Course title
AP Micro EconPre-requisite
Algebra I, passing with a 70% or higherCourse description
AP Microeconomics will provide a thorough understanding of the principles of Economics that apply to the functions of the individual decision maker; both consumers and producers; within the larger economic system of a mixed market economy. It places primary emphasis on the natural and functions of product markets; and includes the study of markets and the role of government in promoting greater efficiency and equity in the economy.
AP Microeconomics Course Content
AP Microeconomics is an introductory college-level course that focuses on the principles of economics that apply to the functions of individual economic decision-makers. The course also develops students’ familiarity with the operation of product and factor markets; distributions of income; market failure; and the role of government in promoting greater efficiency and equity in the economy. Students learn to use graphs; charts; and data to analyze; describe; and explain economic concepts.
The AP Microeconomics course provides students with an understanding of the principles of economics as they apply to individual decision-making units; including individual households and firms. The course examines the theory of consumer behavior; the theory of the firm; and the behavior of profit-maximizing firms under various market structures. Students evaluate the efficiency of the outcomes with respect to price; output; consumer surplus; and producer surplus. They examine the behaviors of households and businesses in factor markets; and learn how the determination of factor prices; wages; interest; and rent influence the distribution of income in a market economy. There are ample opportunities to consider instances in which private markets may fail to allocate resources efficiently and examine various public policy alternatives aimed at improving the efficiency of private markets.
Topic Outline for AP Microeconomics
I. Basic Economic Concepts
II. The Nature and Functions of Product Markets
a. Supply and demand
b. Theory of consumer choice
c. Production and costs
d. Firm behavior and market structure
III. Factor Markets
a. Derived Factor Demand
b. Marginal revenue product
c. Hiring decisions in the markets for labor and capital
d. Market distribution of income
IV. Market Failure and the Role of Government
a. Externalities
b. Public goods
c. Public policy to promote competition
d. Income distribution
AP Microeconomics Thematic Units:
For each major unit of study; students are required to complete in-class notes and activities.
The class notes and activities are supplemented with chapter homework and quizzes completed online through Pearson MyLab. Students will complete MyLab homework and quizzes for chapters 1-20 throughout the AP Microeconomics course. This online component takes approximately 4-5 hours per week.
In addition to the above curriculum covered using the Pearson text and MyLab components; students will also complete the following supplemental assignments:
The Buck Institute Performance-Based Learning (PBL) Units: Students are presented with a realistic problem that requires them to synthesize information from resources they have gathered. They will investigate and evaluate possible solutions collaboratively as they formulate their own decision on how best to solve the problem. Their description of the problem and individual solution will be presented to the class through a PowerPoint; an Op-ed piece; and a Position Paper/Debate.
1) Running in Place – basic relationship between consumers (in the product market) and
producers (in the factor market); and the circular flow of resources
2) The Invisible Hand – free markets and supply incentives
3) Monopoly’s Might – competitive markets and supply/demand forces within them
Assessments
The AP Microeconomics Exam questions measure students’ knowledge of microeconomics principles and their ability to reason within the discipline.
• Questions require the use of economics content knowledge and reasoning across the range of course topics.
• Some questions require analysis of different hypothetical situations.
• Questions ask students to analyze unique scenarios using different course concepts.
• Some questions in the free-response section require graphical analysis.
Assessments: Students are assessed through MyLab Quizzes; Unit Tests; PBL Outcomes and MC Tests; and the Independent Reading Assignment.
AP Exam Preparation: Students are required to create a Micro Exam Notebook. The notebook is created individually based upon an AP Micro Exam Study Guide and AP Micro Course Outline provided to students and will include terms with definitions; concept applications; and graphing practice. Once the Micro Exam Notebook is completed; students will practice previously released FRQ’s and MC Exams. The Final Exam for the course is the completion of a previously released AP Microeconomics Exam. This will serve as an indicator of success for the AP Microeconomics Exam.
Textbooks/Resources
Pearson textbook (Bade Parkin Foundations of Economics AP Edition; 7e)
TestPrep Workbook will be used to cover the course curriculum as outlined in the CollegeBoard AP Course Description.
Pearson MyLab.
The Buck Institute Performance-Based Learning (PBL) Units
AP Microeconomics Independent Reading Assignment: Students will select one economics book from the choices below. They will complete chapter summaries and keep a vocabulary notebook as well as creating an MLA report.
1. Adam Smith – The Wealth of Nations (Bantam)
2. Thomas Sowell – Basic Economics
3. Henry Hazlitt – Economics In One Lesson
4. F.A. Hayek – The Road to Serfdom
5. Milton Friedman – Capitalism and Freedom
6. Robert Heilbroner – The Worldly Philosophers
7. E.F. Schumacher – Small Is Beautiful
8. Charles Whelan – Naked Economics
9. Tim Harford – The Undercover Economist
10. Steven Landsburg – The Armchair Economist
11. Steven Levitt – Freakonomics
12. David Friedman – Hidden Order
School Country
United StatesSchool state
ArizonaSchool city
GlendaleSchool Address
6330 W. Thunderbird RoadSchool zip code
85308Requested competency code
Social ScienceDate submitted
Approved
YesApproved competency code
- SSCI
- 1 year of other Social Science