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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