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AP Microeconomics (NCAA Approved)

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Open to: Grades 9 - 12

Prerequisites: Qualifying reading/verbal or math score and completion of Algebra II or the equivalent

Course Format: Session Based. See calendar for session dates and application deadlines.

Course Length: 30 weeks (Academic Year) or 12 weeks (intensive Winter, Early Summer, Mid-summer)

Recommended School Credit: One academic year

Student Expectations: Students are strongly encouraged to work an average of 10-14 hours per week for intensive 12-week sessions with no breaks, and 4-7 hours per week for the 30-week session with breaks for holidays.

Course Code: APMI

Course Description

Description

AP Microeconomics is an introduction to the study of the consumers and producers that make up the economy: households, firms, governments, and community organizations. The course provides particular emphasis on the function of consumers and producers within the economic system. The course also offers analysis of the markets in which consumers and producers interact as well as non-market economics. This course, which prepares students to take the AP Microeconomics exam, draws on software provided by Thinkwell. It has been reviewed and approved by the College Board to use the "AP" designation.

Materials Needed

There are no required materials for this course.

Detailed Course Information

Course Details

I. Introduction to Economic Thinking

Defining Economics and differentiating between Microeconomics and Macroeconomics
Applying the Concepts of Production Possibilities and Opportunity Cost using models
Comparative advantage, absolute advantage, specialization and international trade
Property rights and incentives
Economic Systems
Circular flow model of an economy
Understanding the Concept of Value

II. Understanding Markets – Purely Competitive – Monopolistic Competition – Oligopoly to include game theory and Pure Monopoly

Understanding and applying the Determinants of Supply and Demand in consumer markets
Determining a Competitive Equilibrium in purely competitive markets
Elasticity – price elasticity of Demand and Supply
Total Revenue and Elasticity
Government policies and interventions in free markets:

  • Understanding How interventions affect consumer and producer benefit
  • Calculating Deadweight Loss of taxation and governmental policy

Utility Theory
Consumer Equilibrium – Consumer Surplus, Producer Surplus and market efficiency
Constructing a Consumer's Budget Constraint
Short Run vs Long Run equilibrium in market structures
Determining a Firm's Return to Scale
Economic and Accounting Profit
Understanding the Role of Price
Calculating Profit
Finding the Firm's Profit -Maximizing Output
Finding the Firm's Shut-Down Point
Deriving the Short-Run Market Supply Curve
Examining Shifts in the Short-Run Market Supply Curve
Deriving the Long-Run Market Supply Curve
Examining the Firm's Long-Run and Short-Run Adjustments
Defining Monopoly Power vs Monopoly
Defining Monopolistic Competition
Defining the Monopolist's Profit Maximizing Output and Price
Determining the Social Cost of Monopoly
Understanding Pricing and Output under Monopolistic Competition
Oligopoly and the Prisoner's Dilemma
Understanding a Cartel using the prisoner`s dilemma model and payoff matrices
Assessing Monopolistically  Competitive markets
Determining price and output in Monopolistically Competitive markets
Understanding governmental Monopoly Regulation

III. Factor markets

Understanding and applying the Determinants of Supply and Demand in factor markets
Purely competitive vs non purely competitive labor markets
Understanding Labor Market Power and Marginal Factor Cost
Analyzing the Labor Market and globalization
Public policy and evolving labor markets
Assessing market power in factor markets

IV. Market failure and the role of government

Evaluating Market Failures and non-market functions
Defining Externalities
Social Cost and Social Benefit
Positive externalities, negative externalities, and correction through public policy
Evaluating Market Solutions to Externalities
Finding a Negotiated Settlement to an External Cost
Defining Public Goods
Understanding Public Choice
Income Distribution, equity, and sources of income inequality

Technical Requirements

This course requires a properly maintained computer with high-speed internet access and an up-to-date web browser (such as Chrome or Firefox). The student must be able to communicate with the instructor via email. Visit the Technical Requirements and Support page for more details.

This course uses an online virtual classroom for discussions with the instructor. The classroom works on standard computers with the Adobe Connect Add-in or Adobe Flash plugin, and also tablets or handhelds that support the Adobe Connect Mobile appStudents who are unable to attend live sessions will need a computer with the Adobe Connect Add-in or Adobe Flash plugin installed to watch recorded meetings. The Adobe Connect Add-in, Adobe Flash plugin, and Adobe Connect Mobile app are available for free download. Students who do not have the Flash plug-in installed or enabled on their browsers will be prompted to download and install the Adobe Connect add-in when accessing the virtual classroom.

 

Demo

Select the image below to view the online demo (requires Flash plugin).

AP Microeconomics demo