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					AP Microeconomics              Mr. Gill Fall 2011            Course Syllabus (AP Audit)

             Advanced Placement Microeconomics
Hello Students,

        Welcome to Advanced Placement Microeconomics! This semester long course is
designed to help you prepare for college level studies, develop critical thinking skills
through the understanding, application, and analysis of fundamental economic concepts.
This will be done in part by integrating the Common Core Standards to the established
College Board curriculum. Concepts such as scarcity, cost-benefit analysis, factor
markets, and market failures will be examined. Students will be expected to apply
quantitative and mathematical skills to economics, as well as apply economic logic to a
wide variety of real world and hypothetical situations. To help you master the material
we will discuss current issues as they apply to the concepts we are discussing in class,
interpret graphs, work through free response questions from earlier exams and have a
variety of assessments designed to challenge you and encourage taking academic risks .

        The course is very similar to microeconomics courses offered at the college level.
This course prepares students for the AP Microeconomics Examination in May. There
will be after school review sessions during the spring semester to help you prepare for the
exam. The exam consists of 60 multiple choice questions and 3 free response questions.
The outline of the course content can be found on the back side of this paper. Be proud
of your decision to challenge yourself academically and once again welcome to AP
Microeconomics!

Student Expectations
1. You are here to learn. Appropriate behavior is required. (Read the Text Book)
2. You must be punctual. (Read the Text Book)
3. You should participate in class discussions and contribute to the class goal of learning
   economics. You should be willing to spent the extra time to meet AP course
   expectations. (Read the Text Book)
4. You will respect the educational opportunity afforded to yourself and your
   classmates. (Read the Text Book)
5. Keep up to date on current microeconomic activities. (Read the Text Book)
6. If you miss more than 5 classes and you do not make up the time and work you may
   not get course credit. (Read the Text Book)

Your choice to take this course has many benefits and requirements. Upon completion of
this course you should have the following skills
     Understanding of the technical information used by businesses.
     Ability to examine significant global economic challenges.
     Apply economic theory to real world situations.
     Analyze economic problems and communicate possible outcomes.
     Propose and assess effects and solutions to economic problems.
    Relate course content to personal budget and career situations.
    Obtain a high score on the AP exam in May 2012.
   AP Microeconomic students gain many advantages that are afforded to all AP
   students. Among these advantages are
        Exposure to a more interesting and challenging curriculum.
        Appropriate class placement for students who are self-motivated.
        Earning college credit for courses taken in high school.
        Developing academic skills needed for college success.
        Increased student confidence, motivation and focus.
        Reduced cost of college. ($87 for a 3 credit college course)

Grading                                          Contacting Me
Tests/Papers/Projects: 50%                       Prep Times: 4A, 3B
Quizzes: 30%                                     Phone: 256-4175 ext 69522
Homework/Classwork: 20%                          Email: jgill@newpaltz.k12.ny.us

Resources
Textbook
Miller, Roger Leroy. Economics Today: The Micro View, 2001-2002 ed.
Pearson/Addison Wesley, 2001

Ray, Margaret and Anderson, David. Krugman’s Economics for AP Worth Publishers,
Worth Publishers 2011

Additional Resources
Kasunich, Paul. Advanced Placement Economics: A Study of Macroeconomics and
Microeconomics, The Center for Learning, 2006
Levitt, Steven. Freakonomics
Krugman, Paul. The Return of Depression Economics
The Economist
Wall Street Journal
Business Week
The New York Times: Business Day Section
Economics in Action CD-Rom
OLD FREE RESPONSE QUESTIONS FROM AP MICROECONOMICS EXAMS
Economics U$A. Video Series. Educational Film Center. 2002
www.reffonomics.com
http://economicschallenge.ncee.net –National Council on Economics Education
www.econtoday.com
http://www.myeconlab.com
www.econweb.com
www.rfe.org
I am looking forward to working with you this semester. AP Microeconomics has many
fascinating and potentially powerful applications. You should be proud of your decision
to challenge yourself this semester.

“The best minds are not to be found in government. If that were true business would
steal them away.” Ronald Reagan

                    UNIT 1: Basic Economic Concepts (2 Weeks)
                                 Textbook Chapters

CONTENT/ESSENTIAL QUESTIONS

   How does scarcity affect decision making? (2)
   How does comparative advantage illustrate opportunity costs? (2)
   What is the difference between change in supply/demand and change in quantities
    supplied/demanded? (3)
   How do determinants of supply and demand impact price and quantity? (3)
   What relationship does the circular flow of money model illustrate?



KEY TERMS
   absolute advantage
   black market
   ceteris paribus
   circular flow of money model
   command economy
   comparative advantage
   economics
   equilibrium point
   factors of production
   free market economy
   inferior goods
   Law of Increasing Costs
   limited market economy
   macroeconomics
   microeconomics models
   mixed market
   normal goods
   normative economics
   opportunity cost
   positive economics
   production possibility curve
   resources
       scarcity
       shortage/surplus
       specialization
       supply/demand
       terms of exchange
        transaction costs
       Traditional market economy
       voluntary exchange
       wants/needs


SKILLS/GRAPHS/CHARTS (to create and interpret)

   Production Possibility Curve
   Evaluate the economic merits of Smith, Malthus, Ricardo, Marx, Keyenes, Spencer
   Supply and Demand Graphs- Labeling Activity
   Change in demand/supply v change in quantity demanded/supplied
   Comparative Advantage Charts
   Analyze the Circular Flow of Money Model
   Distinguish between positive and normative economics


