Download AP Microeconomics Syllabus – Semester 1 Teacher Contact

AP Microeconomics Syllabus – Semester 1
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TEACHER CONTACT INFORMATION
Teacher: Mrs. Joyce Caldwell
School: Francis Howell High School
Grade Levels: 11-12
E-mail – [email protected]
Phone – 636-851-4766
COURSE DESCRIPTION
How do economic decisions impact society?
AP Economics is a year long course 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 first semester will cover microeconomics, the second macroeconomics. This course is very similar to the
microeconomics and macroeconomics principles offered at the college level. This course prepares students for the
AP Economic Examinations. There are two AP Exams in Economics; each consists of 50 multiple choice questions
and three free response questions. The exams will take place at the end of second semester. Please remember to
keep all tests, reviews, papers, etc. from first semester as you will need them to prepare for the AP exam in May.
In Microeconomics, students will develop 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 of the
role of government in promoting greater efficiency and equity in the global economy.
**** Students may receive personal finance credit through AP Economics by earning a
minimum B grade in the course for the year and pass the district on-line assessment
with a 70% or better.****
TEXTBOOK AND SUPPLEMENTARY MATERIALS Needed:
Provided/Required Materials:
 McConnell, Brue, Flynn. Economics: Principles, Problems, and Polices, 19th Edition, McGraw-Hill, 2012.
ISBN –978-0-07-660178-3
 Pride, Margaret, Economics: Principles, Problems, and Polices Study Guide
 National Council on Economic Education – Advanced Placement Economics Microeconomics: Student
Activities, 3rd Edition. ISBN – 978-1-561-83568-3
 Three-ring binder
 Notebook
 Flash drive
 Calculator
 Dry erase markers/cloth for eraser
Recommended Materials:
Subscription to Business Week or U.S. News and World Report Magazines
Subscription to The Economist
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COURSE EVALUATION
Each quarter grade will consist of a variety of activities, including daily activities and discussions, study guide
questions/problems, hands on computer assignments, simulations, and chapter and unit assessments. Students
should always be reading the material before discussed in class. Pop quizzes are enforced. All assigned work
must be handed in when it is due. Late work is not accepted; but I do give partial credit. If the student has an
excused absence, assignment will be due the same number of days absent after returning to school. Example:
Absent Monday (assignment collected on Monday) must have assignment handed in by Wednesday. Note: An
exception with long term assignments where the due date is posted a head of time. In this case, the student would be
expected to turn the assignment in the day he/she returns. Students missing tests or quizzes with excused absences
have two days to make up the test or quiz. No Exceptions. This can be done before or after school or during Howell
time if available. It is the responsibility of the student or set up a time to take the test or quiz.
Each quarter and semester grade is based on the following:
Unit Tests 60%, Chapter Quizzes, Activities and Pop quizzes 30%, Participation and Daily Work points 10%
The grade scale for percentages of total accumulated points for a quarter/semester will be:
A=100-90,
B=89-80,
C=79-70,
D=69-60,
F=59-0
Finals will be cumulative. Final exam exemption does not apply to AP Economics. Finals will represent twenty
percent of your semester grade. AP Micro and AP Macro are two separate AP exams and cost separately, they are
taken in May of the second semester. Students are expected to take both exams. When a student completes the AP
exam they are exempt from the Macroeconomics semester final.
STUDENT EXPECTATIONS
1. Students are expected to live by all the school rules as outlined in the student handbook.
2. Students must arrive to class on time with the necessary materials. A student will be considered tardy unless
inside the room when the tardy bell stops ringing. I do issue detentions for tardy occurrences.
3. Each student should have all necessary supplies (calculator, note book, study guide, workbook, etc.) available at
all times.
4. Students are expected to be attentive in class and to participate in discussions and activities.
5. “The Golden Rule” – treat others as you want to be treated.
6. Grades will be posted online – please keep track of your grade.
TEACHER OBLIGATIONS/EXPECTATIONS
1. Help sessions will be scheduled as needed each week. It is important for you to understand every topic before
we move on to another.
2. Grades will be updated online weekly. Each student will receive a log-in at the beginning of the year that will
enable you to check scores daily.
3. I will treat each student with respect.
4. We will incorporate current events into our content on a daily basis. You are required to stay up to date by
reading current articles in journals such as, Business magazines and The Economist.
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COURSE OUTLINE
Unit I: Basic Economic Concepts. (8-14%)
1.
2.
3.
4.
5.
6.
Scarcity, choice, and opportunity cost
Production possibilities curve
Comparative advantage, absolute advantage,
specialization, and trade
Economic systems
Property rights and the role of incentives
Marginal analysis
Unit II: The Nature and Functions of Product
Markets. (55-70%)
A. Supply and demand (15 - 20%)
1.
2.
3.
4.
Market equilibrium
Determinants of supply and demand
Price and quantity controls
Elasticity
a. Price, income and cross-price elasticities of
demand
b. Price elasticity of supply
5. Consumer surplus, producer surplus, and market
efficiency
6. Tax incidence and deadweight loss
B. Theory of consumer choice (5-10%)
1. Total utility and marginal utility
2. Utility maximization: equalizing marginal utility per
dollar
3. Individual and market demand curves
4. Income and substitution effects
C. Production and costs. (10-15%)
1. Production functions: short and long run
2. Marginal product and diminishing returns
3. Short-run costs
4. Long-run costs and economies of scale
5. Cost minimizing input combination
D. Firm behavior and market structure (25-35%)
1. Profit:
a. Accounting versus economic profits
b. Normal profit
c. Profit maximization: MR=MC rule
2. Perfect competition
a. Profit maximization
b. Short-run supply and shutdown decision
c. Behavior of firms and markets in the short run and
in the long run
d. Efficiency and perfect competition
3. Monopoly
a. Sources of market power
b. Profit maximization
c. Inefficiency of monopoly
d. Price discrimination
e. Natural monopoly
4. Oligopoly
a. Interdependence, collusion, and cartels
b. Game theory and strategic behavior
5. Monopolistic competition
a. Product differentiation and role of advertising
b. Profit maximization
c. Short-run and long-run equilibrium
d. Excess capacity and inefficiency
Unit III: Factor Markets (10-18%)
1.
2.
3.
4.
Derived factor demand
Marginal revenue product
Labor market and firms’ hiring of labor
Market distribution of income.
Unit IV. Market Failure and the Role of
Government (12-18% )
A. Externalities
1. Marginal social benefit and marginal social cost
2. Positive externalities
3. Negative externalities
4. Remedies
B. Public goods
1. Public versus private goods
2. Provision of public goods
C. Public policy to promote competition
1. Antitrust policy
2. Regulation
D. Income distribution
1. Equity
2. Sources of income inequality
3
Project
Certain projects could be assigned throughout the semester by the instructor.
First Semester Final
Date – TBD – see final schedule.
The final will consist of multiple choice questions and free response questions. You will have 90 minutes to complete
it. It will represent approximately 20% of your semester grade.
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