AP Microeconomics Syllabus
Why is economics
sometimes called the “dismal science”? The curious among you may want to find
out the answer to this question. Suffice it to say that economics is both
“real” and “out there” (translation: theoretical). Much of what you will learn
in this class is best explained through the use of graphs and lists of
assumptions, none of which exist in the “real world.” On the other hand, a firm
foundation in economical thinking can assist you in your personal life both now
and in the future. In just a few weeks you will recognize that concepts like
opportunity cost, supply and demand, and marginal utility have application in
everyday life.
What do common proverbs like “If something is worth doing, it is
worth doing well.” and “You should always do your best.” mean to you? Do they
mean that every time you undertake a task you should continue doing that task
until you have achieved perfection or at least the benchmark of “best” that you
have defined for yourself? Maybe, but maybe not.
Economics has a special way of looking at the choices made by ordinary people
that may surprise you.
All of us face constraints. Indeed, high school (and life in
general) is often seen as one big challenge to get everything done that needs
to be done. The major constraint we all face is time. Phrases like “make good
time” and “save time” are misleading. Time is scarce, and any attempt to create
it or save it will fail. While you are engaging in doing something to
perfection, you are not engaging in any other job (or any other pleasure for
that matter). Otherwise stated, every action on your part involves an
opportunity cost. The quest for perfection involves the use of time and hence
is costly to you. You must give up
other valuable alternatives in order to achieve perfection in any endeavor.
So, the secret to life is doing less than your best? Of course not. An economist would say that perfection is
achievable only at the cost of something else. All choices (the good, the bad,
and the ugly) involve trade offs. The trick is to weigh the costs and benefits
of choices made and to include the opportunities given up in the
decision-making. For example, economical thinking may proceed like this:
I have an economics test in two days. It is important to me that I
do well on the test. I also have to work each evening this week. It is
important to me that I keep this job. I have three other tests this week that
are also important to me. On top of all that, I have a new acquaintance that I
would like to get to know better. There are just not enough hours in the day
for me to go to school, study enough to ace all my tests, work each evening,
and get to know my new friend. How do I solve this problem? Well, I thankfully
choose to study economics first. In the first couple of hours of study, I learn
enough about marginal costs and benefits to solve my dilemma. It says right
here in my notes that I should “undertake any activity up to the point at which
the marginal benefit equals the marginal cost.” I now know that the marginal
benefit is what I get out of a third hour spent studying economics (a
marginally better economics grade). The marginal cost is the benefit I could
get from doing something else with that hour (a much better grade on my
chemistry test). Wow, economics is easy; I think it is time to study chemistry.
The course you are about to begin considers marginality very
closely. This semester, we will explore the world created when the factors
of production—land, labor, capital, and entrepreneurship—become marketable. Our
analysis deals with the economy of individual markets and firms. We will
explore how businesses seek to maximize profits and how businesses change their
behavior based on the level of competition present (or absent) in the market.
In addition, we will explore the role of the government in preserving and
promoting competition and resolving conflicts with regard to public goods and
externalities. The course will take many
formats. Lecture/discussion will be combined with independent and group
classroom activities, outside research, and classroom discussion/debates.
Advanced Placement students
pride themselves on their maturity. Each one of you will manage yourselves in a
professional way. It is you who bear the responsibility for your success. You must prepare independently for material
not covered in class, seek out answers to your questions, and ask for
assistance when needed. As the instructor, I will work hard to make sure that
you have the information and resources you need to pass the AP Exam in the
spring. It is up to you to make it happen.
McConnell, Campbell R., and
National Council on
Economic Education, Advanced Placement
Economics Workbook.
Wight, Jonathan B. Saving Adam Smith.
Anderson, David. Cracking the AP Economics (Macro & Micro) 2007-2008.
Be
Better: The school has a list of
rules that you must follow (read the Student Handbook), but in this class you
must do better than that. When in doubt about how to act, use the Golden
Rule. Demonstrating good behavior is always better than avoiding bad
behavior.
Be
Prepared: Write all assignments
down, including the due date. Bring assigned materials to class daily.
Materials always include your textbook, notebook, and a blue or black
pen. Occasionally other materials are listed as part of your homework
assignment. Assignments and tests must be completed with a dark blue or black
pen. Unless Scantrons are used, pencils are NOT
accepted.
Be
Prompt: Be in your seat when the
bell rings. You are tardy if there is space between your seat and the desk when
the bell rings. Complete and turn in all assigned work on time.
