AP Microeconomics

0.75 Credits

1 segment / 16-18 weeks

Coursework

Open

You traveled to the Micro 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).

Note: content varies depending on course version. For currently enrolled students, please refer to the syllabus located in the course information area for curriculum specifics.

Competencies

Economic Foundations

Students will demonstrate an understanding of economic foundations by summarizing the function of economic systems, describing the production possibilities curve, explaining comparative advantage and trade, and analyzing marginal analysis and consumer choice.

Economic Supply and Demand

Students will demonstrate an understanding of economic supply and demand by summarizing the laws of supply and demand, explaining economic elasticity, comparing market equilibrium, and analyzing trade regulations.

Production, Costs and Competition

Students will demonstrate an understanding of production, costs and competition by analyzing cost curves, explaining profit maximization, and summarizing market structures.

The Structure of Competition

Students will demonstrate an understanding of imperfect competition by explaining the imperfect competitive market, summarizing price discrimination, and analyzing oligopoly and game structures.

The Factor Markets

Students will demonstrate an understanding of the factor markets by explaining factor market foundations, comparing factor market changes, and summarizing how to maximize profit margins.

Government’s Role in Market Viability

Students will demonstrate an understanding of the government’s role in market viability by analyzing socially efficient and inefficient market outcomes, summarizing externalities, explaining regulation of monopolies and describing the effects of government intervention in market structures.

Major Topics and Concepts

Segment 1

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

Course Materials

AP Course & Exam Registration Requirements

College Board requires students to register for AP exams no later than November 13th (individual schools may set earlier deadlines).

All VLACS AP students are required to enroll in the “course only” section in My AP. Instructions for joining My AP will be posted on each VLACS course page and instructors are available to help with this process.

Students who plan to take the corresponding AP exam must arrange to take the exam at a local school that administers it. To register for an AP Exam, the local school will enroll the student in an “exam only” section in My AP. Students should follow these steps:

Search for a local test site through this resource of contact AP Services for Students at 888-225-5427 [email protected]. That office can give you contact information for local AP coordinators who may be willing to test outside students. Students are then responsible for contacting coordinators on that list to see if one can arrange to test for you. You should do this no later than October 2nd. Note that schools may have their own local deadlines for receiving requests from outside students to test at their school so we recommend doing this as soon as possible
The AP coordinator who agrees to assist you must provide a join code for an “exam only” section in My AP. You’ll use the join code to join the section so that the AP coordinator can order your exam.

Please note that, if a school allows a student to register after the 11/13 deadline, there will be a $40 late exam fee. There will also be a $40 canceled/unused exam fee if a student registers and then cancels his/her exam or if the student does not show up on test day.

More information is available on the College Board’s website: https://apstudents.collegeboard.org/