Krugman's Economics for the AP® Course

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Authors

Margaret Ray

Margaret Ray teaches economics at both the university and high school levels. She is an AP® Economics instructor for Johns Hopkins University’s Center for Talented Youth and is a member of the economics department faculty at Texas A&M University in College Station, Texas. She received her BS in economics from Oklahoma State University and her PhD in economics from the University of Tennessee. In 2012, she received her MEd in curriculum and instruction and became certified to teach K–12 social studies. She has taught AP® Economics at several high schools in Virginia and has received the Council on Economic Education’s Excellence in Teaching Economics award. She has been involved in the AP® Economics program since 1992, serving as a reader and question leader, writing test items, overseeing the AP® course audit, writing College Board® “Special Focus” articles, and editing the Council on Economic Education’s AP® Macroeconomics resource. She has been a College Board® Endorsed Consultant for economics since 2001, and she conducts several professional development workshops and institutes each year. Her favorite hobby is showing hunter-jumper horses adopted from bracehorse rescue organizations. She lives on a small farm in central Texas.

David Anderson

David A. Anderson, Ph.D., has been involved in AP® programs and leadership since 1994, including service on the National Advisory Board for AP® Business Principles and as the chief reader for AP® Economics or AP® Microeconomics for five years. An experienced instructor of business principles and entrepreneurship, Anderson is the Paul G. Blazer Professor of Business and Economics at Centre College. He has won awards for excellence and innovation in the classroom. He received his B.A. from the University of Michigan and his MA and PhD from Duke University. He earned a graduate certificate in innovation and entrepreneurship from the Harvard Extension School and an M.B.A. from the University of the People. He also has experience in retail management and banking. Anderson has authored or co-authored dozens of scholarly articles and 18 books, including Economics for the AP® Course, Environmental Economics and Natural Resource Management, and The Light in the Library Basement: A Personal Finance Mystery Story. His research topics include stock markets, wages, unemployment compensation, pedagogy, and the cost of crime. His favorite hobby is long-distance running. He resides with his family in Danville, Kentucky.

Section 1 Basic Economic Concepts

Module 1 The Study of Economics

Module 2 Introduction to Macroeconomics

Module 3 The Production Possibilities Curve Model

Module 4 Comparative Advantage and Trade

Appendix Graphs in Economics

Economics by Example: What’s to Love About Economics?

Section 2 Supply and Demand

Module 5 Supply and Demand: Introduction and Demand

Module 6 Supply and Demand: Supply

Module 7 Supply and Demand: Equilibrium

Module 8 Supply and Demand: Price Controls (Ceilings and Floors)

Module 9 Supply and Demand: Quantity Controls

Economics by Example: The Coffee Markets Hot: Why are Bean Prices Not?

Section 3 Measurement of Economic Performance

Module 10 The Circular Flow and Gross Domestic Product

Module 11 Interpreting Real Gross Domestic Product

Module 12 The Meaning and Calculation of Unemployment

Module 13 The Causes and Categories of Unemployment

Module 14 Inflation: An Overview

Module 15 The Measurement and Calculation of Inflation

Economics by Example: How Can GDP Be UP When Were Feeling Down?

Section 4 National Income and Price Determination

Module 16 Income and Expenditure

Module 17 Aggregate Demand: Introduction and Determinants

Module 18 Aggregate Supply: Introduction and Determinants

Module 19 Equilibrium in the Aggregate Demand Aggregate Supply Model

Module 20 Economic Policy and the Aggregate Demand Aggregate Supply Model

Module 21 Fiscal Policy and Multiplier Effects

Economics by Example: How Much Debt is Too Much Debt

Section 5 The Financial Sector

Module 22 Saving, Investment, and the Financial System

Module 23 The Definition and Measurement of Money

Module 24 The Time Value of Money

Module 25 Banking and Money Creation

Module 26 The Federal Reserve System: History and Structure

Module 27 The Federal Reserve System: Monetary Policy

Module 28 The Money Market

Module 29 The Market for Loanable Funds

Economics by Example: How Should We Wield the Tool of Monetary Policy?

