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CENTENNIAL HIGH SCHOOL 4707 North Road
Circle Pines, MN 55014
Social Studies Department
Advanced Placement Microeconomics
Mr. Joseph Held, Instructor
763-792-5258
Advanced Placement Microeconomics
"[Economics] is a method rather than a doctrine, an apparatus of the mind, a technique of thinking
which helps its possessor to draw correct conclusions."
John Maynard Keynes--General Theory of Economics
Course Description: Micro Economics is a one semester (18 week) study of how individuals,
firms, and organizational structures make rational economic decisions. Demand and supply
analysis will be developed to demonstrate how market prices are determined; how they
determine an economy's allocative mix of goods and services and factors of production; and
how goods and services are distributed throughout the economy. We will evaluate the
strengths and weaknesses of economic decision-makers by employing concepts of efficiency
and equity. We also analyze and evaluate the effects of government intervention. Throughout
the course, learning emphasis is placed on reasoned, logical argument. Accurate graphing,
labeling, and description of economic concepts throughout the class is expected. As the quote
by Keynes suggests, the purpose of this course is not to develop or solicit a normative or
political point of view, but rather to use economics as a method and model for decision-making.
Microeconomics course sequence and assessments
This class will be broken into 4 large units covering the required AP College Board curriculum.
Please use the following table to organize your ongoing study and review time while preparing
for these summative assessments.
Unit 1: Basic Economic Concepts:
Margaret Ray & David Anderson Krugman’s Economics for AP 2nd Edition
Modules 1-9, 46-50
Scarcity, choice, and Opportunity Cost
Production Possibilities Curve
Comparative Advantage, Specialization, and Trade
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Economic Systems
Marginal analysis
Supply and Demand
o Market Equilibrium
o Determinants of Supply and Demand
Price and quality controls
Consumer surplus, producer surplus, and market efficiency
Tax Incidence and Deadweight Loss
Unit 2: Product Markets and Consumer Choice:
Margaret Ray & David Anderson Krugman’s Economics for AP 2nd Edition
Modules 51-56, 74-77
Elasticity
o Price, income, and cross elasticities of demand
o Price elasticity of supply
Theory of Consumer Choice
o Total utility and marginal utility
o Utility maximization: equalizing marginal utility per dollar
o Individual and market demand curve
o Income and substitution effects
Production and Costs
o Production functions: short and long-runs
o Marginal product and diminishing returns
o Short run costs
o Long run costs and economies of scale
o Cost minimizing input combination
o Profit:
Accounting versus economic profits
Normal profit (i.e. zero economic profit)
Market failure and the role of government
o Externalities
Marginal social benefit and marginal social cost
Positive externalities
Negative externalities
Remedies
o Public goods
Public versus private goods
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Provision of public goods
o Public policy to promote competition
Antitrust policy
Regulation
Unit 3: Market Structures:
Margaret Ray & David Anderson Krugman’s Economics for AP 2nd Edition
Modules 57-68
Perfect Competition
o Profit maximization Rule of MR=MC
o Short=run supply and shutdown decision
o Firm and market behaviors in short-run and long run equilibrium
o Efficiency and perfect competition
Monopoly
o Sources of market power
o Profit maximization
o Inefficiency of monopoly
o Price discrimination
o Natural monopoly
Oligopoly
o Interdependence, collusion, and cartels
o Game theory and strategic behavior
Monopolistic competition
o Product differentiation and role of advertising
o Profit maximization
o Short-run and long-run equilibrium
o Excess capacity and inefficiency
Unit 4: Factor Markets and Income Distribution
Margaret Ray & David Anderson Krugman’s Economics for AP 2nd Edition
Modules 69-73
Factor Markets
o Derived factor demand
o Marginal revenue product
o Labor market, Capital markets, and firms’ decision to employ
Wage determination in competitive and monopsony factor markets
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o Market distribution of income
Required Texts:
Krugman’s Microeconomics for AP second edition, authored by Margaret Ray and David
Anderson
Recommended Texts:
5 Steps to a 5: AP Microeconomics 2014-2015 edition, authored by Eric Dodge
Study Procedure: While the syllabus details the topics and assignments, students have found it
helpful to follow these study procedures. Some of these procedures require a computer and
valid student email address. Students without access may consult the CHS staff to determine
the availability of school computers.
