Krugman's Economics for the AP® Course
Fourth Edition ©2023 David Anderson; Margaret Ray
Authors
-
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.
-
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.
Table of Contents
Macroeconomics
UNIT 1 Basic Economic Concepts
1.1 Scarcity and Choice
1.2 Opportunity Cost and the Production Possibilities Curve Model
1.3 Comparative Advantage and Gains from Trade
1.4 Demand
1.5 Supply
1.6 Market Equilibrium, Disequilibrium, and Changes in Equilibrium
Unit 2 Economic Indicators and the Business Cycle
2.1 The Circular Flow and Gross Domestic Product
2.2 Limitations of Gross Domestic Product
2.3 Unemployment
2.4 Price Indices and Inflation
2.5 Costs of Inflation
2.6 Real Versus Nominal Gross Domestic Product
2.7 Business Cycles
Unit 3 National Income and Price Determination
3.1 Aggregate Demand
3.2 Multipliers
3.3 Short-Run Aggregate Supply
3.4 The Long-Run Aggregate Supply Curve
3.5 Equilibrium in the Aggregate Demand–Aggregate Supply Model
3.6 Short-Run Changes in the Aggregate Demand–Aggregate Supply Model
3.7 Long-Run Self Adjustment in the Aggregate Demand–Aggregate Supply Model
3.8 Fiscal Policy
3.9 Automatic Stabilizers
Unit 4 The Financial Sector
4.1 Financial Assets
4.2 Nominal Versus Real Interest Rates
4.3A Definition, Measurement, and Functions of Money
4.3B Central Banks and the Federal Reserve
4.4 Banking and the Expansion of the Money Supply
4.5 The Money Market
4.6 Monetary Policy
4.7 The Loanable Funds Market
Unit 5 Long-Run Consequences of Stabilization Policies
5.1 Fiscal and Monetary Policy Actions in the Short Run
5.2 The Phillips Curve
5.3 Money Growth and Inflation
5.4 Government Deficits and the National Debt
5.5 Crowding Out
5.6 Economic Growth
5.7 Public Policy and Economic Growth
Unit 6 International Trade and Finance
6.1 Balance of Payments Accounts
6.2 Exchange Rates
6.3 The Foreign Exchange Market
6.4 Changes in Policies, Economic Conditions, and the Foreign Exchange Market
6.5 The Foreign Exchange Market and Net Exports
6.6 Real Interest Rate and International Capital Flows
Appendix Putting it All Together
AP® Macroeconomics Exam
Practice Test
Macroeconomics Enrichment Modules
A: Recession and Recovery During the Pandemic
B: Federal Reserve Monetary Policy in an Ample Reserve Regime
Microeconomics
UNIT 1 Basic Economic Concepts
1.1 Scarcity and Choice
1.2 Economic Systems
1.3 The Production Possibilities Curve
1.4 Comparative Advantage and Trade
1.5 Cost-Benefit Analysis
1.6 Consumer Choice
Unit 2 Supply and Demand
2.1 Demand
2.2 Supply
2.3 Price Elasticity of Demand
2.4 Price Elasticity of Supply
2.5 Income Elasticity and Cross-Price Elasticity
2.6 Consumer Surplus, Producer Surplus, and Market Equilibrium
2.7 Market Disequilibrium and Changing Market Conditions
2.8A Government Intervention: Taxes, Subsidies, and Markey Efficiency
2.8B Government Intervention: Price and Quantity Controls
2.9 International Trade and Public Policy
Unit 3 Production Costs, Profit, and Perfect Competition
3.1 The Production Function
3.2 Short-Run Production Costs
3.3 Long-Run Production Costs
3.4 Types of Profit
3.5 Profit Maximization
3.6 Firms’ Entry and Exit Decisions
3.7 Perfect Competition
Unit 4 Imperfect Competition
4.1 Introduction to Imperfect Competition
4.2 Monopoly
4.3 Price Discrimination
4.4 Monopolistic Competition
4.5 Oligopoly and Game Theory
Unit 5 Factor Markets
5.1 Introduction to Factor Markets
5.2 Changes in Factor Demand and Supply
5.3 Profit Maximization in Factor Markets
5.4 Monopsony
Unit 6 Market Failure and the Role of Government
6.1 Market Outcomes and Social Efficiency
6.2 Externalities
6.3 Public Goods
6.4 Government Policies
6.5 Income and Wealth Inequality
AP® Microeconomics Exam
Practice Test
Microeconomics Enrichment Modules
C: Behavioral Economics
D: The Economics of Information
E: Indifference Curves and Consumer Choice
AP® Economics Skills Appendix:
Graphs in Economics
Financial Literacy Handbook
Glossary/Glosario
Index
Product Updates
- Perfectly aligned to the CED with 6 Units and each unit’s 4-10 modules matching the topic order in the Course Framework.
