Instructor: Bob Sarver Phone: 321.242.4730 Ext. 5004 Email: sarver.robert@brevardschools.org Web Page: http://westshore.hs.brevard.k12.fl.us/teachers/sarverr/ap_micro_economics.html Course Description: This is a 16-week course with a purpose of giving students a thorough understanding of the principles of economics that apply to the functions of individual decision makers, both consumers and producers, within the economic system. It places primary emphasis on the nature and functions of product markets and includes the study of factor markets and of the role of government in promoting greater efficiency and equity in the economy. Microeconomics introduces students to the cost benefit analysis that is the economic way of thinking. This analysis is used to understand smaller segments of the economy specifically, consumers and producers as they interact in output markets and resource markets, and to understand the government s impact on these specific economic units. A secondary goal of this course is to successfully prepare students to take the AP Exam for Microeconomics, which will be administered on May 18th at 8 am. The course is taught on a college level and it requires a substantial amount of reading and preparation for every class, in order for this goal to be met. STUDENTS SHOULD EXPECT TO DO SEVERAL HOURS OF OUTSIDE CLASSROOM work per week. Students will exhibit these acquired areas of knowledge through (at a minimum) Free Response Questions (FRQ/Graphs), numerous graphing exercises in and outside of class, class discussion and issue analysis/synthesis, debate, critical thinking applications, standard assessments, and quizzes. Graphing, practical applications, class discussion, and analysis will be emphasized along with application of the material through Free Response Questions/Graphing. The class web page will be the central location for all assignments and there will be numerous worksheets, videos, quizzes, and other assignments located on this page. The Text utilized that will be the 21st edition of McConnell, Brue, and Flynn, Economics (see below under resources for citation). Goals: At the successful completion of this course, students will have assimilated information and demonstrated an understanding and working knowledge of each of five units: I. Basic Economic Concepts A. The Economic way of thinking B. Scarcity; The Nature of Economic Systems C. Comparative advantage, absolute advantage, specialization and trade D. Economic systems E. Property rights and the role of incentives F. Marginal analysis II. The Nature and Functions of Product Markets A. Demand B. Supply C. Equilibrium Price and Quantities; Interrelationships of Markets D. Elasticity E. Price Ceilings and Floors F. Supply and Demand used to Analyze Market Behavior III. The Theory of the Firm A. Introduction to Market Structure B. Costs of Production C. Perfect Competition D. Monopoly E. Monopolistic Competition and Oligopoly
IV. AP Microeconomics F. Market Structure on Conventional and Unconventional Situations Factor Markets A. Product and Factor Market Differentiation B. Marginal Productivity and Factor Demand C. Resource Market Structures on Wages and Employment D. Determination of Economic Rent and Interest V. The Role of Government A. Government and Allocation of Resources B. Government and Market Failures C. Efficiency, Equity, and the Effects of Governmental policies As an overall goal, students will pass the AP Microeconomics test with a score of 3 or higher. An additional goal is to acclimate students to a college level course and a rigorous course of study. Requirements: Each student is expected to complete all assignments and tasks as assigned inside both the classroom and those required for outside independent study. With such preparation, student can bring evidence and participate actively in classroom discussions, and writings, either as an individual or in groups, in a manner that demonstrates knowledge of the topic. PARTICIPATION is required. Topics are varied and sometimes controversial, however if the student remains focused on completing the assignments and incorporating a variety of points of view into their knowledge base, they then learn to become better informed and advocates for present and future positions. Free Response Questions, FRQ s, will be required on each exam taken. Additionally, a FRQ will be administered a minimum of once per week on the topics covered during the course. Classes will entail extensive graphing on a regular basis to demonstrate/illustrate mastery of content. It is planned that there will be online videoconference or in class weekly review sessions from the completion of class until the AP Exam. It is highly recommended that students attend as many of these review sessions as possible. On a SATURDAY morning, in April on a date