AP Microeconomics



“There are only two options regarding commitment. You’re either IN or you’re OUT. There’s no such thing as life in-between.” ~Pat Riley

COURSE DESCRIPTION

AP® Microeconomics is a college-level economics course offered to high school students that prepares students for the AP® Economics Examination administered in May each year.

The course content is designed to help students develop critical-thinking skills through understanding, application, and analysis of fundamental economic concepts. These concepts apply to the functions of individual decision makers, both consumers and producers, within the larger economic system. The course will provide a learning experience equivalent to that of a typical college introductory microeconomics course. Through this study, students will be expected to apply quantitative and mathematical skills which include the creation and manipulation of graphs for the purpose of interpreting economic concepts. Finally, students enrolled in the course will be expected to apply economic logic to a wide variety of real-world and hypothetical situations. While a more detailed breakdown of the course follows below, the key topics of the course are basic economic concepts, the nature and functions of product markets, factor markets, and market failure and the role of government.

This class satisfies the economics requirement for graduation. The state mandates an end-of-course test for this class. It will count 20% of the student’s final grade. State-approved review materials for the test will be provided.

AP EXAM

The AP® Microeconomics Exam will be administered during the A.M. session on Friday, May 12, 2017. The exam consists of 60 multiple-choice questions (2/3 weight) and 3 free-response questions (1/3 weight). It is an expectation that all enrolled students will take the exam, so plan to register now. If you qualify for free or reduced lunch, large discounts are available for AP® registration fees, SAT fees, as well as college application fees.

Fall Students: You will not pass the AP exam without reviewing! You can/should request AP Micro for Warrior Wednesday in the spring; registration will be in January. Scheduled review sessions before and after school will be held for ALL students in the spring.

Depending on the college/university policy, students can receive college credit for scores of 3 or above on the exam (>50%). For example, UGA will give you credit for Econ 2106 with a score of 3 or higher while Georgia Tech requires a 4 (67%) or 5 (>80%) for you to receive credit for the same course. Check the AP Credit Equivalencies with the college(s) you are considering to learn their policy.

READINGS

McB: McConnell, Campbell R. and Stanley L. Brue. Economics: Principles, Problems, and Policies. 17th ed. New York: Irwin/McGraw- Hill, 2008.

TS: Rivoli, Pietra. The Travels of a T-Shirt in the Global Economy: An Economist Examines the Markets, Power, and Politics of World Trade. Hoboken, New Jersey: John Wiley & Sons, 2009.

Anderson, David. Economics by Example. New York, New York: Worth Publishers, 2007.

ADDITIONAL READING/WEBSITES

Any additional readings will be distributed in class or placed on our class website as identified above. Topical current event articles will be assigned as appropriate. The website will also include helpful websites, review materials, and other materials as they become available. Examples:

McConnell-Brue Textbook Website 19th edition for students:

Use the 19th edition converter provided/listed in the class website to see the assigned supplemental materials for the 17th edition textbook that has been assigned to you. This support site provides practice quizzes that you should take regularly and will be assigned to you at periodic intervals.

Ray, Margaret and David Anderson. Krugman’s Economics for AP®. New York, New York: Worth Publishers, 2012.

Anderson, Curt L., Burkley Brett, et al. High School Economics, 3rd Edition. New York, New York: Council for Economics Education, 2014.

Numerous websites that include interactive quizzes, concept review, graphs, etc.

➢

➢ National Council on Economic Education

➢ web link to McConnell and Brue textbook, 17th edition

➢ web link to McConnell and Brue textbook, 19th edition

➢ web link to Jacob Clifford’s ACDC Economics videos

➢ web link to ACDC Economics teacher and student materials

➢ web link to Crash Course Economics videos

➢ a site providing practice for the Georgia EOC in Economics

➢ State review and practice EOC.

