Advanced Placement Syllabus and Parent Letter 2012-2013
Dear Parents,
My name is Mr.Adduci and I will be your child’s Advanced Placement Economics teacher for
the 2012-2013 school year. My educational background includes a Bachelors of Arts degree
from Valparaiso University and AP Economics training at the University of Wisconsin and
Triton Community College.
Course:
Instructor:
Phone:
Email:
Website:
1
2
3
4
5
Advanced Placement Economics
Mr.. J. Adduci
773-535-2550
JAAdduci@cps.edu
morganparkcps.org
Schedule
Economics
Economics
AP Economics
Economics
6
7
8
Credit:
1 Unit
Economics
Text and Materials/Required
Mankiw, N. Gregory, Principles of Economics –Sixth Edition Thomson South-Western,
2012
Supplemental Materials
Mankiw, N. Gregory, Principles of Economics – Sixth Edition – Study Guide
Mankiw, N. Gregory, Principles of Economics – Sixth Edition – Chapter power points
Morton, John S. Advanced Placement Economics: Microeconomics. New York: National
Council on Economic Education, 2003, 3rd Edition.
Two books: Student Activities and Teacher Resources Manual.
Released AP Microeconomic Tests – 1995, 2000, 2005, 2010
AP Central Website – All Released Free Response Questions
Course Overview/Description
AP Microeconomics is the study of how individuals use their limited scarce resources. It is
taught as a year long course.
In May, all students are expected to take the Advanced Placement exam. Only by taking the
exam, do students earn advanced placement credit towards their GPAs. Only by doing well on
the exam, can students earn college credit. In 2010, the cost of an Advanced Placement exam
was $86.00. In past years, students who qualified for free or reduced lunch qualified for a fee
waiver from the State of Illinois. The state has not published its policy this year yet, but make
sure to turn in a "lunch form" to make sure you qualify for the waiver if the policy doesn't
change. Test fees for those students who don't qualify for a waiver will be collected at the
beginning of the second semester. Any questions regarding the AP exam or fees should be
directed to Mr. Moore, Morgan Park's Advanced Placement Coordinator, at
GTMOORE@CPS.EDU
A P Microeconomics Course Description
The purpose of an AP course in 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 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.
Goals/Objectives
The course is intended for qualified students who wish to complete studies in secondary school
equivalent to a one-semester college introductory course. Each exam presumes at least one
semester of college-level preparation.
The topics covered include:
A. Basic Economic Concepts requiring students to understand the existence of limited
resources along with unlimited wants necessitates some form of allocation system.
We introduce concepts of opportunity costs and trade-offs, specialization and
exchange efficiencies, absolute and comparative advantage, fallacies such as post
hoc, ergo propter hoc, the importance of property rights and the functioning of free
markets.
B. Analyzing the Nature and Functions of Product Markets delves into supply and
demand models, consumer choice, production and costs, and the theory of the firm.
We analyze the determinants of supply and demand and how changes in these factors
affect equilibrium price and output focusing on the difference in shifts versus
movements along the curves. The impact of various government policies is studied as
they affect equilibrium status and market efficiency. The theory of consumer and
producer surplus is introduced here as well as the various concepts of elasticity and
cross-elasticity. Consumer choice is studied as to how the market and firm demand
curves are derived concentrating on the law of demand and the income and
substitution effects. Production and cost analysis are studied in the short and long run
starting with an analysis of the production function. Cost analysis is key here with the
distinction and importance of average and marginal cost concepts as applied to
equilibrium and efficiency. Firm size as controlled by economies and diseconomies of
scale as well as returns to scale is also studied. The last area covered is the theory of
the firm. Here we study the different market structures and how they differ due to the
characteristics of each. Stress is placed on the difference between demand and
marginal revenue curves for the various market structures and how this affects price
and output decisions. Allocative and productive efficiency is studied for each market
structure as well as the basis and difference in decision making for perfect or pure
competition, monopoly, oligopoly and monopolistic competition.
C. In Factor Markets we apply the concepts of supply and demand to markets for land,
labor and capital. We analyze derived demand and how the factor’s marginal product
and marginal revenue product affect the demand for and price of the factor.
