AP Microeconomics

Description

Students must take the Advanced Placement Exam in order to receive Advanced Placement credit. Students who do not take the AP® Exam will be awarded Honors level credit. You traveled to the Macro Islands to assist the leader in winning re-election. You came for a job, but you realized as you were working that you loved the islands and wanted to make your home there. Because you are adept at giving economic advice to the leader, you have been appointed as the new President of the Sunny Seas Shell Company. As part of your role in assuming the leadership duties of the company, you will need to brush up on microeconomics. The Board of Directors has appointed Ms. Equilibrium to act as your personal assistant and advisor as you transition into your new role. You will be learning all you can about microeconomics and will be required to exhibit your knowledge in May at the annual Board of Directors’ meeting (the AP Exam). 

Major Topics and Concepts

Economic Basics
Production Possibilities Frontier
Types of Economic Systems
Economic Reasoning Activity
Absolute vs. Comparative Advantage
Understanding Economic Basics
Equilibrium
Shifts in Supply and Demand
Models of Consumer Demand
Excise Tax
Production Costs
Production Curve Graph
Perfect Competition
Short and Long Run
Consumer and Producer Surplus
Monopolies
Monopolistic Competition
Oligopoly
Market Structure
Circular Flow
Marginal Productivity Theory
Determinants of Demand and Resources
Wages
Outsourcing
Private vs. Public Goods
Externalities
Economic Situations: Environment and Government
Introduction to Taxes
Income Distribution
Guided Review