AP Economics Syllabus First Semester.docx



Course Title: AP Microeconomics Teacher: Mr. Mark Tyler Room: 228Email: mark.tyler@eu.dodea.eduWebsite: Congratulations on making your decision to take an AP course. The primary goal of my AP Microeconomics Class is to prepare you to successfully take and pass the AP Microeconomics Exam on May 14th. We will build the foundation upon which an understanding of current economic and political issues will be built. It is a great prep for AP Government. Hopefully you will find the class challenging, purposeful and fun. Class meeting times: This course runs over 36 weeks and meets four times per week with two periods of 45 minutes each and two periods of 68 minutes.Course OverviewAP Microeconomics is a one-year long course that helps to lay the foundation for Macroeconomics. It is designed to give students a thorough understanding of the principles of economics that apply to the functions of individual decision makers of both the consumers and producers within the economic system. This is a rigorous course that uses mathematical reasoning to understand economic decision-making by individuals, firms, and nations. This course places emphasis on the nature and functions of product markets, and includes the study of factor markets and the role of government in promoting greater efficiency and equity in the economy. I am counting on my students to have the maturity necessary to take on a college level course. Students will be required to complete a wide range of readings, analyze graphical and statistical information, sketch graphs, and take outlined notes. Assessment strategies will mirror the AP Microeconomics Exam and provide insight into the student’s ability to grasp and demonstrate knowledge in an intellectual style similar to a college classroom. This course will have an intense workload, reading schedule, and the course material far exceeds that covered in a regular economics classroom. This course is equivalent of an introductory college course in Microeconomics, so come to class every day ready to work. Every effort will be made by me to plan out the course so that you can make the information necessary to make good time management decisions. For example, knowing what the assigned readings will be for the following week so that you can read ahead on the weekends. I know that AP students are very busy!Course Purpose and GoalsPhilosophy: The AP Microeconomics course is designed to be an interactive and intellectual learning community where both instructor and student explore how human, capital, technological and natural resources impact the development of economic systems and determine production, distribution, and consumption. Through intensive reading, graphical analysis, and evaluation of economic theories, students should be able to apply economic concepts and reasoning when evaluating historical and contemporary social development issues. Students focus on understanding microeconomic concepts as they apply to different market structures.Goals: The course goals, aims to develop the student:Disciplined skills of economic reasoning.An ability to apply the tools of economic analysis to past and contemporary situations and data, and to explain their findings clearly.Understanding of the interdependence and the diversity of economic realities in which individuals, organizations, and societies function.Understanding of how individuals, organizations, societies and regions organize themselves in the pursuit of economic objectives. An ability to evaluate economic theories, concepts, situations and data in a way, which is rational and unbiased. Conceptual organization: The standard organization for AP Microeconomics is identical to that of the university or college microeconomics courses spread over 36 weeks as opposed to 12 or 18 weeks. The units of study include scarcity and opportunity cost, supply and demand, extensions of supply and demand, inclusive of elasticity, cost of production, theory of the firm, factors markets and derived demand, public finance and circular flow of goods and services. The conflicting incentive of the consumer in maximizing satisfaction as the producer attempts to maximize profit is explored in conjunction with government being the ultimate arbitrator as it maximizes welfare. Course Format and Policies:This course receives a weighted grade only if the student takes the AP Microeconomics Examination.The DoDDS will pay the student fee for the exam.Textbooks and other Materials:Required text: Mankiw, Gregory N., Principles of Economics 5th Ed. 2008. Harvard University: South-Western CengageSupplementary text: Taylor, John B., Economics, 5th Ed. 2007. Boston Houghton Mifflin-------- Clayton, Gary E., Economics Principles and Practices 1st Ed. 2008, McGraw HillAP Economics Prep Book: Dodge, Eric. 5 Steps to a 5 AP Microeconomics/Macroeconomics, 2014-2015 Edition. McGraw-Hill 2011Reddington, Brian. 5 Steps to a 5. 