agreeable to the majority, there will be a review and practice exam. Students will also find study groups outside class to be very helpful. FRIDAY, May 18 th AP Exam, 8:00 a.m. NOTE TO STUDENTS: Students who are not in class on any given day are responsible for ANY missed assignment, reading, and activities. Everyday is a teaching day and if you are not in class, teaching will still occur, prepare the night before returning to class with both any missed and due assignments. Students must check the class web page regularly for information. Also, I frequently review email at home or during periods when class is not in session, I would encourage you to email me when you have questions or concerns related to class. Weekly tutoring will be helpful but will not replace being in class. I will include essential questions and information for each unit on the class web page and supporting online sites that can prove helpful to success in the class. I recommend that you create folders at home to organize your Unit work. Resources: (including but not limited to) AP Microeconomics Class web page: AP Microeconomics (our class web page) numerous sources of information will be listed here and this will be the central location for information concerning class. This should be bookmarked and referred to for all information concerning assignments. http://westshore.hs.brevard.k12.fl.us/teachers/sarverr/ap_micro_economics.html
AP Microeconomics www.collegeboard.org AP information and links www.studystack.com note cards for vocabulary. Numerous other web sites and digital media, which are included on the class web page Evaluation: Points system Point basis assignments as indicated below. These assignments will be subject to change based on circumstance that may develop during class. CHAPTER/UNIT EXAMS - (in format of AP Microeconomics exam) 100 pts each Graphing and FRS s; numerous per week done either at home or in class (free response format) 50 pts each IN CLASS QUIZZES 2-3 per chapter *see addendum 30 pts each CHAPTER Summaries from worksheets multiple per chapter 30 pts each CLASSWORK/WRITINGS/discussions-will vary unit to unit (week to week) 25 pts each ONLINE VIDEO VIEWING Students will log into software to view videos outside of class s 25 points each CHAPTER TESTS- mainly online 100 pts each VOCABULARY QUIZZES or current events as assigned 10-30 pts each Students should realize that exams are written at the AP EXAM level and may not do as well as they hoped, completing extra credit which will be offered online and staying on top of homework will out weigh or compensate for this problem. Tutorials: Please see me for extra help if you are having trouble learning the material. It is crucial that you do this early in the semester so that you do not fall behind. There is an abundance of online supplemental material available for ongoing review of the material. Course Schedule Weeks Key Topics Assignments August 10 2 weeks Assignments on the class web page Sept 3 - weeks Assignments on the class web page Basic Concepts of Economics: Scarcity, choice and opportunity cost, Production possibilities curves, Comparative advantage, absolute advantage, specialization and trade, Economic systems, Property rights and the role of incentives, and Marginal analysis Nature and Function of Product Markets: (emphasis on graphs/graphing) Supply and Demand: Market Equilibrium, Determinants of supply and demand, prince and quantity controls, Elasticity (focus on total revenue test), Price, income and cross-price elasticity s of demand, price elasticity of supply, Consumer surplus, producer surplus, and market efficiencies, tax incidence and deadweight loss. Theory of consumer choice: total utility and marginal utility, utility maximization, equalizing marginal utility per dollar, individual and marker demand curves, (Minimums, subject to change) -Online Article: The Transformation of American Community, National Affairs, Mark Dunkelman -McConnell/Brue: Chapters 1, 2, 5: -McConnell/Brue: Chapters 3, 6, 4
Weeks Key Topics Assignments income and substitution effects Sept Oct - 5 weeks The Theory of the Firm: (emphasis on graphs/graphing) Production functions short and long term, marginal product and diminishing returns, short-run costs, long run costs and economies of scale, cost minimizing input combination Firm behavior and market structure Profit, accounting vs. economic profits, normal profit, profit maximization rule MR=MC, perfect competition, profit maximization, short and long run shutdown decisions, behavior of firms in short and long run, efficiency and perfect competition, Monopoly sources of market power, profit maximization, inefficiency and monopoly, price discrimination, natural monopoly Oligopoly Interdependence collusion and cartels, Game Theory and strategic behavior Monopolistic