Syllabus, AP Microeconomics
Prerequisites:
AP Macroeconomics or a high school economics course.
Course Description
Advanced Placement Microeconomics is designed to be equivalent to a first year
college Microeconomics course and is intended to enhance students’ experiences and
knowledge of economics that was learned in either AP Macroeconomics or a high school
level economics course. This is a one-semester course and each student is expected to
take the AP Microeconomics exam that is administered in May. Successful achievement
on the AP exam (score of a 3, 4, or 5) allows the student to potentially earn college credit.
Students will gain a thorough understanding of the principles of economics that apply to
individuals, firms, markets, and the government.
Course Philosophy:
Advanced Placement Microeconomics will place a heavy emphasis on the
principles of economics that apply to the functions of individual decision makers, both
consumers and producers, within the economic system. It places primary emphasis on the
nature and functions of product markets and includes the study of factor markets and of
the role of government in promoting greater efficiency and equity in the economy. AP
Microeconomics will be centered on understanding basic microeconomic concepts, the
product market, the factor market, market failure, and the role of government in the
economy. The course content and guidelines will be closely aligned to the Advanced
Placement Microeconomics course curriculum developed by The College Board.
Students will be trained to analyze and interpret primary and secondary sources
including documentary materials, statistical tables, and graphic evidence of the principles
of microeconomics. They will be proficient at reading and creating graphs and tables
directly related to the core principles of microeconomics.
Students will write in a variety of formats. They will gain proficiency in notetaking from printed material, lecture, and/or discussions. They will learn to create and
analyze economic models and use these models to answer various economic problems.
Textbook: Mankiw. Principles of Economics, 4th edition. Thomson South-Western,
2007—Required. (This textbook covers microeconomics in chapters 1-22)
Study Guide: Mankiw. Principles of Microeconomics, 4th edition. Thomson SouthWestern, 2007—Optional.
Additional Readings: Newspaper/magazine articles and Selected readings from
contemporary economic texts
Materials: You will need the following items for this class:
•
•
•
•
A notebook or 3-ring binder (recommended). This binder will be divided into
three sections; notes & outlines, practice problems, and current event articles
Pens, pencils, and paper
Art supplies (please do not bring these in until we need them)
Please bring your book to class on a daily basis
Attendance: Regular attendance (not just physically, but mentally as well!) is essential
in order to do well in this class. Many class activities such as discussions and hands-on
assignments cannot be duplicated or made up. If you do miss a class, please check the
calendar for a description of the day’s activities, as well as pick-up any handouts you may
have missed. If you need clarification on one of these assignments, you must ask one of
your classmates for further explanation. If you still have questions after talking with a
friend, of course I will be happy to help you before or after class. Please remember that it
is your responsibility to make up any work that you missed.
Classroom Policies and Procedures: In order to create a successful, cooperative
learning environment for everyone, there are certain guidelines that we must follow.
• Follow all school policies as outlined in the student handbook
• Always be respectful to yourself, other students, the teachers, and property.
We will discuss all of the aspects of respect in class. Please be prepared to
take notes as necessary.
• Take care of your personal needs between classes. Each student will only be
permitted four passes each marking period.
• Water is the only food or drink that is allowed in class
• Please talk to me or email me if you have a problem. If I am not able to help
you, I will find someone that can. Remember I am a great listener.
If you choose to behave in an unacceptable manner, you will have the following
consequences:
1. Individual conference between teacher and student
2. Phone call home
3. Referral to the Responsibility and or your assigned school administrator
Homework Policy: All students must turn in homework on the day that it is due. LATE
HOMEWORK WILL NOT BE ACCEPTED FOR CREDIT.
• If you have an excused absence, you may have as many days as you were
absent to make up the missed work.
• If you are assigned a long-term assignment or you are told in advance about a
quiz or a test, being absent does not delay the work, quiz, or test.
• Work missed during unexcused absences cannot be made up.
