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So far I have learned Unit 1: Basic Economic ConceptsTopics: Scarcity, Opportuni


So far I have learned Unit 1: Basic Economic ConceptsTopics: Scarcity, Opportunity Cost, PPC, Comparative Advantage, Demand, Supply, Market Equilibrium and DisequilibriumGraphs: PPC, Product MarketsCalculations: Comparative AdvantageEssential Questions: Why do people and countries trade with one another? What determines the market price for a good or service? Why is there no such thing as a free lunch?Unit 2: Economic Indicators and the Business CycleTopics: Circular Flow, GDP, Unemployment, Price Indices, Inflation, Real v. Nominal GDP, Business CyclesGraphs: NoneCalculations: GDP, Unemployment, Inflation, Weighted Price Indices, Real GDPEssential Questions: How is one person’s spending another person’s income? How do we know if an economy is doing well or poorly?Unit 3: National Income and Price DeterminationTopics: Aggregate Demand, Multipliers, Short-Run Aggregate Supply, Long-Run Aggregate Supply, Equilibrium in the AD-AS model, Changes in the AD-AS model, Long-Run Self-Correction, Fiscal Policy, Automatic StabilizersGraphs: AD-ASCalculations: MultipliersEssential Questions: How do spending and production decisions made by households, businesses, the government, and the rest of the world affect an economy? How do policy decisions regarding taxation and government spending affect an economy?What do I have to do?1. Select and read a peer-reviewed journal article related to Keynesian economic theory and/or fiscal policy implementation.2. Identify passages from the article which relate to topics we have covered in AP Macro. Connect to at least one graph we have studied (PPC, S+D, AD-AS)3. Use passages from the article to illustrate something new you learned from having read it.4. Reflect on how economists use peer-reviewed journals to communicate their findings.Article: (you can view the full article on Sci-hub)The Fall and Rise of Keynesian Fiscal PolicyAlan J. AuerbachUniversity of California, BerkeleyMay 2012
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