Capitulo 14 Mankiw

AP Microeconomics Syllabus
Mr. White
mwhite@sd206.org
708-755-1122 ext. 2225

In this course, students will:

• Learn and master an economic way of thinking, meaning they will learn to think like economists when presented with problems; [CR1]

• Learn to express themselves with both written text answers and through a variety of graphical models; [CR6]

• Appreciate thegeneral development of modern economic theory;

• See the basic connections between economics and calculus (if students have the appropriate math skills);

• Become familiar with the basic language of business and be able to read and understand the business press and the basic measurements of economic performance; and

• Be well prepared to continue their economics education at thecollege level.

Course Planner
Content Summary
Semester 1 – Microeconomics
1. Basic economic concepts: scarcity, choice, opportunity cost, PPF [CR1]

2. Nature and function of product markets: supply and demand, elasticity, consumer choice, firm production costs and revenue, pricing, perfect competition, imperfect competition [CR2]

3. Factor markets: derived demand, factorpricing [CR3]

4. History of economic thought: Adam Smith, Thomas Malthus, David Ricardo, Karl Marx, John Maynard Keynes

5. Role of government: government regulation, public goods, externalities distribution of wealth [CR4]









Unit 0: The Automatic Millionaire Summer Reading 1 day

Reading: Bach, The Automatic Millionaire
Assessment:Students must read The Automatic Millionaire in its entirety. When finished students are to construct their own Latte Factor reports, set up a savings account, and write a 2 page paper discussing how the objectives of the book have changed how you value your future.

Unit 1: Basic Concepts 2 weeks
Key Topics:Scarcity, Choice, Opportunity cost, PPF, Basic Marginal Benefit/Marginal Cost Analysis, Comparative and Absolute Advantage [CR1, CR5]

Readings: Mankiw, Principles of Economics, Chapter 1, pg. 4-11; Chapter 2, pg. 23-28;
Chapter 3

Assessment:
1. 2 Quizzes with two short-answer questions and six to eight multiple choice questions


2. Test with 1 long-answer question, 2 short-answerquestion, and 20-30 multiple-choice questions

Unit 2: Supply and Demand 4 weeks
Topics: Demand, Law of Diminishing Marginal Benefits, Supply, Consumer and Producer Surplus, Consumer Choice/Optimal Purchase Rule, Allocative Efficiency, Deadweight Loss, Elasticity, Total Revenue Test, Price Discrimination, Price Floors andCeilings, Efficiency versus Equity [CR2] [CR6]

Readings: Mankiw, Principles of Economics, Chapter 4; Chapter 5; Chapter 6; Chapter 7; Chapter 8, pg. 164-169;

1. 4 Quizzes with two short-answer questions and six to eight multiple choice questions


2. Test with 1 long-answer question, 2 short-answer questions, and 20-30 multiple choice questions

Unit 3: Costs and Revenues3 weeks
(emphasis on graphs) [CR6]
Topics: Law of Diminishing Marginal Returns, Economies of Scale, Costs (fixed, variable, marginal), Cost Curves (relationship between curves), Total and Marginal Revenues, Profit and Loss (MR/MC and TR/TC), Break-Even, Shut Down, Economic Profit versus Normal Profit [CR2]

Reading: Mankiw,Principles of Economics, Chapter 13

Assessment:
1. Test with 1 long-answer questions, 2 short-answer questions, and 20-30 multiple choice questions

2. 3 Quizzes with two short-answer questions and 6 to 8 multiple-choice questions



Unit 4: Perfect Competition 2 weeks
Topics: Assumptions, Relationship...