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College Board AP Topic Outline
Macroeconomics Krugman’s Economics for AP*
I. Basic Economic Concepts (8–12%) Section 1: Basic Economic Concepts
A. Scarcity, choice, and opportunity costs Module 1 The Study of Economics
B. Production possibilities curve Module 3 The Production Possibilities Curve Model
C. Comparative advantage, absolute advantage, Module 4 Comparative Advantage and Trade
specialization, and exchange
E. Macroeconomic issues: business cycle, Module 2 Introduction to Macroeconomics
unemployment, inflation, growth
D. Demand, supply, and market equilibrium Section 2: Supply and Demand
Module 5 Supply and Demand: Introduction and Demand
Module 6 Supply and Demand: Supply and Equilibrium
Module 7 Supply and Demand: Changes in Equilibrium
II. Measurement of Economic Performance (12–16%) Section 3: Measurement of Economic Performance
A. National income accounts Module 10 The Circular Flow and Gross Domestic Product
Module 11 Interpreting Real Gross Domestic Product
C. Unemployment Module 12 The Meaning and Calculation of Unemployment
Module 13 The Causes and Categories of Unemployment
B. Inflation measurement and adjustment Module 14 Inflation: An Overview
Module 15 The Measurement and Calculation of Inflation
III. National Income and Price Determination (10–15%) Section 4: National Income and Price Determination
A. Aggregate demand Module 16 Income and Expenditure
Module 17 Aggregate Demand: Introduction and
Determinants
B. Aggregate supply Module 18 Aggregate Supply: Introduction and Determinants
C. Macroeconomic equilibrium 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 the Multiplier
IV. Financial Sector (15–20%) Section 5: The Financial Sector
A. Money, banking, and financial markets Module 22 Saving, Investment, and the Financial System
Module 23 The Definition and Measurement of Money
Module 24 The Time Value of Money
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