Grading Policies: Your grade will be based on tests, quizzes, class work, homework,
projects, and a semester exam. Grades will be calculated using a percentage system. The
percentages for each quarter are the following: Tests and quizzes 80%, class work,
homework, and projects 20%. Semester grades will be weighted as follows: 40% for
each marking period and 20% for the semester exam. The grading scale is…
93-100%
90-92%
87-89%
83-86%
80-82%
77-79%
A
AB+
B
BC+
73-76%
70-72%
67-69%
63-66%
60-62%
0-59%
C
CD+
D
DE
Dear Parents,
I want each of you to know that you are always welcome in my class and I invite your
participation. While you are free to visit anytime, it would be beneficial if you would
schedule a class visit a day in advance. Please take the time to review this syllabus and
address any questions that you may have. Please make sure that your son/daughter turns
this syllabus in with your signature on their next day of class.
Thank you for your time and cooperation. I look forward to a rewarding and successful
semester!
Sincerely,
Day 1: Course introduction and discuss syllabus/academic integrity policy.
Day 2: AP Microeconomics pre-test.
Unit 1: Review of Basic Economic Concepts
Chapter 1: Ten Principals of Economics
Chapter 2: Thinking Like an Economist
Chapter 3: Interdependence and Gains from Trade
Key Concepts:
1. Scarcity
2. Economics
3. Efficiency
4. Opportunity cost
5. Rational people
6. Marginal changes
7. Incentive
8. Market economy
9. Property rights
10. Market failure
11. Externality
12. Market power
13. Productivity
14. Inflation
15. The business cycle
16. Circular-flow
(Product and
Factor Markets)
17. Production
possibilities frontier
18. Microeconomics
19. Positive statements
20. Normative
statements
21. Absolute advantage
22. Opportunity cost
23. Comparative
advantage
24. Imports
25. Exports.
Activities:
1. Selected workbook practice exercises
2. Students will create production possibilities graphs that demonstrate the
concepts of opportunity costs and production possibilities.
3. Production possibilities simulation with the “Bead Game”
4. “The Fish Game” FTE property rights simulation
5. Opportunity Costs Simulations
6. “The Magic of Markets: Trade Creates Wealth” Foundation For Teaching Economics
(FTE) trade simulation game
7. Unit 1 Test
Duration: 6 Days
Unit 1 Web Resources
http//www.apcentral.collegeboard.org
http://www.indiana.edu/~econed/jee.htm
http://www.ncee.net
http://www.reffonomics.com
http://www.mankiw.swlearning.com
http://www.economist.com
Unit 2: Review How Markets Work
Chapter 4: The Market Forces of Supply and Demand (Focus on consumer and
producer surplus)
Chapter 5: Elasticity and Its Application
Chapter 6: Supply, Demand, and Government Policies
Key Concepts:
1. Markets
2. Competitive market
3. Quantity demanded
4. Law of demand
5. Demand schedule
6. Demand curve
7. Normal good
8. Inferior good
9. Substitutes
10. Complements
11. Quantity supplied
12. Law of supply
13. Supply schedule
14. Supply curve
15. Equilibrium
16. Equilibrium price
17. Equilibrium quantity
18. Surplus
19. Shortage
20. Elasticity
21. Price elasticity of
demand
22. Total revenue
23. Income elasticity of
demand
24. Cross-price elasticity
of demand
25. Price elasticity of
supply
26. Price ceiling
27. Price floor
28. Tax incidence.
Activities:
1. Selected workbook practice exercises.
2. A Market Example with Pepperidge Farm Cookies (Any delicious cookie will work)
3. The “Cold Soda” demand activity with substitutes
4. “In the Chips” FTE supply and demand activity
5. “The Market for Thingamajigs” FTE price gouging simulation
6. Graphical analysis of supply and demand. Students will create graphs that
demonstrate the economic concepts of supply, demand, and elasticity.
7. Ranking Elasticities Activity
8. Elasticity grocery store scavenger hunt
9. Elasticity calculation exercises
10. Unit 2 Test
Duration: 9 Days
Unit 2 Web Resources:
http//www.apcentral.collegeboard.org
http://www.bls.gov
http://www.ncee.net
http://www.reffonomics.com
http://www.mankiw.swlearning.com
http://www.fte.org
Unit 3: Markets and Welfare
Chapter 7: Consumers, Producers, and the Efficiency of Markets
Chapter 8: Application: The Costs of Taxation
Key Concepts:
1. Welfare economics
2. Willingness to pay
3. Consumer surplus
4. Cost
5. Producer surplus
6. Efficiency
7. Equity
8. Deadweight loss.
Activities:
1. Selected workbook practice exercises
2. “In the Chips” FTE supply and demand activity with applied taxes. (This simulation
demonstrates consumer and producer surplus and the factor/product markets)
3. Graphical analysis of supply and demand graphs with a focus on calculating
deadweight loss and consumer/producer surplus. Students will create graphs
that demonstrate the economic concepts of supply, demand, consumer surplus,
producer surplus, government revenue, and deadweight loss as a result of
taxation.
