goods, services, or investment. Availability of quality material using this approach is limited with the OER materials available, and may require additional resource creation in the future.
This is a lesson on the basic economic tools of supply and demand. Students will use be introduced to the potential results of the interactions of buyers and sellers in a market using basic supply and demand data. Students will be asked to explore different examples of the use of market information to determine market price and the reasons for changes in market price.
This topic is considered optional as it would primarily be part of a principles of microeconomics course. If microeconomics is a prerequisite for macroeconomics, this topic can either be skipped entirely, or could be reviewed briefly. In some macroeconomics principles courses, this may need to be presented as new information. Learning objectives of particular interest for a macro course are 1, 2, 7, and 8. Please note that some of the learning objectives contained in this section may overlap with the International Trade unit.
Looks at the measurement and determinants of unemployment in the economy arising from changes in supply and demand in the labor market. Focuses on the natural rate of unemployment as well as the different types of unemployment.
"This course is designed to introduce classic macroeconomic issues such as growth, inflation, unemployment, interest rates, exchange rates, technological progress, and budget deficits. The course will provide a unified framework to address these issues and to study the impact of different policies, such as monetary and fiscal policies, on the aggregate behavior of individuals. These analytical tools will be used to understand the recent experience of the United States and other countries and to address how current policy initiatives affect their macroeconomic performance."
Principles of Macroeconomics for AP® Courses covers the scope and sequence for a one-semester Advance Placement Macroeconomics course. The book is on the example textbook list for the AP® course here. The text also includes many current examples, including the housing bubble and housing crisis, Zimbabwe’s hyperinflation, global unemployment, and the appointment of the United States’ first female Federal Reserve chair, Janet Yellen.
Principles of Microeconomics covers the scope and sequence of most introductory microeconomics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts.