Course Overview:
In this course, students explore the power of marginal thinking and apply it to common decisions that individuals and business firms encounter each day. Students examine, interpret, analyze, and model key microeconomics concepts and processes, from the shifting supply and demand for familiar products to the model of the labor market and how wages are determined. This rich course provides students with all the material and practice needed for success on the AP Exam. Yet, this is just the beginning—in the long run, taking AP Microeconomics will develop the critical thinking and analytical skills that empower students for a lifetime.
Required Materials:
Student-Supplied Resources:
- A calculator is recommended but not required
- Notebook or graphing paper
- Writing utensils
- A method to scan or take pictures of graphs drawn by hand
The AP Microeconomics Course and Exam Description is a free material provided by College Board that outlines the skills and content taught within the AP Microeconomics course.
If you are interested in supplemental texts, the following are appropriate college-level resources that support the AP Microeconomics Course and Exam Description from College Board:
- Greenlaw, Steven A., and David Shapiro. Principles of Micro-economics. Houston, TX: OpenStax.
- Anderson, David, and Margaret Ray. Krugman's Economics for the AP®Course. New York, NY: Worth Publishers.
You may also consider the following optional test prep materials:
- 5 Steps to a 5: AP Microeconomics, McGraw-Hill Education
- Cracking the AP Economics Micro & Macro Exams,The Princeton Review
- Barron's Test Prep AP Microeconomics/Macroeconomics, Barrons Educational Series
The books will act as an extra resource. While recommended, they are not required in order to complete the course.
School-Supplied Resources:
Throughout the course you will be required to complete practice in the style of the AP Exam. Please reach out to your instructor regarding which resource(s) you should use. Free resources exist on the AP Central website.
Free Downloads:
- Adobe Flash Player
- Java
- Windows Media Real Player
- Apple iTunes
Syllabus:
Module 01: Basic Economic Concepts
- Basic Economic Concepts Introduction
- Scarcity
- Resource Allocation and Economic Systems
- Production Possibilities Curve
- Comparative Advantage and Trade
- Cost-Benefit Analysis
- Marginal Analysis and Consumer Choice
Module 02: Supply and Demand
- Supply and Demand Introduction
- Demand
- Supply
- Price Elasticity of Demand
- Price Elasticity of Supply
- Other Elasticities
- Market Equilibrium and Consumer and Producer Surplus
- Market Disequilibrium and Changes in Equilibrium
- The Effects of Government Intervention in Markets
- International Trade and Public Policy
- Supply and Demand Review
Module 03: Production, Cost, and the Perfect Competition Model
- Production, Cost, and the Perfect Competition Model Introduction
- The Production Function
- Short-Run Production Costs
- Long-Run Production Costs
- Types of Profit
- Profit Maximization
- Firms' Short-Run and Long-Run Decisions
- Perfect Competition
Module 04: Imperfect Competition
- Imperfect Competition Introduction
- Basics of Imperfectly Competitive Markets
- Monopoly
- Price Discrimination
- Monopolistic Competition
- Oligopoly and Game Theory
Module 05: Factor Markets
- Factor Markets Introduction
- Basics of Factor Markets
- Changes in Factor Demand and Factor Supply
- Profit-Maximizing Behavior in Perfectly Competitive Factor Markets
- Monopsonistic Markets
- Factor Markets Review
Module 06: Market Failure and the Role of Government
- Market Failure and the Role of Government Introduction
- Socially Efficient and Inefficient Market Outcomes
- Externalities
- Public and Private Goods
- The Effects of Government Intervention in Different Market Structures
- Inequality
- AP Practice Exam Part A and Part B
Module 07: Resources