1. Use www.schoology.com daily for this class. You are encouraged to check this
regularly and to use it as a class study resource.
2. Read your text so that you can define the terms! Read EVERYTHING in each chapter!
A clear working knowledge of economic terms is essential to success in this class!
3. Your personal note binder becomes your best review tool. Add your own notes to
each PowerPoint. You are encouraged to share your notes with other students, to check
the accuracy of your own notes, to clarify misunderstandings, to assist in solving all
practice questions, and in completing some of the FRQ questions.
4. You are encouraged to collaborate on all practice exercises and textbook assignments.
5. Use and save all PowerPoint notes delivered in class. Information in each unit will be
used repeatedly throughout the remainder of the course. This course is highly
sequential. Think of it as a row of dominos…..miss one key understanding and the
remainder of the class becomes much more difficult.
6. Organize a “study group” of fellow classmates that you will work frequently in class
with. These students are also your resource when you miss class to collect handouts,
papers, questions, and homework tasks.
7. Pace of instruction will change as the semester goes on due to increasingly complex
concepts being studied. Once core topics have been covered students will begin
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completing sample AP tests from prior years to gain practical knowledge of the AP
Exam.
8. Attend review sessions before the exam even when you think you are prepared. Data
shows students who skip all review sessions fall off nearly 1 entire AP score (scale of
1-5) from their final exam grades in the class.
Exams
1. Each unit will include a summative assessment. These assessments must be taken within one week if you happen to be absent on the day of examination. All other assignments, quizzes (announced or unannounced), remedial problems, extra credit opportunities, RAT’s are due at the announced date. Unless school is canceled, there are no late assignments accepted under any circumstances.
2. All students are expected to have an email address. We will make frequent use of schoology.com for homework and formative assessments to measure student progress. It is crucial that you complete these assignments on time as required.
Evaluation: You final grade is dependent upon your scores on summative unit exams,
parallel, and equated AP tests based on the textbook; frequent short quizzes, your
performance on the formative assessments; and your participation in random
assessment tests (RATs).
20% Required Homework-that include the following:
Homework
*Each module has a schoology quiz.
*FRQ’s added later in the class
Measures your understanding of the economic concepts and your
ability to understand and analyze graphical materials and economic
data, variables. These are Free Response Questions from past AP
exams. Students will be asked to apply their knowledge in ways they
have not been asked to do so previously. Problem solving and critical
thinking skills are emphasized here!!
25% Independent Formative Assessments -- class work/problems/projects/panel, group work and random quizzes.
RATs (Random Assessment Tests) Random class quizzes over vocabulary and practice
questions/problems. These may be unannounced. Some RAT’s are
taken in class while others are completed via Schoology (based on
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available class time)
55% Summative Assessments. Course grades are largely determined by your performance on summative tests indicated below; Problem Sets to be taken after each of the four units. IMPORTANT NOTE: Summative Tests are ROLLING CUMULATIVE! Unit one will be included in Unit two assessment, both units one and two will be included in Unit three assessments, etc. This ensures students will continue to use skills developed early in the semester all the way through to the Final Exam. This also means that each assessment is likely to grow in size and difficulty and may often take more than one class period to complete.
40% 4 P.S. (Problem Sets) Parallel and equated AP Microeconomics questions that measure your
ability to analyze and evaluate economic concepts. Exams are planned
to be 50 questions and may occasionally take more than 1 class period.
15% *Final Examination
Comprehensive summative examination measuring your
understanding of economic concepts and your ability to apply
economic concepts to new situations. Graphical and data analysis
problems measure your ability to interpret and to manipulate, and
create new models.
Extra Credit Opportunities will not be given in this class.
CHS AP Microeconomics Final Exam: Last week of the semester!
60 M/C Questions in a maximum of 70 minutes
3 FRQ Questions in a maximum of 50 minutes
This Spring’s AP Microeconomics test is on May 15th, 2015
