Howard
AP Micro Economics - Syllabus
Brief Description
AP Microeconomics is a one-semester, college-level course. Each student is expected to take the AP
Microeconomics Exam that is administered in May. Successful achievement on the AP Exam may allow
the student to earn three hours of college credit (depending on the policies of individual institutions).
AP Microeconomics introduces students to the cost-benefit analysis that is the economic way of
thinking. This analysis is used to understand smaller segments of the economy – specifically, consumers
& producers – as they interact in output markets & resource markets, and to understand the
government’s impact on these specific economic units.
Textbook(s)
Ray, Margaret & David Anderson. Krugman’s Economics for AP, 2nd ed. New York: BFW/Worth Publishers, 2015.
(Primary)
Additional Readings:
Wheelan, Charles. Naked Economics: Undressing the Dismal Science. New York: W. W. Norton & Company, 2010 .
Unit 1: Basic Economic Concepts [SC1]
Chapter/Section 1 pages 2-8, & 16-30 Krugman’s Economics
Key Concepts: Study of Economics, Production Possibilities Curve Model, & Comparative
Advantage & Trade
Unit 2: Supply Demand [SC2]
Chapter/Section 2 pages 49-98 Krugman’s Economics
Key Concepts: Introduction & Demand, Supply, Equilibrium, Price Controls (Ceilings & Floors),
& Quantity Controls
SC1 – The course provides
instruction in basic economic
concepts & promotes
understanding of economic
decision-making factors, such as
marginal analysis & opportunity
costs.
Unit 3: Behind the Demand Curve: Consumer Choice [SC3]
Chapter/Section 9 pages 459 – 524 Krugman’s Economics
Key Concepts: Income Effects, Substitution Effects, & Elasticity, Interpreting Price Elasticity of
Demand, Consumer & Producer Surplus, Efficiency & Deadweight Loss, and Utility Maximization
Unit 4: Behind the Supply Curve: Profit, Production, & Costs [SC4]
Chapter/Section 10 pages 533 – 582, & 715 – 718 Krugman’s Economics
Key Concepts: The Production Function, Firm Costs, Long-Run Costs, & Economies of Scale,
Cost-Minimizing Input Combination, Introduction of Market Structure, Defining Profit,
and Profit Maximazion
Unit 5: Market Structures: Perfect competition & Monopoly [SC5]
Chapter/Section 11 pages 588 – 636 Krugman’s Economics
Key Concepts: Introduction to Perfect Competition, Graphing Perfect Competition, Long-Run
Outcomes in Perfect Competition, Introduction to Monopoly, Monopoly & Public Policy,
and Price Discrimination
Unit 6: Market Structures: Imperfect Competition [SC6]
Chapter/Section 12 pages 642 – 673 Krugman’s Economics
Key Concepts: Introduction to Oligopoly, Game Theory, Oligopoly in Practice, Introduction to
Monopolistic Competition, and Product Differentiation & Advertising
Unit 7: Factor Markets [SC7]
Chapter/Section 13 pages 688 – 726 Krugman’s Economics
Key Concepts: Introduction & Factor Demand, Markets for Land & Capital, The Market
for Labor, and Theories of Income Distribution
Unit 8: Market Failure & the role of Government [SC7]
SC2 – The course provides
instruction in the nature &
functions of product markets:
Supply & Demand Model
SC3 – The course provides
instruction in the nature &
functions of product
markets: Consumer Choice
SC4 – The course provides
instruction in the nature &
functions of product markets:
Production & Costs
SC5 – The course provides
instruction in the nature &
functions of product
markets: Market Structures.
SC6 – The course provides
instruction in factor
markets.
SC7 – The course provides
instruction in market failure &
the role of government in
correcting market failure.
Chapter/Section 14 pages 733 – 782 Krugman’s Economics
Key Concepts: Introduction to Externalities; Externalities & Public-Policy,
Public Goods, Public Policy to Promote Competition; and Income Inequality & Income Distribution
AP Microeconomics Exam:
This course culminates in a College Board AP Examination that test both broad factual knowledge & analytical
skills. The examination is divided into two major sections: the Multiple Choice section and the Free Response
section. Here is a breakdown of the parameters of the Microeconomics AP Examination:
Section I
Section II
% of Grade
66 (2/3)
33 (1/3)
# of Questions
60
3 required
Time Allotted
70 minutes
50 minutes
Course Themes (www.collegeboard.com)
1. Basic Economic Concepts (8-14% of AP Exam)
2. The Nature & Functions of Product Markets (55-70% of AP Exam)
3. Factor Markets (10-18% of AP Exam)
4. Market Failure & the Role of Government (12–18% of AP Exam)
Length of Course: One Semester
Course Assessment/Grading Plan:
Semester Plan
Tests/Projects = 60%
Daily Work/Quizzes = 25%
Homework = 15%
HELPFUL INFORMATION
Reading Period
10 minutes
SC8 – The course teaches
students how to generate
graphs & charts to describe
economic concepts
Credit: 0.5 (Plus 1.0 point added to GPA upon score of AP Exam)
Grading Scale:
A = 100 - 90
B = 89 - 80
C = 79 - 70
D = 69 – 60
F = 59 and below
Frying your brain...
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Assume you know nothing about economics so we have an equal playing field
New vocabulary with very precise meaning: play close attention
Economics is like studying geometry: axiomatic – conclusions follow premises, with precise use of language and
vocabulary. This is referred to as the “economic way of thinking”.
The course is highly sequential – ideas one day will show up continuously throughout the course
Some computation – adding, subtracting, division, multiplication. The trick is knowing when to apply it; some
elementary algebra and trig
Graphical analysis is used frequently; it is an absolute requirement. How to read, construct, and analyze graphs is
needed to explain economic modeling and predictions. Make sure you read the graphs used in the text and handouts.
Materials:
o Notebook/folder
o Graph paper
o Pencils: Regular and Colored
Tips:
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DO NOT be absent! Absences will kill you! Especially after the first couple of weeks. The material gets very difficult
and being in class to see and hear the explanations is vital.
Keep up with the class. Do not miss assignments or let questions go unasked.
Formulate study groups. Exchange phone numbers and emails and use each other. Explaining concepts to others
helps you to understand better. Having others explain things to you gives a different view and often helps! Lean on
each other. Share notes; try to teach each other; help each other with practice exercises.
Engage your parents in economic thinking, but do not let them try to help you – it has been a long time since they
took such a course as this. Engage in discussions but realize that most people are economically educated through the
mass media which is horribly ignorant of how economics actually works.
Help:
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My email is georgette.howard@elmoreco.com or glhoward@elmore.rr.com
My cell # is (334) 354 – 4993. Put my # in your phone, text me!
My Facebook name is Ms.LeeHoward, become my friend & join the Facebook AP MicroEconomics Page
I am in my room every morning about 6:45. I am also available Tues - Thurs after school. Use me! I am here to help
you. Feel free to seek help any morning... even if it is simply to verify whether you understand what you think you
understand!
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Purchase an AP Microeconomics (or AP Economics – Micro and Macro) review guide from a book store or online.
These are great tools.
GOOD LUCK!!!