UNITS OF STUDY

Detailed unit plans with topics, GPS standards (where applicable), reading assignments by day, graphing assignments, and other assignments are located on the course blog on the unit webpage. Units one through six will address topics from the AP Microeconomics curriculum. The units that follow will focus on the Georgia Performance standards for Economics that are not addressed through the AP curriculum. Class time will be allotted based on the percentages as described by the College Board Acorn Book available from the College Board website (see blog).

I. Unit 1: Basic Economic Concepts – Chapters 1, 2, 35, 36

A. Course Prequel

B. Scarcity

C. Choice & Marginal Analysis

D. Opportunity cost

E. Production possibilities curve

F. Factors of Production

G. Economic systems

H. International trade

I. Specialization

J. Absolute and comparative advantage

K. Property rights and the role of incentives

L. Marginal analysis

M. Externalities

N. Public Goods/Services

O. Nominal/Real

II. Unit 2: Introduction To Markets – Chapters 3, 4, 18, 19

A. Supply and demand: individual and market

B. Determinants of supply and demand

C. Market equilibrium

D. Shortages and surpluses

E. Price ceilings and floors

F. Price, cross-price, and income elasticities of demand

G. Price elasticity of supply

H. Total and marginal utility, utility maximizing rule

I. Income and substitution effects

J. Consumer, producer, and total surplus

K. Implications of taxation on supply and demand, deadweight loss

L. Implications of international trade on supply and demand-world price, tariffs, and quotas

M. Using supply and demand to analyze exchange rates

III. Unit 3: Cost And Perfect Competition – Chapters 20 - 21

A. Market Structures

B. Short-run and long run production functions

C. Marginal product and diminishing marginal returns

D. Costs in the short-run

E. Costs in the long-run and economies of scale

F. Profit: accounting, economic, and normal

G. MR=MC rule (profit maximization)

H. Perfect competition

▪ Profit maximization

▪ Short-run supply

▪ Shutdown decision

▪ Firm and market in the short-run and long-run

▪ Productive Efficiency

▪ Allocative Efficiency

IV.

V. Unit 4: Imperfect Competition – Chapters 22 - 24

A. Monopoly

▪ Sources of market power

▪ Profit maximization

▪ Inefficiency of monopoly

▪ Price discrimination

▪ Regulation

▪ Natural monopoly

A. Monopolistic competition

▪ Product differentiation and advertising

▪ Profit maximization

▪ Short-run and long-run equilibrium

▪ Excess capacity and

X-inefficiency

B. Oligopoly

▪ Interdependence, collusion, and cartels

▪ Game theory and strategic behavior

VI. Unit 5: Factor Markets – Chapters 25 - 27

A. Derived demand

B. Marginal revenue product

C. Worker productivity

D. Labor markets and firm’s hiring of labor

E. Market distribution of income

F. Least cost rule

G. Profit Max rule

H. Economic rent

I. Impact of unions

VII. Unit 6: Market Failure and the Role of Government – Chapters 28 - 31

A. Private vs. public goods

B. Provision of public goods

C. Externalities: positive and negative

D. Marginal social benefit and marginal social cost

E. Government taxes and subsidies

F. Government and market solutions to externalities

G. Policies to promote competition

H. Income distribution: equity and sources of inequality

VIII. Unit 7: Macroeconomic Concepts – Chapters 6 -14

Topics associated with the Georgia Performance Standards for EOC assessment.

i. Banking functions and money

A. Measuring the national economy/Business Cycle

▪ GDP

▪ Unemployment

▪ Inflation

B. Aggregate supply and demand

C. National Debt / Deficit

D. The Federal Reserve

E. Taxation

F. Fiscal vs. monetary policy

IX. Unit 8: Personal Finance Economics

Topics associated with the Georgia Performance Standards for EOC assessment

A. Rational decision making

B. Response to incentives

C. Savings/investment plans

D. Financial institutions

E. Insurance

F. Human Capital

G. Interest charged vs. interest earned

H. PLUS: Planning for College

GRADING POLICY

Assignment Categories/Weights Grade Scale

Unit Tests (Multiple Choice / FRQs) 40% 90-100 = A

Quizzes 15% 80-89 = B

Homework (Unit Graphs/Current Events, etc.) 15% 74-79 = C

Projects (Last/final project: Policymaking Analysis) 10% 70-73 = D

Georgia Milestone End-of-Course Test 20% below 70 = F

--------------

100%

If you are feeling the onset of SENIORITIS, keep in mind that you cannot graduate without passing this class and that earning a D or F will do you no favors in your HOPE calculation or college acceptances.

