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AP Economics/ 10Th - 12Th Grade ______ SCHOOL DISTRICT OF THE CHATHAMS CURRICULUM ______________________________________________________________________________ CONTENT AREA(S): Social Studies COURSE/GRADE LEVEL(S): AP Economics/ 10th - 12th Grade ______________________________________________________________________________ I. Course Overview Advanced Placement Economics provides students with a thorough understanding of the principles and applications of microeconomics and macroeconomics. This rigorous, college-level course, prepares students for both the AP Microeconomics exam and AP Macroeconomics exam. The purpose of microeconomics is to give students a thorough understanding of the principles of economics that apply to the functions of individual decision makers, both consumers and producers, within the economic system. It places primary 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. The purpose of macroeconomics is to give students a greater understanding of the principles of economics that apply to an economic system as a whole. The course places particular emphasis on the study of national income and price-level determination, and also develops students’ familiarity with economic performance measures, the financial sector, stabilization policies, economic growth, and international economics. Advanced Placement Economics students will be challenged to master economic theory in order to analyze and evaluate current economic issues using supply and demand analysis. II. Units of Study Microeconomics Unit 1: Basic Economic Concepts (1.5 weeks) [SC1, SC8, SC9] a. Scarcity b. Three Fundamental Economic Questions c. Factors of Production d. Opportunity Cost and Trade-offs e. Benefits of trade versus being self-sufficient f. Import versus export g. Different Types of Economic Systems h. Production Possibilities Frontier i. Specialization, Absolute Advantage, and Comparative Advantage Readings: Mankiw, Gregory N., chapters 1-3 SCHOOL DISTRICT OF THE CHATHAMS CURRICULUM Unit 2: Law of Supply and Demand (2.5 weeks) [SC2, SC3, SC8, SC9] a. Ten Principles of Economics b. Efficiency versus Equity c. Circular Flow of Economic Activity d. Product versus Factor Market e. Laws of Supply and Demand f. Adam Smith and the invisible hand theory g. Movement of versus movement along a supply and demand curve h. Factors that cause a shift in a supply and demand curve i. Equilibrium Price and Quantity j. Impact on equilibrium price and quantity due to movement of supply and demand curves Readings: Mankiw, Gregory N., chapters 1 & 4 Unit 3: Elasticity, Price Controls, and Government Involvement (2 weeks) [SC3, SC7, SC8, SC9] a. Elasticity b. Elasticity of Supply and Demand c. What impacts an item’s elasticity of demand d. Perfectly Elastic versus Perfectly Inelastic e. Calculating elasticity of demand using the midpoint formula f. Elasticity and the slope of a curve g. Elasticity and total revenue h. Total revenue versus profit i. Calculate Income Elasticity j. Calculate Cross Elasticity k. Short Run vs. Long Run (elasticity of supply) l. Price Discrimination m. Price Ceiling vs. Price Floor n. Binding vs. Non-Binding Price Ceiling and Price Floors o. Subsidies p. Tax Incidence and Tax Burden Readings: Mankiw, Gregory N., chapters 5 & 6 Unit 4: Welfare Economics and the Cost of Taxation (1.5 weeks) [SC7, SC8, SC9] a. Total, Consumer, and Producer Surplus b. Welfare Economics c. Tax Revenue d. Deadweight Loss e. Elasticity and Deadweight Loss SCHOOL DISTRICT OF THE CHATHAMS CURRICULUM f. Impact of tax on deadweight loss, total surplus, consumer surplus, and producer surplus Unit 5: Welfare Economics at the International Level and Externalities (1.5 weeks) [SC7, SC8, SC9] a. Tariffs and Quotas b. World Price versus Domestic Price c. Import and Export d. Efficiency and Equity in International Trade e. Effects of Protectionism on Efficiency and Equity f. Externalities and Market Failures g. Market Quantity and Optimal Quantity h. Externalities and Government Intervention i. Subsidy versus Tax Readings: Mankiw, Gregory N., chapters 9 & 10 Unit 6: Public Goods, Common Resources, and Design of the Tax System (1.5 weeks) [SC7, SC8, SC9] a. Excludable versus Exclusive b. Four different types of goods c. Free-rider problem d. Public goods and externalities e. Total benefit versus total cost f. Quasi-Public Goods versus Contestable Public Goods g. Price Excludable Public Goods h. Tragedy of the Commons and common resources i. Externalities and tragedy of the commons j. Gross Domestic Product k. Dollar Value of Goods l. Final Goods m. Intermediate Goods n. Income, Payroll, Excise Tax, and an Efficient Tax o. Marginal tax liability p. Average Tax Rate versus marginal tax rate q. Consumption