AP Microeconomics Syllabus

Course Description

The course content is designed to help students develop critical-thinking skills through the understanding, application, and analysis of fundamental economic concepts. Students will be expected to apply quantitative and mathematical skills to economics. Also, they will be expected to apply economic logic to a wide variety of real-world and hypothetical situations.

The course is very similar to the microeconomics principle courses offered at the college level. This course prepares students for AP Economics Examination on May 15, 2003. The exam consists of 60 multiple-choice questions and 3 free-response questions.

Textbook and Supplementary Materials

Required Reading:

McConnell, Campbell R., and Stanley L. Brue. Microeconomics: Principles, Problems, and Policies. 14th ed. New York: Irwin/McGraw-Hill, 1998.

Suggested Reading:

Wall Street Journal, Business Week, Fortune, U.S. News and World Report

Suggested Purchase:

Any AP Microeconomics Study Guide

Course Evaluation

Grading will involve a number of things. Evaluation throughout the year will be based on the following - class work, homework, quizzes, tests, and teacher evaluation. Teacher evaluation is based on such factors as class participation, preparedness and extra-credit assignments.

Each marking period is worth thirty percent of your grade, and the final is worth ten percent of the semester grade. All AP Microeconomics students will have a mandatory final exam. A final exam exemption does not apply in AP Microeconomics.

Unit Tests are part essay and part multiple-choice. The tests emphasize higher-order thinking skills. For major units, tests may be given over two days. The first day will be multiple-choice; the second day is free-response. My Expectations

1. You are here to learn. Everything else that we do is secondary to that goal. Behavior that distracts from achieving that goal will not be tolerated. 2. You are expected to be in class on time. If you are late to class, report directly to the office and return to class with a late to school pass. 3. You should participate in class discussions and contribute to the class goal of learning economics. You should be willing to spend the extra time necessary to meet AP course expectations. Your success in the class and on the AP exam is dependent on this extra time. 4. You should keep track of your cumulative grade. 5. You will treat others in this class with respect.

My Commitment

1. I will do everything possible to help you learn economics. If you don’t understand something, ask for help especially before a test. 2. I will keep you informed of your grades, and return tests, quizzes, and assignments on a timely basis. 3. I will treat you with respect and grade you fairly. 4. I will be available to provide review sessions prior to the AP exam for those students taking the May exam.

Course Outline

Unit I – Scarcity and Opportunity Cost This will include the following topics: The Economic Way of Thinking Scarcity Choice Opportunity costs Unlimited wants Limited resources PPC Circular Flow Markets Unit II – Supply and Demand This will include the following topics: Demand v quantity demanded Supply v quantity supplied Equilibrium Surplus/shortage Elasticity Price ceilings/floors Law of demand Unit III – Theory of the Firm This will include the following topics: Sole proprietorship Partnership Corporations Explicit/Implicit costs Law of diminishing returns Cost of production Fixed/Variable/Marginal cost Average Fixed/Variable/Total cost Market Structures Profit maximization rule MC=MR

Unit IV – Factor Markets This will include the following topics: Marginal productivity theory of resource demand Marginal physical product Productivity Economic rent Rent-seeking behavior

Unit V – Public Finance This will include the following topics: Private/Public Goods Market failure Taxes -Progressive/Regressive/Proportional Tax reform

In addition to these AP related studies, we will include other activities such as: A junior achievement business consultant to speak with our class. Participation in the SMG2000 Fall Stock Market Game. Field trips to area businesses. Guest lectures as needed.

I look forward to working with each of you and have a very successful semester!