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AP Macroecon Notes
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  • Course
  • AP Macroeconomics
  • Institution
  • Senior / 12th Grade

This was my notebook for my AP Macroeconomics class. This covered basic macroeconomic topics in preparation for the AP exam (including a compilation of all important graphs!) This was written during the 22-23 school year, so I'm unsure of how the curriculum may have changed since then. Hope this he...

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Document information

  • December 28, 2024
  • 21
  • 2022/2023
  • Class notes
  • Pollock
  • All classes

Subjects

Written for

  • Senior / 12th grade
  • AP Macroeconomics
  • 4

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yasutama

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·
economics

,CONTENT



Unit 1 :
Basic Economic Concepts pg . 3




Unit 2 :
Macro Measures pg .
9




Unit 3 : Fiscal
Policy pg . 13




Unit 4 :
Monetary Policy pg
. 17




Unit 5 Intl Trade
Foreign Exchange
: & 20
19 .

, Unit 1 :
Basic Economic Concepts



ECONOMICS : SCIENCE OF SCARCITY

>
- unlimited wants ,
but limited resources




of CHOICES
S
study



Theoretical economics : scientific method to make generalizations/abstractions to develop theories


Positive statement : based on facts (what is

Normative statement :
includes value
judgements (what ought to be

Trade-off :
every choice has a cost


ASSUMPTIONS +
scarcity
& trade-off




1) everyone acts in their own "self-interest"


2) everyone compares marginal cost a
marginal benefits


3) real-life situations be explained w/ models
can a
graphs




VOLUNTARY EXCHANGE :
you don't need to spend money if you don't want to


Consumer surplus difference between what you're
willing to pay what you actually (Boyer's Max - Price)
: a

pay

Producer's surplas : difference between the price the seller received a how much they're willing to sell for (Price-seller's Min)


Marginal analysis making :
decisions based on increments


Opportunity cost : most desirable alternative given up when you make a choice


Utility :
satisfaction Price :
amount consumer pays


Marginal :
additional Cost : amount seller pays to produce good

Allocate : distribute Investment money spent
:
by businesses to improve production

Consumer goods : created for direct consumption


Capital goods : created for indirect consumption ; make consumer
goods

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