D. Market Failure and Government concentrates on the arguments for and against
government intervention in the marketplace. We study marginal social benefit and
marginal social cost concepts as applied to externalities, public goods and market
distribution of income to determine the need for government intervention.
Common Core Standards
Common Core Standards
Key Ideas and Details
1. RH.11-12.1. Cite specific textual evidence to support analysis of primary and secondary sources,
connecting insights gained from specific details to an understanding of the text as a whole.
2. RH.11-12.2. Determine the central ideas or information of a primary or secondary source; provide an
accurate summary that makes clear the relationships among the key details and ideas.
3. RH.11-12.3. Evaluate various explanations for actions or events and determine which explanation best
accords with textual evidence, acknowledging where the text leaves matters uncertain.
Craft and Structure
1. RH.11-12.4. Determine the meaning of words and phrases as they are used in a text, including
analyzing how an author uses and refines the meaning of a key term over the course of a text (e.g., how
Madison defines faction in Federalist No. 10).
2. RH.11-12.5. Analyze in detail how a complex primary source is structured, including how key
sentences, paragraphs, and larger portions of the text contribute to the whole.
3. RH.11-12.6. Evaluate authors’ differing points of view on the same historical event or issue by
assessing the authors’ claims, reasoning, and evidence.
Integration of Knowledge and Ideas
1. RH.11-12.7. Integrate and evaluate multiple sources of information presented in diverse formats and
media (e.g., visually, quantitatively, as well as in words) in order to address a question or solve a problem.
2. RH.11-12.8. Evaluate an author’s premises, claims, and evidence by corroborating or challenging them
with other information.
3. RH.11-12.9. Integrate information from diverse sources, both primary and secondary, into a coherent
understanding of an idea or event, noting discrepancies among sources.
Range of Reading and Level of Text Complexity
1. RH.11-12.10. By the end of grade 12, read and comprehend history/social studies texts in the grades
11–CCR text complexity band independently and proficiently.
Course Outline
In Class: Lecture style covering the material from Mankiw, N. Gregory, Principles of
Economics, supplemented with overhead transparencies supplied with the text as well as
video projections from the Internet. I go over the homework questions completely using
the video projector and the supplied answers from the publisher website and analysis of
the Activities from the Morton book.
Homework:
a. Assigned problems from Problems and Applications section from each chapter of
Mankiw, N. Gregory, Principles of Economics hereafter referred to as Mankiw.
b. Activities from Morton, John S. Advanced Placement Economics: Microeconomics Student Activities hereafter referred to as Morton.
Assessments:
a. Unit tests are comprised of selected questions from the assigned homework as well as
relevant free response questions from previous AP Exams.
b. Final examination is a complete previously released AP Examination, both multiple
choice and free response sections given over the course of two classes so there is a 2hour window of completion.
Unit 1: Basic Concepts
Time: 2 weeks
Key Topics: Scarcity, choice, opportunity costs, the invisible hand, efficiency, market
failure standard of living, inflation vs. unemployment, business cycle, the circular flow
diagram, microeconomics vs. macroeconomics, positive vs. normative analysis,
production possibilities curve, property rights and marginal analysis.
Readings: Mankiw, Principles of Economics, chapters 1-3
Classwork: Chapter 1-3 teacher and student driven
Unit 2: How Markets Work Time: 4 weeks
Key Topics: What is a market competition, the demand curve relationship between price
and quantity demanded, market demand vs. individual demand, shifts in demand, the
supply curve relationship between price and quantity supplied, market supply vs.
individual supply, shifts in the supply curve, equilibrium and changes in equilibrium,
how prices allocate resources, elasticities of supply and demand
Readings: Mankiw, Principles of Economics, chapters 4-6.
Classwork: Chapter 4-6 teacher and student driven
.
Unit 3: Markets, Welfare and the Public Sector Time: 7 weeks
Key Topics: Efficiency of markets, consumer & producer surplus, evaluating market
efficiency, costs of taxation and deadweight loss, Laffer Curve, international trade,
discussion of trade restrictions, externalities, public and private solutions to externalities,
public goods and common resources, property rights, the tax system.