Section 6 Inflation, Unemployment, and Stabilization Policies

Module 30 Long-Run Implications of Fiscal Policy: Deficits and the Public Debt

Module 31 Monetary Policy and the Interest Rate

Module 32 Money, Output, and Prices in the Long Run

Module 33 Types of Inflation, Disinflation, and Deflation

Module 34 Inflation and Unemployment: The Phillips Curve

Module 35 History and Alternative Views of Macroeconomics

Module 36 Consensus and Conflict in Modern Macroeconomics

Economics by Example: Will Technology Put Everyone Out of Work? Unemployment, Creative Destruction, and Quality of Life

Section 7 Economic Growth and Productivity

Module 37 Long-Run Economic Growth

Module 38 Productivity and Growth

Module 39 Growth Policy: Why Economic Growth Rates Differ

Module 40 Economic Growth in Macroeconomic Models

Economics by Example: Why Are Some Countries Rich and Others Poor? Growth Models, Miracles, and the Determinants of Economic Development

Section 8 The Open Economy: International Trade and Finance

Module 41 Capital Flows and the Balance of Payments

Module 42 The Foreign Exchange Market

Module 43 Exchange Rate Policy and Macroeconomic Policy

Module 44 Barriers to Trade

Module 45 Putting It All Together

Economics by Example: Is Globalization a Bad Word? Comparative Advantage, Culture Clashes, and International Organizations

Section 9 Behind the Demand Curve: Consumer Choice

Module 46 Income Effects, Substitution Effects, and Elasticity

Module 47 Interpreting Price Elasticity of Demand

Module 48 Other Important Elasticities

Module 49 Consumer and Producer Surplus

Module 50 Efficiency and Deadweight Loss

Module 51 Utility Maximization

Economics by Example: "Why Was the Great Newspaper Heist So Easy?

Section 10 Behind the Supply Curve: Profit, Production, and Costs

Module 52 Defining Profit

Module 53 Profit Maximization

Module 54 The Production Function

Module 55 Firm Costs

Module 56 Long-Run Costs and Economies of Scale

Module 57 Introduction to Market Structure

Economics by Example: "Could the Future Cost of Energy Change Life as We Know It?"

Section 11 Market Structures: Perfect Competition and Monopoly

Module 58 Introduction to Perfect Competition

Module 59 Graphing Perfect Competition

Module 60 Long-Run Outcomes in Perfect Competition

Module 61 Introduction to Monopoly

Module 62 Monopoly and Public Policy

Module 63 Price Discrimination

Economics by Example: "Is Adam Smith Rolling Over in His Grave?"

Section 12 Market Structures: Imperfect Competition

Module 64 Introduction to Oligopoly

Module 65 Game Theory

Module 66 Oligopoly in Practice

Module 67 Introduction to Monopolistic Competition

Module 68 Product Differentiation and Advertising

Economics by Example: "Immigration: How Welcoming Should Lady Liberty Be?"

Section 13 Market Failure and the Role of the Government

Module 74 Introduction to Externalities

Module 75 Externalities in Markets for Goods and Services

Module 76 Public Goods

Module 77 Public Policy to Promote Competition

Module 78 Income Inequality and Income Distribution

Economics by Example: "Why Not Split the Check?"

Section 14 Market Failure and the Role of Government

Module 74 Introduction to Externalities

Module 75 Externalities and Public Policy

Module 76 Public Goods

Module 77 Public Policy to Promote Competition

Module 78 Income Inequality and Income Distribution

Economics by Example: "Why Not Split the Check?"

AP Practice Exams

Enrichment Modules

Module A: Financial Markets and Crises

Module B: Behavioral Economics

Module C: The Economics of Information

Module D: Indifference Curves and Consumer Choice

Financial Literacy Handbook

Glossary/Glosario

Index

Product Updates

Authors

Margaret Ray

Margaret Ray teaches economics at both the university and high school levels. She is an AP® Economics instructor for Johns Hopkins University’s Center for Talented Youth and is a member of the economics department faculty at Texas A&M University in College Station, Texas. She received her BS in economics from Oklahoma State University and her PhD in economics from the University of Tennessee. In 2012, she received her MEd in curriculum and instruction and became certified to teach K–12 social studies. She has taught AP® Economics at several high schools in Virginia and has received the Council on Economic Education’s Excellence in Teaching Economics award. She has been involved in the AP® Economics program since 1992, serving as a reader and question leader, writing test items, overseeing the AP® course audit, writing College Board® “Special Focus” articles, and editing the Council on Economic Education’s AP® Macroeconomics resource. She has been a College Board® Endorsed Consultant for economics since 2001, and she conducts several professional development workshops and institutes each year. Her favorite hobby is showing hunter-jumper horses adopted from bracehorse rescue organizations. She lives on a small farm in central Texas.

