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Unit 1
Important Topics:
The circular flow of the economy
GDP v. GNP
Price indexes
Anticipated and unanticipated inflation
Inflation vs Inflation rate
Types of unemployment
The business cycle
Leading, coincident and lagging macroeconomic indicators
Essential Questions:
What is the circular flow of income, closed and open economies?
What macro indicators do governments use?
What are their macro policy aims on inflation, balance of payments, exchange rates, unemployment, growth and development?
What is employment/unemployment, size and components of labour force?
What is Inflation and how is it different to inflation rate?
How do you calculate GDP?
What is counted in GDP and what isn't?
What is the difference between Nominal and Real GDP?
How do you calculate Nominal GDP?
How do you calculate Real GDP and Real GDP variation?
How do you calculate unemployment rate?
What is the relationship between unemployment and growth?
What is the difference between Structural, Cyclical and Frictional unemployment?
Why can wage rates lead to structural unemployment and be able to explain how governments, firms and institutions can cause structural unemployment?
What is the Natural Rate of unemployment and what can cause it to change over time?
What is cyclical unemployment, how is Natural and Actual unemployment calculated?
What is inflation?
What are real wages and real income?
How can you calculate the inflation rate of an economy?
What is the difference between deflation and disinflation?
What does the term aggregate mean?
What is a market basket?
How can you calculate a price index?
What is CPI, how is it calculated and why is it important?
What is PPI, how is it calculated and why is it important?
What is the GDP deflator?
How can you calculate various price index?
Please check out this calendar with all the classes and topics intended to be covered for Unit 1.
https://docs.google.com/document/d/1VnM5xaaSBN5zlsu8wVJVuZ5K1lmZfOFxSqfkA0vQuq4/edit
This is the AP Macroeconomics Problem Bank. You will have to complete these problems by the end of the Unit.
https://docs.google.com/document/d/16nyaShs5iblBFIf-9qD67eYOFQTe2ghfT4Snq9AT72g/edit#
This is a study guide for Unit 1 (Economic Indicators):
This is a mock test for Unit 1. Use to prepare for the real test!
https://docs.google.com/document/d/14K0QUwy1GgV9bBxM19UOPwvUe81Ci4BIDj0x0fJH0go/edit
Asynchronous Guide for Chapter 1:
The following is the link for Paul Krugman's book
https://drive.google.com/drive/folders/1wKE2GfZakJnQHde9Eo5dCxDV28SwiYJB
These are the modules that have to be read for this unit:
Section 1, Module 2 Introduction to Macroeconomics pg 10 to 15
Section 3, Module 10 Circular Flow and GDP Pg 104-110
Section 3, Module 11 Interpreting Real GDP Pg 115-120
Section 3, Module 12 The Meaning and Calculation of Unemployment pg 121-128
Section 3, Module 13 The Causes and Categories of Unemployment Pg 129-137
Section 3, Module 14 Inflation: An Overview Pg 138-145
Section 3, Module 15 The Measurement and Calculation of Unemployment Pg 146 - 152
Videos:
Jacob Clifford: GDP
https://www.youtube.com/watch?v=BnrBRuoVefY
https://www.youtube.com/watch?v=2YxVvhbgV1I&t=32s
Jacob Clifford Employment:
https://www.youtube.com/watch?v=9i6vf5Wz6nY&t=17s
Jacob Clifford CPI and Inflation
https://www.youtube.com/watch?v=USj52Vlvd5M
https://www.youtube.com/watch?v=JW7IQ45_up8
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