AP Economics - Micro & Macro Mr. Silver Summer Assignments & Required Materials Summer 2014

MATERIALS TO BE PURCHASED

There are some items that AP Microeconomics & AP Macroeconomics students will need to purchase over the summer. These items are inexpensive if purchased together in a single order through amazon.com (FREE Super Saver Shipping on orders over $25). Total cost for all items will be ~$38. If you find the items cheaper elsewhere, buy them elsewhere.

1. AP Microeconomics Crash Course (Advanced Placement (AP) Crash Course) [Paperback];

David Mayer (Author); Publisher: Research & Education Association; First edition (October 17, 2011) ISBN-10: 0738609722; ISBN-13: 978-0738609720

2. AP Macroeconomics Crash Course (Advanced Placement (AP) Crash Course) [Paperback]; Jason Welker B.A. M.Ed. (Author); Publisher: Research & Education Association; First edition (October 13, 2011); ISBN-10: 0738609714; ISBN-13: 978-0738609713

3. National Brand Computation Notebook, 4 X 4 Quad, Brown, Green Paper, (Model #43648);

11.75 x 9.25 Inches, 75 Sheets, 150 numbered pages; product by National

AP ECONOMICS SUMMER READING, RESEARCH & WRITING (WORD PROCESSED) ASSIGNMENT

1. Go to> http://www.economist.com or http://www.nytimes.com to find an article about the economy of United States, or another sovereign, or the global economy, or institutions, or markets which play a role in the economy of a country or the world. Markets might include financial markets, product markets, factor markets, or labor markets.

2. Select articles that cover events that are recent, real, and relevant. 3. Copy/Paste the Article and include it in your assignment that you submit. 4. Read the Article. 5. Word process (type) a 150-200 word Summary Analysis. Hand-written Summary Analysis is worth “0”.

a. Each Summary Analysis must include a brief explanation of what the Economic Hypothesis means. b. Each Summary Analysis must “anecdotally prove the Economic Hypothesis” by referencing the article. c. Each Summary Analysis must be on a topic that is not covered by any of the other articles you submit. d. There are a total of fifteen (15) articles for which a Summary Analysis must be word processed. e. Each Summary Analysis must be labeled separately with the corresponding lettered Economic Hypothesis.

Structure of Summary Analysis The Summary Analysis MUST begin with one of the lettered sentences (a., b., c., etc.) listed below under the heading “AP ECONOMICS STUDENT GUIDE TO UNDERSTANDING ECONOMIC THEORY”; that is, each lettered sentence will serve as an Economic Hypothesis and be the first sentence you write in each Summary Analysis. What is an Economic Hypothesis? For purposes of this summer assignment, an Economic Hypothesis is a sentence stating an expected outcome, as seemingly supported (or suggested) by the events covered in the article. The Economic Hypothesis is an educated guess or possible explanation for the event. Or, another way to look at it is to view the Economic Hypothesis as the moral of the story. The Economic Hypothesis statement helps to keep your summary analysis focused, and keeps you from losing track of your purpose in writing what you are writing; that is, the Economic Hypothesis is your guide that helps you to stay on course.

AP ECONOMICS STUDENT GUIDE TO UNDERSTANDING ECONOMIC THEORY

1. People choose to do the things they believe are best for them. a. We live in a world where we can’t have everything we want. b. Resources, goods, services, time, and money are scarce, so we have to make choices.

2. Choices have costs – opportunity costs.

c. It is the inevitable nature of choice that we give up the opportunity to have something else when we choose. d. It is as important to examine what we forgo, as well as what we will get if we choose one alternative over another.

3. People respond in predictable ways.

e. Rational people seek positive rewards. f. Rational people seek to avoid negative consequences.

4. People create economic systems that influence choices and incentives.

g. A society’s economic system organizes the production, distribution, and consumption of goods and services. h. How people work together in an economic system is governed by both written and unwritten rules. i. When rules change, incentives change; when incentives change, choices change.

5. Voluntary trade creates wealth.

j. People tend not to enter into transactions that they believe will make them worse off, rather than better off. k. People can produce more in less time by concentrating on what they do best. l. Specialization based on comparative advantage combined with voluntary trade results in increased total output.

6. The consequences of choices lie in the future.

m. We cannot change the past but we can influence the future. n. Every choice or decision we make is based on prediction of what the benefit and cost of our alternatives will be. o. The more information we have about alternatives, the better our predictions tend to be.

