Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Syllabus AP Microeconomics Amanda Okrutny 2013-2014 The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist." –John Maynard Keynes Course Overview AP Economics is taught as a full year course. The aim of AP Economics is to provide students with a learning experience that is equivalent to that obtained in a typical college-level introduction to economics course. Course Objectives: This course builds on foundations prepared in the introductory economics course, focusing and expanding on microeconomic concepts (e.g., consumer behavior and different types of business organizations and market structures). Students will study many concepts from their survey course in greater depth as well as explore new material. In order to familiarize students with the academic rigors of a college level, economics course, special attention will be paid to graphical and mathematical models and analysis. Students will be required to take the Advanced Placement Examination in Microeconomics in the spring. Texts: McConnell, Campbell R. and Stanley L. Brue. Microeconomics. McGraw-Hill. Walstad, William B. & R.C. Bingham. Study Guide to Accompany Microeconomics. Homework will be assigned from the textbook and workbook on a regular basis. Please note that the 2014 Advanced Placement Examination in Microeconomics takes place on Thursday, May 15, 2014 in the afternoon. The examination has two parts. The objective question (i.e., multiple choice) section consists of 60 questions, is 70-minutes long, and has a weight of two-thirds. The free-response section consists of three questions, is 50-minutes long, and has a weight of one-third. According to the College Board, it is suggested that you spend approximately half your time on the first question and divide the remaining time equally between the next two questions. In answering the questions, you should emphasize the line of reasoning that generated your results; it is not enough to list the results of your analysis. Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. Please note that there will be a test, consisting of multiple-choice and usually at least one free response question, at the conclusion of each major topic. Skills: Graphs By the End of the course the student will be able to: 1. Illustrate and correctly label a supply and demand graph. 2. Show changes in supply/demand. 3. Show the effects of a price ceiling and price floors. 4. Show a change in demand (supply) versus a change in quantity demanded (quantity supplied). 5. Draw and illustrate an elastic and an inelastic demand curve. 6. Draw and illustrate consumer/producer tax burden given an elastic and inelastic demand curve. 7. Given a change in supply, compare and contrast the effects of price and quantity changes with elastic and inelastic demand curves. 8. Draw and interpret a production function graph. 9. Draw and interpret a total-cost graph and average-cost graphs. 10. Identify average-fixed, average-variable, and average-cost curves and marginal cost. Draw graphs and differentiate between a competitive firm and a competitive industry. 2. Draw graphs and correctly label a competitive firm that makes excessive profits, earns zero profits, and minimizes losses. 3. Draw a sequence of graphs that shows a competitive firm making excessive profits (or minimizing its losses) with a return to long-run equilibrium. 4. Draw and label a monopoly firm that makes excessive profits (and minimization of losses). 5. Draw a graph to illustrate the effects in output, price, and profits if the demand increases (or decreases) in a monopolistic firm. 6. Illustrate graphically the problems of monopoly inefficiency (allocative and technical). 7. Draw and label a monopolistic competitive firm and illustrate long-run equilibrium. 8. Draw and illustrate a demand curve for labor. 9. Draw and illustrate a supply curve for labor in a single competitive firm and a competitive market. 10. Draw and illustrate an effective minimum wage. 11. Draw and illustrate the supply and demand curve for labor in a monopsonistic market. 12. Draw and illustrate the various effects of labor union negotiations on wages and employment in a monopsonistic industry. 13. Illustrate the effects of externalities and spillovers on a supply/demand graph. 14. Illustrate the effects of a government regulation on producers and/or consumers. 15. Illustrate price ceilings and floors. Approximate Schedule of Topics: Please note that there will be a test, consisting of multiple-choice and at least one free response question, at the conclusion of each chapter/topic. Introduction Rules and Expectations The AP Exam—Strategies for Success: “Strategies to Approach Multiple-Choice Questions in the Classroom and on the Exam,” Shirley Counsil, AP Central: 2007. “AP LAWS” Answer the questions asked Pens (blue and/or black) and Pencils (#2 for the multiple choice) Label graphs Apportion time proportionally among the questions Write clearly and fully Show your work and explain your answers The Nature and Method of Economics (ch.1) By the end of this chapter, students will be able to: Explain the role of economic models in studying economics Explain why scarcity and choice are basic problems of economics Identify the goals different societies find most important Explain why economists say all resources are scarce Explain the difference between goods and services Explain and describe why every decision involves tradeoffs Describe the concept of opportunity cost Describe the