TEST REMEDIATION

Test remediation in the form of re-tests or test corrections MAY be allowed at teacher discretion. The intent of remediation assignments is to clarify misunderstandings of unit concepts or to reinforce learning of weak areas, not to remediate a poor grade earned from lack of preparation prior to a test. If remediation opportunities are provided, students may not be missing ANY assignments, must have completed the practice problems/RB packet on time, must complete any associated remediation assignment, must complete the work before or after school, and be finished within one week of the day the test was returned.

Further, only NEW material on each test may be corrected. Also, corrections on questions that were definition type or level 1 questions will not be permitted. The format on the blog must be followed to earn points.

Any communication of ANY kind while anyone is taking a quiz, test, or exam will result in detention at a minimum to be served on Friday afternoons for one hour — ALL students deserve to be able to work without distractions in order to do their best regardless of their test taking speed! On test days, bring something else (not economics class and not an electronic device) to work on in case you finish early or be prepared to sit quietly or nap without disturbing others. Test days are “TECH OFF” days! No device of any kind not even one that only plays music as economic material may be downloaded in podcasts and cameras could photograph exams. I use many released questions which are the property of College Board © 2014 The College Board.

MAKE-UP & LATE WORK

Any missing work associated with an excused absence is considered “make-up work”. All make-up work should be completed in a timely manner and in accordance with North Cobb’s Student Handbook. If you are absent prior to an announced test/quiz or are absent on the day it is administered, you will be expected to take it the day that you return to school. If you are absent on the day an assignment is due, it is then due on the next school day that you are present. Due dates for assignments are binding. If you check out of school without turning in an assignment that is due that day, it will be considered late. It is your responsibility to know and adhere to assignment due dates.

Any work, not associated with an excused absence, turned in after the assigned due date is considered “late work”. Work not turned in to me at the beginning of class will be counted as late work. Assigned work will be accepted late within one week of the due date, but the maximum grade possible will be 70% of the total points possible on the assignment—assuming you earn all possible points. Work submitted beyond that date is eligible for up to 50% of the maximum. This may seem harsh, but we go over work in class to reinforce learning and clear up problems. Late work is not; therefore, an accurate assessment and is only accepted to help your overall average which suffers greatly from zeros. Also, trying to complete work in class instead of focusing on the material is not maximizing your return on investment.

Staying up to date maximizes grades-If you have any missing assignments, you are NOT eligible for test corrections or ANY extra-credit.

REQUIRED MATERIALS

Resources. Students are required to bring the following materials to class each day:

➢ Assigned work/reading materials

➢ Course 3-ring Binder - organized by unit – you will need several tab dividers of some type. The notebook will contain class and text notes, all handouts, worksheets, video notes, etc.

➢ Pen (blue or black ink) & pencil

➢ Colored Pencils

➢ Basic Calculator - A calculator is not permitted on the AP Exam or classroom tests, but may be used as necessary on class assignments, homework, and quizzes

➢ Paper

STUDENT EXPECTAIONS.

1. Be here and on time. Attend class regularly. Be prepared to learn when the bell rings with your required materials organized. Students are responsible for getting and completing all missed work when absent. Please see me before or after class for questions and to pick up any handouts/assignments you may have missed, get assistance from a classmate, and check the class website. Arriving to class after the bell rings without a pass will be counted as an unexcused tardy. See the student handbook for other rules regarding absences and tardies.

