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AP Macroeconomics $?$?$?$?$?

AP Macroeconomics $?$?$?$?$?. Mr. Gill 256-4175 ext. 69522 jgill@newpaltz.k12.ny.us. What is Economics?. Science of Decisions Why must decisions be made?. Scarcity!. Unlimited Needs + Limited Resources. Learning the Language . Scarcity 4 Basic Questions Trade Offs and Opportunity Costs

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AP Macroeconomics $?$?$?$?$?

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  1. AP Macroeconomics$?$?$?$?$? Mr. Gill 256-4175 ext. 69522 jgill@newpaltz.k12.ny.us

  2. What is Economics? • Science of Decisions • Why must decisions be made?

  3. Scarcity! • Unlimited Needs + Limited Resources

  4. Learning the Language • Scarcity • 4 Basic Questions • Trade Offs and Opportunity Costs • Costs and Incentives • Positive and Normative Economics • Economic Needs and Wants • The PPF

  5. The Four Basic Questions • What to Produce? • How to Produce? • How much to Produce? • How to Distribute?

  6. Trade Offs • What is given up in a decision. • Which way should he kick?

  7. Opportunity Costs • The value of the next best alternative given up in a trade off. • I could be…

  8. Types of Economics • Normative • Positive • Macroeconomics • Microeconomics • Define each term and create a symbol for each type.

  9. The Production Possibility Frontier • http://members.shaw.ca/elementaleconomics/mac_5_1.htm

  10. So… why take AP Macroeconomics? • College Credit • Academic Challenge • Importance to Global Community • Distinguishing Yourself • Let’s face it… our government needs us!

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