economic goals for an economy Identify the societal values that influence the different types of economies Explain the difference between normative and positive economics Understand the difference between correlation and causation Calculate the slope of a line Compare differently sloped lines Write the equation of a line The Economizing Problem (ch.2) By the end of this chapter, students will be able to: Identify factors of production (land, labor, human capital, physical capital, entrepreneurship) Understand the difference between productive and allocative efficiency Construct and analyze a production possibilities frontier (PPF) Use the law of increasing opportunity cost to explain why the PPF is concave What are the basic economic questions? Explain how the basic economic questions are addressed in a traditional, command, and market economy? Explain why all economies are mixed economies Explain the basic tenets of Adam Smith's economic philosophy Trace Adam Smith’s influence to modern economics Construct and analyze the circular flow diagram Understand the advantages of individuals exchanging with each other Understand the differences between absolute and comparative advantage Use an opportunity cost table to determine in what good/service/job individuals or firms should specialize to maximize their comparative advantage Understanding Individual Markets: Demand and Supply (ch.3) and The Market System (ch.4) By the end of this chapter, students will be able to: Understand the law of demand Explain the difference between demand and quantity demanded Construct demand schedules and derive demand curves from them Describe the factors that can cause the demand curve to shift Show the impact on price and quantity when there is a change in demand Explain the difference between supply and quantity supplied Explain the law of supply Construct supply schedules and derive supply curves from them Describe the factors that can cause the supply curve to shift Show the impact on price and quantity when there is a change in supply Explain different ways the government can influence the supply of a good Understand the difference between a tax and a subsidy Define quota and embargo Explain why an equilibrium price and quantity are unique Explain the rationing role of the price system Identify the benefits and disadvantages of the price system Explain how shifts in demand and supply affect market equilibrium Explain what governments try to accomplish via price floors/ceilings and rationing Explain the advantages and disadvantages of price floors and ceilings Differentiate between market equilibrium and disequilibrium Explain how shortages and surpluses arise Explain why a market equilibrium is efficient Understand and draw consumer and producer surplus Define and draw deadweight loss when a tax is imposed Define tax incidence and indicate on a supply and demand diagram how much of a tax is paid by the consumers and producers Demand and Supply: Elasticities and Applications (ch.7) By the end of this chapter, students will be able to: Understand and calculate the price elasticity of demand Explain the difference between elastic, inelastic, and unitary demand Differentiate between perfectly elastic and inelastic demand Identify the factors that affect price elasticity of demand and supply Provide examples of goods with different types of price elasticity of demand Use the revenue test to determine price elasticity of demand Understand and calculate the price elasticity of supply Differentiate between elastic, inelastic, and unitary supply Explain the difference between perfectly elastic and inelastic supply Provide examples of goods with different types of elasticity Understand how demand and supply elasticity affects tax incidence for consumers and suppliers Understand and calculate income elasticity and cross elasticity demand Consumer Behavior and Utility Maximization (ch.8) By the end of this chapter, students will be able to: Understand the differences between the substitution and income effects Differentiate between total and marginal utility Explain the law of diminishing marginal utility descriptively and quantitatively Apply the utility-maximizing rule to a utility table Apply utility and marginal utility to the diamond-water paradox The Costs of Production (ch.9) By the end of this chapter, students will be able to: Understand the differences between explicit and implicit costs Understand the differences between economic and normal profit. Differentiate between the short and long run Understand, calculate, and diagram total, marginal, and average product Define the law of diminishing returns Understand, calculate, and diagram fixed, variable, and total costs Explain and draw economies and diseconomies of scale Identify the profit maximizing conditions Pure Competition (ch.10) By the end of this chapter, students will be able to: Describe the characteristics of firms in pure competition Define homogeneity Explain and draw the industry supply and demand curves Explain and draw the firm’s supply, demand, and cost curves for economic and normal profit, loss, shutdown point and shutdown in the short and long run Explain why marginal revenue equals the equilibrium price and the demand curve for a firm in perfect competition Construct different cost (marginal, average, total, fixed) schedules Understanding the relationship between marginal cost and the supply curve Applying allocative and productive efficiency to firms in perfect competition Pure Monopoly (ch.11) By the