AP Microeconomics



AP Microeconomics

Unit 2 – Supply and Demand I: How Markets Work

Assignment Calendar

Learning Objectives

Chapter 4 The Market Forces of Supply and Demand

-Learn what a competitive market is

-Examine what determines the demand for a good in a competitive market

-Examine what determines the supply of a good in a competitive market

-See how supply and demand together set the price of a good and the quantity sold

-Consider the key role of prices in allocating scarce resources in market economies

Chapter 5 Elasticity and Its Application

-Learn the meaning of the elasticity of demand

-Examine what determines the elasticity of demand

-Learn the meaning of the elasticity of supply

-Examine what determines the elasticity of supply

-Apply the concept of elasticity in three very different markets

Chapter 6 Supply, Demand, and Government Policies

-Examine the effects of government policies that place a ceiling on prices

-Examine the effects of government policies that put a floor under prices

-Consider how a tax on a good affects the price of the good and the quantity sold

-Learn that taxes levied on buyers and taxes levied on sellers are equivalent

-See how the burden of a tax is split between buyers and seller

Vocabulary—terms to be defined in composition book by the conclusion of each chapter

Chapter 4: Competitive market, Monopoly, Oligopoly, Monopolistically competitive, Quantity demanded, Law of demand, Demand schedule, Demand curve, Substitutes, Complements, Quantity supplied, Law of supply, Supply schedule, Supply curve, Equilibrium, Equilibrium price, Equilibrium quantity, Surplus, Shortage, The law of supply and demand.

Chapter 5: Elasticity, Price elasticity of demand, Elastic, Inelastic, Total revenue, Income elasticity of demand, Cross-price elasticity of demand, Price elasticity of supply, Normal good, Inferior good.

Chapter 6: Price ceiling, Price floor, Tax incidence, Tax wedge.

|Date |Class Topics and Activities |Homework and Assignments |

|Wednesday, 9/17/14 |Unit 1 Exam Corrections |Read: Chapter 4 pp. 63-71 |

|Thursday, 9/18/14 |Introduction to Markets |Read: Chapter 4 pp. 71-75 |

| |The Demand Curve | |

|Friday, 9/19/14 |The Supply Curve |Read: Chapter 4 pp. 75-85 |

Calendar

| |

|Monday, 9/22/14 |Supply and Demand Together |Read: Chapter 5 pp. 89-96 |

| |Equilibrium | |

|Tuesday, 9/23/14 |The Elasticity of Demand |Read: Chapter 5 pp. 96-103 |

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|Wednesday, 9/24/14 | The Elasticity of Supply |Read: Chapter 5 pp. 104-110 |

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|Thursday, 9/25/14 |Applications of Supply, Demand, and Elasticity |Read: Chapter 6 pp. 113-123 |

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|Friday, 9/26/14 |Supply, Demand, and Government Policies |Read: Chapter 6 pp. 124-132 |

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|Monday, 9/29/14 |Taxes |Study like a wildebeest!!!! |

| |Review | |

|Tuesday, 9/30/14 |Unit 2 Exam | |

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|Wednesday, 10/1/14 |Unit 2 Exam | |

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|Thursday, 10/2/14 |Unit 2 Exam Corrections | |

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Note: Calendar is subject to change at teacher’s discretion. Students will be notified of any changes in advance and revised calendar will be posted online.

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