Advanced Placement Microeconomics
Course Description:
The purpose of AP Microeconomics is to give students a thorough understanding of
the principles of economics that apply to the functions of individual decision makers, both
consumers and producers, within the larger economic system. It places primary emphasis on
the nature and functions of product markets, and includes the study of factor markets and the
role of government in promoting greater efficiency and equity in the economy. It includes
the following concepts: scarcity, opportunity costs and production possibilities, specialization
and comparative advantage, the functions of any economic system, the nature and functions
of product market, supply and demand, models of consumer choice, firm production, costs,
revenues, product pricing and outputs, efficiency and government policy, factor markets,
efficiency, equity, and the role of government.
Course Themes:
1. Basic Economic Concepts (8-14% of AP Exam)
2. The Nature and Functions of product Markets (55-70% of AP Exam)
3. Factor Markets (10-18% of AP Exam)
4. Market Failure and the Role of Government (12-18% of AP Exam)
Course Materials:
Text:
McConnell and Brue. Economics: Principles, Problems, and Policies. 17th edition.
McGraw-Hill, 2008.
Supplement:
Morton, John, and Rae Goodman, AP Economics Teacher Resource Manual and
Workbook, New York: The National Council on Economic Education
Additional Text:
Levitt, Steven, Freakonomics: A Rogue Economist Explores the Hidden Side of
Everything,
Course Format:
Readings. Students will be given a list of reading assignments from the Brue text.
Students are to read each assignment on or before the date indicated and be prepared to
discuss the contents in class the next day. Readings are to be completed on the date
assigned regardless of absence or school cancellation. Students are responsible for all
material covered in the readings.
Additional Readings. Throughout the course, students will be required to read the listed
additional texts. The assignments for reading will be as follows:
Freakonomics Units 1 and 2
The Economists All Units
Students will have essay and short answer questions they will be required to complete for
each additional reading assignment. Reading assignments will be posted on my website.
Lecture. Lecture will be used when a reading topic needs to be clarified or warrants
the inclusion of outside information. Students are expected to be attentive and respectful
during lecture. It is imperative that students ask questions if they need help to understand a
concept.
Class Work. Students will engage in various classroom activities to aid in
developing skills necessary for success on the AP Microeconomics Exam. Activities utilized
include analysis of graphs, economic concepts, and real world scenario modeling. Class
work will consist of both individual, small group, and large group tasks.
Class Discussions. Discussion among students on the topics addressed in AP
Microeconomics will be frequent and students are expected to be prepared to participate.
This preparation will be achieved through carefully reading and analyzing the text and by
being present in class as much as possible.
Writing. The AP Microeconomics Exam has three writing tasks: one long essay and
two shorter essay questions. Students will spend time throughout the course learning how to
construct these items. Students will receive training in how these essays are graded by exam
readers and will be given opportunities to dissect sample essays, as well as practice writing
pieces themselves. During the course, students will compose each style of essay for every
unit. Essays will be timed to simulate the A.P. Exam.
Quizzes/Tests/Exams. Quiz and test dates will be announced with ample time for
preparation. Most tests will cover multiple chapters and will usually consist of multiple
choice questions to prepare students for the multiple choice portion of the AP Exam. Unit
exams will be in paragraph/ essay form. All students are required to take a midterm and
final exam. Students will be given an opportunity to do test corrections before or after
school.
Course Grading:
Tests:
Quizzes:
Projects/ Writing/ Daily:
Mid-term:
Final Exam:
40%
20%
10%
15%
15%
* Cherokee County will add in the Economics EOCT score with the student’s final class grade.
The Economics EOCT will count 15 % of the overall grade.
Classroom Expectations:
 Students will come prepared with text, pencil, paper, and positive attitude to class
daily.
 Students will use class time wisely and will minimize distractions for peers,
teacher, and self.
 Students will be on time. Tardies will be counted. If tardy, students will come into
the room silently and be seated without distracting others.
 Students will be responsible for discussing work missed due to absence with the
teacher upon return. School board policy states that a student has a time limit within
which all makeup work must be completed. The time limit is not to exceed 10 school
days from the date of the absence. Realize that absence, excused or unexcused, will result
in missing something from class. Be diligent about practicing good attendance habits.
 Students will comply with all rules laid out in the student handbook, paying
special attention to items on dress code, cell phones, and attendance.