versus Lump-sum tax r. Different types of tax systems s. Benefits Principle versus Ability-to-Pay Principle t. Vertical versus Horizontal Equity Readings: Mankiw, Gregory N., chapters 11 & 12 Unit 7: Production, Costs, Profits and the Competitive Market (2 weeks) [SC4, SC5, SC8, SC9] SCHOOL DISTRICT OF THE CHATHAMS CURRICULUM a. Firm versus the market b. Theory of production c. Law of Variable Proportions d. Production schedule and production function e. Total and marginal product f. Three stages of production and marginal product g. Variable, fixed, and total costs h. Diminishing marginal product i. Average total cost j. Marginal cost k. Average fixed cost l. Average variable cost m. Marginal revenue n. Break-even point o. Profit-maximizing quantity and price p. Efficient scale q. Economies of scale r. Perfectly competitive market structure and the firm s. Price-takers versus price-makers t. Perfectly competitive firm and economic profit/loss Readings: Mankiw, Gregory N., chapters 13 & 14 Unit 8: Monopoly (1.5 weeks) [SC4, SC5, SC7, SC8, SC9] a. Imperfect versus perfect competition b. Product differentiation c. Natural, geographic, technological, and government monopolies d. Monopolist demand curve e. Monopolist marginal revenue curve f. Price versus quantity effect g. Monopolist profit-maximizing price and quantity h. Monopolist profit i. Monopolist deadweight loss j. Total, consumer, and producer surplus in a monopoly k. Government regulation of a monopoly l. Marginal pricing Readings: Mankiw, Gregory N., chapter 15 Unit 9: Oligopolies and Monopolistic Market Structures (2 weeks) [SC4, SC5, SC7, SC8, SC9] a. Oligopolies b. Self-interest versus cooperation c. Cartels and collusion SCHOOL DISTRICT OF THE CHATHAMS CURRICULUM d. Game Theory (dominant strategy, non-dominant strategy, pay-off matrix, Nash equilibrium) e. Kinked Demand Curve and no collusion f. Downward sloping demand curve and collusion g. Market Price at the kink h. Consumer, Producer, Total Surplus – Oligopoly & Monopolist i. Total Revenue, Total Profit, and Deadweight Loss - Oligopoly & Monopolist j. Profit Maximizing Price and Quantity – Oligopoly & Monopolist k. Excess capacity and mark-up l. Long run equilibrium of the monopolistic firm Readings: Mankiw, Gregory N., chapters 16 & 17 Unit 10: Factor Markets, Wage Differentials, and Income Inequality (2 weeks) [SC6, SC8, SC9] a. Difference between product and factor market b. Derived demand curve c. Value of the marginal product d. Calculate a worker’s marginal product e. Marginal profit per worker f. How many workers should be hired? (value of marginal product = wage rate) g. Wage increase/decrease and the effect on the firm’s profits h. Factors that cause a shift in a firm’s demand curve for labor i. Marginal factor cost j. Factors that cause a shift in a firm’s supply curve for labor k. Monopsony versus monopoly l. Labor Unions m. Compensating differentials n. Employer versus customer discrimination o. Income inequality p. Poverty rate versus poverty line q. In-kind transfers r. Life cycle s. Transitory and permanent income t. Utilitarianism, Liberalism, and Libertarian u. Lorenz Curve Readings: Mankiw, Gregory N., chapters 18 - 20 SCHOOL DISTRICT OF THE CHATHAMS CURRICULUM Macroeconomics Unit 1: Basic Economic Concepts (2 weeks)[SC1, SC9, SC10] a. Scarcity, choice, and opportunity costs b. Production possibilities curve c. Comparative advantage, specialization, and exchange d. Demand, supply, and market equilibrium e. Macroeconomic issues, business cycle, unemployment, inflation, growth Readings: Mankiw, Gregory N., chapters 1-4 Unit 2: Measurement of Economic Performance (2 weeks) [SC2, SC3, SC10] a. National Income Accounts ● Circular Flow of Economic Activity ● Gross Domestic Product ● Components of Gross Domestic Product ● Real versus Nominal Gross Domestic Product b. Inflation Measurement and Adjustment ● Price indices ● Nominal and real values ● Costs of inflation c. Unemployment ● Definitions and measurement ● Types of unemployment ● Natural rate of unemployment Readings: Mankiw, Gregory N., chapters 23-25 & 28 Unit 3: National Income and Price Determination (3 weeks)[SC2, SC8, SC9] a. Aggregate Demand ● Determinants of aggregate demand ● Multiplier and crowding-out effects b. Aggregate Supply ● Short-run and long-run analyses ● Sticky versus flexible wages and prices ● Determinants of aggregate supply c. Macroeconomic Equilibrium ● Real output and price level ● Short and long-run ● Actual versus full-employment output ● Business cycle and economic fluctuations Readings: Mankiw, Gregory N., chapters 33 & 34 SCHOOL DISTRICT OF THE CHATHAMS CURRICULUM Unit 4: Financial Sector (3 weeks)[SC4, SC5, SC8] a. Money, banking, and financial markets
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