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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 Market Failure and the Role of the Government

Module 74 Introduction to Externalities

Module 75 Externalities in Markets for Goods and Services

Module 76 Public Goods

Module 77 Public Policy to Promote Competition

Module 78 Income Inequality and 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/Glosario

Index

Authors

Margaret Ray

Margaret Ray teaches economics at both the university and high school levels. She is an AP® Economics instructor for Johns Hopkins University’s Center for Talented Youth and is a member of the economics department faculty at Texas A&M University in College Station, Texas. She received her BS in economics from Oklahoma State University and her PhD in economics from the University of Tennessee. In 2012, she received her MEd in curriculum and instruction and became certified to teach K–12 social studies. She has taught AP® Economics at several high schools in Virginia and has received the Council on Economic Education’s Excellence in Teaching Economics award. 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 editing the Council on Economic Education’s AP® Macroeconomics resource. She has been a College Board® Endorsed Consultant for economics since 2001, and she conducts several professional development workshops and institutes each year. Her favorite hobby is showing hunter-jumper horses adopted from bracehorse rescue organizations. She lives on a small farm in central Texas.

David A. Anderson

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 has been involved in the AP® Economics programs for more than two decades. For five years he led the grading of one or both of the AP® Economics exams, and he speaks regularly at AP® conferences and workshops. He has authored dozens of scholarly articles and 15 books, including Explorations in Economics, Survey of Economics, Cracking the AP® Economics Exam, Economics by Example, Favorite Ways to Learn Economics, and Environmental Economics and Natural Resource Management . His research is primarily on economic education, environmental economics, law and economics, and labor economics. Anderson loves teaching introductory economics and has won awards for excellence and innovation in the classroom. His favorite hobby is running, and he competes in marathons and triathlons. He lives in Danville, Kentucky, with his wife and two children.