- Monetary Policy coverage in Unit 4 reflects College Board’s changed Course Framework (6/1/22) for the measures of money supply description and for how central banks use monetary policy in economies with limited reserves or ample reserves.
- Topic-based modules are designed to be taught as a single lesson to stay on pace to cover all required content. When the topic content is too extensive to cover in a single day, it’s broken into multiple modules, as in 4.3A, 4.3B, etc.
- Graphing tutorials offer additional instruction on graphing best practices to support the “Graphs in Economics” appendix.
- The Teacher’s Edition offers even closer CED alignment with extra help provided for teaching the skills in context.
- Daily Lesson plans in the Teacher’s Edition help teachers stay on track and teach a successful course from day one.
- Updated examples and graphs speak to all student backgrounds and examine the economic impacts of COVID.
- Section Review Videos for students reflect the new organization, and complement AP® Dailies by reinforcing skills and vocabulary and by providing guidance on effectively answering FRQs.
Authors
-
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.
-
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.
Table of Contents
Macroeconomics
UNIT 1 Basic Economic Concepts
1.1 Scarcity and Choice
1.2 Opportunity Cost and the Production Possibilities Curve Model
1.3 Comparative Advantage and Gains from Trade
1.4 Demand
1.5 Supply
1.6 Market Equilibrium, Disequilibrium, and Changes in Equilibrium
Unit 2 Economic Indicators and the Business Cycle
2.1 The Circular Flow and Gross Domestic Product
2.2 Limitations of Gross Domestic Product
2.3 Unemployment
2.4 Price Indices and Inflation
2.5 Costs of Inflation
2.6 Real Versus Nominal Gross Domestic Product
2.7 Business Cycles
Unit 3 National Income and Price Determination
3.1 Aggregate Demand
3.2 Multipliers
3.3 Short-Run Aggregate Supply
3.4 The Long-Run Aggregate Supply Curve
3.5 Equilibrium in the Aggregate Demand–Aggregate Supply Model
3.6 Short-Run Changes in the Aggregate Demand–Aggregate Supply Model
3.7 Long-Run Self Adjustment in the Aggregate Demand–Aggregate Supply Model
3.8 Fiscal Policy
3.9 Automatic Stabilizers
Unit 4 The Financial Sector
4.1 Financial Assets
4.2 Nominal Versus Real Interest Rates
4.3A Definition, Measurement, and Functions of Money
4.3B Central Banks and the Federal Reserve
4.4 Banking and the Expansion of the Money Supply
4.5 The Money Market
4.6 Monetary Policy
4.7 The Loanable Funds Market
Unit 5 Long-Run Consequences of Stabilization Policies
5.1 Fiscal and Monetary Policy Actions in the Short Run
5.2 The Phillips Curve
5.3 Money Growth and Inflation
5.4 Government Deficits and the National Debt
5.5 Crowding Out
5.6 Economic Growth
5.7 Public Policy and Economic Growth
Unit 6 International Trade and Finance
6.1 Balance of Payments Accounts
6.2 Exchange Rates
6.3 The Foreign Exchange Market
6.4 Changes in Policies, Economic Conditions, and the Foreign Exchange Market
6.5 The Foreign Exchange Market and Net Exports
6.6 Real Interest Rate and International Capital Flows
Appendix Putting it All Together
AP® Macroeconomics Exam
Practice Test
Macroeconomics Enrichment Modules
A: Recession and Recovery During the Pandemic
B: Federal Reserve Monetary Policy in an Ample Reserve Regime
Microeconomics
UNIT 1 Basic Economic Concepts
1.1 Scarcity and Choice
1.2 Economic Systems
1.3 The Production Possibilities Curve
1.4 Comparative Advantage and Trade
1.5 Cost-Benefit Analysis
1.6 Consumer Choice
Unit 2 Supply and Demand
2.1 Demand
2.2 Supply
2.3 Price Elasticity of Demand
2.4 Price Elasticity of Supply
2.5 Income Elasticity and Cross-Price Elasticity
2.6 Consumer Surplus, Producer Surplus, and Market Equilibrium
2.7 Market Disequilibrium and Changing Market Conditions
2.8A Government Intervention: Taxes, Subsidies, and Markey Efficiency
2.8B Government Intervention: Price and Quantity Controls
2.9 International Trade and Public Policy
Unit 3 Production Costs, Profit, and Perfect Competition
