AP Microeconomics
Course Outline
The
following course outline provides for you the major concepts to be covered in
this course. Please note that homework for each Chapter is due on the date you take
the Chapter Quiz. You must turn in all workbook activities that pertain to the
chapter(s) being quizzed. The Saving Adam Smith chapters noted below will be
assessed with the appropriate chapter as indicated in the course outline.
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Microeconomics
Course Outline |
Textbook Chapter |
Workbook Activities |
Saving Adam Smith |
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Unit 1:
Introduction to Economics I.
Basic Economic Concepts A. Scarcity B. C. Factors of
Production D.
Production Possibilities E. Comparative
Advantage F. Private
Property II.
The Market System A. Consumer
Sovereignty B. Profit and
Resource Allocation C. Household
(Consumer) Sector D. Business
Sector E.
International Sector F.
Government (Public) Sector G. Circular Flow
Model H. Profits,
Normal and Economic |
1 & 2 4 & 5
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1 – 3, 6-8 4-5 |
1-5 6-11 |
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Unit 2:
Product Markets I. Price Determination A. Demand B. Supply C. Price
Determination D. Government
Price Setting II.
Demand and Supply Elasticity A. Demand
Elasticity B. Supply
Elasticity C. Cross and
Income Elasticity III.
Consumer
Behavior A.
Income/Substitution Effects B. Diminishing
Marginal Utility C. Utility
Maximization IV.
Producer Behavior A. Economic
Costs/Profits B. Short Run
Production Function C. Short Run
Production Costs D. Long Run
Production Costs |
3 20 21 22 |
9-10, 12-16 22-23 17-21 11 25-26, 30 |
12-15 16-18 19-22 23-26 |
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Microeconomics
Course Outline |
Textbook Chapter |
Workbook Activities |
Saving Adam Smith |
|
Unit
3: Market Structures I.
Profit
Maximization A.
Profit
Calculation B.
Market
Structures C.
Profit
Maximization D.
Economic
Profit II. Perfect
Competition A.
Characteristics B. Demand for
Individual Seller C. Profit
Maximization D. Long Run
Equilibrium E.
Productive/Allocative Efficiency F.
Consumer/Producer Surplus III.
Pure Monopoly A.
Characteristics and Types B. Monopoly
Demand C. Output and
Price Determination D. Price
Discrimination E. Economic
Inefficiencies F.
Regulated Monopoly IV.
Monopolistic Competition and Oligopoly A.
Characteristics of M.C. B. Output and
Price Determination C. Efficiency
with M.C. D.
Characteristics of Oligopoly E.
Game Theory Model F.
Oligopolistic Behavior G.
Efficiency with Oligopoly |
23 24 25 26 |
24 27-29, 31 32-37 40-42 |
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Unit
4: Resource (Factor) Markets I.
Resource Demand A. Marginal
Revenue Product B. Marginal
Factor Cost C. Resource
Allocation: Perfect Competition D.
Resource Allocation: Monopsony II.
Labor Market A. Productivity
and Real Wages B. Wage
Differentials C.
Minimum Wage Effects D.
Immigration E.
Discrimination F.
Labor Unions G.
Bilateral Monopoly III.
Capital Markets A. Demand for Capital B. Supply of Capital C. Equity Market D. Bond Market IV. Land Market A. Economic Rent B. Renewable and
Non-renewable Resources |
29 30 31 32 |
43-46 47-49 50-51 |
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Unit 5:
Government Regulation of Markets I.
The Government and Market Failure A. Externalities
and Coase Theorem B.
Property Rights and the Tragedy of the Commons C. Public Goods D. Information Failure E.
Government Failure
II.
Antitrust Legislation A. Antitrust
Laws B. Issues and
Impacts C. Industrial
Regulation D.
Deregulation E.
Social Regulation III.
Income Distribution and Government Policy A. Lorenz Curve B.
Poverty C.
Income Redistribution D.
Transfer Payments E.
The Tax Burden F.
Tax Incidence and Efficiency IV.
The Economics of Health Care A. Social
Security B.
The Health Care Industry C.
Health Care Costs D.
Health Care Reform |
28 27 34 36 33 |
52-57 58-60 |
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