Krugman's Economics for AP* (High School)

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  • Edition: 2nd
  • Format: Hardcover
  • Copyright: 2015-01-23
  • Publisher: Worth Publishers

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Author Biography

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



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