ADDITIONAL RESOURCES
   Video ABC News “Greed” by John Stoessel
   Wealth of Nations by Adam Smith
   Communist Manifesto by Karl Marx
   Stages of Growth: A Non- Communist Manifesto by Walt Rostow


            UNIT 2: Nature and Function of Product Markets (12 Weeks)
                                Textbook Chapters

ESSENTIAL QUESTIONS
    What are the determinants (non-price) of supply and demand? (3)
    What factors affect elasticity of demand? (20)
    How do households decide how much of a product to demand, labor to supply, how
     much to spend and how much to save? (19)
    How do consumers use marginal analysis during the decision making process?(19)
    What is the difference between marginal and total utility? (19)
    Why do diamonds cost more than water even though one cannot live without
     water?(19)
    How may government policies impact price and output? (4)
    How does the payoff matrix illustrate the game theory? (25)
    How does the prisoner’s dilemma illustrate game theory?(25)
      What is the difference between the short and long runs? (22)
      What is the difference between accounting and economic profits? (22)
      What are the characteristics of perfect competition, oligopolies, monopolies and
       monopolistic competition? (23,24,25)


KEY TERMS
   adjustment mechanisms
   allocative efficiency
   artificial shortage (4)
   artificial surplus(4)
   break even point
   calculating price
   cartels (24)
   collusion (25)
   consumer choice (19)
   consumer surplus
   cost minimization
   costs (total, marginal, fixed, variable)
   cross price
   dead weight loss
   determinants of demand
   determinants of supply
   diamond-water paradox
   diminishing returns
   diseconomies of scale
   economies of scale
   efficiency
   elasticity
   excess capacity
   excise taxes
   explicit and implicit costs
   free market price
   game theory
   income elasticities of demand
   inefficiency
   interdependence
   law of diminishing marginal utility
   long-run
   marginal productivity
   marginal utility
   market structure
      monopolistic competition
      monopoly
      oligopoly
      perfect competition
      price ceilings
      price discrimination
      price elasticity of supply
      price floors
      price wars
      producer surplus
      product differentiation
      profit (economic v normal)
      profit maximization
      revenue (total and marginal)
      quotas
      Short –run profits and losses
      Shut Down
      tariffs
      util
      utility


SKILLS/GRAPHS/CHARTS (to create and interpret)
         Shifts in supply and demand
         Production (Total and Marginal) cost curves
         Create and interpret cost and revenue charts
         Competetive Firms and Competetive Industry
         Consumer and Producer Surplus
         Economies (and diseconomies) of Scale-
         Diminishing Marginal Utility
         Long Run Average Cost Curves
         Marginal Cost Curves
         Elasticity Curves (Perfectly elastic and perfectly ineleastic)
         Monopoly Firms with excess profits and minimizations of losses
         Monopoly Inefficiency (allocative and technical)
         Price floor and Price ceiling graphs
         Marginal and Total Utility Chart
         Monopsony Model
         Kinked Demand Curve
         Perfect and Imperfect Competion
         Monopolistic Competition (Long-Run Equilibrium)

ADDITIONAL RESOURCES
The Popcorn Stand Story- A story of economies of scale
Atlas Shrugged by Ayn Rand


                          UNIT 3: Factor Markets (3 Weeks)
                                 Textbook Chapters

ESSENTIAL QUESTIONS
    In what sense is demand for labor “derived” demand? (27)
    What is the relationship between a firm’s marginal revenue product curve and it’s
     demand for labor? (27)
    What are the key factors that influence elasticity of demand for inputs? (27)
    How are equilibrium wage rates determined? What impact do labor unions have on
     wages and productivity? (28)
    What impact do monopsonists have on wages? (28)
    What role does economic rent play in the decision making process? (29)


KEY TERMS
   Derived Factor Demand
   Economic Rent
   Income inequality
   Labor Market
   Labor Supply and Wages
   Marginal Revenue Market
   Market Distirbution of Income
   Minimum Wage
   Monopsony
   Price of Capital (Physical and human)
   Product Market Monopolies
   Unions
   Wages


SKILLS/GRAPHS/ CHARTS (to create and interpret)
         Credit Market
         Derived Demand
         Economic Rent
         Labor Market
         Marginal Factor Cost Curve (monopsonists)
         Margnal Physical Product
         Wage Rates

ADDITIONAL RESOURCES
Is Wal-Mart Good for America?-PBS Frontline Series

            UNIT 4: Market Failure and the Role of Government (3 Weeks)
                                 Textbook Chapters

ESSENTIAL QUESTIONS
    What are market failures? (5)
    What powers does government have to correct market failures? (5, 31)
    Distinguish between public and private goods. (5)
    How does the Lorenz curve represent a nation’s economic distribution? (30)
    How should a nation address poverty, health- care, education? (30)
    How should the government monitor social costs and social benefits?
    At what point should the government attempt to correct a market failure?
    Distinguish between social and private costs.
    How can the market, as well as government, correct positive and negative
     externalities?
    Can there be environmentally friendly economic growth?
    What are the costs of recycling scarce resources?




KEY TERMS
   Anti- Trust Policies
   Externalities (Positive and Negative)
   Free Riders
   Gini Coefficient
   Human Capital
   Income Distribution
   Income Redistribution
   Lorenz Curve
   Marginal Social Benefits
   Marginal Social Costs
   Poverty (absolute and relative)
   Public v Private Goods
   Tax policies
   Transfer Payments
   Transfers in Kind

SKILLS/GRAPHS/ CHARTS (to create and interpret)

Lorenz Curve
Marginal Social Costs (Negative Externalities)
Marginal Social Benefits (Positive Externalities)
ADDITIONAL RESOURCES
An Inconvenient Truth by Al Gore

				
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