500 AP Microeconomics/Macroeconomics questions to know by test day. McGraw-Hill 2012 Recommended Reading Buchholz, Todd G. New Ideas from Dead Economists: An Introduction to Modern Economic Thought. Rev. Ed. New York: Plume Books, 2007. Heilbroner, Robert L. The Worldly Philosophers: The Lives, Times, and Ideas of the Great Supplemental Resources: Periodicals on the InternetThe Economist. New York Times. HYPERLINK "" \h Wall Street Journal. Washington Post. HYPERLINK "" \h Harvard Business Review. Real Clear Markets. Biz/Ed. ed.co.uk Other useful websitesReffonomics. Classroom. are, of course, even more online resources to tap into. I will post them to my website.Course Content:Basic Economic Concepts Understanding the existence of limited resources in tandem with unlimited wants results in the need to make choices.Introduction of concepts of opportunity costs and trade-offs.Consideration of how different types of economies determine which goods and services to produce. Understanding how specialization and exchange increases the total output of goods and services.Differentiating between absolute and comparative advantage.Defining the importance of property rights and the role of incentives.Understanding the principle of marginal analysis.The Nature and Functions of Product MarketsAnalysis of the determinants of supply and demand.Understanding the theory of consumer choice. Examining the demand side of the product market. Understanding utility, the law of diminishing marginal utility, and utility maximizing conditions.Understanding how to derive individual and market demand curves.Describing the relationship between the quantity of inputs and the quantity of output.Examining the link between productivity and costs. Defining profits. Examining the sources of monopoly power.Understanding oligopoly.Identifying the importance of product differentiation and the role of advertising in the behavior of firms.Factor Markets Applying the concepts of supply and demand to markets for factors such as labor, capital and land.Analyzing the concept of derived demand. Understanding how a factor’s marginal product and the marginal revenue product affect the demand for the factor.Analyzing the labor markets.Understanding how the market determines the distribution of income and the sources of income inequality in the market economy.Market Failure and the Role of the Government Understanding the arguments for and against government intervention in an otherwise competitive market.Using the marginal social benefit and marginal social cost principles to examine the conditions for economic efficiency. Studying the effectiveness of government policies such as subsidies, taxes, quantity controls, and public provision of goods and services. Examining the role of monopolies in the market failures.Examining the key measures of income distribution.Examining the impact of government tax policies and transfer programs, both on the distribution of income and on economic efficiency. Content Area: General note: The emphasis on content will reflect the “percentage goals of the AP exam,” 8-14% on Basic economic concepts, Nature and the function of Product Markets 55-70%, Factor Markets 10-18% and Market Failure and the Role of the Government (12-18%). General Outline for a Typical Lesson Plan for AP EconomicsI plan to start each day with the exception of test days and the first week of class- with practice multiple choice questions or short Free Response Questions (FRQs) that will either be connected with the previous day’s lesson or with the lesson that we will be learning that day. The questions will include data analysis, graphing, and short answer responses that require critical thinking and problem solving. AP formatted questions will be used as often as I can. On some days we will begin with “pop” Reading Check Quizzes to encourage students to read and outline assigned textbook readings. Stay up to date on your reading assignments by checking the calendar on my weekly web page often. And stay ahead of schedule as much that happens in life is unexpected. Class lecture and activities will then occur to present students with new information. Closing activities may include analyzing political cartoons, a discussion of current events linked to economics concepts, time to work together in groups on homework, or a scheduled quiz. Quizzes and test will follow AP Economics test format to give students experience answering multiple choice questions that require critical thought and free-response questions. Again, check my weekly web page often. Grading30% of each semester grade will be based on homework and classwork50% of each semester grade will be based on tests and quizzes. The semester and final grade will be calculated as follows: Each of 4 quarters marking periods will be worth 20% of the final grade. The semester and final exam will be worth 20%.Policies: It is your responsibility to arrange make up of what you missed. Sufficient time will be given to make work up in the event of an excused absence only.In the event of an unexcused absence, a grade of zero will be entered into any assignment due in class that day. This includes tests and quizzes. Homework due on the day following an unexcused absence is still due.Tardy Policy: a warning will be given with your first tardy; your parent/guardian will be contacted with your second tardy; a 30 minute detention will be assigned with your third; and then a referral will be sent to the assistant principal with your fourth tardy.Homework is practice for tests and quizzes and will be given points when turned in. Pay attention to due dates. Late homework will not be accepted. Please make your best effort to complete homework as homework points will help your grade.Do NOT leave your textbook in class.You may only use your