4. Tax Activity, Labor Taxes and Tax Alternatives (activities with small group
discussion)
5. Unit 3 Test
Duration: 7 Days
Unit 3 Web Resources
http//www.apcentral.collegeboard.org
http://www.ncee.net
http://www.reffonomics.com
http://www.mankiw.swlearning.com
http://www.fte.org
Unit 4: The Economics of the Public Sector
Chapter 10: Externalities
Chapter 11: Public Goods and Common Resources
Chapter 12: The Design of the Tax System
Key Concepts:
1. Externality
2. Coase theory
3. Transaction costs
4. Corrective tax
5. Public goods
6. Private goods
7. Cost-benefit analysis
8. Rivalry in
consumption
9. Common resources
10. Tragedy of the
Commons
11. Free rider
12. Budget deficit
13. Budget surplus
14. Average tax rate
15. Marginal tax rate
16. Lump-sum tax
Activities:
1. Selected workbook practice exercises
2. “A Pollution Solution” FTE externality simulation
3. Exploration of public and private goods
4. Tax structure debate
5. Unit 4 Test
Duration: 9 Days
17. Benefits principle
18. Ability-to-pay
principle
19. Vertical equity
20. Horizontal equity
21. Progressive tax
22. Regressive tax
23. Progressive tax.
Unit 4 Web Resources
http//www.apcentral.collegeboard.org
http://www.ncee.net
http://www.reffonomics.com
http://www.mankiw.swlearning.com
http://www.fte.org
Unit 5: Firm Behavior
Chapter 13: The Costs of Production
Key Concepts:
1. Total revenue
2. Total costs
3. Profit
4. Explicit costs
5. Implicit costs
6. Economic profit
7. Accounting profit
8. Production function
9. Marginal product
10. Diminishing
marginal product
11. Fixed costs
12. Variable costs
13. Average total cost
14. Average fixed cost
15. Average variable
cost
16. Marginal cost
17. Efficient scale
18. Economies of scale
19. Diseconomies of
scale
Activities:
1. Selected workbook practice exercises
2. Graphing cost curves exercises. Students will create graphs that demonstrate the
economic concepts of marginal cost, total cost, variable cost, average cost, and
the “break-even” point of production.
3. Diminishing marginal cost activity
4. Unit 5 Test
Duration: 5 Days
Unit 5 Web Resources
http//www.apcentral.collegeboard.org
http://www.ncee.net
http://www.reffonomics.com
http://www.mankiw.swlearning.com
http://www.fte.org
Unit 6: The Organization of Industry (The Product Market)
Chapter 14:
Chapter 15:
Chapter 16:
Chapter 17:
Firms in Competitive Markets
Monopoly
Oligopoly
Monopolistic Competition
Key Concepts:
1.
2.
3.
4.
5.
6.
Competitive market
Average revenue
Marginal revenue
Sunk cost
Monopoly
Natural monopoly
7. price discrimination
8. Oligopoly
9. Monopolistic
competition
10. Collusion
11. Cartel
12. Nash equilibrium
13. Game theory
14. Prisoners’ dilemma
15. Dominant strategy
Activities:
1. Selected workbook practice exercises
2. Simulated Monopoly Game
3. “Cartels and Competition” FTE cartel/oligopoly/collusion simulation
4. “In the Chips” FTE supply and demand simulation that has been augmented to
demonstrate the different levels of competition in markets.
5. Investigation of airline ticket prices and other forms of price discrimination
6. Applying cost curves to monopolies, oligopolies, and monopolistically
competitive firms. Students will create graphs that demonstrate the economic
concepts of marginal cost, variable cost, average cost, total cost and how they
apply to monopolies, oligopolies, monopolistically competitive firms, and perfect
competition. They will also be able to explain the concept economies of scale
with a graphical analysis of decreasing marginal cost.
