AP Microeconomics Syllabus - AP Microeconomics Syllabus Course Overview AP Microeconomics and AP Macroeconomics are taught as separate semester courses

AP Microeconomics Syllabus - AP Microeconomics Syllabus...

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AP Microeconomics Syllabus Course Overview AP Microeconomics and AP Macroeconomics are taught as separate semester courses. Because the AP Exams fall in the first part of May, I teach AP Microeconomics in the time period from the beginning of the school year until winter break at the end of December. This gives me a little more than 14 weeks to concentrate on this material. Our school has a weird modular schedule with classes meeting three times a week for 82 minutes most days so I can cover a lot of material in each session. The topics covered include: A. Basic Economic Concepts requiring students to understand the existence of limited resources along with unlimited wants necessitates some form of allocation system. We introduce concepts of opportunity costs and trade-offs, specialization and exchange efficiencies, absolute and comparative advantage, fallacies such as post hoc, ergo propter hoc , the importance of property rights and the functioning of free markets. B. Analyzing the Nature and Functions of Product Markets delves into supply and demand models, consumer choice, production and costs, and the theory of the firm. We analyze the determinants of supply and demand and how changes in these factors affect equilibrium price and output focusing on the difference in shifts versus movements along the curves. The impact of various government policies is studied as they affect equilibrium status and market efficiency. The theory of consumer and producer surplus is introduced here as well as the various concepts of elasticity and cross-elasticity. Consumer choice is studied as to how the market and firm demand curves are derived concentrating on the law of demand and the income and substitution effects. Production and cost analysis are studied in the short and long run starting with an analysis of the production function. Cost analysis is key here with the distinction and importance of average and marginal cost concepts as applied to equilibrium and efficiency. Firm size as controlled by economies and diseconomies of scale as well as returns to scale is also studied. The last area covered is the theory of the firm. Here we study the different market structures and how they differ due to the characteristics of each. Stress is placed on the difference between demand and

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