AP Microeconomics - Syllabus

AP Microeconomics - Syllabus
Course Information
Teacher: Ron Keoleian
Email: [email protected]
Website: www.keoleian.com
Class Periods: 2nd, 3rd Hour
Office Hours: 1st Hour (7:20-8:10)
Room Number: 251E
The ideas of economists, both when they are right and when they are
wrong, are more powerful than is commonly understood.
--John Maynard Keynes, 1936
This course is an introduction to microeconomics. The goal of this course is to aid student
understanding of economic concepts such as scarcity, opportunity costs, trade -offs, market
structure, the theory of the firm, product market models, the factor market, market failure and
the role of government in the economy, specialization based on comparative advantage, and
international economic concepts.
Course Description
In AP Microeconomics, students will:
learn to think like an economist;
develop an “economic way of thinking” in order to solve problems and think critically;
apply graphing, quantitative, and mathematical skills to the discipline of economics;
appreciate the general development of modern economic theory; and
be prepared to continue their economic education at the college level.
Suggested Supplies
Email Address
Pencil, Pen & Highlighter
NOTE: No supplies are mandatory; all assignments are constructed using materials the school can
provide .
Course Rules and Policies
What will fly in my class:
 Effort – Each student is expected to be an active listener, take notes, study for tests, and participate
in all projects.
 Respect – Don’t try to be the cool kid and mouth off. I knew the cool kids and they were just rude.
Treat people how you expect to be treated. If you are polite and respectful, people will feel
obligated to treat you in the same manner.
 Preparation – Come to class with all your stuff. That includes books, folders, student handbook,
pencils, blah blah blah. I know that five minutes is enough time to go to your locker, get your stuff,
talk to your friends for three minutes, and still make it to class on time. That means go to the
bathroom during passing time and be here on time.
 Responsibility –The only person that will get you to the grade you want is yourself.
 Care – As much as you might hate them, take care of your books and desks. I have no desire to
charge you at the end of the year for damages. And don’t lose your books. It astonishes me how
students lose a twenty pound textbook in their locker or at home. They’re ugly, they stick out.
Keep yours safe and damage free. Book Covers are expected.
What won’t fly in my class:
 Interruptions – I can’t stand when people talk when others are talking. It won’t be tolerated. Raise
your hand, and I will call on you.
 Passes to your locker and bathroom at inopportune times. That means right after the bell, during
an activity, etc. Passes will only be handed out in times of emergency. Leaving your seat – only
causes disruption, do not line up at the door and wait for the bell to ring.
 Cheating - I know how the game works. Nothing brings me more delight than catching a cheater,
and giving them a zero on the assignment.
 Sleeping – Can’t stand it. Imagine if I was sitting right in front of you while you were talking about
your weekend and I simply put my head down. You’d look at me like I’m nuts. I’ll wake you up.
 Remember that all school conduct codes and student handbook rules are observed in my class, so
read and understand them. If you have any questions ask me.
 Messing with my stuff: it isn’t yours, so you can’t touch it. Don’t touch my stuff!
 Absences – 10 you lose credit. Unexcused – no chance to make up work. 4 tardies – Saturday
 No pop/candy. Use your phone only when designated.
 Wikipedia is not a source. Copying will not be tolerated in any way.
Consequences: If you violate the rules you will suffer one or more of the following consequences – after
school conference; detention; phone call home; disciplinary work assignments; suspensions. I have no
desire to use any of these. Please do not leave me any choice but to do so.
Classroom Policies
My Expectations of You
My Obligations to You
Be prepared to learn. Everything else that we do
is secondary to that goal. Read material before
the lecture on a topic.
I will do everything possible to help you learn economics.
You can get extra help before and after school. If you
don't understand something, ask for extra help before
the test.
I will be prepared to start class on time and assist you in
the process of getting the most out of the hour.
I will provide an orderly and productive learning
environment. I will have after school review sessions
before major tests.
You are expected to participate in graphing
exercises, class discussions, and problem sets.
You are expected to take notes and participate in
class discussions in order to contribute to the
class goal of learning economics. You should be
willing to spend the extra time necessary to meet
AP course expectations.
You should not promote negative externalities
(engage in behavior that negatively affects other
You will keep track of your cumulative grade.
I will be a positive leader who looks for opportunities to
motivate others to do their best.
You will treat others in the class with respect.
I will provide timely grade reports and return tests,
quizzes, and assignments on a timely basis.
I will treat you with respect and grade you fairly.
You will use technology (blog entries) in order to
enrich understanding of economic topics.
I will provide you with access to technology and give you
tools to effectively participate in a dynamic setting.
You will read supporting materials such as the
Wall Street Journal, Barrons, and Business Week.
I will use secondary sources to provide opportunities that
relate subject matter to everyday life.
Teacher Resources: Text and Support Materials
Mankiw, N Gregory. Principles of Economics. 4th ed. Ohio: Southwestern, 2011 (including
supporting materials).
Morton, John S., and Goodman, Rae Jean. Advanced Placement Economics. 3rd ed. New York:
National Council on Economic Education, 2003
Articles from Business Week, Wall Street Journal, The Browser, Freakonomics, Naked Economics,
Boomerang, Marginal Revolution, 60 minutes.
Jevons, Marshall. The Fatal Equilibrium. Massachusetts Institute of Technology. 1986.
Economics USA videos.
www.mankiwxtra.com - PowerPoint presentations, practice quizzes, and graphing tutorials.
Student Evaluation
Each quarter's grade is based on a percentage of the total possible points. The following grading
scale is use in this class for all grading.
