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AP Macroeconomics

Study Notes
1.1.1 Defining Scarcity and Resources
1.1.2 Why Scarcity Forces Choice
1.2.1 The PPC Model Explained
1.2.2 Opportunity Cost and Trade-offs
1.2.3 Efficiency and Inefficiency on the PPC
1.2.4 Types of Opportunity Costs
1.2.5 Shifts in the PPC
1.2.6 Economic Growth and the PPC
1.3.1 Absolute Advantage
1.3.2 Comparative Advantage
1.3.3 Specialization and Trade
1.3.4 Terms of Trade
1.3.5 Gains from Trade
1.4.1 The Law of Demand
1.4.2 Demand Curve and Quantity Demanded
1.4.3 Determinants of Demand
1.5.1 The Law of Supply
1.5.2 Supply Curve and Quantity Supplied
1.5.3 Determinants of Supply
1.6.1 Market Equilibrium
1.6.2 Surpluses and Shortages
1.6.3 Price Adjustment Mechanism
1.6.4 Changes in Equilibrium
2.1.1 The Meaning of GDP
2.1.2 Circular Flow Model Overview
2.1.3 GDP as Income and Expenditure
2.1.4 Expenditure Approach to GDP
2.1.5 Income Approach to GDP
2.1.6 Value-Added Approach to GDP
2.1.7 Calculating Nominal GDP
2.2.1 Why GDP Is Useful
2.2.2 Nonmarket Transactions
2.2.3 Underground Economy
2.2.4 GDP and Well-Being
2.3.1 The Labor Force
2.3.2 Measuring Unemployment
2.3.3 Labor Force Participation Rate
2.3.4 Calculating Labor Market Indicators
2.3.5 Limitations of Unemployment Data
2.3.6 Types of Unemployment
2.3.7 Natural Rate of Unemployment
2.3.8 Changes in Unemployment Over Time
2.4.1 Consumer Price Index (CPI)
2.4.2 Calculating Inflation
2.4.3 Inflation, Deflation, and Disinflation
2.4.4 Real vs Nominal Values
2.4.5 Using Price Indices Over Time
2.4.6 Calculating Real Variables
2.4.7 Limitations of CPI
2.5.1 Redistribution Effects of Inflation
2.5.2 Impact on Individuals and Firms
2.5.3 Inflation vs Deflation Effects
2.6.1 Nominal GDP Explained
2.6.2 Real GDP Explained
2.6.3 Comparing Real and Nominal GDP
2.6.4 Calculating Real GDP
2.6.5 GDP Deflator
2.6.6 Converting Between Measures
2.7.1 What Are Business Cycles?
2.7.2 Phases of the Business Cycle
2.7.3 Turning Points in the Cycle
2.7.4 Output Gap
2.7.5 Potential Output and Full Employment
2.7.6 Long-Run Growth vs Short-Run Fluctuations
3.1.1 What Aggregate Demand Shows
3.1.2 The Components of Aggregate Demand
3.1.3 Why the AD Curve Slopes Downward
3.1.4 What Shifts Aggregate Demand
3.2.1 Autonomous Spending and the Multiplier Process
3.2.2 The Expenditure Multiplier
3.2.3 The Tax Multiplier
3.2.4 MPC, MPS, and Disposable Income
3.2.5 Calculating Real GDP Changes with Multipliers
3.3.1 What Short-Run Aggregate Supply Shows
3.3.2 Why the SRAS Curve Slopes Upward
3.3.3 What Shifts Short-Run Aggregate Supply
3.3.4 SRAS, Inflation, and Unemployment
3.4.1 The Short Run vs. the Long Run
3.4.2 Maximum Sustainable Capacity and Full Employment
3.4.3 Why the LRAS Curve Is Vertical
3.4.4 LRAS and the Production Possibilities Curve
3.5.1 Short-Run Equilibrium in the AD-AS Model
3.5.2 Long-Run Equilibrium at Full Employment
3.5.3 Recessionary and Inflationary Output Gaps
3.6.1 Short-Run Effects of AD Shocks
3.6.2 Short-Run Effects of SRAS Shocks
3.6.3 Demand-Pull Inflation
3.6.4 Cost-Push Inflation
3.7.1 How the Economy Self-Adjusts After a Shock
3.7.2 Returning to Full Employment and the Natural Rate
3.7.3 LRAS Shifts and Economic Growth
3.8.1 What Fiscal Policy Is and Its Goals
3.8.2 Government Spending, Taxes, and Transfers
3.8.3 Direct and Indirect Effects on Aggregate Demand
3.8.4 Calculating Fiscal Policy Effects with Multipliers
3.8.5 Expansionary Fiscal Policy and Recessionary Gaps
3.8.6 Contractionary Fiscal Policy and Inflationary Gaps
3.8.7 Showing Fiscal Policy on the AD-AS Model
3.8.8 Lags in Discretionary Fiscal Policy
3.9.1 What Automatic Stabilizers Do
3.9.2 Automatic Tax Changes in Recessions
3.9.3 Automatic Tax Changes in Expansions
3.9.4 Transfer Payments as Automatic Stabilizers
4.1.1 Comparing Liquidity, Return, and Risk
4.1.2 Money and Its Most Liquid Forms
4.1.3 Bonds, Stocks, and Asset Choice
4.1.4 Bond Prices and the Opportunity Cost of Money
4.2.1 Defining Nominal Interest Rates
4.2.2 Expected Inflation and Nominal Rates
4.2.3 Calculating the Real Interest Rate
4.3.1 What Counts as Money?
4.3.2 The Functions of Money
4.3.3 Measuring Money with M1 and M2
4.3.4 Monetary Base and Bank Reserves
4.4.1 Bank Balance Sheets and Fractional Reserve Banking