7. Unit 6 Test
Duration: 14 Days
Unit 6 Web Resources
http//www.apcentral.collegeboard.org
http://www.ncee.net
http://www.reffonomics.com
http://www.mankiw.swlearning.com
http://www.fte.org
Unit 7: The Economics of Labor Markets (Product Market)
Chapter 18: The Markets for the Factors of Production
Chapter 19: Earnings and Discrimination
Chapter 20: Income Inequality and Poverty
Key Concepts:
1. Factors of
production
2. Production function
3. Marginal product of
labor,
4. Diminishing
marginal product
Activities:
5. Value of the
marginal product
6. Capital,
compensating
differential
7. Human capital
8. Efficiency wages
9. Price discrimination
10. Poverty rate
11. Poverty line
12. Utility
13. Diminishing
marginal utility
14. Welfare
1. Selected workbook practice exercises
2. “The Job Jungle: A Labor Market Game” FTE labor market simulation
3. “Women and Work in American History” FTE labor market simulation focused on
the opportunity cost of staying home rather than working
4. “The Giant Sucking Sound—Job Woes or Trade Flows” FTE labor market
simulation
5. Graphical analysis of minimum wage laws and the supply and demand of
various laborers. Students will be able to create graphs that demonstrate the
impact of government intervention in the market for labor in the form of the
minimum wage and products in the form of subsidies. Students will able to
calculate the loss of consumer/producer surplus, government revenue, and
deadweight loss that is a direct result of this government intervention.
6. Unit 7 Test
Duration: 14 Days
Unit 7 Web Resources
http//www.apcentral.collegeboard.org
http://www.ncee.net
http://www.reffonomics.com
http://www.mankiw.swlearning.com
http://www.fte.org
http://www.bls.gov
Unit 8: Capital Markets
Chapter 26: Saving, Investment, and the Financial System
Chapter 27: The Basic Tools of Finance
Key Concepts:
1. Financial system
2. Financial markets
3. Bond
4. Stock
5. Financial
intermediaries
6. Mutual Fund
7. National saving
8. Private saving
9. Public saving
10. Budget surplus
11. Budget deficit
12. Market for loanable
funds
13. Crowding out
14. Diversification
15. Risk aversion
16. Market risk
17. Informational
efficiency
Activities:
1. Selected workbook practice exercises
2. Stock market simulation (“Wallstreet Survivor”)
3. Graphical analysis of the market for loanable funds. Students will create graphs
of the market for loanable funds that demonstrates the economic concepts of
saving incentives, investment incentives, and government budget
surpluses/deficits.
4. Unit 8 Test
Duration 7 Days. The stock market simulation is a semester long project.
Unit 8 Web Resources
http//www.apcentral.collegeboard.org
http://www.ncee.net
http://www.reffonomics.com
http://www.mankiw.swlearning.com
http://www.fte.org
Unit 9: Consumer Choice and Frontiers of Microeconomics
Chapter 21: The Theory of Consumer Choice
Chapter 22: Frontiers of Microeconomics
Key Concepts:
1. Poverty rate
2. Poverty line
3. In-kind transfers
4. Life cycle
5. Permanent income
6. Utilitarianism
7. Utility
8. Maximin criterion
9. Social insurance
10. Libertarianism
11. Welfare
12. Negative income tax
13. Budget constraint
14. Indifference curves
15. Marginal rate of
substitution
16. Perfect substitutes
17. perfect
complements
18. Normal good
19. Inferior good
20. Income effect
21. Substitution effect
22. Giffen good
Activities:
1. Selected workbook practice exercises
2. “The Ultimatum Game” FTE simulation of Game Theory
3. Graphing indifference curves. Students will create graphs that demonstrate the
preferences or choices that consumers make. The graphs that the students will
create are termed “indifference” curves.
4. Giffen good scavenger hunt
5. Unit 9 Test
Duration: 7 Days
Unit 9 Web Resources
http//www.apcentral.collegeboard.org
http://www.ncee.net
http://www.reffonomics.com
http://www.mankiw.swlearning.com
http://www.fte.org
Final Exam Review: 2 Days
Course Duration: 82 Days
Academic Integrity Policy, Grand Blanc High School
Grand Blanc High School has high expectations for all students and believes that all students should
maintain high expectations for themselves and their classmates. This policy exists to foster an
environment conducive to learning and to promote individual student achievement. It is the
expectation of the Grand Blanc High School administration and faculty that individual students will
adhere to this policy as honor and character are more valuable than any academic grade.