A = 89.5% or above
B = 79.5% - 89.4%
C = 69.5% - 79.4%
D = 60% - 69.4%
F = below 60%
Classroom participation is graded on a point system. Assignments are awarded points depending on their
length and degree of difficulty. The following types of daily assignments and projects will be common for a
classroom participation grade:
Activities from Advanced Placement Economics by John S. Morton 3rd Edition.
Short Answer/Problems and Applications from the Mankiw text.
Article Reviews of the leading and most insightful articles of the day.
Projects that enhance critical thinking skills and evaluative learning.
Problem Sets & Quizzes from Aplia.org
There will be a quiz over every chapter as well as individual topics. It is possible to have a quiz before the
chapter is discussed. Quizzes are worth 10-20 points. Unit tests are part free response and part multiplechoice. They stress higher order thinking skills. For each of the units listed on the next page, a test will be
given. Unit tests and quizzes will count as 50% of your quarter grade. Projects, article reviews, and other
homework will count as 30% of your quarter grade. Aplia online assignments for each chapter will count as
20% of your grade.
The semester grade is calculated as follows: each quarter is equally weighted as 45% of your semester
grade and the final exam grade is weighted as 10%. ALL AP ECONOMICS STUDENTS will have a final exam.
All makeup tests will be different format than the original tests. Some tests may be all essay. You have 2
weeks to make up a test or quiz, or you will receive a zero.
Content Summary
Unit 1: Basic Economic Concepts (2 Weeks)
Chapters 1 – 3 in Mankiw, Principles of Economics
Key Topics: Scarcity, opportunity costs, marginal analysis, production possibilities frontier, economic
systems, property rights, incentives, absolute advantage, comparative advantage, specialization, and trade.
Assessment: Unit Test (35 Multiple choice, 2 short free response questions)
Unit 2: The Nature and Function of Product Markets – Part 1 (4 Weeks)
Chapters 4-6 in Mankiw, Principles of Economics
Key Topics: Supply and demand, equilibrium, determinants of supply and demand, price and quantity
controls, elasticity, income elasticity, cross-price elasticity, price elasticity of supply.
1. Unit Test (30 Multiple choice, 1 long free response and 1 short free response question)
2. 3 blog entries on selected topics related to supply and demand.
Unit 3: The Nature and Function of Product Markets – Part 2 (2 Weeks)
Chapters 7-9, 21 in Mankiw, Principles of Economics
Key Topics: consumer surplus, producer surplus, and market efficiency
tax incidence, deadweight loss, the benefits of trade, and theory of consumer choice
Assessment: Unit Test (30 Multiple choice, 2 short free response questions)
Unit 4: Firm Behavior and the Organization of Industry (6 Weeks)
Chapters 13-17 in Mankiw, Principles of Economics
Key Topics: production functions: short and long run, marginal product and diminishing returns, short -run
costs, long-run costs and economies of scale, cost minimizing input combination, accounting versus
economic profits, normal profit, profit maximization: MR=MC rule, perfect competition, profit maximization
for perfect competitor, short-run supply and shutdown decision, behavior of firms and markets in the short
run and in the long run, efficiency and perfect competition, monopoly, sources of market power, profit
maximization for monopoly, inefficiency of monopoly, price discrimination, natural monopoly, oligopoly,
interdependence, collusion, and cartels, game theory and strategic behavior, monopolistic competition,
product differentiation and role of advertising, profit maximization for monopolistic competition, short -run
and long-run equilibrium , excess capacity and inefficiency of monopolistic competition.
1. Unit Test (50 Multiple choice, 1 long free response and 2 short free response questions).
2. 3 blog entries on topics related to market structures.
Unit 5: The Economics of Factor Markets (2 Weeks)
Chapters 18 - 20 in Mankiw, Principles of Economics
Key Topics: derived factor demand, marginal revenue product, labor market and firms’ hiring of labor,
market distribution of income, income distribution, equity, sources of income inequality
Assessment: Unit Test (20 Multiple choice, 2 short free response questions)
Unit 6: Market Failures and the Role of Government (1 Week)
Chapters 10 - 12 in Mankiw, Principles of Economics
Key Topics: externalities, marginal social benefit and marginal social cost, positive externalities, negative
externalities, remedies, public goods, public versus private goods, provision of public goods, public policy to
promote competition, antitrust policy, regulation, the design of the tax system
Assessment: Unit Test (20 Multiple choice, 2 short free response questions)
Unit 7: AP Exam Preparation (1 Week)
Practice answering long and short free response questions. Practice multiple-choice questions.
Mr. Keoleian’s Classroom Rules and Procedures Form
Please sign below after reviewing the rules, requirements, attendance policy, and grading policy.
Please feel free to contact me at anytime if you have any questions or concerns. Also, please include
your email address (if you have one) and phone number so that if necessary I may reach you. Thank
you, and I hope to meet you at the open house on Wednesday, September 19 th, 2012 and throughout
the year at school events!
We have read, discussed, and understand the rules, requirements and procedures for Mr. Keoleian’s
Student Name: (please print)__________________________________Hour: ______________
Student Signature: __________________________________________ Date: _____________
Parent/Guardian signature: ___________________________________ Date: _____________
Parent/Guardian phone #: ______________________________________________________
Parent/Guardian email address: ________________________________________________
Student email address: ________________________________________________
Does the student have internet access at home?
If your student has any allergies that I should be aware of please list them on the space below?
Please tear off this back page and turn in. The due date for the syllabus is September 12 th, 2012.