cell phone, music player, tablet, etc.... when I expressly allow it. We may occasionally be using this devices in class as learning tools. Again...PUT YOUR ELECTRONIC DEVICES AWAY UNTIL I TELL YOU TO CAN USE THEM. The Grading Scale:90-100 = A80-89 = B70-79 = C60-69 = D59 or below = FWeighted Grades will only be awarded to students who complete the course and take the AP examination.Passes out of class: Use the classroom pass that I keep on the front table. Ask permission before you take the pass. Passes are to be used for emergencies only. Microeconomics School Year Course Schedule Unit 1: Basic Economic Concepts Basic Economic Concepts Weeks 1-3Scarcity, choice, and opportunity cost, production possibilities curve, comparative advantage, absolute advantage, specialization, international trade, economic systems (Market, command, and traditional) property rights, incentives (profit motive), marginal analysis, business cycle, unemployment, inflation, deflation, economic growthReadings: Chapter 1, pp. 3-19: Chapter 2, pp. 21-48. Activities include group discussion and student presentation.Analysis of current event articles. Knowledge of circular flow diagram used to summarize market, mixed market, and command plete Guided Reading ActivitiesTwo quizzes and one test using AP and college level test bank questions exclusively, both multiple choice and short answer questions. Unit 2: The Nature and Functions of Product Markets Supply and Demand Weeks 4-6Market equilibrium, determinants and supply and demand, price and quality controls, elasticity, consumer surplus, producer surplus, market efficiency, tax incidence, and deadweight lossReadings: Chapter 4; Chapter 5, pp. 89-111; Chapter 6; Chapter 7; Chapter 8, pp. 159-175; Chapter 15, pp. 337-339; Chapter 21, pp.457-482.Students will be quizzed and tested emphasizing change in demand/supply vs. change in quantity demanded/supplied. Complete Guided Reading ActivitiesTwo current event articles to be analyzed from the point of view of a young economist using acquired knowledge as it relates to a real world view. One quiz and one test using AP and college level test bank questions exclusively, both multiple choice and short answer questions. Theory of Consumer Choice Weeks 7-8Utility, total utility, marginal utility, utility maximization, individual demand curves, market demand curves, income and substitution effectsReadings: Chapter 21, pp.457-482 Complete Guided Reading ActivitiesPractice problems relating supply/demand and supply and demand extensionsOne quiz using AP and college level test bank questions exclusively, both multiple choice and short answer questions. Unit 3: The Theory of the Firm Production, Costs, Firm Behavior and Market Structures Weeks 9-11Production functions, marginal product, diminishing returns, short-run costs, long run costs, economies of scale, cost minimizing input combination, profit, accounting versus economic profits, normal profit, and profit maximization (MR=MC rule)Readings: Chapter 13 Students will be able to draw short and long run cost curves and explain their shapes, i.e. the mc curve as it relates to the MPP and the law of diminishing returns.Articles will be analyzed pertaining to long run costs through mergers and plete Guided Reading Activities.Quizzes on graphs Test – cost of production using AP and college level test bank questions exclusively, both multiple choice and short answer questions.Unit 4: Perfect Competition Weeks 12-15Profit maximization, short-run supply and shutdown decision, behavior of firms and markets in the short run and in the long run, efficiency and perfect competitionReadings: Chapter 14 Students will explain content through accurately labeled diagrams for short and long run equilibrium and explain advantages/disadvantages of each as it relates to efficiency and practicality, and government regulations. Complete Guided Reading ActivitiesOne quiz regarding Perfect Competition and one quiz for monopolyOne test of both means of firm organization with emphasis on graph reproduction, analysis, and role of government in encouraging economic efficiency.Source of the test and quiz problems will be through AP and college test bank questions.Semester Review Weeks 16-17Review of content through the discussion of AP, college test bank questions.Semester exams – Study and cumulative semester examination duplicating AP format.Second Semester Unit 5: Imperfect CompetitionMonopoly Week 1-2Sources of market power, profit maximization, inefficiency of monopoly, price discrimination, and natural monopolyReadings: Chapter 15. Students will explain the organizational structure through a accurately labeled diagram emphasizing the monopoly’s unique characteristic in terms of marginal cost pricing vs. strategic competition.Current event articles will be analyzed representing monopoly.Properly labeled diagram will be required as it relates theory to reality. Review a monopoly market structure. Complete Guided Reading Activities.Test over cost and theory of the Firm inclusive of perfect competition, monopoly, oligopoly, and monopolistic competition. Monopolistic Competition Week 3-4Product differentiation, role of advertising, profit maximization, short-run and long-run equilibrium, excess capacity and inefficiencyReadings: Chapter 16, pp. 345-364. Students will explain the organizational structure through a accurately