AP Macroeconomics

• Scarcity and the Factors of Production
• Opportunity Cost
• The Production Possibilities Curve
• Opportunity Cost Along the PPC
• Growth and Shifts of the PPC
• Absolute and Comparative Advantage
• Specialization and the Terms of Trade
• The Law of Demand
• Change in Demand vs Change in Quantity Demanded
• What Shifts Demand
• Substitutes and Complements
• The Law of Supply
• What Shifts Supply
• Market Equilibrium
• Shortages and Surpluses
• When One Curve Shifts
• When Both Curves Shift

Covers official topics 1.1–1.6. These are taught once, in the Microeconomics course of this ladder; the Macroeconomics course builds on them.

• The Circular Flow
• What GDP Counts
• GDP = C + I + G + NX
• Value Added and the Income Approach
• GDP per Person and Its Limits
• Who Is in the Labor Force
• The Unemployment Rate
• Frictional, Structural and Cyclical Unemployment
• Price Indexes and the CPI
• Inflation, Deflation and Disinflation
• Converting Nominal to Real
• Who Gains and Loses from Inflation
• Nominal and Real GDP
• The GDP Deflator
• The Business Cycle

Covers official topics 2.1–2.7.

• Aggregate Demand
• What Shifts Aggregate Demand
• Marginal Propensities to Consume and Save
• The Spending Multiplier
• The Tax Multiplier
• Short-Run Aggregate Supply
• Long-Run Aggregate Supply
• Equilibrium and Output Gaps
• Demand Shocks and Supply Shocks
• Long-Run Self-Adjustment
• Expansionary and Contractionary Fiscal Policy
• How Big a Fiscal Change?
• Progressive, Regressive and Proportional Taxes
• Automatic Stabilizers

Covers official topics 3.1–3.9.

• Bonds, Stocks and Interest Rates
• Nominal and Real Interest Rates
• What Money Does
• Measuring Money: M1 and M2
• Bank Balance Sheets
• How Banks Create Money
• The Money Market
• The Central Bank's Tools
• Setting Rates with Ample Reserves
• Monetary Policy and the Economy
• The Loanable Funds Market

Covers official topics 4.1–4.7.

• Fiscal and Monetary Policy Together
• The Short-Run Phillips Curve
• The Long-Run Phillips Curve
• Money Growth and Inflation
• Budget Deficits and the National Debt
• Crowding Out
• Productivity and Growth
• Compound Growth and the Rule of 70
• Policies for Long-Run Growth
• Schools of Macroeconomic Thought

Covers official topics 5.1–5.7. Schools of Macroeconomic Thought is our addition, so the long-run debates are presented fairly.

• The Balance of Payments
• Exchange Rates
• The Foreign Exchange Market
• What Moves Exchange Rates
• Exchange Rates and Net Exports
• Interest Rates and Capital Flows
• Saving, Investment and the Trade Balance

Covers official topics 6.1–6.6. Fixed and floating exchange-rate systems are described in lessons but have no practice topic.