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Margaret Ray is Professor of Economics at the University of Mary Washington, where she specializes in teaching introductory economics. She received her BS in Economics from Oklahoma State University and her PhD in Economics from the University of Tennessee. Her research is primarily in the areas of economic education and equine industry economics. In 2003 she taught AP economics at Collegiate School in Virginia. Ray received the National Council on Economic Education’s Excellence in Teaching Economics award in 1991. She has been involved in the AP Economics program since 1992, serving as a reader and question leader, writing test items, overseeing the AP course audit, writing College Board “Special Focus” articles, and contributing activities to the National Council on Economic Education’s AP Economics resource. She has been a College Board Endorsed Consultant for economics since 2001 and she conducts several professional development workshops and institutes each year. She currently serves on the Steering Committee for the College Board’s AP National Conference.
David Anderson is the Paul G. Blazer Professor of Economics at Centre College. He received his BA in Economics from the University of Michigan and his MA and PhD in Economics from Duke University. Anderson is a leading authority on AP Economics and speaks regularly at the National AP Economics Teacher Conference, the National AP Conference, and regional AP Economics workshops. He has authored dozens of scholarly articles and ten books, including Cracking the AP Economics Exam, Favorite Ways to Learn Economics, Environmental Economics and Natural Resource Management, Contemporary Economics for Managers, Treading Lightly, and Economics by Example. His research is primarily on economic education, environmental economics, law and economics, and labor economics. Anderson teaches courses in each of these fields and loves teaching introductory economics. He lives in Danville, Kentucky, with his wife and two children.
Table of Contents
Section 1 Basic Economic Concepts Module 1 The Study of Economics Module 2 Introduction to Macroeconomics Module 3 The Production Possibilities Curve Model Module 4 Comparative Advantage and Trade Appendix Graphs in Economics Section 2 Supply and Demand Module 5 Supply and Demand: Introduction and Demand Module 6 Supply and Demand: Supply Module 7 Supply and Demand: Equilibrium Module 8 Supply and Demand: Price Controls (Ceilings and Floors) Module 9 Supply and Demand: Quantity Controls Section 3 Measurement of Economic Performance Module 10 The Circular Flow and Gross Domestic Product Module 11 Interpreting Real Gross Domestic Product Module 12 The Meaning and Calculation of Unemployment Module 13 The Causes and Categories of Unemployment Module 14 Inflation: An Overview Module 15 The Measurement and Calculation of Inflation Section 4 National Income and Price Determination Module 16 Income and Expenditure Module 17 Aggregate Demand: Introduction and Determinants Module 18 Aggregate Supply: Introduction and Determinants Module 19 Equilibrium in the Aggregate Demand– Aggregate Supply Model Module 20 Economic Policy and the Aggregate Demand– Aggregate Supply Model Module 21 Fiscal Policy and Multiplier Effects Section 5 The Financial Sector Module 22 Saving, Investment, and the Financial System Module 23 The Definition and Measurement of Money Module 24 The Time Value of Money Module 25 Banking and Money Creation Module 26 The Federal Reserve System: History and Structure Module 27 The Federal Reserve System: Monetary Policy Module 28 The Money Market Module 29 The Market for Loanable Funds Section 6 Inflation, Unemployment, and Stabilization Policies Module 30 Long-Run Implications of Fiscal Policy: Deficits and the Public Debt Module 31 Monetary Policy and the Interest Rate Module 32 Money, Output, and Prices in the Long Run Module 33 Types of Inflation, Disinflation, and Deflation Module 34 Inflation and Unemployment: The Phillips Curve Module 35 History and Alternative Views of Macroeconomics Module 36 Consensus and Conflict in Modern Macroeconomics Section 7 Economic Growth and Productivity Module 37 Long-Run Economic Growth Module 38 Productivity and Growth Module 39 Growth Policy: Why Economic Growth Rates Differ Module 40 Economic Growth in Macroeconomic Models Section 8 The Open Economy: International Trade and Finance Module 41 Capital Flows and the Balance of Payments Module 42 The Foreign Exchange Market Module 43 Exchange Rate Policy and Macroeconomic Policy Module 44 Barriers to Trade Module 45 Putting It All Together Section 9 Behind the Demand Curve: Consumer Choice Module 46 Income Effects, Substitution Effects, and Elasticity Module 47 Interpreting Price Elasticity of Demand Module 48 Other Important Elasticities Module 49 Consumer and Producer Surplus Module 50 Efficiency and Deadweight Loss Module 51 Utility Maximization Section 10 Behind the Supply Curve: Profit, Production, and Costs Module 52 Defining Profit Module 53 Profit Maximization Module 54 The Production Function Module 55 Firm Costs Module 56 Long-Run Costs and Economies of Scale Module 57 Introduction to Market Structure Section 11 Market Structures: Perfect Competition and Monopoly Module 58 Introduction to Perfect Competition Module 59 Graphing Perfect Competition Module 60 Long-Run Outcomes in Perfect Competition Module 61 Introduction to Monopoly Module 62 Monopoly and Public Policy Module 63 Price Discrimination Section 12 Market Structures: Imperfect Competition Module 64 Introduction to Oligopoly Module 65 Game Theory Module 66 Oligopoly in Practice Module 67 Introduction to Monopolistic Competition Module 68 Product Differentiation and Advertising Section 13 Factor Markets Module 69 Introduction and Factor Demand Module 70 The Markets for Land and Capital Module 71 The Market for Labor Module 72 The Cost-Minimizing Input Combination Module 73 Theories of Income Distribution Section 14 Market Failure and the Role of Government Module 74 Introduction to Externalities Module 75 Externalities and Public Policy Module 76 Public Goods Module 77 Public Policy to Promote Competition Module 78 Income Inequality and Income Distribution AP® Practice Exams Enrichment Modules Module A: Financial Markets and Crises Module B: Behavioral Economics Module C: The Economics of Information Module D: Indifference Curves and Consumer Choice Financial Literacy Handbook Glossary Index