2. Come prepared to work. There is no such thing as a “free day” because we will be learning from bell-to-bell each day. Notebooks must be brought to class every day and all work must be kept inside the notebook in the appropriate unit (not the textbook!). You will need this information in order to prepare for the comprehensive final exam at the end of the semester 20% of the final grade as well as at the end of the academic year when you are reviewing for the AP exam. Further information about the EOC will be discussed in class but is also available at the DOE & our website.

3. Stay engaged by participating fully in all class activities including lectures, class discussions, simulations, student presentations, and work assigned in class. See special section on use of personal technology. Doing work from another class, reading an unrelated book, or engaging in any behaviors not related to our class should not occur. “If you do not sleep in my class, I will not come teach at your house” (Butler). Maximize your return on investment! Focus on class content!

4. Show respect for yourself, your classmates, and your teacher; therefore, do not interrupt others when they are speaking. Refrain from carrying on conversations that do not pertain to class or cause disruption in class. In essence, be courteous to the learning environment of others.

5. Complete assignments including reading and any work distributed in class in a timely manner to be in accordance with assigned due dates. This includes reading assignments and any other work that will not necessarily be collected to be graded such as the practice or RB packet. Be aware that all content addressed in any assignment can and will be assessed on tests and quizzes. This class is similar to a math class in that each concept builds on earlier understanding, so doing all work builds a strong foundation for subsequent levels of learning. See the Advice for Student Success for more tips.

6. Do your own work. Cheating in any form will not be tolerated. No unauthorized aides on quizzes/tests, no looking on another student’s paper or trying to get their attention to help you on a quiz or test, etc. Providing unauthorized aid to others either in your class or in another class is unacceptable as is copying or sharing practice problems. Furthermore, when a graded assignment is returned to you, it is not to be shared with anyone who has yet to complete that assignment. If such a situation should occur, a grade of 0 will be assigned, parents will be notified, and there will be an administrative referral.

7. Communicate with me either verbally or in writing to let me know how you are doing in the class on a regular basis. This means asking questions about anything you find confusing. I will be happy to help you understand, but I have to know what you are having trouble understanding. See me before or after class to set up an appointment for assistance.

8. Get a pass. Passes are required to leave class for any reason – Passes are issued at the discretion of the teacher. Students who abuse or overuse the privilege of leaving class will not be issued passes. Trips to the vending machine are not allowed at any time. Passes are not permitted the first ten minutes or final ten minutes of the period.

9. Maximize Learning. You may pack up materials when instructed by the teacher, not before. The bell is my signal to dismiss you, not your signal to leave. We will not be lining up at the door to wait for the bell.

10. School dress code always applies. Enough said.

11. Language. While in this classroom, you are to refrain from using vulgar /obscene /suggestive /degrading /derogatory remarks/words/comments/ or gestures that are inappropriate. You will receive a warning before being assigned detention or referred to an administrator.

12. Allergy. Do not comb your hair or apply cosmetics in class, (this includes spraying perfume, hairspray, scented lotion or the application of nail polish). Be mindful of allergies.

13. Clean up after yourself. If you finish an assignment early, you may review, study, complete any missing or late econ assignments, or read at your desk. Before working on assignments for another class, obtain instructor permission. Also, do not work on economics in another class without teacher permission. Please remove any trash from your desk and the surrounding area at the end of the period.

14. Remember – you are responsible for your own actions! Choices Matter!

Classroom Rules Summarized …

1. Follow directions

2. Be seated & prepared to learn when bell rings

3. Don’t interrupt when someone else is speaking

4. Use appropriate language

5. Obtain permission to leave room

6. No crumbly food: ants will come

7. Drinks in bottles with tops

8. Ask questions to clarify understanding: Maximize your learning!

Failure to follow class expectations will initially result in a conference with the teacher. Subsequent disruptions will result in teacher detention and/or a parent phone call. Continued misbehavior will result in referral to administration.

