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AP Economics Summer Assignment
2014-15

Dear AP Economics Students,

I want to take this opportunity to welcome you to AP Economics and to introduce myself as a new teacher at George School. I am really excited to join the school next year and looking forward to working with you in economics.

Because the course will focus on both macroeconomics and microeconomics in a relatively short period of time, it is crucial that we hit the ground running. Therefore, there will be a couple of mandatory summer assignments for you to complete prior to the first day of school. The assignments will use the following required texts, which are available at the bookstore:

Anderson, David A. Economics by Example. New York, NY: Worth, 2007. Print.

Ray, Margaret A., David A. Anderson, and Paul R. Krugman. Krugman's Economics for AP*. New York: Worth, 2011. Print.

In addition to the above texts, you will need a spiral notebook that will be dedicated to this course. You will also need a three-ring binder to archive all handouts, tests, quizzes, and projects.

Both assignments will be due on the first day of class. The two assignments should take a combined total of four to five hours. Please plan accordingly and break them up into manageable units.

Assignment #1:

Read section 1 of Krugman’s Economics for AP* (Pages 1-29)

In your notebook, you are to take reading notes. These notes should include:
o Vocabulary (with definitions)
o An explanation of major concepts
o Any graphs that are included in the section (understanding the graphs and being able to create them yourself is essential to mastering economics)
In setting up your notes, make sure that you clearly label the different modules and use an organizational system that will allow you to find the important information quickly and easily for open-note quizzes and test review.

Assignment #2:

Read Chapters 1 and 2 of Economics by Example

Chapter 1 introduces the idea of rational thought and chapter 2 explores the way in which incentives influence human behavior. In a well-crafted, one to two page (typed, double-spaced) response, explain how these two concepts are interrelated. Your response should include three of your own examples that were not in the reading. Please bring a hard copy to class on the first day.

In the first couple of days, we will have an open-note (not open book) quiz on the first section of the Krugman book. You will be rewarded for taking high quality, well-organized notes, so please arrive to class prepared and ready to go.

If you have any questions while completing the assignment, or about the course in general, please do not hesitate to contact me this summer. I do not have a George School email yet, so please use lcastle@mac.com.

Have a great summer and I will see you in the fall.

Lyman Castle