AP Honors Microeconomics
Course Outcome Summary
Information
Credits
0.5
Organization
Hartford Union High School:
Mission/Description
Mission Statement: Our mission is to enable students to participate actively and responsibly as
democratic citizens in a complex and changing society through instruction and application of knowledge
of the past, of other cultures and of the social sciences.
Course Description: The aim of this AP course is to provide the student with a learning experience
equivalent to that obtained in most college introductory courses. This course places primary emphasis
largely on efficiency- accomplishing life goals using the best methods. If you are going into a business
related field, this course would be highly recommended. A student participating will take a test put out by
the college board to gain up to four college credits.
Textbooks
1.. Economics
Units and Timelines
Unit 1- What is Economics? (2 weeks)
Unit 2- Basic Economic Concepts (2 weeks)
Unit 3- Demand, Supply, Elasticity, and Consumer Choice (3 weeks)
Unit 4- Firm Production, Costs, and Revenue (3 weeks)
Unit 5- Market Structure (3 weeks)
Unit 6- Factor Markets (2 weeks)
Unit 7- Efficiency, Equity, and the Role of the Government (3 weeks)
Core Abilities
o
Integrate self awareness and attitudes appropriately in diverse social situations.
o
Balance a lifestyle that is safe healthy.
o
Assume responsibility for own actions.
o
Demonstrate appropriate communication skills.
o
o
Utilize appropriate behaviors and attitudes in the work environment.
Assess personal goals, values, and motivations.
o
Initiate positive leadership skills.
o
Analyze divergent views to resolve conflicts.
o
o
Devise solutions to complex problems.
Organize data into usable forms.
o
Utilize technology to improve efficiency.
Competencies, Linked Standards, Objectives and
Performance Standards
1.
Apply scarcity concepts to a variety of economic and noneconomic situations.
Linked External Standards
WI.SS.D.
Economics--Students in Wisconsin will learn about production,
distribution, exchange, and consumption so that they can make informed economic
decisions.
WI.SS.D.12.10 Analyze the ways in which supply and demand, competition, prices,
incentives, and profits influence what is produced and distributed in a competitive
market system
WI.SS.D.12.14 Analyze the economic roles of institutions, such as corporations and
businesses, banks, labor unions, and the Federal Reserve System
WI.SS.E.12.17 Examine and describe various belief systems that exist in the world, such
as democracy, socialism, and capitalism
Performance Standards
o
learner explains what is economics, why study economics, scarcity, value, economic
systems and graphing with 100% accuracy in written form according to the AP exam
criteria.
o
learner analyzes and synthesizes graphing manipulation through the program APEX.
o
learner interprets the APEX simulation as observed by the instructor.
Learning objectives
a.
Define economics.
b.
Analyze why study economics.
c.
Define opportunity cost.
d.
Identify the conditions that give rise to the economic problem of scarcity.
e.
Examine the major questions each economic society faces and explore the different ways
traditional, command, and mixed economies answer these questions.
f.
Compare and contrast the effects of societal priorities on the slope, outer limits, and
operating points of the graphing.
2.
Describe the nature and functions of markets in a market economy.
Linked External Standards
WI.SS.D.12.2 Use basic economic concepts to compare and contrast local, regional, and
national economies across time and at the present time
WI.SS.D.12.7 Compare, contrast, and evaluate different types of economies (traditional,
command, market, and mixed) and analyze how they have been affected in the past by
specific social and political systems and important historical events
WI.SS.D.12.10 Analyze the ways in which supply and demand, competition, prices,
incentives, and profits influence what is produced and distributed in a competitive
market system
WI.SS.D.12.12 Compare and contrast how values and beliefs, such as economic
freedom, economic efficiency, equity, full employment, price stability, security, and
growth, influence decisions in different economic systems
WI.SS.E.12.17 Examine and describe various belief systems that exist in the world, such
as democracy, socialism, and capitalism
Performance Standards
o
learner defines basic terminology relating to supply and demand theory with 100%
accuracy in written form.
o
learner, in an essay exam, analyzes the behavior of buyers and sellers and relates it to the
circular flow diagram model of the economy.
Learning objectives
a.
Analyze the flow of resources, goods, services, and money payments in the Circular
Flow Diagram.
3.
b.
Analyze the behavior of buyers and sellers in a competitive marketplace.
c.
Define the basic terminology relating to the concepts of supply and demand theory.
