•                                                                                 AP Microeconomics
    The Advanced Placement Microeconomics class is a yearlong course.  This class will promote your understanding of the principles of economics that apply to the behavior of individuals within an economic system. You will use graphs, charts, and data to analyze, describe, and explain economic concepts.  A primary emphasis is on the interactions of producers and consumers in product and resource markets (supply and demand).   The course also includes a study of methods the government attempts to correct market failures.

    Skills you will learn:

    • Define economic principles and models
    • Explain given economic outcomes
    • Determine outcomes of specific economic situations
    • Model economic situations using graphs or visual representations

    All students will take the AP Microeconomics Exam, currently scheduled on Friday, May 5, 2023.


    Contact Information:       Teacher: Kyle Smith                     School Email:         ksmith@acpsd.net

    Classroom Text:      Principles of Economics-AP Edition, N. Gregory Mankiw, Sixth Edition    

    Expectations:
    1) Students are to attend class regularly, participate in class discussions, and complete assigned readings/activities. 
    2) As aforementioned, you are strongly encouraged to attend and be attentive in class.  Missed assignments are the
        responsibility of the person who has missed the class.  Missed assignments must be completed within the
        assigned time prescribed per school district policy. 
    3) All school policies are in effect.  Read and adhere to policies in the NA High handbook. 

    Grading Scale:
    I utilize a point system for all grades.  Tests are normally 100 points while quizzes, projects, and writing assignments may range from 25-100 points (depending on the amount of material covered).  At the end of a term, a student’s grade is determined by: 

               Points accumulated         example = 788   = 87.55 = 88 avg.
                                 Total Points                                 900

    Extra Help/Assistance:
    I am available to help students before school beginning at 7:30 and during lunch.  I am also available to help after school when I am not coaching.  Please arrange with me prior to showing up.


                                                   AP Microeconomics Course Outline

                                                                                   (12%–15% of AP exam score)
    1.1 Scarcity
    1.2 Resource allocation and economic systems
    1.3 The Production Possibilities Curve
    1.4 Comparative advantage and gains from trade
    1.5 Cost-benefit analysis
    1.6 Marginal analysis and consumer choice

                                                                                           (20%–25% of AP exam score)
    2.1 Demand
    2.2 Supply
    2.3 Elasticity of Demand/Elasticity of Supply/Other Elasticities
    2.4 Market equilibrium, disequilibrium, and changes in equilibrium
    2.5 The effects of government intervention in markets, price controls, ceilings and floors
    2.6 International trade and public policy

    Production, and Costs                                 (22%–25% of exam score)
    3.1 The production function
    3.2 Short-run production costs
    3.3 Long-run production costs
    3.4 Types of profit
    3.5 Profit maximization
    3.6 Short-run decision to produce and Long-run decision to enter or exit a market
    3.7 Perfect competition

                                                                                        (15%–22% of exam score)
    4.1 Introduction imperfectly competitive markets
    4.2 Monopoly
    4.3 Price discrimination
    4.4 Monopolistic competition
    4.5 Oligopoly and game theory

                                                                                                   (10%–13% of exam score)
    5.1 Introduction to factor markets
    5.2 Changes in factor demand and factor supply
    5.3 Profit-maximizing behavior in perfectly competitive factor markets
    5.4 Monopsonistic markets

                                                      (8%–13% of exam score)
    6.1 Socially efficient and inefficient market outcomes
    6.2 Externalities
    6.3 Public and private goods
    6.4 The effects of government intervention in different market structures
    6.5 Income and wealth inequality