COURSE SYLLABUS Mr. Barber E-mail: sbarber@psd202.org I ...

[Pages:9]Mr. Barber ? 2017

A.P. Microeconomics

COURSE SYLLABUS Mr. Barber E-mail: sbarber@

I. TABLE OF CONTENTS: A. Course Description B. Summary Outline C. Course Planner D. Student Evaluations E. Course Resources F. Expectation of Students G. Teacher's Obligations to Students

A. COURSE DESCRIPTION:

The main goal of my AP Microeconomics course is to help students learn to think like economists when approaching problems. Students will be expected to approach the course in terms of learning to think about the world in an economic way and learning to express that thinking in appropriate economic terms. Thus, much of the course, in terms of both assessment and classroom instruction, is centered on communicating economic principles and having students apply those principles to their world. Lastly, the structure of this course is intended to prepare students to become successful on the AP exam. For that reason, assignments, quizzes, and exams are prepared to build up student skills for the AP exam on May 18th.

B. MICROECONOMICS ? UNIT OUTLINE

Content Area (multiple-choice section)

Percentage Goals of Exam

I. Basic Economic Concepts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8?14%) A. Scarcity, choice, and opportunity cost (Ch. 3) B. Production possibilities curve (Ch. 3) C. Comparative advantage, absolute advantage, specialization, and trade (Ch. 3) D. Economic systems (Ch. 1-3) E. Property rights and the role of incentives (Ch. 1-3) F. Marginal analysis (Ch. 1-3)

Mr. Barber ? 2017

A.P. Microeconomics

Content Area (multiple-choice section)

Percentage Goals of Exam

II. The Nature and Functions of Product Markets. . . . . . . . . . . . . . . . . . . . . (55?70%) A. Supply and demand 1. Market equilibrium (Ch. 4) 2. Determinants of supply and demand (Ch. 4) 3. Price and quantity controls (Ch. 6) 4. Elasticity (Ch. 5) a. Price, income, and cross-price elasticities of demand b. Price elasticity of supply 5. Consumer surplus, producer surplus, and market efficiency (Ch. 6, 7) 6. Tax incidence and deadweight loss (Ch. 6, 8) B. Theory of consumer choice 1. Total utility and marginal utility (Ch. 21) 2. Utility maximization: equalizing marginal utility per dollar (Ch. 21) 3. Individual and market demand curves (Ch. 21) 4. Income and substitution effects (Ch. 21) C. Production and costs 1. Production functions: short and long run (Ch. 13) 2. Marginal product and diminishing returns (Ch. 13) 3. Short-run costs (Ch. 13) 4. Long-run costs and economies of scale (Ch. 13) 5. Cost minimizing input combination and productive efficiency (Ch. 13) D. Firm behavior and market structure 1. Profit: a. Accounting versus economic profits (Ch. 13) b. Normal profit (Ch. 13) c. Profit maximization: MR=MC rule (Ch. 13) 2. Perfect competition a. Profit maximization (Ch. 14) b. Short-run supply and shutdown decision (Ch. 14) c. Behavior of firms and markets in the short run and in the long run (Ch. 14) d. Efficiency and perfect competition (Ch. 14) 3. Monopoly a. Sources of market power (Ch. 15) b. Profit maximization (Ch. 15) c. Inefficiency of monopoly (Ch. 15) d. Price discrimination (Ch. 15) e. Natural monopoly (Ch. 15) 4. Oligopoly a. Interdependence, collusion, and cartels (Ch. 16) b. Game theory and strategic behavior (Ch. 16) C. Dominant strategy (Ch. 16) D. Nash equilibrium (Ch. 16)

Mr. Barber ? 2017

A.P. Microeconomics

Content Area (multiple-choice section)

Percentage Goals of Exam

5. Monopolistic competition a. Product differentiation and role of advertising (Ch. 17) b. Profit maximization (Ch. 17) c. Short-run and long-run equilibrium (Ch. 17) d. Excess capacity and inefficiency (Ch. 17)