3.1 The Production Function
3.2 Short-Run Production Costs
3.3 Long-Run Production Costs
3.4 Types of Profit
3.5 Profit Maximization
3.6 Firms’ Entry and Exit Decisions
3.7 Perfect Competition
Unit 4 Imperfect Competition
4.1 Introduction to Imperfect Competition
4.2 Monopoly
4.3 Price Discrimination
4.4 Monopolistic Competition
4.5 Oligopoly and Game Theory
Unit 5 Factor Markets
5.1 Introduction to Factor Markets
5.2 Changes in Factor Demand and Supply
5.3 Profit Maximization in Factor Markets
5.4 Monopsony
Unit 6 Market Failure and the Role of Government
6.1 Market Outcomes and Social Efficiency
6.2 Externalities
6.3 Public Goods
6.4 Government Policies
6.5 Income and Wealth Inequality
AP® Microeconomics Exam
Practice Test
Microeconomics Enrichment Modules
C: Behavioral Economics
D: The Economics of Information
E: Indifference Curves and Consumer Choice
AP® Economics Skills Appendix:
Graphs in Economics
Financial Literacy Handbook
Glossary/Glosario
Index
Product Updates
- Perfectly aligned to the CED with 6 Units and each unit’s 4-10 modules matching the topic order in the Course Framework.
- Monetary Policy coverage in Unit 4 reflects College Board’s changed Course Framework (6/1/22) for the measures of money supply description and for how central banks use monetary policy in economies with limited reserves or ample reserves.
- Topic-based modules are designed to be taught as a single lesson to stay on pace to cover all required content. When the topic content is too extensive to cover in a single day, it’s broken into multiple modules, as in 4.3A, 4.3B, etc.
- Graphing tutorials offer additional instruction on graphing best practices to support the “Graphs in Economics” appendix.
- The Teacher’s Edition offers even closer CED alignment with extra help provided for teaching the skills in context.
- Daily Lesson plans in the Teacher’s Edition help teachers stay on track and teach a successful course from day one.
- Updated examples and graphs speak to all student backgrounds and examine the economic impacts of COVID.
- Section Review Videos for students reflect the new organization, and complement AP® Dailies by reinforcing skills and vocabulary and by providing guidance on effectively answering FRQs.
Reach New Heights with the Best AP® Economics Textbook
AP® Economics courses are challenging. Written specifically for AP® students and teachers by AP® Econ experts Margaret Ray and David Anderson, Krugman’s Economics for the AP® Course, 4th Edition provides all the support you need to reach the summit and to succeed on the exams. Meticulously revised to mirror the Course Framework, this textbook features 6 Macroeconomics units and 6 Microeconomics units, each organized to cover the topics in the same scope and sequence as the revised AP® Economics CED. AP® skills are reinforced throughout and are further amplified in the Teacher’s Edition and extensive resource program.
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David Anderson; Margaret Ray | Fourth Edition | ©2023 | ISBN:9781319478513
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Teacher's Edition with Online Teacher Resources for Krugman's Economics for the AP® Course
David Anderson; Margaret Ray | Fourth Edition | ©2023 | ISBN:9781319475857
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Krugman's Economics for the AP® Course
AP® Economics courses are challenging. Written specifically for AP® students and teachers by AP® Econ experts Margaret Ray and David Anderson, Krugman’s Economics for the AP® Course, 4th Edition provides all the support you need to reach the summit and to succeed on the exams. Meticulously revised to mirror the Course Framework, this textbook features 6 Macroeconomics units and 6 Microeconomics units, each organized to cover the topics in the same scope and sequence as the revised AP® Economics CED. AP® skills are reinforced throughout and are further amplified in the Teacher’s Edition and extensive resource program.
Select a demo to view:
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