Archive for the 'AP Economics' Category

Aug 08 2015

New Resource for Econ Teachers: Economics Practice Activities with Answer Keys AVAILABLE NOW!

Published by under AP Economics

As a new school year approaches, Economics teachers around the world are looking for the latest, greatest resources to enrich their students’ experiences in the classroom. Welker’s Wikinomics has been offering such resources to students and teachers since 2007, including the Video Lectures available on the Econclassroom.com site, hundreds of categorized blog posts on Economics in Plain English, an IB-focused textbook, Revision Guides, PowerPoints, and now, after years of requests from teachers, a comprehensive set of Practice Activities complete with Answer Keys covering topics from Micro, Macro and International Economics.

Order a complete set today, or try the activities one unit at a time. It’s up to you. These activities have been developed, refined, and revised for years in my own classes. The answer keys offer in depth responses from a “teacher’s perspective” to help students reflect on their own knowledge of Economics. Also included are a handful of “research activities”, which guide students through online research projects. These do not include answer keys.

All in all there are over 60 activities covering nearly every topic in the IB and AP course. Order a set today so you can be ready to introduce activity 1.0 on the first day of class later this month!

ORDER NOW! Economics Practice Activities with Answer Keys from Welker’s Wikinomics

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Apr 12 2013

New exam review resources for the AP and IB Economics student!

With just a few weeks remaining before the AP and IB Economics exams take place, you may be looking for some good resources for exam review. In the last months,  I have released two newly updated revision guides for students studying in these courses.

The Microeconomics Revision Guide for the Introductory Economics Student:

  • This resources includes chapters on all the topics from both Advanced Placement and IB Economics, including the new quantitative components of the IB Higher Level syllabus. Also included are the two AP-only topics, Resource Markets and Theory of Consumer Behavior
  • Every chapter includes a link to the corresponding section from my economic video lectures site, The Economics Classroom.
  • At the end of a book is a glossary including definitions to over 150 Microeconomics terms
  • The book is also available in the European and British Amazon stores: Amazon.de and Amazon.co.uk

The Macroeconomics and International Economics Revision Guide for the Introductory Economics Student: 

  • Includes chapters covering every topic from the AP Macroeconomics course, as well as sections 2 and 3 from the IB Economics syllabus. 
  • Like the Micro Revision Guide, the Macro guide includes links at the top of every page to the corresponding section of The Economics Classroom, so the student can easily find video lessons to accompany their review process.
  • The Macro and International Glossary at the end of this book includes over 200 key terms.
  • The book is also available in the European and British Amazon stores: Amazon.de and Amazon.co.uk

The books are a great resources for students in classes in which the teacher already uses the Welker’s Wikinomics PowerPoint lecture notes, as the revision guides follow the PowerPoints very closely.

Enjoy! And good luck on your exams next month!

Macro guide cover

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Mar 03 2013

Introducing a new revision guide for the AP, IB and A level Economics exams! Now on Amazon

Over the last year, I have been working on two new resources for IB, AP, A level and Econ 101 students. The Microeconomics and Macroeconomics Revision Guides for the Introductory Economics student represent the ultimate resource for exam preparation and subject mastery.

The Macro Revision Guide is in its final stage of development and should be for sale by the middle of March. The Micro Revision Guide is now available now on Amazon in the US, the UK and the EU:

 Order here: Amazon.com   Amazon.co.uk  Amazon.de

Description: The Microeconomics Revision Guide for Introductory Economics students provides a comprehensive overview of the major units covered in an introductory Micro course. The book follows the Advanced Placement and International Baccalaureate syllabuses, and includes over 200 detailed diagrams, clear explanations of concepts, definitions, examples, and a glossary with over 150 key Microeconomic terms.

The revision guide is linked to several online resources which can be accessed for free by students reviewing for exams. Each chapter of the book is accompanied by a section on the website, www.EconClassroom.com, at which students can view video lectures published by the author covering nearly every topic from the course. The website also provides interactive flashcards for reviewing key terms and downloadable practice activities on most units.

For more information on the Microeconomics Revision Guide for the Introductory Economics Student, have a look at the author’s website, www.welkerswikinomics.com. There you can also find links to other resources, including teacher lecture notes, a blog, and an Economics news page.

ORDER NOW!

Book cover preview

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Nov 01 2012

“Cap & Trade” – An introduction market-based approaches to pollution reduction

Inside Obama’s Green Budget – Forbes.com

Some say that Global Warming may be the greatest market failure of all. This podcast was originally broadcast in January of 2007 while George Bush was still in office. The commentator claims that global warming is “nothing but one giant market failure”, arguing that the United States therefore must get serious about tackling the problem.

The allocation of resources towards carbon emitting industries has almost undoubtedly contributed to the warming of the planet over the last half century. Only recently have governments begun taking active measures to reduce the impact of industry on the environment through greater regulation of polluting industries, employing corrective taxes in some instances and market-based approaches to pollution reduction in others.