David Anderson

David A. Anderson, Ph.D., has been involved in AP® programs and leadership since 1994, including service on the National Advisory Board for AP® Business Principles and as the chief reader for AP® Economics or AP® Microeconomics for five years. An experienced instructor of business principles and entrepreneurship, Anderson is the Paul G. Blazer Professor of Business and Economics at Centre College. He has won awards for excellence and innovation in the classroom. He received his B.A. from the University of Michigan and his MA and PhD from Duke University. He earned a graduate certificate in innovation and entrepreneurship from the Harvard Extension School and an M.B.A. from the University of the People. He also has experience in retail management and banking. Anderson has authored or co-authored dozens of scholarly articles and 18 books, including Economics for the AP® Course, Environmental Economics and Natural Resource Management, and The Light in the Library Basement: A Personal Finance Mystery Story. His research topics include stock markets, wages, unemployment compensation, pedagogy, and the cost of crime. His favorite hobby is long-distance running. He resides with his family in Danville, Kentucky.

Section 1 Basic Economic Concepts

Module 1 The Study of Economics

Module 2 Introduction to Macroeconomics

Module 3 The Production Possibilities Curve Model

Module 4 Comparative Advantage and Trade

Appendix Graphs in Economics

Economics by Example: What’s to Love About Economics?

Section 2 Supply and Demand

Module 5 Supply and Demand: Introduction and Demand

Module 6 Supply and Demand: Supply

Module 7 Supply and Demand: Equilibrium

Module 8 Supply and Demand: Price Controls (Ceilings and Floors)

Module 9 Supply and Demand: Quantity Controls

Economics by Example: The Coffee Markets Hot: Why are Bean Prices Not?

Section 3 Measurement of Economic Performance

Module 10 The Circular Flow and Gross Domestic Product

Module 11 Interpreting Real Gross Domestic Product

Module 12 The Meaning and Calculation of Unemployment

Module 13 The Causes and Categories of Unemployment

Module 14 Inflation: An Overview

Module 15 The Measurement and Calculation of Inflation

Economics by Example: How Can GDP Be UP When Were Feeling Down?

Section 4 National Income and Price Determination

Module 16 Income and Expenditure

Module 17 Aggregate Demand: Introduction and Determinants

Module 18 Aggregate Supply: Introduction and Determinants

Module 19 Equilibrium in the Aggregate Demand Aggregate Supply Model

Module 20 Economic Policy and the Aggregate Demand Aggregate Supply Model

Module 21 Fiscal Policy and Multiplier Effects

Economics by Example: How Much Debt is Too Much Debt

Section 5 The Financial Sector

Module 22 Saving, Investment, and the Financial System

Module 23 The Definition and Measurement of Money

Module 24 The Time Value of Money

Module 25 Banking and Money Creation

Module 26 The Federal Reserve System: History and Structure

Module 27 The Federal Reserve System: Monetary Policy

Module 28 The Money Market

Module 29 The Market for Loanable Funds

Economics by Example: How Should We Wield the Tool of Monetary Policy?

Section 6 Inflation, Unemployment, and Stabilization Policies

Module 30 Long-Run Implications of Fiscal Policy: Deficits and the Public Debt

Module 31 Monetary Policy and the Interest Rate

Module 32 Money, Output, and Prices in the Long Run

Module 33 Types of Inflation, Disinflation, and Deflation

Module 34 Inflation and Unemployment: The Phillips Curve

Module 35 History and Alternative Views of Macroeconomics

Module 36 Consensus and Conflict in Modern Macroeconomics

Economics by Example: Will Technology Put Everyone Out of Work? Unemployment, Creative Destruction, and Quality of Life

Section 7 Economic Growth and Productivity

Module 37 Long-Run Economic Growth

Module 38 Productivity and Growth

Module 39 Growth Policy: Why Economic Growth Rates Differ

Module 40 Economic Growth in Macroeconomic Models

Economics by Example: Why Are Some Countries Rich and Others Poor? Growth Models, Miracles, and the Determinants of Economic Development

