Macroeconomics Unit 2

[Marylynn]

Basedon the Understanding by Design (Wiggins and McTighe) model, the course framework provides a clear and detailed description of the course requirements necessary for student success. The framework specifies what students must know, be able to do, and understand, with a focus on big ideas that encompass core principles and theories of the discipline. The framework also encourages instruction that prepares students for advanced economics coursework.

The AP Macroeconomics framework is organized into six commonly taught units of study that provide one possible sequence for the course. As always, you have the flexibility to organize the course content as you like.

Higher education professionals play a key role in developing AP courses and exams, setting credit and placement policies, and scoring student work. The AP Higher Education section features information on recruitment and admission, advising and placement, and more.

This chart shows recommended scores for granting credit, and how much credit should be awarded, for each AP course. Your students can look up credit and placement policies for colleges and universities on the AP Credit Policy Search.

The AP Program is unique in its reliance on Development Committees. These committees, made up of an equal number of college faculty and experienced secondary AP teachers from across the country, are essential to the preparation of AP course curricula and exams.

Located within the Department of Economics, the Macroeconomics Research Unit is a focal point for research and learning in macroeconomics at the University of Melbourne. Its members, staff and PhD students drawn from the Department and the Melbourne Institute of Applied Economic and Social Research (MIAESR), are concerned with the development of macroeconomic theory, macroeconometrics and macroeconomic policy.

The Unit hosts national and international visitors, holds regular workshops to discuss work in progress, and holds occasional conferences involving other researchers from within and outside Australia, including groups from industry and government departments.

Macroeconomics is the study of economy wide economic outcomes, notably unemployment, inflation and economic growth. These outcomes have an important impact on the general level of economic well-being. High unemployment causes losses of income and, especially for the long-term unemployed, a loss of self-esteem and social integration. High inflation causes general uncertainty about economic transactions. Growth in labour productivity, an important contributor to economic growth, is the ultimate cause of the secular increase in living standards. Low productivity growth slows down the growth of living standards and thus slows down the improvement in economic well-being.

In macroeconomics an emphasis is placed on how government policy can alter economic outcomes. Fiscal and monetary policies are the most important of these. These policies can affect the level of activity and thus the outcomes for unemployment and inflation. Government policies can also affect national saving, through the government budget balance and the balance of payments. National saving is a measure of how society is dividing its output between current consumption and expenditures that will enhance consumption in the future. Achieving an appropriate division is a major objective of macroeconomic policy.

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