Readings: Mankiw, Principles of Economics, chapters 7 – 12.
Classwork: Chapter 7-12 teacher and student driven
Unit 4: Firms and Market Structures
Time: 6 weeks
Key Topics: Costs of production, short-run and long-run costs, economies and
diseconomies of scale, competitive market structure, market supply curve, monopoly
structure, demand vs. marginal revenue, efficiency of monopoly, public policy toward
monopoly, price discrimination, oligopoly, cartels, game theory, antitrust policy,
monopolistic competition, advertising.
Readings: Mankiw, Principles of Economics, chapters 13 –17.
Classwork: Chapter 13-17 teacher and student driven
Unit 5: Factor Markets
Time: 6 weeks
Key Topics: Derived demand, demand for labor, marginal product of labor, marginal
revenue product, supply of labor, equilibrium in the labor market, land and capital,
determinants of wage equilibrium, labor market discrimination, income inequality,
income redistribution.
Readings: Mankiw, Principles of Economics, chapters 18-20
Classwork: Chapter 18-20 teacher and student driven
AP Microeconomics Examination Review
I do extensive review of microeconomics four weeks before the AP exam is given. The
Economics exams are at the end of the two-week AP window and because my students take
multiple AP courses, their time during the exam period for study is at a premium. I have to
concentrate my review in the week preceding the onset of the exam period. This review consists
of take home released AP exams from 1995 and 2005 which we then correct in class.
Required Student Materials
binder/folder
pens (assorted colors)
colored pencils
notebook paper
spiral notebook
calculator
ruler
pencils, erasers
graph paper
Class Expectations and Requirements/Attendance Policy
The study of Economics is both challenging and rewarding. It is expected that students read the
assigned material and come to class prepared to discuss the required readings. Attendance and
punctuality are paramount. Only students with an official school absence reinstatement will
be allowed to makeup missed work. This includes all assignments, even quizzes and exams.
Every student is expected to adhere to the rules and regulations of Morgan Park High School that
are included in the Student Handbook. Your son/daughter’s cooperation is essential to their
academic success. Preparation and attitude will also play an important part in their achievement.
Assignments and recover plans will be posted on the Morgan Park Website (morganparkcps.org)
and please utilize the IMPACT parent portal to keep abreast on your child’s progress.
Remediation/Assistance Policies
Remediation and recovery plans will be provided for students who do not achieve 60%.
A contract recovery plan contract must be signed by student/parent/teacher. If recovery plan is
not followed it will result in a failing grade. Tutoring is available by appointment.
Homework Policy
Homework will be assigned and is expected to be completed and turned in on its due date. Late
work will not receive credit.
School website
The school website is morganparkcps.org . You will find my course home page linked with my
name in the social studies department. All grades will be posted to IMPACT.
Grading Scale
A
B
C
D
F
100
89
79
69
59
- 90
- 80
- 70
- 60
and below
Student Individual Education
Plan (IEP) will be adhered to
accordingly.
Evaluation Policy (Grade Weighting)
Classwork
25%
Quizzes/ Exams
30%
Midterm/Semester Finals
20%
Projects/Special Assignments 15%
Homework
10%
Evaluations and Assessments
A wide variety of evaluations will occur during and after each chapter.
Quarter 1 Final
Semester 1 Final
Quarter 3 Final
Semester 2 Final
SB977 (State of Illinois) Consumer Education Pass/Fail Graduation Requirement.
Required Reading Selections
We will have several required readings that will be passed out during the course of the semester.
------------------------------------------------------------------------------------------- -------------------------------------------------
Parents
If you have any questions or concerns throughout the year, please feel free to contact me through
the school or at my email: JAAdduci@cps.edu I have read the syllabus and course guide.
Student Name (printed):______________________________________________________
Parent/ Guardian Name (signature):_____________________________________________
Parent/ Guardian Contact number_______________________________________________
Parent/Guardian Email: _______________________________________________________