4.4.2 Required Reserves, Excess Reserves, and Lending
4.4.3 The Money Multiplier and Monetary Base
4.4.4 Calculating Maximum Money Creation
4.4.5 Limits of the Simple Money Multiplier
4.5.1 Money Demand and Nominal Interest Rates
4.5.2 Why the Money Supply Curve Is Vertical
4.5.3 Equilibrium in the Money Market
4.5.4 Surpluses, Shortages, and Interest Rate Adjustment
4.5.5 Shifts in Money Demand and Money Supply
4.6.1 Goals of Monetary Policy
4.6.2 Main Tools of Monetary Policy
4.6.3 Open-Market Operations and the Monetary Base
4.6.4 Policy Rates in Limited-Reserve and Ample-Reserve Systems
4.6.5 Expansionary and Contractionary Monetary Policy
4.6.6 Monetary Policy Transmission to the Macroeconomy
4.6.7 Modeling the Short-Run Effects of Monetary Policy
4.6.8 Why Monetary Policy Has Lags
4.7.1 Understanding the Loanable Funds Market
4.7.2 Demand for Loanable Funds
4.7.3 Supply of Loanable Funds and National Saving
4.7.4 Open Economies and Net Capital Inflow
4.7.5 Equilibrium and Real Interest Rate Adjustment
4.7.6 Government Policy and Other Market Shifters
5.1.1 Using Expansionary Fiscal and Monetary Policy to Close a Recessionary Gap
5.1.2 Using Contractionary Fiscal and Monetary Policy to Close an Inflationary Gap
5.1.3 Tracking the Effects of Combined Policies on AD, Output, Prices, and Interest Rates
5.2.1 The Short-Run Phillips Curve and the Inflation-Unemployment Trade-Off
5.2.2 The Long-Run Phillips Curve and Long-Run Equilibrium
5.2.3 Inflationary and Recessionary Gaps on the Phillips Curve
5.2.4 Demand Shocks and Movement Along the Short-Run Phillips Curve
5.2.5 Supply Shocks and Shifts of the Short-Run Phillips Curve
5.2.6 Natural Rate Changes and Shifts of the Long-Run Phillips Curve
5.3.1 Why Inflation Is a Monetary Phenomenon
5.3.2 Money, Full Employment, and Long-Run Real Output
5.3.3 The Quantity Theory of Money and Long-Run Inflation
5.3.4 Using the Quantity Theory to Calculate Key Variables
5.4.1 Defining Budget Surpluses, Budget Deficits, and the National Debt
5.4.2 How Annual Deficits Add to the National Debt
5.4.3 Why Interest Payments Create a Burden of National Debt
5.5.1 Government Deficits and Borrowing in the Loanable Funds Market
5.5.2 Using the Loanable Funds Model to Show Crowding Out
5.5.3 Short-Run Effects of Crowding Out on Private Spending
5.5.4 Long-Run Growth Costs of Crowding Out
5.6.1 Measuring Economic Growth with Real GDP per Capita
5.6.2 The Aggregate Production Function and the Link Between Employment and Output
5.6.3 Labor Productivity and Output per Worker
5.6.4 What Determines Productivity: Technology, Human Capital, and Physical Capital
5.6.5 Capital per Person and Output per Capita
5.6.6 PPC Shifts, LRAS Shifts, and Long-Run Growth
5.7.1 How Public Policy Affects Productivity, Labor Force Participation, and Growth
5.7.2 Infrastructure and Technology Investment as Growth Policy
5.7.3 Defining Supply-Side Fiscal Policies
5.7.4 Short-Run and Long-Run Effects of Supply-Side Fiscal Policies
6.1.1 Understanding the Current Account
6.1.2 Current Account Surpluses and Deficits
6.1.3 Understanding the Capital and Financial Account
6.1.4 Capital and Financial Account Surpluses and Deficits
6.1.5 Calculating the Balance of Payments
6.2.1 What an Exchange Rate Measures
6.2.2 Currency Appreciation and Depreciation
6.2.3 Calculating Currency Values
6.3.1 Demand for Currency in the Foreign Exchange Market
6.3.2 Supply of Currency in the Foreign Exchange Market
6.3.3 Equilibrium Exchange Rates
6.3.4 Surpluses, Shortages, and Market Adjustment
6.4.1 What Shifts Currency Demand and Supply
6.4.2 How Demand and Supply Shifts Change Exchange Rates
6.4.3 Fiscal Policy and Exchange Rates
6.4.4 Monetary Policy, Interest Rates, and Exchange Rates
6.5.1 How Appreciation Affects Exports and Imports
6.5.2 How Appreciation Changes Net Exports and Aggregate Demand
6.5.3 How Depreciation Affects Exports and Imports
6.5.4 How Depreciation Changes Net Exports and Aggregate Demand
6.6.1 Real Interest Rates and the Relative Return on Assets
6.6.2 Why Capital Flows Toward Higher Interest Rates
6.6.3 Capital Flows, Foreign Exchange, and Loanable Funds
6.6.4 Central Banks and Net Capital Inflows

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