end of this chapter, students will be able to: Describe the characteristics of monopolies Identify barriers to entry that help sustain monopolies Understand the differences between natural, local, and price discriminating monopolists Explain and draw the industry supply and demand curves Explain and draw the firm’s supply, demand, cost curves and equilibrium price and output for firms earning an economic and normal profit, a loss, the shutdown point and shutdown in the short and long run Understand why the marginal revenue curve is below the demand curve in a monopoly Construct different cost (marginal, average, total, fixed) schedules Understand why there is no monopoly supply curve Apply allocative and productive efficiency to monopolies Define rent-seeking behavior Draw demand and marginal cost curves for a price discriminating monopolist and identify the equilibrium price and quantity Understand and identify the monopoly, fair-return, and socially optimal price and quantities Monopolistic Competition and Oligopoly (ch.12) By the end of this chapter, students will be able to: Describe the characteristics of monopolistic competition and oligopoly Identify barriers to entry that help sustain firms in these industries Explain and draw the industry supply and demand curves Explain and draw the firm’s supply, demand, and cost curves for economic and normal profit, loss, shutdown point and shutdown in the short and long run Construct different cost (marginal, average, total, fixed) schedules Apply allocative and productive efficiency to firms in monopolistic competition and oligopolies Draw demand and marginal cost curves for firms in monopolistic competition and oligopolies and identify the equilibrium price and quantity Understand why oligopolies are interdependent Explain why cartels usually break up Apply game theory (the prisoner’s dilemma, in particular to the case of cartels Construct and analyze a payoff matrix Find a dominant strategy where it exists for firms in a potential cartel Demand for Resources (ch.14) By the end of this chapter, students will be able to: Understand why resource demand is a derived demand Define marginal product, marginal revenue product, and marginal resource cost and construct and draw diagrams based on this information Apply the least-cost and the profit-maximizing rules Identify the factors that cause the resource demand curve to shift Identify factors that affect the elasticity of resource demand Wage Determination (ch.15) By the end of this chapter, students will be able to: Draw supply and demand curves for labor in the labor market and marginal resource cost and marginal revenue product curves for the individual firm Define monopsony Draw marginal resource cost, marginal revenue product and supply curves for a monopsony Understand why the marginal resource cost curve is above the supply curve in a monopsony Income Inequality and Poverty (ch.21) By the end of this chapter, students will be able to: Construct and analyze Lorenz curves using income quintile data Compare Lorenz curves Define the Gini coefficient Understand how the government can use transfer payments to lessen unequal income distributions Government and Market Failure (ch.17) and The Mixed Economy: Private and Public Sectors (ch.5) By the end of this chapter, students will be able to: Understand the differences between public and private goods Justify why the government is often needed to provide public goods Draw marginal benefit/marginal cost diagrams depicting spillover costs or benefits Indicate the private and social equilibrium price and quantity when there are spillover costs or benefits Understand the “tragedy of the commons” Understand how the government can create a market for externality rights Differentiate between moral hazards and adverse selection Explain the role of government when there is asymmetric information Public Choice Theory and the Economics of Taxation (ch.18) By the end of this chapter, students will be able to: Differentiate among the different types of taxes (i.e., progressive, proportional, and regressive) Understand how the benefits-received and ability-to-pay principles are applied to different tax systems Identify how different types of taxes (e.g., personal income, sales, corporate income, payroll, property) apportion the tax burden Define tax incidence Explain how price elasticity of demand and supply affect tax incidence Explain why majority voting is not always efficient Understand the median voter model Define rent-seeking behavior Understand why rent is allocatively inefficient REVIEW Review Packet Students will use Barron’s Study Guide and Five Steps to a Five for review and practice purposes. Students will participate in an individual and/or group review project which will be due for a grade. Students will use AP Checklist, included in packet, to see where they need more help Students will take practice exams, including AP and AP-style multiple choice and freeresponse questions AP Microeconomics Exam: May 15, 2014 (Thursday Afternoon Session) Classroom Policies and Procedures Woodland High School Classroom Expectations To ensure an optimum learning environment, please adhere to the following: Students will be respectful to all adults and classmates. Students will be seated in class when the bell rings. Students will not display cell phones, portable electronic devices or playing cards in class. Students will use computers/ technology appropriately at all times. Violation of these rules may result in changes to school policies. We are Woodland! Go Wolfpack! A. Materials: All students are expected to bring their text, a pen and a two inch three-ring binder with dividers loaded with filler paper to class each day unless otherwise stated. B. Attendance: 1. all students are to be in their seats and ready to begin work when the bell rings. “Ready to begin” means no food, drinks, hats, telephones, or any other annoying electronic devices. Your textbook and your notebook should be ready for action, and your homework prepared for collection. 