Fairview High School
 Inventing Quality Work For Students

 

 

Essential Outcomes
CTE
 
English
 
Enrichment
 
Foreign Language
 
Math
 
Science
 
Social Studies
 

 

 

Economics AP
Essential Outcomes
Fairview High School

Economics AP A

Basic Economic Concepts

  • What is scarcity?

  • How does one satisfy unlimited wants with scarce

  • What are opportunity costs?

  • What is a tradeoff?

  • Interpret production possibilities schedules.

  • Construct and interpret a production possible curve.

  • Why the shape of the curve?

  • Why is it important for institutions to specialize?

  • How does one decide what to produce?

  • How does one allocate resources efficiently and equitably?

  • What is the law of demand?

  • What are the determinants of demand?

  • Construct and interpret a demand curve.

  • Change in quantity demand vs. change in demand

  • What is the law of supply?

  • What are the determinants of supply?

  • Construct and interpret a supply curve.

  • Change in quantity supplied vs. change in supply

  • Illustrate market equilibrium on a graph.

  • Shortages vs. surpluses

Economic Measures

  • Construct and interpret a circular flow model.

  • Calculate GDP according to income and expenditures approaches.

  • Challenge to calculating GDP and what are non-market transactions?

  • Nominal vs. Real GDP

  • Other national accounts GNP, NI, PI, DI.

  • Calculate price indices using nominal and real values.

  • What is inflation? What are the costs/effects of it?

  • Cost-push vs. demand-pull inflation.

  • How does one measure the unemployment rate?

  • What are the types of unemployment?

Work Habits

  • Demonstrate good leadership.

  • Demonstrate good time management.

  • Demonstrate attendance/promptness as expected in professional settings.

  • Demonstrate responsibility.

  • Demonstrate respect for authority figures.

Economics AP B

National Income and Price Determination

  • What are the determinants of aggregate demand?

  • Why does the aggregate demand curve have a downward slope?

  • What is the multiplier effect?

  • What is the crowding-out effect?

  • What are the determinants of aggregate supply?

  • Classical vs. Keynesian View

  • Short-run vs. long-run

  • Economic fluctuations

Financial Sector

  • What are the function and characteristics of money?

  • What defines M1, M2, and M3?

  • What backs the dollar?

  • How is money created?

  • How does money demand affect interest rates?

  • What is the monetarist view of money?

  • What is the Federal Reserve System?

  • What are monetary policy tools?

  • What are the effects of easy vs. tight money policies?

Work Habits

  • Demonstrate good leadership.

  • Demonstrate good time management.

  • Demonstrate attendance/promptness as expected in professional settings.

  • Demonstrate responsibility.

  • Demonstrate respect for authority figures.

Economics AP C

Stabilization Policies

  • What are the fiscal policy tools?

  • What are the effects of expansionary vs. contractionary fiscal policies?

  • Demand-side vs. supply-side effects

  • Policy mixes

  • Budget deficits vs. surpluses

  • Should surpluses be used to pay debts?

  • Does the economy self-correct?

  • What are the consequences of inflation?

  • Why is there a short-run tradeoff between inflation and unemployment? What about the long-run?

Economic Growth and Productivity

  • What are the ingredients for growth?

  • Illustration of growth on a production possibilities curve.

  • What is the relationship between PPC and long run aggregate supply?

  • What is Rational Expectations theory?

International Trade and Finance

  • Why do nations trade? What are barriers to trade?

  • Absolute vs. comparative advantage

  • Current vs. capital accounts

  • Demand and supply for foreign exchange

  • Determining exchange rates and currency values.

  • Appreciation vs. depreciation

  • Traditional vs. command and market economies

  • How do fiscal and monetary policies affect foreign exchange markets?

Work Habits

  • Demonstrate good leadership.

  • Demonstrate good time management.

  • Demonstrate attendance/promptness as expected in professional settings.

  • Demonstrate responsibility.

  • Demonstrate respect for authority figures.

 

 

 

 

2595 Fairview Blvd.
Fairview, TN 37062
Phone: 615-472-4400   Fax: 615-472-4421

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