AP MICROECONOMICS Fall 2019

AP MICROECONOMICS

Fall 2019

Course Description AP Microeconomics is a one-semester course that is designed to give students a thorough understanding of the principles of economics that apply to the functions of individual decision makers, both consumers and producers, within the economic system. The course will place an emphasis on the nature and functions of product markets, and includes the study of factor markets and the role of the government in promoting greater efficiency and equity in the economy.

Classroom Resources Primary Textbook - This is the textbook that will be provided to each student enrolled in the course

? McConnell, Campbell R., & Brue, Stanley L. (2008) Selected Chapters from Economics: Principles, Problems, and Policies (17th ed.) Boston, MA: The McGraw-Hill Companies, Inc.

Supplementary Texts* - These texts will be used by the instructor to provide supplementary information throughout the course, including student activities, further examples, additional readings, etc.

? Ray, Margaret, & Anderson, David (2015) Krugman's Economics for AP (2nd ed.) New York, NY: Worth Publishers

? Mankiw, N. Gregory (2015) Principles of Economics (7th ed.) Stamford, CT: Cengage Learning ? Mateer, Dirk, & Coppock, Lee (2014) Principles of Economics. New York, NY: W. W. Norton &

Company, Inc. ? Stone, Gary L. (2012) Advanced Placement Economics: Microeconomics (4th ed.) New York, NY:

Council for Economic Education

*Additional texts may be included to aid learning and instruction as the instructor sees fit.

Online Resources ? These resources can be used to help further explain challenging concepts, and to provide practice for the AP Microeconomics exam. Students are encouraged to seek out other resources that will aid them in their learning.

? ? user/ACDCLeadership ? user/crashcourse ? apstudent.apcourse/ap-microeconomics ? user/MrUniversity/

Course Outline UNIT 1 - BASIC ECONOMIC CONCEPTS (2 WEEKS) Economics is a science revolving around the concept of choice. In this initial unit we will examine a few of the causes and consequences of choice, as well as begin learning a few of the basic tools and skills we will need to examine the theory of choice as we progress through the course.

A. Scarcity, choice, and opportunity cost B. Production possibilities curve C. Comparative advantage, absolute advantage, specialization, and trade D. Economic systems E. Property rights and the role of incentives F. Marginal analysis

Suggested Readings for Unit 1 ? McConnell and Brue (2008), Ch. 1, "The Nature and Method of Economics," pp 3-21

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? McConnell and Brue (2008), Ch. 6, "The United States and the Global Economy," pp 96-99 ? McConnell and Brue (2008), Ch. 37, "International Trade," pp 691-697 ? McConnell and Brue (2008), Ch. 4, "The Market System," pp 60-72 ? McConnell and Brue (2008), Ch. 5, "The U.S. Economy: Private and Public Sectors," pp 73-90 ? Ray and Anderson (2015), "Section 1: Basic Economic Concepts," Modules 1, 3-4

Activities for Unit 1 (Stone, 2012) ? 1-2 ? 1-3 ? 1-10 ?5

UNIT 2 ? SUPPLY, DEMAND, CONSUMER CHOICE, COSTS OF PRODUCTION (3 WEEKS) In this unit we will investigate the basic parameters that inform and influence the theory of consumer choice. We will look at the concepts of utility maximization, constrained optimization, and the components of a market.

A. Supply and Demand B. Theory of Consumer Choice C. Production and Costs

Suggested Readings for Unit 2 ? McConnell and Brue (2008), Ch. 3, "Demand, Supply, and Market Equilibrium," pp 44-83 ? McConnell and Brue (2008), Ch. 18, "Extensions of Demand and Supply Analysis," pp 339-358 ? McConnell and Brue (2008), Ch. 19, "Consumer Behavior and Utility Maximization," pp 359-377 ? McConnell and Brue (2008), Ch. 20, "The Costs of Production," pp 378-398 ? Ray and Anderson (2015), "Section 2: Supply and Demand," Modules 5-9 ? Ray and Anderson (2015), "Section 9: Behind the Demand Curve: Consumer Choice," Modules 46-51 ? Ray and Anderson (2015), "Section 10: Behind the Supply Curve: Profit, Production, and Costs," Modules 54-56, 72

