AP Microeconomics
Syllabus 1
Objectives: Students will be able to
Demonstrate economic questioning and analysis skills. [C1] C1--The course teaches
students basic economic
Interpret a variety of graphical models [C6] and paraphrase economic concepts
concepts.
C6--The course teaches
Analyze the development of modern economic theory. how to generate,
interpret, label, and
analyze graphs, charts,
Explain the basic connections between economics and calculus. and data to describe
and explain economic
concepts
Use and interpret the language of business and basic measurements of
economics performance.
Apply economic skills and concept knowledge to higher college-level
economic courses.
Course Planner
Content Summary
Semester 1--Microeconomics
1. Basic economic concepts: scarcity, choice, opportunity cost, PPF [C1]
2. Nature and function of product markets: supply and demand, elasticity,
C2--The course
consumer choice, firm production costs and revenues, pricing, perfect provides students with
competition, imperfect competition [C2] instruction in the nature
and functions of product
markets
3. Factor markets: derived demand, factor pricing [C3]
C3--The course provides
4. History of economic thought: Adam Smith, Thomas Malthus, David students with instruction
in factor markets
Ricardo, Karl Marx, John Maynard Keynes
5. Role of government: government regulation, public goods, externalities C4--The course provides
distribution of wealth [C4] students with instruction
in market failure and the
role of government
6. Gains from trade and absolute and comparative advantage [C1]
1
Unit 1: Basic Concepts 1 week
Key Topics: Scarcity, Choice, Opportunity Cost, PPF, Basic Marginal Benefit/ C1--The course teaches
Marginal Cost Analysis [C1, C5] students basic economic
concepts
Readings: Mankiw, Principles of Economics, Chapter 1, pp. 411; Chapter 2, pp. 2428
C5--The course
promotes understanding
Assessment: Quiz with two short-answer questions and six to eight multiple- of economic decision-
choice questions making and its factors,
such as marginal analysis
and opportunity costs
Unit 2: Supply and Demand 3 weeks
Topics: Demand, Law of Diminishing Marginal Benefits, Supply, Consumer C2--The course
and Producer Surplus, Consumer Choice/Optimal Purchase Rule, Allocative provides students with
instruction in the nature
Efficiency, Deadweight Loss, Elasticity, Total Revenue Test, Price Discrimination, and functions of product
Price Floors and Ceilings, Efficiency versus Equity [C2] markets
Readings: Mankiw, Principles of Economics, Chapter 4; Chapter 5, pp. 8999;
Chapter 6; Chapter 7; Chapter 8, pp. 164-69; Chapter 15, pp. 337-39
Assessment: Test with one long-answer question, two short-answer questions, and
eight to twelve multiple-choice questions.
Unit 3: Costs and Revenues 3 weeks
(emphasis on graphs) [C6] C6--The course teaches
Topics: Law of Diminishing Marginal Returns, Economies of Scale, Costs how to generate,
interpret, label, and
(fixed, variable, marginal), Cost Curves (relationship between curves), Total and analyze graphs, charts,
Marginal Revenues, Profit and Loss (MR/MC and TR/TC), Break-Even, Shut and data to describe
and explain economic
Down, Economic Profit versus Normal Profit [C2] concepts
Readings: Mankiw, Principles of Economics, Chapter 13
Assessment: Test with one long-answer question, two short-answer questions,
and eight to twelve multiple-choice questions
Unit 4: Perfect Competition 3 weeks
Topics: Assumptions, Relationship between Industry and Firm, Profit Maximization,
Long-Run Equilibriums, Short-Run Equilibriums and the Adjustment Mechanism,
Allocative Efficiency [C2] (for a firm)
Readings: Mankiw, Principles of Economics, Chapter 14
Assessment: Test with one long-answer question, two short-answer questions, and
eight to twelve multiple-choice questions
Unit 5: Imperfect Competition 3 weeks
Topics: Relationship Between Price and MR, Barriers to Entry, Profit Maximization,
Monopoly, Regulation, Natural Monopoly, Oligopoly and Duopoly Game Theory
with Game Tree and Payoff Matrix (dominant strategy, Nash Equilibrium, col-
lusion, prisoner's dilemma, interdependence), Collusive Oligopoly, Monopolistic
Competition (long run and short run) (Note: In each imperfectly competitive
2
market structure, examine its effect on allocative efficiency and consumer and
C2--The course
producer surplus, and make comparisons to perfect competition.) [C2] provides students with
instruction in the nature
Readings: Mankiw, Principles of Economics, Chapter 15; Chapter 16, pp. 345-61; and functions of product
markets
Chapter 17, pp. 373-80, 385
Assessment: Test with one long-answer question, two short-answer questions, and
eight to twelve multiple-choice questions
Unit 6: Factor Markets 2 weeks
Topics: Factors of Production (review definitions of marginal revenue, marginal C3--The course provides