SUMMER ASSIGNMENT DUE DATE: Monday, August 11, 2014 (first day of school!)

DUE DATE The Summer Assignment is due on Monday, August 11, 2014, at the beginning of class. If submitted by email or in person within 10 minutes of the start of class, full credit will be earned. My email address is silverl@fultonschools.org.

Note: Failure to attend school the first day of the semester does not excuse a student from the requirement to submit the Summer Assignment by the Due Date. There is nothing that will change that, except perhaps a direct order from my boss.

EARLY SUBMISSION If I receive the Summer Assignment by July 31, 2014, 11:59PM, EST, in my e-mail address silverl@fultonschools.org, I will add 10 Bonus Points to your earned score.

LATE SUBMISSION Late Summer Assignments will be accepted if submitted no later than Monday, August 18, 2014, at the beginning of class. If submitted late, I will reduce by 50% your earned score.

NO SUBMISSION Assignments NOT turned in by Monday, August 11, 2014, at the beginning of class, or turned in after Monday, August 18, 2014, will result in an earned grade of “0”. As such, your course average will drop by 10 points! 79% becomes 69% (failure!).

QUESTIONS ABOUT THE SUMMER ASSIGNMENT If you should have any questions during the summer about the Summer Assignment, or need access to a computer with Internet capability, please email me. My email address is silverl@fultonschools.org. Please allow 48-72 hours for a reply. If you do receive a reply within 72 hours, you may call me at 404-543-6438. Do not call me before 72 hours have elapsed! Keep in mind that I am on vacation. As such, I may not be accessible to assist students with the Summer Assignment via email or phone during certain days; notably, July 1-8 and July 12-24 I will likely be totally inaccessible, so plan accordingly.

Note: My accessibility (or lack thereof) is not a variable that will in anyway change a student’s grade for the Summer Assignment. If you want to get an idea of the type(s) of questions you may have regarding the Summer Assignment, I suggest you begin the Summer Assignment immediately so that you can an idea of the type(s) of questions you may want to ask me.

SCORING THE SUMMER ASSIGNMENT A Summary Analysis must be written for fifteen (15) articles. Each article that does not meet minimum standards for assessment in terms of structural criteria, content, length, and/or quality, will result in a 7 point reduction in earned score. This means, for example, 15 Summary Analysis that are 149 words in length will earn a score of “0”, or 15 Summary Analysis that do not include the articles each is based on will earn a grade of “0”, or 15 Summary Analysis that do not begin with the Economic Hypothesis will earn a grade of “0”, or 15 Summary Analysis that are on the same topic will earn a grade of “0”, etc.

WEIGHT OF THE SUMMER ASSIGNMENT

The AP Economics Summer Assignment is worth 10% of a student’s average for the Fall Semester, 2014.

I hope you have a wonderful summer! It may be the last summer you will ever experience basking in the sedate world of economic ignorance. Take care. Mr. Silver

Here is an example of the type of article analysis I am looking for (from 2012)>>>

HEADLINE: New Efforts Begin to Form a Government in Greece (NYT 6/18/2012)

http://topics.nytimes.com/top/news/international/countriesandterritories/greece/index.html?inline=nyt-geo

m. We cannot change the past but we can influence the future.

This economic truism infers that the consequences of any single action lie in the

future, not in the past; that is, each individual decision has its own unique costs and

benefits. Sometimes, the short-term consequences of an action, policy, or decision

result in unintended outcomes in the long-run.

On June 17, 2012, Greece held parliamentary elections in which numerous political

parties were represented on the ballot. The election resulted in 'New Democracy'

(pro-bailout/pro-austerity party) garnering a plurality - not a majority - of the vote

with 29.6%, while 'Syrzia' (anti-bailout/anti-austerity party) finished second. While

these results (Syrzia not winning) may have calmed financial markets in the short-run,

it did little to resolve the question of which political party would lead the Greek

government. Thus, it did little to determine whether Greece would remain in, or exit

the Euro zone.

Without a coalition, another election would have to be held in accordance with

Greece's constitution. So, while the election certainly will influence the future of

Greece, it will do so in an unintended fashion. Ironically, none of this will matter, as it

is only a matter of weeks before state coffers are once again empty.