Activities for Unit 2 (Stone, 2012) ? 1-4 through 1-9 ? 2-2 through 2-5 ? 2-7

UNIT 3 ? FIRM BEHAVIOR AND MARKET STRUCTURE (5 WEEKS) Here we will take a look at the firm, and investigate the motivation behind the choices made by individual firms. We will also identify and explain how choices made by firms in different market structures impact consumers differently, even when the firms are trying to achieve similar goals. We will also examine the impacts of certain government actions on the efficiency and outcomes of the different market structures.

A. Profit B. Perfect Competition C. Monopoly D. Oligopoly E. Monopolistic Competition

Suggested Readings for Unit 3 ? McConnell and Brue (2008), Ch. 27, "Rent, Interest, and Profit," pp 535-537 ? McConnell and Brue (2008), Ch. 21, "Pure Competition," pp 399-422 ? McConnell and Brue (2008), Ch. 22, "Pure Monopoly," pp 423-443

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? McConnell and Brue (2008), Ch. 23, "Monopolistic Competition and Oligopoly," pp 444-466 ? Ray and Anderson (2015), "Section 11: Market Structures: Perfect Competition and Monopoly,"

Modules 58-63 ? Ray and Anderson (2015), "Section 12: Market Structures: Imperfect Competition," Modules 64-68

Activities for Unit 3 (Stone, 2012) ? 3-1 through 3-17

UNIT 4 ? FACTOR MARKETS (3 WEEKS) Here we examine the structure of the markets for resources (specifically labor), and take a close look at the reasoning behind the hiring decisions of firms.

A. Derived Factor Demand B. Marginal Revenue Product C. Hiring Decisions in the Markets for Labor and Capital D. Market Distribution of Income

Suggested Readings for Unit 4 ? McConnell and Brue (2008), Ch. 25, "The Demand for Resources," pp 488-504 ? McConnell and Brue (2008), Ch. 26, "Wage Determination," pp 505-525 ? Ray and Anderson (2015), "Section 13: Factor Markets," Modules 69-71, 73

Activities for Unit 4 (Stone, 2012) ? 4-1 through 4-7

UNIT 5 ? MARKET FAILURE AND THE ROLE OF GOVERNMENT (2 WEEKS) What happens when a market fails to meet the standards of the public? Here we will look at the problem of providing public goods, third-party costs, and income inequality.

A. Externalities B. Public Goods C. Public Policy to Promote Competition D. Income Distribution

Suggested Readings for Unit 5 ? Ray and Anderson (2015), "Section 14: Market Failure and the Role of Government," Modules 74-78

Activities for Unit 5 (Stone, 2012) ? 5-1 through 5-5 ? 5-7 ? 2-6

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Grading Students will be assessed in a variety of way, including, but not limited to, homework, worksheets/daily assignments, notes, quizzes, essays/practice AP questions, Unit Exams, and an End of Course (EOC) test administered by the State. The percentages of each grading category are as follows:

Formative Assignments Summative Assignments Final Exam Total

40% 40% 20% 107%1

Other Recommended Resources2 Ultimate Review Packet (published by Jacob Clifford, ACDC Leadership) Barron's AP Microeconomics/Macroeconomics

Centennial High School Recovery & Remediation Policy We will abide by the Honor Code and Recovery Policy as laid out by Centennial High School administration and the Instructional Leadership Team. The policy is uploaded to the Google Classroom for your review.

1 The Total Percentage reflects the 7 points added to a student's final average per the Fulton County BOE 2 Please note: These are paid resources that are not provided as part of the course. The endorsement of these resources is not a guarantee of a passing score on either of the AP Economics exams. These are simply resources that students have found helpful in the past.

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