product, the law of diminishing marginal returns), Derived Demand, Marginal students with instruction
Revenue Product Analysis, Optimal Purchase Rule, Perfectly Competitive Factor in factor markets
Markets, Profit Maximization/Cost Minimization Rules, Monopsony, Economic
Rent, Distribution of Income Among Factors, Unions [C3, C5] C5--The course
promotes understanding
Readings: Mankiw, Principles of Economics, Chapters 18 and 19; Chapter 20, of economic decision-
making and its factors,
pp. 440-45 such as marginal analysis
and opportunity costs
Assessment: Quiz with two short-answer questions and six to eight multiple-
choice questions
Unit 7: The Role of Government 2 weeks
Topics: Role of Government, Public versus Private Goods, Marginal Social
C4--The course provides
Cost/Marginal Social Benefit Analysis, Market Failures, Positive and Negative students with instruction
Externalities, Taxes, Free Riders, "Tragedy of the Commons" [C4] in market failure and the
role of government
Readings: Mankiw, Principles of Economics, Chapters 10 and 11 (and parts of 12,
if time allows)
Assessment:
1. Quiz with two short-answer questions and six to eight multiple-choice
questions
2. Extra-credit AP Exam free-response section
Comprehensive Final Exam: One long-answer question, two short-answer ques-
tions, and a full multiple-choice section (60 questions) of an AP Released Exam.
Two hours are planned for the exam.
Teaching Strategies
Complete AP Exam problems in class. Give students 10 to 15 minutes
to work out the answers to an old AP free-response question. Let the
students work in small groups if they (or you) prefer. When a group
finishes quickly, have them put their answer on the board. I do this
several days a week, at either the beginning or the end of the period. It has
several benefits:
3
Visit weaker groups or students so that they can get some
individualized instruction.
Assess where common misunderstandings are happening. If I get
questions from several groups on the same part of the problem, I know
to review or reteach that idea.
Students learn to do AP problems in the amount of time they will get
on the actual AP Exam. This helps them know how to pace themselves
when it counts.
Give reading previews. Give introductory lectures to the upcoming
reading from the textbook. Emphasize that these lectures are not meant
to be a perfect substitute for the reading; rather, they let students read new
material with some familiarity. Economics textbooks are not the easiest
to read. When students tackle the textbooks having already seen the big
ideas, they get the most from the time they spend on the reading.
Frontload on fundamental topics. Extend the units at the beginning of
the course and make sure that as many students as possible are on board
with the basics such as opportunity cost, supply and demand, and the cost
curves. Spending more time on these topics the first time through will
save you a lot of time later. Students can pick up new topics quickly if they
are well grounded in the topics that come early. Hours spent up front can
save you days later on in the semester!
Use the newspaper. Nothing motivates students like seeing that
economics is being put to use every day around them. Finding good
articles for class is easy. Look in the Wall Street Journal on page A2, "The
Economy." The commodities page has a supply-and-demand article every
day. The Sunday "Business" section in the New York Times almost always
has something you can use, as do the editorial pages. Make a "clip-and-
save" file, gather articles as you see them, and then break them out when
you cover that topic. Searching the paper for a few minutes every day will
quickly produce more good articles than you can use.
Student Evaluation
Student grades are determined as an average of tests, quizzes, papers, and extra-
credit assignments. Grades are broken down as follows:
Tests 40% Units 2, 3, 4, 5
Quizzes 10% Units 1, 6, 8
Papers 30% Nickel and Dimed summer reading, Nickel and
Dimed supply-and-demand analysis, The Worldly
Philosophers paper
Project 10% Mutual fund project, AP Released Exam free-
response section
Final 10% Comprehensive
4
Teacher Resources
Economics U$A. Video series. Produced by Educational Film Center. N.p., 2002.
Ehrenreich, Barbara. Nickel and Dimed: On (Not) Getting By In America. New
York: Metropolitan Books, 2001.
Heilbroner, Robert L. The Worldly Philosophers: The Lives, Times, and Ideas of the
Great Economic Thinkers. Rev. 7th ed. New York: Simon and Schuster, 1999.
Mankiw, N. Gregory. Principles of Economics. 3rd ed. Mason, Ohio: Thompson
South-Western, 2004.
Morton, John S., and Rae Jean B. Goodman. 2004. Advanced Placement
Economics: Microeconomics, Student Activities. 3rd ed. New York: National
Council on Economic Education.
The New York Times
The Wall Street Journal
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