In this course, students explore the power of marginal thinking and apply it to common decisions that individuals and business firms encounter each day. Students examine, interpret, analyze, and model key microeconomics concepts and processes, from the shifting supply and demand for familiar products to the model of the labor market and how wages are determined. This rich course provides students with all the material and practice needed for success on the AP Exam. Yet, this is just the beginning—in the long run, taking AP Microeconomics will develop the critical thinking and analytical skills that empower students for a lifetime.
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.
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.
Students will demonstrate an understanding of production, costs and competition by analyzing cost curves, explaining profit maximization, and summarizing market structures.
Students will demonstrate an understanding of imperfect competition by explaining the imperfect competitive market, summarizing price discrimination, and analyzing oligopoly and game structures.
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.
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.
Module 01: Basic Economic Concepts
Basic Economic Concepts Introduction
Resource Allocation and Economic Systems
Production Possibilities Curve
Comparative Advantage and Trade
Marginal Analysis and Consumer Choice
Module 02: Supply and Demand
Supply and Demand Introduction
Price Elasticity of Demand
Price Elasticity of Supply
Market Equilibrium and Consumer and Producer Surplus
Market Disequilibrium and Changes in Equilibrium
The Effects of Government Intervention in Markets
International Trade and Public Policy
Module 03: Production, Cost, and the Perfect Competition Model
Production, Cost, and the Perfect Competition Model Introduction
The Production Function
Short-Run Production Costs
Long-Run Production Costs
Types of Profit
Firms’ Short-Run and Long-Run Decisions
Module 04: Imperfect Competition
Imperfect Competition Introduction
Basics of Imperfectly Competitive Markets
Oligopoly and Game Theory
Module 05: Factor Markets
Factor Markets Introduction
Basics of Factor Markets
Changes in Factor Demand and Factor Supply
Profit-Maximizing Behavior in Perfectly Competitive Factor Markets
Module 06: Market Failure and the Role of Government
Market Failure and the Role of Government Introduction
Socially Efficient and Inefficient Market Outcomes
Public and Private Goods
The Effects of Government Intervention in Different Market Structures
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:
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/