Be
Polite: Be quiet and attentive when
the bell rings, when the teacher is talking, and while waiting for permission
to speak. Raise your hand and wait to be acknowledged before asking or
answering questions. Remain seated unless given permission to do otherwise.
Use voices that cannot be heard outside your group during group work. Go
out of your way to be respectful and polite to everyone in the classroom. The
following are examples of impolite behaviors and are not tolerated in the
classroom: eating, drinking, chewing gum, sleeping, and talking without
permission.
1)
Follow The “Four B’s”. Read them often. Live them daily.
2)
Classwork includes taking notes, working independently on exercises, and
participating in group activities. Some classwork
will be taken up for a grade and may count between 10 and 20 points. Classwork assignments cannot be made up. If a student has
an excused absence on the date classwork is assigned,
no grade will be recorded for that student.
3)
Late assignments are not
accepted. A zero is recorded for any assignment not turned in on time. While
students are given some leeway on which assignments to complete for a grade, no
leeway is given for failure to complete them on time. Projects are due on the
date announced in advance. It is recommended that students not in school on a
project due date send the project to school with a friend or parent. Homework
should be completed at home. No time will be given at the beginning of class to
complete or assemble homework assignments.
4)
Make-up tests must be
taken after school on the first Monday or Wednesday following return to class.
School policy allows one class day for each excused absence. Students who miss
consecutive class days must make up tests on the FIRST date (Monday or Wednesday)
following the allotted class days. The make up tests are administered in Room
250 at 2:10 pm. Only students with excused absences on test days are able to
take make-up tests. No reminder will be given to students who have to
make up a test. It is YOUR responsibility to arrange to make up a test. Parents
should contact the school if the test make up time is not workable for a
particular student. A written note signed by a parent explaining the conflict
is acceptable. This note must be given to me BEFORE the assigned make up test
date. If a student fails to make up a test, the grade becomes a zero. There are
no make up tests for make up tests.
5)
When absent or tardy,
sign the tardy log and quietly take your seat. Assignments are given weekly.
They are also posted on the web site as AP Assignments and include
assignments for the previous, current and next weeks. If absent, refer to the
web site, assignment notebook or call a classmate. Missed assignments are
due one day after your return to class.
6)
Ask for help. I am
available for tutoring one hour after school on Mondays and Tuesdays. No
appointment is necessary for tutoring. Do not hesitate to ask for help on
any of the material, including written assignments.
7)
Classroom procedures
include the consequences for breaking school rules. The first offense
receives a reminder of the appropriate behavior. The second offense receives a
verbal warning and a phone call to parents. The third offense receives a
disciplinary referral.
Assessments
Homework includes reading assignments everyday and written assignments on
occasion. More homework will be assigned than will count as a grade. For each
topic covered in class, suggested worksheets from the AP Workbook are listed in
the Course Outline. In addition, homework will include answers to Key Questions
in the textbook. Students are expected to manage their learning rate and should
focus homework efforts on areas where more practice is needed. Students are
encouraged to complete more assignments than the required minimum to enhance
understanding. Students must turn in at least three homework assignments per
chapter. The assignments turned in must be current for the chapter assigned.
Homework assignments are due on the date the Chapter Quiz is taken and will be
graded for accuracy.
Chapter
Quizzes are multiple-choice with
at least one free response/graphing question. Chapter Quizzes are worth 50 to
70 points. Vocabulary Quizzes are
matching and are worth between 20 and 40 points, depending on the number of terms
included.
Unit
tests are given about 2 times per
grading period. These tests are multiple-choice and free response/graphing. Scantrons are required for Unit Tests. They are worth
between 200 to 250 points.
Saving Adam Smith Quizzes take place periodically throughout the semester.
Students read the novel and answer questions that relate the events of the
novel to microeconomic theory. Each quiz is worth 50 points.
A
Microeconomic Project is
required of all students. This project
involves working in groups to research the current condition of the health care
industry, developing a formal assessment of one aspect of the industry,
preparing a script and PowerPoint to present before a panel of health-care
professionals, and defending your analysis in a formal question and answer
session. The total project is worth 300 points.
A
Comprehensive Final Exam will be
administered at the end of the semester. The format and grading for this test
will imitate the actual AP Exam that will be just before the actual AP Exam.
All students will be required to take this exam, even if school policy allows
the student's test results to be exempt from semester grades. This test is
practice for the actual AP Exam and is a good predictor of the results you can
expect to receive.