Please be aware that unless specifically directed by the teacher, students must assume that all
portions of any assignment are to be completed individually. It is the responsibility of each student
to understand a teacher’s expectations for any assignment and/or assessment. If a student finds
himself or herself in doubt regarding the expectations of an assignment or assessment, the student
must ask the instructor for further clarification.
Definition of Academic Dishonesty
Academic dishonesty is defined as cheating of any kind, including misrepresenting one's own work,
taking credit for the work of others without crediting them and without appropriate authorization,
and the fabrication of information.
Examples of academic dishonesty include, but are not limited to:
•
Willingly and knowingly allowing another student to copy one’s work without the
knowledge or approval of the instructor
•
Intentionally or inadvertently leaving one’s written work available in a place that makes it
possible for another student to copy
•
Sending or sharing assessment information, assignments, or projects verbally, in writing, or
electronically (i.e. pictorially, text, email) to another student.
•
Participating in, contributing to, or withholding information about the academic dishonesty
of another student
•
Using or possessing “crib notes” or “cheat sheets,” or accessing any written or electronic
information when not permitted
•
Inventing information or giving false information to deceive the educational process.
•
Dishonest actions reported by the teacher
•
Any assignment or assessment submitted by a student which is not considered his/her
original work.
•
The use of course materials obtained without the instructor’s permission.
Definition of Plagiarism
Plagiarism, which is copying work from another source and submitting it as one’s own work,
includes, but is not limited to:
•
Altering words or the order of words from another source and submitting them as one’s own
work
•
Submitting work written by college students, former students, tutors, friends, or other adults
as one’s own
•
Copying another student’s work, previously published material, or ideas from any source,
including electronic and visual mediums, without citation
Please be aware that plagiarism is not defined simply by the copying of words and phrases, but more
importantly, by the dishonest copying of ideas and concepts.
Consequences for Violating the Academic Integrity Policy:
Please note that these offenses are cumulative for an academic school year.
First Offense:
• Student and Parent contacted by teacher
• Referral to an assistant principal
• Parent contact by the teacher and/or assistant principal
• Zero points and/or failing grade on the entire assignment
• Record made in the student’s permanent discipline file
• Discipline consequence—up to 3 days out-of-school suspension
Second Offense (in the same or different class):
• Student and Parent contacted by teacher
• Referral to an assistant principal
• Parent contact by the teacher and/or assistant principal
• Zero points and/or failing grade on the entire assignment
• Record made in the student’s permanent discipline file
• Discipline consequence—up to 5 days out-of-school suspension
Third Offense (in the same or different class):
• Student and Parent contacted by teacher
• Referral to an assistant principal
• Parent contact by the teacher and/or assistant principal
• Zero points and/or failing grade on the entire assignment
• Record made in the student’s permanent discipline file
• Discipline consequence—up to 10 days out-of-school suspension
Additional consequences for cheating:
•
•
•
Students involved in the National Honor Society caught violating the academic integrity policy will incur additional
consequences to those listed above, including probation or dismissal from the organization.
Students found guilty of academic dishonesty in an Advanced Placement class may be denied the weighted grade
for the course.
The following excerpt is taken directly from the Common Application, required by most colleges and universities
throughout the state and country:
Disciplinary History
Have you ever been found responsible for a disciplinary violation at any educational institution you have
attended from 9th grade forward, whether related to academic misconduct or behavioral misconduct, that
resulted in your probation, suspension, removal, dismissal, or expulsion from the institution?
A copy of this policy can be found in the Student Rights and Responsibilities Handbook for your convenience.
Students, by signing this form you understand:
• All of the above examples of academic dishonesty and plagiarism.
• The seriousness of academic dishonesty and the consequences for it.
• To be academically honest with your teacher, your classmates, and yourself.
Student signature: __________________________________________ Date: _____________
Parents, by signing this form you understand:
• All of the above examples of academic dishonesty and plagiarism.
• The seriousness of academic dishonesty and the consequences for it.
• The importance of your child always doing his or her own work.
• When to provide appropriate help and guidance to your child.
• The consequences if your child violates the academic integrity policy.
Parent signature: __________________________________________ Date: _____________