III. Factor Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10?18%) A. Derived factor demand (Ch. 18) B. Marginal revenue product (Ch. 18) C. Labor market and firms' hiring of labor (Ch. 18) D. Market distribution of income (Ch. 19)

IV. Market Failure and the Role of Government . . . . . . . . . . . . . . . . . . . . . . . (12?18%) A. Externalities 1. Marginal social benefit and marginal social cost (Ch. 10) 2. Positive externalities (Ch. 10) 3. Negative externalities (Ch. 10) 4. Remedies (Ch. 10) B. Public goods 1. Public versus private goods (Ch. 11) 2. Provision of public goods (Ch. 11) C. Public policy to promote competition 1. Antitrust policy (Ch. 10, 11) 2. Regulation (Ch. 10, 11) D. Income distribution 1. Equity (Ch. 20) 2. Sources of income inequality (Ch. 20)

C. COURSE PLANNER:

Unit 1: An Introduction to Economics Timeline: approximately 2 weeks Chapters 1?3 in Mankiw, Principles of Microeconomics

In this unit, students will: be introduced to the economic concepts of scarcity, opportunity cost, and marginal analysis

learn and use the production possibility frontier and circular flow models

Mr. Barber ? 2017

A.P. Microeconomics

participate in a simulation of the circular flow model and use the production possibility frontier to analyze the benefits of voluntary exchanges

Unit 2: Supply and Demand I--Markets and Welfare Timeline: approximately 4 weeks Chapters 4?8 in Mankiw, Principles of Microeconomics

In this unit, students will: learn the assumptions and determinants of supply and demand in order to use models of markets for description, analysis, and prediction

understand the significance and role of prices in a market economy

use concepts of elasticity of demand and supply to evaluate quantitatively economic situations

evaluate the use of government price controls and the impact of taxes on markets

learn to explain and calculate the value-to-market participants of voluntary exchanges (this will include the concepts of consumer surplus and producer surplus)

analyze market distortions from taxes, specifically the changes in consumer surplus, producer surplus, and total surplus

be introduced to the idea of deadweight loss evaluate consumer surplus and producer surplus in markets that import

or export, and evaluate the deadweight loss from trade restrictions

Unit 3: Costs of Production and Market Structures Timeline: approximately 5 weeks Chapters 13?17 in Mankiw, Principles of Microeconomics

In this unit, students will: understand a firm's costs of production and how these costs are shown in the shapes of the cost curves

learn characteristics of the categories of competition in markets

explain and show graphically how production and pricing decisions are made for firms in each of these market structures

Mr. Barber ? 2017

A.P. Microeconomics

analyze how firms behave in the short run, and the long run and evaluate markets for productive and allocative efficiency

Unit 4: The Economics of the Public Sector Timeline: approximately 2 weeks Chapters 10?12 and 20 in Mankiw, Principles of Microeconomics

In this unit, students will: analyze external costs and benefits that can occur in markets (private and public solutions to these externalities will be examined)

understand characteristics of public goods, private goods, and common goods and will consider implications of these characteristics

become familiar with the components of government budgets and evaluate tax policies

understand how the distribution of personal income in an economy is measured and discuss issues related to income distribution

Unit 5: Resource Markets and AP Exam Preparation Timeline: approximately 2 weeks Chapter 18 & 19 in Mankiw, Principles of Microeconomics

In this unit, students will: understand how firms determine the quantity of resources to use and what determines resource supply in competitive markets and imperfectly competitive markets

practice answering long, constructed, free-response questions

D. STUDENT EVALUATIONS:

Tests

55%

Students will take a total of 5 unit tests during this course. The tests will consist

Of 20- 35 multiple choice questions and 1-2 free response questions. One unit

unit exam will be a 3 question free response only.

Quizzes

25%

There will be quizzes just about every week. These quizzes will contain either

multiple choice or FRQ's.

Mr. Barber ? 2017

A.P. Microeconomics

Assignments

10%

These are daily assignments, homework and chapter terms.