PERSONAL TECHNOLOGY

Smart phones are an amazing tool that can be used to assist you in the learning process. Unfortunately, they are used in a manner that hinders learning. Such instances might include using your phone to communicate with others when you should be focusing on what is going on in class or, perhaps, using the camera feature to copy someone else’s work. Given that, we have specific rules related to phones in place:

1. Personal technology – cell phones, tablets, etc. may not be used or visible at any time during the class period. This applies in all situations, regardless of who you might be calling. If a parent needs to reach you, he or she should call the front office or contact you during class change.

2. Smart phones/tablets may be used in BYOD lessons when announced by the teacher.

3. Devices will be collected and placed in the class bin at any time when test materials are out in the classroom. They will be returned when ALL materials are collected. Alternatively, you may be asked to place your device in your bag to be stored in the front of the room.

4. If you need to leave the room for any reason other than dismissal or office request, your device will be collected. This ensures that passes to the restroom or water fountain are used for their intended purpose.

5. The classroom is not a charging station. Outlets may not be used to charge personal technology devices at any time.

6. Violations of the policy will result in one of two options: 1) You can place your phone in the bin to be collected at the end of class; or 2) You can choose to take a teacher detention, keeping in mind that failing to serve a detention results in referral to administration.

DETENTION POLICY

Teacher detentions are held on Friday afternoons from 3:45 p.m. to 4:15 p.m. “I can’t get here then” is not an acceptable excuse. So, if that time is a problem for you, just follow the rules!

ACADEMIC INTEGRITY

Cheating is considered a serious matter. The act of cheating will result in a disciplinary referral. The first incidence does not carry a disciplinary consequence with the administrator, just a conference. In any incidence, the parents of a student who has been involved in cheating will be notified and the student will receive a grade of zero for the test or evaluation period, and a grade of U in conduct. Cheating is defined as, but is not limited to, the following acts:

1. Copying anyone’s answers to questions, exercises, study guides, classwork or homework assignments.

2. Taking any information verbatim from any source, including the Internet, without giving proper credit to the author, or rearranging the order of words and/or changing some words as written by the author and claiming the work as his or her own, i.e., plagiarism.

3. Looking onto another student’s paper during a test or quiz.

4. Having available any study notes or other test aids during a test or quiz without the teacher's permission.

5. Collaborating on assignments when independent work is expected.

6. Making any effort to communicate the contents of assessment questions or answers either verbally or through use of cell phone texting, photography, social networking sites, or other related technology.

7. Using a cell phone or camera at any point during a test or assessment without express permission of the instructor.

EXTRA HELP/QUESTIONS

“Let’s all plan on having an outstanding semester as we learn all that we can about Microeconomics, life, and the choices that we make. I feel privileged to be your teacher and believe that it is not only my responsibility to prepare you for this course, but to also push you toward achieving the level of independence that will be required of you in your post-secondary endeavors. With that said, please be advised that you are responsible for all information contained in this course outline and information disseminated each day in class. ‘I didn’t know that’ or ‘I was absent’ aren’t going to fly as excuses in this class or anywhere else in life that matters. Good luck! You can do this!” (Mr. Butler)

Will You? You make the choices. I agree with Mr. Butler (quote above) and I look forward to seeing you learn economics and assisting you with the process!

Office Hours / Extra Help / Increasing your Understanding / I have a question?

I am available for make-up tests/quizzes every Tuesday and Thursday afternoon beginning at 3:35 p.m. Other times are available by appointment. For extra help or questions, come by before or after school or email me. I am not available Tuesday or Wednesday mornings. If you need to contact me for any reason, you may email me at Pamela.Roach@ and I will check this each day before leaving school.

Parents & Students, Please join the Remind classroom: to receive updates and reminders. This will help you as parents know what is going on in class and your students to stay up to date and maximize their learning!

Signature: Please read and sign this syllabus and place it in your 3 ring binder. Please complete the Receipt of Policies and Communication Information form (on color paper) and return it tomorrow.

If you have any questions, please contact me. By the indication of the signatures on the receipt form and below, both student and parent/guardian acknowledge an understanding of the basic intent and outline of this course.

Signature of Student:

Signature of Parent or Guardian:

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download