Krugman's Economics for the AP® Course

MACROECONOMICS

UNIT 1 Basic Economic Concepts

Module 1.1 Scarcity and Choice

Module 1.2 Opportunity Cost and the Production

Possibilities Curve Model

Module 1.3 Comparative Advantage and

Gains from Trade

Module 1.4 Demand

Module 1.5 Supply

Module 1.6 Market Equilibrium, Disequilibrium,

and Changes in Equilibrium

UNIT 2 Economic Indicators

and the Business Cycle

Module 2.1 The Circular Flow and Gross

Domestic Product

Module 2.2 Limitations of Gross Domestic Product

Module 2.3 Unemployment

Module 2.4 Price Indices and Inflation

Module 2.5 Costs of Inflation

Module 2.6 Real Versus Nominal Gross

Domestic Product

Module 2.7 Business Cycles

UNIT 3 National Income and

Price Determination

Module 3.1 Aggregate Demand

Module 3.2 Multipliers

Module 3.3 Short-Run Aggregate Supply

Module 3.4 Long-Run Aggregate Supply

Module 3.5 Equilibrium in the Aggregate

Demand–Aggregate Supply Model

Module 3.6 Short-Run Changes in the Aggregate

Demand–Aggregate Supply Model

Module 3.7 Long-Run Self-Adjustment in the

Aggregate Demand–Aggregate

Supply Model

Module 3.8 Fiscal Policy

Module 3.9 Automatic Stabilizers

UNIT 4 The Financial Sector

Module 4.1 Financial Assets

Module 4.2 Nominal Versus Real Interest Rates

Module 4.3A Definition, Measurement, and

Functions of Money

Module 4.3B Managing Money and Credit: Central

Banks and the Federal Reserve

Module 4.4 Banking and the Expansion of the

Money Supply

Module 4.5 The Money Market

Module 4.6 Monetary Policy

Module 4.7 The Loanable Funds Market

UNIT 5 Long-Run Consequences

of Stabilization Policies

Module 5.1 Fiscal and Monetary Policy

Actions in the Short Run

Module 5.2 The Phillips Curve

Module 5.3 Money Growth and Inflation

Module 5.4 Government Deficits and the

National Debt

Module 5.5 Crowding Out

Module 5.6 Economic Growth

Module 5.7 Public Policy and Economic Growth

UNIT 6 International Trade

and Finance

Module 6.1 Balance of Payments Accounts

Module 6.2 Exchange Rates

Module 6.3 The Foreign Exchange Market

Module 6.4 Policies, Economic Conditions, and

the Foreign Exchange Market

Module 6.5 The Foreign Exchange Market

and Net Exports

Module 6.6 Real Interest Rate and International

Capital Flows

Macro Appendix: AP® Test Free-Response

Questions

AP® Macroeconomics Exam: Practice Test

Macro Enrichment Modules

Module A Recession and Recovery During

the Pandemic

Module B Federal Reserve Monetary Policy

with Ample Reserves

MICROECONOMICS

UNIT 1 Basic Economic Concepts

Module 1.1 Scarcity and Choice

Module 1.2 Economic Systems

Module 1.3 The Production Possibilities

Curve Model

Module 1.4 Comparative Advantage and Trade

Module 1.5 Cost-Benefit Analysis

Module 1.6 Consumer Choice

UNIT 2 Supply and Demand

Module 2.1 Demand

Module 2.2 Supply

Module 2.3 Price Elasticity of Demand

Module 2.4 Price Elasticity of Supply

Module 2.5 Cross-Price Elasticity and

Income Elasticity

Module 2.6 Consumer Surplus, Producer

Surplus, and Market Equilibrium

Module 2.7 Market Disequilibrium and

Changing Market Conditions

Module 2.8A Government Intervention: Taxes, Subsidies,

and Market Efficiency

Module 2.8B Government Intervention: Price and

Quantity Controls

Module 2.9 International Trade and Public Policy

UNIT 3 Production Costs, Profit,

and Perfect Competition

Module 3.1 The Production Function

Module 3.2 Short-Run Production Costs

Module 3.3 Long-Run Production Costs

Module 3.4 Types of Profit

Module 3.5 Profit Maximization

Module 3.6 Firms’ Entry and Exit Decisions

Module 3.7 Perfect Competition

UNIT 4 Imperfect Competition

Module 4.1 Introduction to Imperfect

Competition

Module 4.2 Monopoly

Module 4.3 Price Discrimination

Module 4.4 Monopolistic Competition

Module 4.5 Oligopoly and Game Theory

UNIT 5 Factor Markets

Module 5.1 Introduction to Factor Markets

Module 5.2 Changes in Factor Demand

and Supply

Module 5.3 Profit Maximization in

Factor Markets

Module 5.4 Monopsony

UNIT 6 Market Failure and

the Role of Government

Module 6.1 Market Outcomes and

Social Efficiency

Module 6.2 Externalities

Module 6.3 Public Goods

Module 6.4 Government Policies

Module 6.5 Income and Wealth Inequality

AP® Microeconomics Exam: Practice Test

Micro Enrichment Modules

Module C Behavioral Economics

Module D The Economics of Information

Module E Indifference Curves and

Consumer Choice

AP® Economics Skills Appendix:

Graphs in Economics A-1

Financial Literacy Handbook FLH-1