Participation

10%

This reflects your daily class participation through questions asked, daily work,

overall contribution to discussion and working with classmates on assigned tasks

Extra Credit There will be extra credit opportunities throughout the year (roughly 1 major assignment per unit). They will only be given at certain times and will not be given on request, do them as you see fit.

E. COURSE RESOURCES:

Required Text: Mankiw, N. G. (2007). Principles of economics (4th ed.). Mason, OH: Thomson South-Western.

Text You Should View (these will help you with the class and AP Exam): Chin, Aster & Matt Romano. (2012). Fast Track To A 5

Ray, Margaret & Anderson David (2011). Krugman's Economics for AP. New York: Worth Publishers.

Internet Sites Class website

Podcasts: all can be found on the podcast app on your phone or through itunes Freakonomics radio Money for the rest of us Planet Money

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A.P. Microeconomics

F. MY EXPECATIONS OF STUDENTS

1. You are here to learn. Everything else that we do is secondary to that goal. Behavior that distracts from that goal will not be tolerated.

2. You are expected to be in class on time. 3. You should participate in class discussions and contribute to the class goal of

learning economics. 4. You should not create negative externalities (i.e. engage in behavior that

negatively affects other people, including me!) Behavior that distracts from the class goal of learning economics will not be tolerated

G. MY OBLIIGATION TO STUDNETS

1. I will do everything possible to help you learn economics. You can get extra help before and after school. Seek help if you need it.

2. I will keep you informed of your grades, and return tests, quizzes, and homework assignments in a timely manner.

3. I will treat you with respect and grade fairly. 4. I will conduct evening ? and occasional weekend ? review sessions in the weeks

prior to the AP examination. During that time we will take practice AP examinations and go over them thoroughly.

Expectations for Students

Parents and Students,

Below is a list of the classroom expectations I hold for my AP Microeconomics students. I hold a much higher standard of expectations for these students because of one simple fact, they are taking a college level course and it is my obligation to prepare and treat them like college level students. It is important for both the student and parent to understand that this course is much more than learning economics. I will be teaching the students how to be responsible human beings for their college career and their future role in the workforce. These are not strict expectations that I have created, these are the strict expectations that the competitive world has created. If the student does not learn and practice these now, then their competition both in the college classroom and the corporate boardroom will easily pass them by.

With that said, I please ask that the student and parent read the following student expectations. Once you finish reading them, please sign the agreement on the back of this page. If you have any questions, please e-mail me at sbarber@

Mr. Barber ? 2017

A.P. Microeconomics

Student Expectations 1. All work must be turned in on time, there are absolutely no excuses. a. Be aware of all due dates and be prepared to reach those dates. For example, if an assignment is due on a day you are absent and you come back the next day with it incomplete, then it is late and will not be accepted. You cannot use any form of being absent as an excuse. My assignments are known well in advance. 2. Be prepared to take the exam on the day of the exam, no excuses. a. The exam dates are listed weeks before the day of the exam. If you miss school the day before the exam, that is not a reason for you to be excused from the exam date. You must take the exam with everyone else. 3. Your first and last name must be clearly printed on every assignment and exam. If this is not done, a point will be deducted from your grade. 4. It is your responsibility to be constantly aware of your grade and all assignments. I will not actively seek you out to remind you of assignments or upcoming exams. There are plenty of reminders provided during the year. 5. Stay organized. a. Have separate folders and notebooks b. Have a daily planner c. Use different colored pens/pencils 6. Be prepared for class. I will not provide pens, pencils, or text material. If that affects your grade for the day, it is your own fault. 7. Absolutely no cell phones during instruction, exams, or work time. a. You may only use a cell phone when I verbally say you can (this is rare). Otherwise, if I see it being used, you will be issued a teacher detention 8. Absolutely no food in the classroom (only drinks with a cap) a. If I see food, you will asked to put it away or throw it out 9. Absolutely no talking during announcements a. If I have to ask you to be quiet more than once, you will be issued a teacher detention. 10. The grade you receive at the end of the year is the grade you have earned. Therefore, an 89% is just that, an 89%. I will not bump up grades or provide end of the year extra credit, because that will not reflect the grade you have earned over the course of an entire semester.

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