Final Micro Economics Unit
Final Micro Economics Unit
Chapters to be covered: Chapter 12: Demand for Resources
Chapter 13: Wage Determination
Chapter 14: Rent, Interest and Profit
Chapter 16: Public Goods, etc
Chapter 17: Public Choice Theory/Taxation
Chapter 20: Income Inequality, Poverty
Vocabulary Words: Quiz to be on _______________________
Ability to Pay Principle
Average Tax Rate
Benefits Received Principle
Bilateral Monopoly
Cap and Trade Program
Coase Theorem
Compensating Differences
Cost Benefit Analysis
Derived Demand
Discrimination
Economic rent
Entitlement Programs
Exclusive Unionism
Explicit Costs
Externalities
Free Rider Problem
Gini Ratio
Human Capital
Implicit Costs
Incentive Pay Plan
Inclusive Unionism
Income Inequality
Income Mobility
Insurable Risks
Least cost combination of resources
Loanable Funds theory of Interest
Logrolling
Lorenz Curve
Marginal Product
Marginal Resource Cost
Marginal Revenue Product
Monopsony
Moral Hazard Problem
MRP=MRC Rule
Negative Externality
Nominal Interest Rate
Nominal Wage
Occupational Licensing
Occupational Segregation
Optimal Reduction of an Externality
Output Effect
Positive Externality
Poverty Rate
Present Value
Private Goods
Profit maximizing combination of resources
Progressive Tax
Proportional Tax
Public Assistance Programs
Public Choice Theory
Public Goods
Pure Rate of Interest
Real Interest Rate
Real Wage
Regressive Tax
Rent Seeking
Spillover Benefits
Spillover Costs
Static Economy
Substitution Effect
Taste for Discrimination Model
Tax Incidence
Time Value of Money
Uninsurable Risks
Usury Laws
Wage Differentials
Wage Rate
Assignments:
1. You will need to read the chapters listed above.
2. Define the terms listed above
3. Watch the following YouTube videos and take notes on them - we will have
an open note quiz on the videos on ____________________
mjm foodie -
Episode 31: Market Failures
Episode 32: Externalities
Episode 33: Public Goods
4. Watch the slide shows on Reffonomics and take notes - they may be used
along with the notes on YouTube video notes
|Nov 9 - |Open Note Quiz on Market Structures - chapters 9, 10 and 11 in textbook |
|Nov 11 |*You have this class period to meet with people with the same form of the quiz and find the correct |
| |answers |
| |*HW: Possible Free Response Questions - find them |
|Nov 15 |*Do practice multiple choice questions |
| |*Practice AP Microeconomics test |
| |*Possible Free Response Questions Scoring Guidelines with the class - think what is needed |
|Nov 17 |Unit Test - chapters 6-11 - market structures, costs of production, consumer choice and elasticity - 50|
| |multiple choice questions (60 minutes) and 2 short free response questions (20 minutes) |
|Nov 21 |"IOUSA" video with worksheet - the deficit problems facing the United States |
| |*Hand out Final Unit Vocabulary and information to be studied |
|Nov 28 |Start Final Unit - Notes |
|Nov 30 |Vocabulary Quiz on Final Unit words |
| |*Notes on the unit |
|Dec 2 |YouTube Quiz - bring your notes from the videos plus any reffonomics notes that you took |
|Dec 6 |Continuation of notes dealing with the chapters |
|Dec 8 |Continuation of notes dealing with the chapters |
|Dec 12 |Hopefully finish up the notes on the chapters dealing with regulation, taxes, income inequality, etc |
|Dec 14 |*In class review worksheets dealing with the chapters |
| |*Possible Free Response Questions |
|Dec 16 |Any last minute review for test - chapters in textbook |
|Dec 20 |TEST - Final Unit Test for Micro Economics - 50 multiple choice questions (60 minutes) and two free |
| |response questions - should we not complete the notes, then the test will be when we return from winter|
| |break - January 3rd |
|Jan 3 |Return to school - Review time starts - you will be needing your notes and/or textbook |
|Jan 5 |Review for Midterm Examination - Quiz on all vocabulary and graphs that we have learned |
|Jan 9 |Review |
|Jan 11 |Review |
|Jan 13 |Review - reminder - if we do not have the last Unit test prior to Winter Break then we will have on |
| |January 5, 2012 |
|Jan 17-20 |Midterm Examinations - AP Micro Economics Examination will be your midterm examination - 60 multiple |
| |choice questions (70 Minutes) and 3 free response questions (1 long and 2 short) - you will have some |
| |idea of questions prior to the actual test. |
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