A | B | C | D | E | F | G | H | I | J | K | L | M | |
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1 | CORE ECONOMICS | Analysis by Peggy Pride | |||||||||||
2 | Bedford, Freeman & Worth | mpride01@wisperhome.com | |||||||||||
3 | A.P. Economics Course | ||||||||||||
4 | Macroeconomics | ||||||||||||
5 | Chapter | Pages | Comments | ||||||||||
6 | I. Basic Economic Concepts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8–12%) | ||||||||||||
7 | A. Scarcity, choice, and opportunity costs | 1 | pp.8, 10, 34-36, 42 | This unit is the same first unit in Micro | |||||||||
8 | B. Production possibilities curve | 2 | pp.32-36 | ||||||||||
9 | C. Comparative advantage, absolute advantage, specialization, and exchange 2 | pp.42-43, 546-547, 569-570, 645-646, 648 | |||||||||||
10 | D. Demand, supply, and market equilibrium | ||||||||||||
11 | 1. Market equilibrium | 3 | pp.64-73, | ||||||||||
12 | Shifts in D/S to change Equilibrium | 3 | pp. 68-73 | ||||||||||
13 | 2. Determinants of supply and demand | 3 | pp. 52-56, 56-58, 61-62, 63 | Same Unit on Demand and Supply as Micro | |||||||||
14 | Define Demand | 3 | pp. 52-56 | ||||||||||
15 | Determinants of Demand | 3 | pp. 56-58 | ||||||||||
16 | Define Supply | 3 | pp, 60-61 | ||||||||||
17 | Determinant of Supply | 3 | pp. 61-62 | ||||||||||
18 | 3. Price and quantity controls | 3 | pp, 59-59, 63 | ||||||||||
19 | Changes in P (Qd) vs. Change in D | 3 | pp. 58-59 | ||||||||||
20 | Changes in P (Qs) vs. Change in S | 3 | pp. 63 | ||||||||||
21 | 4. Individual and market demand curves | 3 | pp.54-56 | ||||||||||
22 | E. Macroeconomic issues: business cycle, unemployment, inflation, growth 15 | pp.400-408 | |||||||||||
23 | |||||||||||||
24 | II. Measurement of Economic Performance. . . . . . . . . . . . . . . . . . . . . . . . . . (12–16%) | ||||||||||||
25 | A. National income accounts | ||||||||||||
26 | 1. Circular flow | 15 | pp.410-411 | ||||||||||
27 | 2. Gross domestic product | 15 | pp.411-412 | ||||||||||
28 | 3. Components of gross domestic product | pp.412-417 | |||||||||||
29 | Expenditure Approach to GDP | 15 | pp. 412-414 | ||||||||||
30 | Income Approach to GDP | 15 | pp. 414-417 | ||||||||||
31 | 4. Real versus nominal gross domestic product | 16 | pp. 433-435 | ||||||||||
32 | B. Inflation measurement and adjustment | ||||||||||||
33 | 1. Price indices | 16 | pp.429-433 | ||||||||||
34 | 2. Nominal and real values | 16 | pp.435 | ||||||||||
35 | 3. Costs of inflation | 16 | pp.435-436 | ||||||||||
36 | C. Unemployment | ||||||||||||
37 | 1. Definition and measurement | 16 | pp.440-441 | ||||||||||
38 | 2. Types of unemployment | 16 | pp.443-444 | ||||||||||
39 | 3. Natural rate of unemployment | 16 | pp.444 | ||||||||||
40 | |||||||||||||
41 | III. National Income and Price Determination. . . . . . . . . . . . . . . . . . . . . . . . . (10–15%) | ||||||||||||
42 | A. Aggregate demand | ||||||||||||
43 | Downsloping Aggregate Demand curve | 19 | pp, 501-502 | ||||||||||
44 | 1. Determinants of aggregate demand | 19 | pp.502-505 | ||||||||||
45 | 2. Multiplier and crowding-out effects | ||||||||||||
46 | Multiplier | 18, 19 | pp. 485-488, 510-511 | ||||||||||
47 | Crowding out | 20 | pp. 537, 608-609 | Weak discussion and missing ideas. | |||||||||
48 | B. Aggregate supply | ||||||||||||
49 | 1. Short-run and long-run analyses | 19 | pp.505-507 | ||||||||||
