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 Folder Email Address Smartphone 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 School. 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 people). 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. Assessment: 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. Assessment: 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 class. 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? YES NO 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.