labeled diagram emphasizing the monopolistic competitions unique characteristic in terms of marginal cost pricing vs. strategic competition.Current event articles will be analyzed representing monopolistic competition. Properly labeled diagram will be required as it relates theory to reality. Review a monopolistic competition market structure. Complete Guided Reading ActivitiesOligopoly Week 5-6Interdependence, collusion, cartels, cartels, game theory, strategic behaviorReadings: Chapter 17, pp. 365-388. Students will explain the organizational structure through a accurately labeled diagram emphasizing the oligopoly’s unique characteristic in terms of marginal cost pricing vs. strategic competition. Current event articles will be analyzed representing oligopoly competition. Properly labeled diagram will be required as it relates theory to reality. Review a monopoly market structure. Complete Guided Reading Activities. Test over cost and theory of the Firm inclusive of perfect competition, monopoly, oligopoly, and monopolistic competition. Unit 6: Factor Markets Factor Market Weeks 7-8 Derived factor demand, marginal revenue product, labor market and firms’ hiring of labor, and market distribution of income.Readings: Chapters 18, 19 and Chapter 20 pp.433-454.Emphasis on demand for factors of production and elasticity of the goods produced Complete Guided Reading ActivitiesTest over factors of production Unit 7: The Role Government Market Failure and the Role of Government Weeks 9-10Positive and negative externalities (including remedies), marginal social benefit, marginal social cost, public versus private goods, provision of public goods, antitrust policies, government regulation, income distribution, economic equity, sources of income inequality. Readings: Chapters 10 -12 The role of the government is a strand that is discussed throughout the course as it uses taxation and regulation to address the weaknesses of the market/merchandise. Direct and indirect taxation- current event analysis through teacher provided or student provided article. Complete Guided Reading ActivitiesTest on the role of government. AP Exam ReviewOverview of Microeconomics Concepts Weeks 11-15Debrief Debrief and relay Week 16 Student suggestions for next year’s students and teacher.Prep for next yearTopics of Macroeconomics Weeks 17-20Inflation and unemployment Fiscal, monetary and supply side policies as each is used to address the economic failures of the market mechanismNational Income determination through circular flow diagram that relates expenditure to income method of calculation.Difference between GDP and GNPTwo quizzes as a means of summarizing content, notes may be used to when answering teacher produced questions.Final Exam ReviewReview of Macroeconomic Topics Week 21 Assignments and Assessments Students will maintain a notebook, containing all handouts, notes, quizzes, and tests that demonstrate the qualities of being complete, neat and accurate.Weekly quizzes and unit examinations will be given with each reflecting the difficulty of the AP exam.Analysis of the current event articles is a common theme i.e. black market pricing, as it is applicable to a shortage of good/service.Students will be expected to understand economics through analysis of graphs and to explain their understanding through well labeled and accurately produced diagrams. Listed below are several examples for which understanding will be measured through group discussions, power point presentations and the application of their understanding as they analyze current event articles.The graph depicting AR /MR/TR/Unit elasticity /inelastic and elastic halves of the AR curve, noting that MR is the derivative of the TR curve and clearly demonstrating the graphical analysis that leads to the pricing decision making of a firm that aims to maximize revenue.The graph of the profit squeeze that leads to long run equilibrium in a perfectly competitive industry.Long run equilibrium graphs for monopoly, monopolistic competition and Oligopoly. A graph that demonstrates the different output decisions that a government might enforce to regulate a monopoly i.e. force the monopoly to operate where it is allocative efficient, technologically efficient, maximize revenue or cause the firm to earn normal profits.Use graphs to explain deadweight loss regarding the imposition of an indirect tax (including the understanding of the “burden of the tax”) and the establishing of a tariff against imported goods.Use linear graphs to represent the grades through trade as countries pursue their competitive advantage and relate this to economic growth.Use graphs to demonstrate free trade, quota restricted trade and tariff restricted trade. Assessment will be an ongoing activity within class and will include but will not be limited to the followingWritten response to questions representing the rigor of the free response questions of the AP exam.Oral presentations to small groups and the class.Oral and visual presentations that demonstrate the connection between theory and reality as the thinking of young economist is applied.D. After students take examinations representative of the rigor of an AP examination, each will prepare an error analysis of each of the aspect of the exam that was not correctly answered. ................
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