 Late work will not be accepted.
Course Outline:
The following information explains the four major units of study in AP
Microeconomics. Along with each unit is the amount of the AP Exam that is devoted to the
unit, an estimate of the time we will spend on each unit in class, and a few highlights of
what students will study. More detailed expectations will be given with each unit.
SEE READING GUIDE FOR DETAILED READING AND HOMEWORK
ASSIGNMENTS
Unit 1: Basic Economic Concepts
8-14% of Exam
Approx. 3 Weeks: August1st-19th
Topics Include:
Scarcity, choice, and opportunity costs
Production possibilities curve
Comparative advantage, absolute advantage, specialization, and trade
Economic systems
Property rights and the role of incentives
Marginal analysis
Unit 2: The Nature and Functions of Product Markets
55-70% of Exam
Approx. 7 Weeks: August 22nd-Oct.14th
Topics Include:
Supply and demand
Theory of consumer choice
Production and costs
Firm behavior and market structure
Unit 3: Factor Markets
10-18% of Exam
Approx.3 Weeks: Oct 17th-Nov. 4th
Topics Include:
Derived factor demand
Marginal revenue product
Labor market and firms’ hiring labor
Market distribution of income
Unit 4: Market Failure and the Role of Government
12-18% of Exam
Approx. 4 Weeks: Nov.7th-Dec.7th
Topics Include:
Externalities
Public goods
Public policy to promote competition
Income distribution
Contact Information
Email:
Website
August 2011
Sunday
Monday
Tuesday
Wednesday
introduction Scarcity choice
and
opportunity
cost
7
Thursday
Saturday
3
Production
possibility curve
Quiz 5
6
Economic
systems
12
13
18 Test unit 119
20
25
27
8
Comparative
advantage and
absolute
advantage
Specialization
and trade9
10
14 Property rights
and role of
incentives
16
17
Marginal analysis
21
Market
Equilibrium22
23 Determinants of
supply and
demand
28
Price and
quality
controls
Elasticity30
Friday
Cross price
elasticities and
supply el31
Quiz26
« August 2011
Sunday
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday
1
quiz2
3
Tax dead
weight8
Test unit 2
10
Total utility
Utility Individual and
15 Test unit 316
and marginal maximization
market Income and
utility
demand substitution
curves14
effects
17
4
5
Labor Day
11
October 2011 »
September 2011
18
Consumer
surplus,
producer
surplus market
efficiency
19
20
7
21
22
23
Long run
Cost
costs and
minimizing
economies of
input
scale combination
Test unit 4
FALL
BREAK
25
Production
functions Marginal
Short and production
long run and
diminishing
returns
ePrintableCalendars.com
24
« September 2011
Sunday
November 2011 »
October 2011
Monday
Tuesday Wednesday Thursday
2
Profit
Normal profit
and Profit
maximization
4
Perfect
competition
behavior of
firms and
markets in
short run
and long
run
9
10
11 Oligopoly12
16
17
18 Test unit 5
23
24
Marginal
revenue
product and
30
31
6
Monopoly
25
Friday
Quiz7
8
13 Monopolistic
competition
15
Derived
factor
demand
Labor
market
and firms’
hiring of
labor 27
Market
distribution
of income
ePrintableCalendars.com
Saturday
21
quiz
22
29
Monday
Tuesday
6
13
Outside
reading
Wednesday
Thursday
Friday
Test unit 5
2
8
9
Externalities
Election
Day
Saturday
Outside
reading
10
4
5
11
12
Positive
and
negative
externalities
and
remedies
Marginal
social benefit
and cost
Public goods
vs. Private
goods
15
16
17
Test unit
618
19
20 THANSGIVING
BREAK
22
23
24
25
26
27 Public policy to
promote
competition
29
Thanksgiving
Day
Income
distribution
Equity and
sources of
income
inequality
ePrintableCalendars.com
« November 2011
Sunday
Monday
4
Tuesday
5
Final Review
and Catch up
11
Wednesday
6
EOCT
Thursday
1
Friday
Test unit 72
7
8
9
10
13
14
15
16
17
23
24
FINALS
19
Saturday
3
EOCT
12
EXAMS
18
January 2012 »
December 2011
EXAMS
20
21
22
Christmas
Eve
25
26
27
28
Christmas
Day
29
30
31
New Year's
Eve
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