Identifies basic economic concepts
Linked External Standards
WI.SS.D.12.10 Analyze the ways in which supply and demand, competition, prices,
incentives, and profits influence what is produced and distributed in a competitive
market system
WI.SS.E.12.17 Examine and describe various belief systems that exist in the world, such
as democracy, socialism, and capitalism
Performance Standards
o
learner analyzes a video and discusses how you would weigh costs and benefits in
various situations.
o
learner uses technology to investigate the PPF curve and factors that affect it.
o
learner answers questions on the PPF and marginal analysis about production, cost, trade
and value.
learner analyzes a video and discusses the use of absolute and comparative advantage to
rank producers' ability to produce goods.
o
o
learner practices calculating comparative and absolute advantage.
o
learner discusses the particular challenges faced by economists using the scientific
method.
o
learner explores and develops a poster on the various ways ideas can be represented as
models: verbal, numeric, graphic and algebraic.
o
learner answers questions to assess his/her understanding of content with 100% accuracy
through written evaluation according to the AP exam guide.
Learning objectives
a.
Examine definitions of costs and benefits and the idea of self-interest. Analyze decision
alternatives by considering the opportunity costs.
4.
b.
Analyze how economists use a Production Possibilities Frontier graph to analyze the
opportunity costs of a decision.
c.
Explore specialization and trade and analyze the PPF with the issues related to trade
between countries.
d.
Interpret how economists, and other scientists, develop theories and test their ideas.
Demonstrate supply and demand theory when given specific data.
Linked External Standards
WI.SS.D.12.10 Analyze the ways in which supply and demand, competition, prices,
incentives, and profits influence what is produced and distributed in a competitive
market system
WI.SS.D.12.12 Compare and contrast how values and beliefs, such as economic
freedom, economic efficiency, equity, full employment, price stability, security, and
growth, influence decisions in different economic systems
Performance Standards
o
learner practices using demand/supply schedules and demand/supply curves and the
shifting process.
o
learner answers questions on demand/ supply and the determinants of demand/supply.
o
learner answer questions to assess his understanding of content from the demand/supply
lesson with 100% accuracy through the technology program provided by APEX.
o
in the technology program the student analyzes case studies and uses economic models
of supply and demand to show changes in the equilibrium price.
o
learner answers questions about market equilibrium, focusing on issues of price floors
and ceilings and the adjustment to equilibrium.
o
learner uses an group exercise "Brain builder" to investigate elasticity of demand and
examine the relationship between elasticity and total revenue.
o
learner practices calculating price elasticity of supply, and examine income and crossprice elasticity.
o
learner answers questions about price elasticity of supply and demand, income elasticity
of demand and cross-price elasticity of demand.
learner understands the basics of consumer demand/supply and equilibrium and
elasticity with 100% accuracy through written form according to the AP exam standards.
o
o
in an essay exam the student analyzes case studies and uses economic models of supply
and demand to show how changes in supply and demand affect the equilibrium price.
o
in an essay exam the student analyzes case studies and uses economic models of price
floors and price ceilings in his/her analysis.
Learning objectives
a.
Explain the basics of consumer demand, and how to make a demand curve.
5.
b.
Analyze what effects consumer demand and how those effects are shown on a graph.
c.
Examine supply curves and how to make a supply curve.
d.
Explain what affects suppliers' decisions to make and sell a good or service and how to
show the effects graphically.
e.
Explain the concept of market equilibrium and analyze the supply and demand curves
together.
f.
Illustrate how to measure consumer sensitivity to price changes.
g.
Examine the concepts behind the economic definition of consumer satisfaction.
h.
Analyze price ceilings and floors.
Differentiate between short-run and long run equilibrium for both a profit-maximizing
individual firm and for an industry.
Linked External Standards
WI.SS.D.12.10 Analyze the ways in which supply and demand, competition, prices,
incentives, and profits influence what is produced and distributed in a competitive
market system
WI.SS.D.12.12 Compare and contrast how values and beliefs, such as economic
freedom, economic efficiency, equity, full employment, price stability, security, and
growth, influence decisions in different economic systems
Performance Standards
o
learner researches and discusses a type of organization for your own business and issues
of cost and profit.
o
learner practices creating marginal product curves, and answer questions about the
production of a firm in the short run.
o
learner practices using tables and graphs with the different shor-run cost information for
a firm.
o
learner views and analyzes the short-run curves being enveloped by the long-run cost
curves.
o
learner practices identifying through technology program, economies of scale, and use
short-run cost curves to create a long-run cost curve.
o
learner answers questions to assess his/her understanding of 100% accuracy according to
the AP exam.
Learning objectives
a.
Examine the main types of business organizations, economic definition of costs and
profits and the production of a firm when one or more inputs are fixed in size.
b.
Calculate and analyze the criteria to make graphs of the cost curves of a firm when one
or more inputs are fixed in size, short-run cost curves, and long-run cost curves.
c.
Calculate and analyze graphs of the cost curves of a firm when one or more inputs are
fixed in size, short-run cost curves, and long-run cost curves.
d.