competition product differentiation and advertising, profit maximization, short and long term equilibrium Oct and Nov 3 weeks Factor Markets: (emphasis on graphs/graphing) Derived factor demand, marginal revenue product, labor marker and firms hiring of labor, market distribution of income (Minimums, subject to change) -McConnell/Brue: Chapters 7, 8, 9, 10, 11 -McConnell/Brue: Chapters 12, 13, 14 Nov Dec 3 weeks Role of Government and Market Failures: (emphasis on graphs/graphing) Externalities, marginal social benefit and marginal social cost, positive externalities, negative externalities, remedies, Public goods, public v. private goods, provision of public goods, Public policy to promote competition, antitrust policy, regulation, Income distribution, equity distribution, sources of income inequality and Lorenz curve -McConnell/Brue: Chapters 16, 17, 18, 20 Dec 17 to Dec 20 Final Exams Same format as AP Microeconomics Exam practice exam with FRQ and graphs, Dec 20 End of Semester January 9 to May 16 Weekly review of major concepts held online via videoconference. All materials for review will still be available to students on the class web pages. AP EXAM May 18 th, 2018 at 8 am Text and Resources: 1. McConnell, Brue, and Flynn. Economics, Principles, Problems, and Policies. 21 st Edition. ISBN: 978-0-07-900157-3. McGraw Hill Publishing. 2018.
2. Morton, John S., and Rae Jean B. Goodman. 2004. Advanced Placement Economics: Microeconomics, Teacher Resources. 3rd ed. New York: National Council on Economic Education. 3. Morton, John S., and Rae Jean B. Goodman. 2004. Advanced Placement Economics: Microeconomics, Student Activities. 3rd ed. New York: National Council on Economic Education. 4. Economics U$A. Video series. Produced by Educational Film Center. N.p., 2002. 5. The Economist 6. Other outside readings that may include articles from national papers such as the Washington Post, New York Times, and local papers, periodicals relevant to current events and economic thought such as The Economist, as well as others that require students to analyze economic concepts, data, and graphs. 7. Multimedia: a. Various digital media (current and legacy) videos (classroom and online) i. Paul Solman Videos ii. Economics USA Annenberg collection b. Political programming as provided with channels CNN, MSNBC, FOX, BCC, and NPR 8. Various additional websites, articles, readings that will be found on the class web page. Teacher Contact: I am readily accessible by email before and after classes. This is the most efficient manner to contact me and I frequently check email while at home or during non-class periods. If you have any questions or issues concerning class or the material, email me.
Addendum AP Gov t/politics/microeconomics/macroeconomics Syllabus In an effort to enhance retention of material for the AP Exams which take place in May, the following procedures will be implemented in this year s classes. In class quizzes will be a regular ongoing additional aspect of class. The quizzes will be administered in the manner listed below: All of the quizzes will come directly from the assigned textbook chapter, which we will be studying throughout the year. Each quiz will be no longer than 10 questions and administered in class for the first 10 minutes of class only. Each question counting three points each. Handwritten notes that students have themselves personally taken either through reading or our coverage of class materials, can be utilized on the quizzes. No electronic notes, handwritten notes only. For each chapter covered, it is anticipated that there will be three (3) in class quizzes. These class quizzes will be in addition to the other online class assignments, readings, tests that will be assigned during the course of the semester. Extra Credit for in class quizzes: Students will receive their graded answer sheets for each in class quiz taken within two days of taking the quiz. Solely at the discretion of the student, within one week of receiving their graded quiz, students can come to class during the first fifteen minutes (15) of power hour, to take an extra credit quiz, to compensate for the scores received on the in class quiz. o These extra credit quizzes will be of the same type as the other ones taken. With different questions but all material will come from the text. These extra credit quizzes will have a total value of 15 points or ½ of the original in class quiz taken. The purpose of these in class quizzes and extra credit (extra credit initiated solely at the initiative of the students, within the time frames stated above) are to attempt to get students to read and comprehend the textual information, provide a better retention and understanding of the information discussed in class, and improve scores on the National Exam, administered in May.