2. Tardiness will result in disciplinary action. 3. Any student with an excused absence from class is responsible for all work missed. It is your responsibility to make up work that you missed. Make arrangements with classmates to get the day’s notes, or talk to me on the day that you return to class. 4. Unexcused absences will not be tolerated. Such absences will result in a grade of “0” on the day’s work and on assignments due on the day of the unexcused absence and disciplinary action in accordance with school policy. C. Participation 1. Students are expected to participate in all classroom debates and discussions. The time given over to discussion provides an opportunity for students to think through their ideas and learn from other in the class. 2. Follow the rule of common courtesy – allow other to speak. Do not use vulgar, profane, degrading or condescending language. Remember that you earn respect by showing respect to others. 3. Asking permission to use the lavatory does not constitute class participation. Only emergencies should require you to leave the classroom during class time. D. Assignments 1. Homework is due at the beginning of class so do not plan on finishing it during class. Late homework assignments will not be accepted unless you have an excused absence. If you miss class because you are late to school or because you are dismissed early, then it is your responsibility to give me the assignment during the day that you are present at the school. 2. Essays and research assignments are due as indicated. You will know well in advance when major assignments are due so plan accordingly. 3. Homework assignments may be written on white lined paper (8 ½ X 11) with your name, date and class period in the upper right corner. Use filler paper as these assignments will be added to your portfolio/notebook. Assignments turned in on paper torn from a wire ring notebook will not be accepted. Take pride in your work. Use blue or black ink. Pencil is allowed and required on multiple choice tests only. No essays will be graded that are completed in pencil. Take home essays and other longer assignments must be typed in Times New Roman 12pt font on standard white paper. Any research papers will be completed in MLA format only! Use the web sources on my website for help as needed. E. Quizzes and Tests It is your responsibility to make up quizzes and tests that you missed due to an excused absence. No make up exams will be given during class time. You will need to make arrangements to make up missed exams before or after school or during a AP study skills time with me. You will only be excused from a scheduled test if you have been absent from school for two or more consecutive days before the exam. F. Grading Categories and Computation of Semester Grades School-wide Grading Requirements as follows: Semester Final Average 100% EOCT/Final Exam 15% Course Final Average 85% The Formative and Summative o Formative Assessment Assessments equal 100% but fall Practice 20% under the category of Course Final Quizzes 35% Average which is 80% of the o Summative Assessment 45% Semester Final Average. (major tests & projects) Grading Scale A= 100-90 B=89-80 C=79-74 D=73-70 F=69 and below G. Other Policies 1. This classroom is where I spend my day. I expect that you will treat the room and its contents with respect. Many of the items available for your use are my personal property. 2. In the event that a substitute teacher is present, I expect you to be as respectful and cooperative as you are when I am in the classroom. Substitutes will collect all homework and in-class assignments. These assignments will be graded. 3. The proper rules of conduct and all school rules apply at all times. Tutoring and Assistance: AP study skills will provide excellent opportunities for students to receive extra assistance. Also you can see Mrs. Okrutny for a pass to room 210 for morning and/or afternoon assistance. Academic Integrity Policy: Academic integrity is a fundamental value of quality education; therefore, Woodland High School will not tolerate any acts of cheating, plagiarism, or falsification of school work. Should it be determined that an academic integrity violation has taken place, the school reserves the right to assign a grade of a zero and submit a disciplinary referral to the appropriate Assistant Principal. The school also reserves the right to remove or suspend enrollment in any Advanced Placement/Honors classes as well as Academic Honor Societies. STUDENT/PARENT CONSENT OF UNDERSTANDING: I have read and understand all of the objectives, requirements, and expectations for AP Microeconomics taught by Mrs. Amanda Okrutny. _______________________________________________ Printed Student Name _______________________________________________ Student Signature __________________ Date ________________________________________________ Printed Parent/ Guardian Name ________________________________________________ Parent Signature _________________ Date