Open to: Grades 9 - 12
Eligibility: Advanced CTY-level reading/verbal or math score required
Prerequisites: Completion of Algebra II or the equivalent
Course Length: 12 weeks (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.
Course Code: IPMI
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 prepares students to take the AP Microeconomics exam, and has been reviewed and approved by the College Board to use the "AP" designation.
This course has synchronous virtual class meetings and students may also schedule one-on-one virtual meetings directly with the instructor to answer questions or concerns. The instructor will schedule meeting dates/times at the start of the course. Meetings will be recorded for students who are unable to attend due to scheduling conflicts.
Virtual classrooms, and student activities in the classroom, may be recorded and added to the course as an ongoing asset for all class students to review. Students may be invited to interact in CTY community spaces that include students and instructors and potentially specially invited guests that are not enrolled in their course. Videos from YouTube or other web providers may be present in the course. Video recommendations or links provided at end of videos are generated by the video host provider and are not CTY recommendations. Student contributions (e.g., projects, forum posts, etc.) may remain in the course after the student completes the course. These artifacts may be preserved to showcase student work or to continue important conversations.
There are no required materials for this course.
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
Circular flow model of an economy
Understanding the Concept of Value
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:
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
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
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
Evaluating Market Failures and non-market functions
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
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.
Zoom online virtual classroom
This course uses an online virtual classroom which can be used for instructor-student communication if the student has any questions about the course or curriculum. The classroom works on standard computers with the Zoom desktop client and also tablets or handhelds that support the Zoom Mobile app. Students will need a computer with the Zoom desktop client installed to watch any recorded meetings. The Zoom desktop client and Zoom Mobile App are both available for free download.
This course uses Respondus LockDown Browser proctoring software for designated assessments. LockDown Browser is a client application that is installed to a local computer. Visit the Respondus website for system requirements.
While Chromebook can be used to progress through the course, all exams must be completed on a PC or Mac.