6.
Explain the implications of long run equilibrium where P=MC=ATC.
Identify the basic characteristics of the various market structures.
Linked External Standards
WI.SS.D.12.6 Use economic concepts to analyze historical and contemporary questions
about economic development in the United States and the world
WI.SS.D.12.10 Analyze the ways in which supply and demand, competition, prices,
incentives, and profits influence what is produced and distributed in a competitive
market system
Performance Standards
o
learner defines the four basic market structures and gives 3 examples of businesses that
fit each structure.
o
learner investigates the characteristics of the perfect competition and calculates profit
maximization.
o
learner practices on the technology program working with the perfect competition
graphs, including the long-run situation and the issue of efficiency.
o
learner practices drawing marginal-revenue curves, and finding the profit-maximizing
level of output for a monopolist.
learner investigates the cost curves of a natural monopoly and works on profit
maximization when the monopolist can price discriminate.
o
o
learner practices finding the profit-maximizing level of output for a monopolistic
competitor, and answers questions about that market structure.
o
learner answers questions and examines how to categorize the main types of oligopoly
interaction, models and practices working with graphs and tables.
o
learner understands market structures with 100% accuracy through written assessment
according to the AP exam.
Learning objectives
a.
Describe the major characteristics of perfect competition, monopolistic competition,
oligopoly, and monopoly.
b.
7.
Identify businesses in the marketplace that serve as examples for each market structure.
Examine the derived factor demand curve, determinants of elasticity of factor demand, and
determinants of factor demand.
Linked External Standards
WI.SS.D.12.1 Explain how decisions about spending and production made by
households, businesses, and governments determine the nation's levels of income,
employment, and prices
WI.SS.D.12.10 Analyze the ways in which supply and demand, competition, prices,
incentives, and profits influence what is produced and distributed in a competitive
market system
WI.SS.D.12.14 Analyze the economic roles of institutions, such as corporations and
businesses, banks, labor unions, and the Federal Reserve System
Performance Standards
o
using marginal analysis theory in an essay exam, the student explains what determines
the number of workers a firm will hire.
o
learner practices deriving a factor demand curve.
o
learner draws shifts in factor demand curve, and calculate elasticity of factor demand.
o
learner answers questions on derived factor demand.
o
learner compares the outcomes of a regular labor market with a monopsonistic labor
market and answer questions about labor unions.
o
learner understands factor demand with 100% accuracy through written assessment
according to the AP exam.
Learning objectives
a.
Describe the difference between factor markets and product markets.
b.
Describe the difference between a monopoly and a monopsony.
c.
d.
Define basic terminology relating to the factor market.
State the principle employed by a profit-maximizing firm to determine how much of a
resource it will employ.
e.
Determine how much of a resource the firm will employ when given specific data.
f.
Determine the wage rate and level of employment in competitive labor markets when
given specific data.
Describe the effects of a minimum wage law in a competitive market.
g.
8.
Evaluate the role of government, efficiency and equity
Linked External Standards
WI.SS.D.12.3 Analyze and evaluate the role of Wisconsin and the United States in the
world economy
WI.SS.D.12.5 Explain how federal budgetary policy and the Federal Reserve System's
monetary policies influence overall levels of employment, interest rates, production, and
prices
WI.SS.D.12.8 Explain the basic characteristics of international trade, including absolute
and comparative advantage, barriers to trade, exchange rates, and balance of trade
WI.SS.D.12.10 Analyze the ways in which supply and demand, competition, prices,
incentives, and profits influence what is produced and distributed in a competitive
market system
WI.SS.D.12.12 Compare and contrast how values and beliefs, such as economic
freedom, economic efficiency, equity, full employment, price stability, security, and
growth, influence decisions in different economic systems
WI.SS.D.12.13 Describe and explain global economic interdependence and competition,
using examples to illustrate their influence on national and international policies
Performance Standards
o
learner defines basic terminology relating to the role of government with 100% accuracy
through written assessment according to the AP exam.
o
learner analyzes specific case studies and presents his/her ideas about the
appropriateness of funding for specific government programs in an essay assignment
that can be used in the portfolio assessment.
Learning objectives
a.
Describe the characteristics of a public good.
b.
Explain how private market activities can cause externalities.
c.
Analyze ways positive and negative externalities can cause overproduction or
underproduction of goods and services.
d.
Analyze the effectiveness of government policies designed to remedy problems caused
by positive or negative externalities.
e.
Differentiate between the ability-to-pay and the benefits-received theories of taxation.
f.
Differentiate among progressive, proportional, and regressive taxes.
g.
Develop criteria for evaluating the fairness of a tax.