AP Microeconomics Course Syllabus Course Description: This semester long course gives students a thorough understanding of the principles of economics that apply to the functions of individual decision makers, both consumers and producers, within the larger economic system. It places primary emphasis on the nature and the function of product markets. The course also examines factor markets and the role of government in promoting greater efficiency in the economy. Course Objectives: 1. To give students an understanding of microeconomics concepts and theories. 2. To enable students to use these concepts to analyze current economic problems and issues. 3. To give students practical experience in communicating understanding of various economic issues. 4. To develop critical thinking skills through using systematic, analytical decision making skills in discussing and solving problems. Method of Presentation: The primary mode of presentation is interactive Socratic dialogue. Students are expected to participate actively in the development of concepts and to demonstrate an ability to explain concepts through narratives and graphs. Textbook: McConnell, Cambell R. and Brue, Stanley L, Microeconomis, 16th edition, New York: McGraw Hill, 2002 Supplementary Materials: Morton, John. Advanced Placement Instructional Package; Microeconomics. Students are expected to complete the practice graphs and exercises that apply to topics being discussed for the week. Expected Supplemental readings sources: The Wall Street Journel, Business Week, The Economist, and other newspapers and journals. Students are expected to apply their growing knowledge of microeconomics by analyzing news articles on a weekly basis. Evaluations:
Weekly subjective test include: Free response questions Graph interpretations and drawing Oral Presentations Group problem solving Weekly news articles: 1 page analysis Weekly exercises from Morton Instructional Package work book. Case study: Students are to choose a subject that they have personal interest in to use as a semester long case study. All research is to be kept in a portfolio and must reflect understanding of each chapter and major topic covered. Students will receive time each week to do research and work on their individual personal case study. Case study will be turned in Final Exam Week. 4 Unit Exams: Objective questions [multiple choice] covers multiple chapters 60 questions [to simulate AP exam} Final Exam: Objective questions{33%} + 2 Free response questions{66%} Course Outline: Week 1 Chapter 1 The Nature and Method of Economics Scarcity & Choice/ Rational Behavior/Marginalism/Benefits & Costs/Economic methodology/postive & Normative economics Chapter 2 The Economizing Problem Unlimited wants & scarce resources/production Possibilities Curve/Opportunity Costs/Allocative Efficiency Week 2 Chapter 3 Individual Markets: Demand and Supply Law of demand/demand curve/law of supply/supply curve/market Equilibrium Chapter 4 The Market System Private property/freedom of enterprise & choice/specialization/market system at work
Week 3 Chapter 5 The U.S. Economy: Private and Public Sectors Households/Government fiance/legal forms of business/circular Flow revisited Chapter 6 The United States in the Global Economy World Trade/Absolute & comparative advantage/foreign exchange market OBJECTIVE EXAM Chapters 1 6 Week 4 Into to Product Markets The Nature and Functions of Product Markets Chapter 7 Elasticity of Supply and Demand Price elasticity of demand/ Price elasticity of supply/cross elasticity and income elasticity of demand Week 5 Chapter 8 Consumer Behavior and Utility Maximization Theory of consumer behavior/utility maximization & the demand curve Chapter 9 The Costs of Production Economic costs/short run & Long Run Production costs Week 6 Chapter 10 Pure Competition Market Models/Marginal costs & short run supply/profit maximization the long run Chapter 11 Pure Monopoly Barriers to entry/price/ determination/economic effects Week 7 Chapter 12 Monoplistic Competition and Oligopoly Price & output/product variety/oligopoly Models Chapter 13 Technology,R & D and Efficiency Invention Innovation & diffusion/imitation & R&D incentives/advance & efficiency OBJECTIVE EXAM Chapters 7 13 Week 8 Chapter 14 The Demand for Resources Resource pricing/marginal Productivity Theory/Determinants of resource demand
Chapter 15 Wage Determination Labor, wages & earnings/competitive labor market/union markets Week 9 Chapter 16 Rent,Interest, and Profit Economic rent/theory & model of interest/economic profit Chapter 17 Government and Market Failure Public goods/externalities/information failures Week 10 Chapter 18 Public Choice Theory and the Economics of Taxation Preferences through voting/apportioning the tax burden/ Tax & efficiency loss OBJECTIVE EXAM Chapters 14 18 Week 11 Chapter 19 Antitrust Policy and Regulation Antitrust laws/issues & Impact/Industrial & Social regulation Chapter 20 Agriculture: Economics and Policy Farm policy/criticism & politics/recent reform Week 12 Chapter 21 Income Inequality and Poverty Distribution of personal income/causes of income inequality/equality verses efficiency Week 13 Chapter 22 Labor Market Issues: Unionism, Discrimination, and Immigration Collective bargaining/economic analysis of discrimination & immigration Chapter 23 The Economics of Health Care High & rising health costs/reforms in health care system Week 14 Chapter 24 International Trade Imports & exports/trade barriers/protectionism Chapter 25 Exchange Rates, the Balance of Payments and Trade Deficits Financing international trade/balance of payments/international exchange rate system OBJECTIVE EXAM Chapters 19 25
Week 15 Transition Economies Russia and China On line chapters/must be researched and included in Case Study Finalize Case Study FINAL EXAM Objective and Free response questions