Guide to AP® Macroeconomics

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Basic Economic Concepts

Review the foundational concepts critical to understanding macroeconomics, such as opportunity cost, trade, and the production possibilities model. Practice using the tools of supply and demand to analyze a free market economy. Get introduced to the most important macro terms through the business cycle model.

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Scarcity, Choice, and Opportunity Costs

Understand the fundamental principle governing economics: how scarcity forces us to make choices.
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Production Possibilities CurveFree

Apply the concepts of limited resources and tradeoffs to the production possibilities curve.
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Comparative Advantage and Exchange

Determine production priorities through examining and comparing economic advantages.
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Demand, Supply, and Market Equilibrium

Compare and contrast the two most ubiquitous forces throughout economics and study their interaction.
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Supply and demand

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Market equilibrium

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Macroeconomic Issues

Expand economic concepts to a larger scale and learn how aggregate quantities affect entire nations.
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Measuring Economic Performance

To understand how the economy works, it is important to examine the key measurements of economic performance: unemployment, gross domestic product, and inflation. Learn the formal definitions of these key measurements, how to calculate them, and how to interpret what they mean for a country's economy.

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National Income Accounts

Calculate Gross Domestic Product (GDP) and Gross National Product (GNP) and differentiate between real and nominal GDP.
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Inflation Measurement and Adjustment

Determine how to calculate inflation and explore the various factors which affect it.
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Unemployment

Explore the various methods of measuring unemployment.
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National Income and Price Determination

Aggregate demand and aggregate supply are two of the most important curves for a macroeconomist to understand. Learn about their shapes and what can cause them to shift, as well as how changes in either curve can affect national income and price levels. Predict the results of fiscal policy using the spending and tax multipliers.

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Re-answering questions correctly will improve your weighted average status.

Aggregate Demand

Explore the factors affecting aggregate demand, the combined the demand of all goods.
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Aggregate Supply

Explore the factors affecting aggregate supply, the combined the supply of all goods.
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Macroeconomic Equilibrium

Determine how aggregate demand and supply interact to establish an equilibrium, setting quantity and price levels.
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Financial Sector

We spend and save money every day, but how does the financial system work? Examine what money actually is, understand stocks and bonds, use T-accounts to explore how banks create money, and learn how a central bank determines interest rates through monetary policy.

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Money, Banking, and Financial Markets

Examine the concept of money and the role of banking in the financial market.
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Central Bank and Money Supply Control

Learn how central banks, like the Federal Reserve, control the supply of money to manipulate the economy.
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Loanable Funds Market

Explore the different forms of loanable funds and how the market for loanable funds interacts with interest rates.
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Stabilization Policies

Learn to analyze the short and long-term economic impacts of fiscal and monetary public policies, including budget deficits. Explore the tradeoff between unemployment and inflation on the Phillips curve and learn to explain how an economy will move itself back to long-run equilibrium in the absence of policy intervention.

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Fiscal and Monetary Policies

Explore the various fiscal and monetary policies governments can utilize to influence the economy.
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The Phillips Curve

Use the Phillips curve to explore the inverse relationship between the inflation rate and unemployment.
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Economic Growth

All countries want to see economic growth. Examine the factors that influence long-run economic growth, including productivity and investment in human capital. Analyze the potential effects of government policy on a country's growth rate.

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Definition of Economic Growth

Examine long-run changes in GDP and how economic growth affects the long-run aggregate supply (LRAS) curve.
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Determinants of Economic Growth

Explore the various factors that affect economic growth.
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Growth Policy

Determine how various government policies affect economic growth.
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Open Economy: International Trade and Finance

No country's economy is truly isolated. Understand how an open economy interacts with the rest of the world by analyzing trade balances in the current and financial accounts. Examine how the foreign exchange market works and analyze the impact of exchange rates on the rest of the economy.

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Balance of Payment Accounts

Learn how countries monitor trade by maintaining a record of transactions.
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Foreign Exchange Market

Determine how different currencies are exchanged between national markets.
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Imports, Exports, and Financial Capital Flows

Examine how imports and exports affect national and international markets.
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