MACROECONOMICS UNIT I
Reading from Mankiw Principles of Economics: Ch. 1-6UNIT of STUDYBasic Economic Concepts(10 Days)Power Points
Supplemental ReadingsVideo ResourcesThe focus of this unit is on scarcity. We will examine some methodological questions in economics, and cover such concepts as scarce resources, unlimited wants, and tradeoffs in decision-making. We will analyze the different economic systems--market, command and traditional--that have been used to answer the questions of what to produce, how to produce and for whom to produce. Finally, this unit will introduce the student to the economic way of thinking. This unit will make up 8-12% of the AP Exam.
UNIT 1 OBJECTIVES1. Describe and analyze the "economic way of thinking"
2. Describe the methodology used in economics
3. Graph and interpret data
4. Graph and distinguish between inverse, direct and zero relationships
5. Graph and distinguish between constant and variable relationships
6. Identify the conditions that give rise to the economic problem of scarcity
7. Define Opportunity Cost
8. Identify the Opportunity Costs involved in various courses of action
9. Construct a Production Possibilities curve from sets of hypothetical data
10. Apply the concept of Opportunity Cost to a Production Possibilities Curve
11. Analyze the significance of different locations on, above or below a Production Possibilities Curve12. Identify the three economic questions every economic system must answer
13. Compare and contrast the economic philosophies of Adam Smith and Karl Marx
14. Describe and analyze the economic goals of different economic systems
15. Analyze the advantages and disadvantages of different economic systems
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