50 | 2. Sticky versus flexible wages and prices | The sticky vs flexible debate must include disuccsion | |||||||||||
51 | Classical model | 17 | pp. 455-460 | of the two models-Classical and Keynesian | |||||||||
52 | Keynesian model | 18 | pp. 474-463 | ||||||||||
53 | 3. Determinants of aggregate supply | 19 | pp.507-509 | ||||||||||
54 | C. Macroeconomic equilibrium | ||||||||||||
55 | 1. Real output and price level | 19 | pp.509-515 | ||||||||||
56 | 2. Short and long run | 19 | pp.511-515 | ||||||||||
57 | 3. Actual versus full-employment output | 18, 19 | pp. 492, 514-515 | ||||||||||
58 | 4. Economic fluctuations | 19 | pp.511-514 | ||||||||||
59 | |||||||||||||
60 | IV. Financial Sector . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (15–20%) | ||||||||||||
61 | A. Money, banking, and financial markets | ||||||||||||
62 | 1. Definition of financial assets: money, stocks, bonds | pp.546-553 | |||||||||||
63 | Money and its functions | 21 | pp. 546-548 | ||||||||||
64 | Market for stocks and bonds | 21 | pp. 552-553 | ||||||||||
65 | 2. Time value of money (present and future value) | Only a few books cover this | |||||||||||
66 | 3. Measures of money supply | 21 | pp.548-550 | ||||||||||
67 | 4. Banks and creation of money | 21 | pp.553-556 | ||||||||||
68 | 5. Money demand | 21 | pp.550-553 | ||||||||||
69 | 6. Money market | 21 | pp.550-552 | ||||||||||
70 | 7. Loanable funds market | pp.458 | |||||||||||
71 | B. Central bank and control of the money supply | ||||||||||||
72 | 1. Tools of central bank policy | 21 | pp.560-562 | ||||||||||
73 | 2. Quantity theory of money | 22 | pp.569-572 | ||||||||||
74 | 3. Real versus nominal interest rates | No discussion found in text. | |||||||||||
75 | |||||||||||||
76 | V. Inflation, Unemployment, and Stabilization Policies . . . . . . . . . . . . . . . . . (20–30%) | ||||||||||||
77 | A. Fiscal and monetary policies | ||||||||||||
78 | Fiscal Policy—Discretionary | 20 | pp. 526-528 | ||||||||||
79 | Fiscal policy—Automatic stabilizers | 20 | pp. 536 | ||||||||||
80 | Expansionary and Contractionary Fiscal Policy | 20 | pp. 528-531 | ||||||||||
81 | Monetary Policy —Easy and Tight money | 22 | pp. 569 | No graphic demonstration of concept | |||||||||
82 | 1. Demand-side effects | 20, 22 | pp.526-530 ,581-582, 585-587 | ||||||||||
83 | 2. Supply-side effects | 20,22 | pp.531-536, 582-583, 585-587 | ||||||||||
84 | 3. Policy mix | 22 | pp.584-589 | ||||||||||
85 | Classical transmission | 22 | pp. 570-572 | ||||||||||
86 | Keynesian transmission | 22 | pp. 573-575 | ||||||||||
87 | Monetarist transmission | 22 | pp. 575-578 | ||||||||||
88 | 4. Government deficits and debt | ||||||||||||
89 | Deficits and National Debt | 23 | pp. 598-600 | ||||||||||
90 | Approaches to Federal Finance | 23 | pp. 601-603 | ||||||||||
91 | Financing Debt | 23 | pp. 604-606 | ||||||||||
92 | B. Inflation and unemployment | ||||||||||||
93 | 1. Types of inflation | pp.428-436 | |||||||||||
94 | a. Demand-pull inflation | 19 | pp.512-514 | ||||||||||
95 | b. Cost-push inflation | 19 | pp.514-515 | ||||||||||
96 | 2. The Phillips curve: short run versus long run | 24 | pp.621-626 | ||||||||||
97 | 3. Role of expectations | 24 | pp. 629-634 | ||||||||||
98 | |||||||||||||
99 | VI. Economic Growth and Productivity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5–10%) | ||||||||||||
100 | Measurement | 17 | p. 453-455 |