Section 8 The Open Economy: International Trade and Finance

Module 41 Capital Flows and the Balance of Payments

Module 42 The Foreign Exchange Market

Module 43 Exchange Rate Policy and Macroeconomic Policy

Module 44 Barriers to Trade

Module 45 Putting It All Together

Economics by Example: Is Globalization a Bad Word? Comparative Advantage, Culture Clashes, and International Organizations

Section 9 Behind the Demand Curve: Consumer Choice

Module 46 Income Effects, Substitution Effects, and Elasticity

Module 47 Interpreting Price Elasticity of Demand

Module 48 Other Important Elasticities

Module 49 Consumer and Producer Surplus

Module 50 Efficiency and Deadweight Loss

Module 51 Utility Maximization

Economics by Example: "Why Was the Great Newspaper Heist So Easy?

Section 10 Behind the Supply Curve: Profit, Production, and Costs

Module 52 Defining Profit

Module 53 Profit Maximization

Module 54 The Production Function

Module 55 Firm Costs

Module 56 Long-Run Costs and Economies of Scale

Module 57 Introduction to Market Structure

Economics by Example: "Could the Future Cost of Energy Change Life as We Know It?"

Section 11 Market Structures: Perfect Competition and Monopoly

Module 58 Introduction to Perfect Competition

Module 59 Graphing Perfect Competition

Module 60 Long-Run Outcomes in Perfect Competition

Module 61 Introduction to Monopoly

Module 62 Monopoly and Public Policy

Module 63 Price Discrimination

Economics by Example: "Is Adam Smith Rolling Over in His Grave?"

Section 12 Market Structures: Imperfect Competition

Module 64 Introduction to Oligopoly

Module 65 Game Theory

Module 66 Oligopoly in Practice

Module 67 Introduction to Monopolistic Competition

Module 68 Product Differentiation and Advertising

Economics by Example: "Immigration: How Welcoming Should Lady Liberty Be?"

Section 13 Market Failure and the Role of the Government

Module 74 Introduction to Externalities

Module 75 Externalities in Markets for Goods and Services

Module 76 Public Goods

Module 77 Public Policy to Promote Competition

Module 78 Income Inequality and Income Distribution

Economics by Example: "Why Not Split the Check?"

Section 14 Market Failure and the Role of Government

Module 74 Introduction to Externalities

Module 75 Externalities and Public Policy

Module 76 Public Goods

Module 77 Public Policy to Promote Competition

Module 78 Income Inequality and Income Distribution

Economics by Example: "Why Not Split the Check?"

AP Practice Exams

Enrichment Modules

Module A: Financial Markets and Crises

Module B: Behavioral Economics

Module C: The Economics of Information

Module D: Indifference Curves and Consumer Choice

Financial Literacy Handbook

Glossary/Glosario

Index

Product Updates

The perfect fit for the AP® Economics course

AP® Economics courses are hard. Krugman’s Economics for the AP® Course, third edition was created to help you solve the economics puzzle. Assembled by AP® experts and divided into short modules, the organization, language, and emphasis perfectly mirrors College Board’s curriculum framework. This dedication to the AP® courses keeps teachers and students on track to realize success on the AP® exams.

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Adventures in Economics: Section 2

ExamView Assessment Suite for Krugman's Economics for the AP® Course

he Test Bank, written by Eric Dodge, is available exclusively within the ExamView® Assessment Suite software. With more than 5,000 5-distracter mul...

AP® Update Resources (aligned to the Fall 2022 CED) for Krugman 3e

Section 2 Answer Keys

Section 2 Econ Extras

Section 2 Lecture Slides

Section 2 Professional Development Video

Section 2 Review Video

Section 2 Student Edition Sample

Section 2 Teacher's Edition Sample

Section 2 Teacher's Resource Materials

Teacher's Edition for Krugman's Economics for the AP® Course

Significantly revised for the third edition, Margaret Ray brings her own teaching experience to the Teacher’s Edition. Working as a College Board c...

Teacher's Resource Flash Drive for Krugman's Economics for the AP® Course

This flash drive for both Macro and Microeconomics includes all of the resources referenced in the Teacher’s Edition in one convenient place. The flas...