US President Barack Obama, unlike his predecessor, appears to be serious about correcting the “market failure” represented by global warming:

Obama’s budget, announced Thursday, looks to fund a host of new energy programs, from carbon sequestration to electric transmission upgrades. It would also provide the EPA with a $10.5 billion budget for 2010, a 34% increase over the likely 2009 budget. Nineteen million dollars of that would be used to upgrade greenhouse gas reporting measures.

The Interior Department would get $12 billion for 2010. The agency would use part of the money to asses the availability of alternative energy resources throughout the country.

Funding comes from elaborate carbon “cap and trade” program, which puts a price on emitting pollution and is the core of Obama’s plans. Starting in 2012, the government would sell permits giving businesses the right to emit pollution, generating $646 billion in revenue through 2019.

During those years, the number of available permits would gradually decline, forcing businesses to buy the increasingly scarce, and costly, rights to pollute on an open market. Obama hopes that the rising cost of permits will encourage businesses to invest in clean technologies as a cheaper alternative to meeting pollution mandates, helping to cut greenhouse gas production to 14% below 2005 levels by 2020.

Below is a diagram that illustrates precisely how the Obama cap and trade plan is meant to work. Notice that between 2012 and 2020 the cost to firms of emitting pollution will increase dramatically, while at the same time the total amount of carbon emissions in the US economy will fall due to regular reductions in the number of permits issued to industry.

market-for-pollution-rights_1

The Obama cap and trade scheme is not the first experiment with such a market based approach to externality reduction:

Europe established such a market in 2005. But some E.U. governments allocated too many credits at the outset, causing the value of some permits to fall by half and making it relatively easy for large polluters to simply buy credits rather than cut emissions. Overall emissions grew in 2005 and 2006. In 2008, E.U. emissions dropped 3%; 40% of that drop was attributed to the carbon trading scheme.

Europe’s cap and trade program took a few years before it began having any noticeable impact on the emission of carbon by European industry. While unpopular among the firms who are forced to pay to pollute, the fall in emissions in Europe shows that a market for carbon may be effective in forcing firms “internalize” the costs of carbon emissions, which until now have been born by society and the environment in the form of the negative effects of global warming.

Discussion Questions:

  1. Why do you think tradeable pollution permits are more politically viable than a direct tax on firms’ carbon emissions?
  2. Why did Europe’s carbon emission permit market fail to reduce emissions over its first couple of years of implementation?
  3. Is making firms pay to pollute a good idea in the middle of a recession? Do you think that we should even be worrying about the environment when millions of people are losing their jobs and entire industries are struggling to survive?

58 responses so far

Sep 20 2012

Measuring the Macroeconomic Objectives – research activity

The activity below is to introduce Economics students to the three primary Macroeconomic objectives of any government or policy making body. These are :

Full employment of the nations work force: This means that nearly everyone who wants to work in the country is able to find a job. It does not mean that there is no unemployment, rather that the unemployment that does prevail in the economy is voluntary, i.e. it exists because workers are simply not willing to work at the prevailing wage rate. If there is involuntary unemployment in the economy, then the country is not meeting its macroeconomic objective, and there is likely a recession caused by a lack of overall demand (aggregate demand) for the nation’s goods and services.

Resources for learning about Full Employment:

Price level stability: Changes in the average price level of goods and services in the nation are measured by calculating inflation, commonly using a consumer price index to do so. Low and stable inflation is one of the macroeconomic objectives since price level volatility (high inflation or deflation) has several harmful effects on a nation’s households and business firms. Keeping inflation low and stable promotes a healthy environment for achieving business investment, full employment and economic growth

Resources for learning about Price level stability:

Economic growth: The third macroeconomic objective is to increase the output of the nation’s goods and services year after year. Economic growth refers to the increase in real Gross Domestic Product (GDP) and can be measured by finding the total value of a nation’s output one year, comparing it to the previous year, and adjusting it for any changes in the price level between the years. Economic growth is a desirable goal because it generally means that incomes are rising and people’s lives are getting better. Of course, GDP only measures the physical output of goods and services, and does not include many non-economic variables that also should be considered when measuring people’s well-being. But rising incomes and output are deemed worthy goals since they are associated with rising living standards.

Assignment: Complete the readings and online activities above. Then use the data in the table linked below to answer the quesitons that follow.


Questions:

  1. Calculate the unemployment rates for each of the years in the table. Describe what happened to unemployment over the years displayed.
  2. Calculate the inflation rates between each of the years in the table. Describe what happened to inflation over the years displayed.
  3. Calculate the Real GDP for each of the years in the table.
  4. Calculate the Real GDP growth rates between each of the years in the table. Describe what happened to real GDP from one year to the next in the years displayed.
  5. Describe the relationship between the inflation and unemployment rates you calculated for each of the years. Is there any correlation in how the figures change from year to year?
  6. Based on your analysis of the data above, to what extent has the United States succeeded in achieving its three macroeconomic objectives of:
    • Full employment?
    • Price level stability?
    • Economic growth?

7 responses so far

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