Advanced Placement Microeconomics

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Advanced Placement Microeconomics
Instructor, Mrs. Peggy Pride Study Notes to accompany

Economics Principles, Problems and Policies, 15th Ed.
Campbell McConnell Stanley Brue

AP MICROECONOMICS SEMESTER PLAN Instructor, Mrs. Peggy Pride TEXT: Economics, Principles, Problems and Policies, 15th Edition, McConnell and Brue Video: Econ U$A series with discussion Class Activities: APIP workbook activities, reinforcement and writing activities and other teacher-developed materials This semester-long course gives students a thorough understanding of the principles of economics that apply to the function of individual decision-makers, both consumers and producers, within larger economic systems. It places primary emphasis on the nature and function of product markets. It also examines factor markets and the role of government in promoting greater efficiency and equity in the economy. Topic Timing (days) Chapters 1,2, 4, 6 Unit One 8-12% of AP Basic Economic Concepts 9 Micro Exam Scarcity and Opportunity Cost Economic Systems: the Market System Specialization and Comparative Advantage 3, 20, 21 20-30% of AP Micro Exam Unit Two Nature and Function of Product Market Supply and Demand Ceilings and floors Elasticity and applications Models of consumer choice 15

22, 23, 24, 25 Unit Three 40-50% of AP Firm production, costs, revenues 30 Micro Exam Production costs Product Pricing within different market structures Efficiency and government policy toward imperfect markets 27,28 10-15% of AP Micro Exam 5, 30, 31 8-12% of AP Micro Exam Unit Four Factor Markets Derived Demand for labor Resource Market Pricing Unit Five Efficiency, income equity, the role of government Externalities Public Goods Distribution of Income 10


• There will be 6 major tests during the semester (two on third topic). There will be a final comprehensive semester exam. There will be no exemptions. Writing and reinforcement activities will be a part of the course work. You can expect "quizzes" on each chapter during the course of each unit study. • It is expected that students will take the AP Microeconomics Exam scheduled in May. There will be a review material package with review sessions in the month of April to recall the concepts and practice test materials.

AP Microeconomics Chapter One p. 3-14 Economics: social science concerned with the efficient use of limited or scarce resources to achieve maximum satisfaction of human material wants. • Economic perspective: a unique way of thinking about economic issues √ Scarcity and Choice √ Rational Behavior √ Marginal Thinking: Costs and Benefits • Why Study Economics? “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 influences, are usually the slaves of some defunct economist.” John Maynard Keynes (1883-1946) √ Economics for Citizenship Well-informed citizens will vote intelligently Well-informed politicians will choose wisely among alternatives √ Professional and Personal Application Businessmen need an understanding of economy Problems are examined from social rather than personal viewpoint

Economic Methodology
POLICIES Policy economics is concerned with controlling or influencing economic behavior or its consequences.

THEORETICAL ECONOMICS Theoretical economics involves generalizing about economic behavior. THEORIES FACTS Developing hypotheses which are Gathering facts and testing hypotheses then tested against facts against the facts to validate theories Deductive Method Induction Method Descriptive Economics √ Based on facts—observable and verifiable behavior of certain data or subject matter √ Economists examine behavior of individuals and institutions engaged in the production, exchange, and consumption of goods and services. Economic Principles (laws, models) √ Task...
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