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High AP Microeconomics

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Pre Requisites

Algebra 1 recommended

Description

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.

Per College Board’s Appropriate Grade Level Policy – Students enrolling in AP courses with FLVS must be entering 9th grade to have AP designation affixed to their transcript at course completion. By signing up for an AP course with FLVS you are agreeing to College Board’s policy. 

Follow the link below for the Department of Education description of this course: https://www.cpalms.org/Public/PreviewCourse/Preview/4538

Module 1: Basic Economic Skills and Concepts

  • Scarcity
  • Resource allocation
  • Economic systems
  • Production Possibilities Curve (Frontier)
  • Reading and constructing basic economics graphs
  • Comparative advantage and trade
  • Cost-benefit analysis
  • Marginal analysis and impact on consumer choice

 

Module 2: Supply and Demand

  • The law of demand and determinants of demand
  • The law of supply and determinants of supply
  • Price elasticity of demand
  • Price elasticity of supply
  • Cross-price and income elasticity
  • Market equilibrium
  • Constructing and interpreting market graphs
  • Economic surplus
  • Market disequilibrium
  • International trade and public policy

 

Module 3: Production, Cost, and the Perfect Competition Model

  • The production function
  • Short-run production costs
  • Long-run production costs
  • Types of profit
  • Profit maximization of the firm
  • A firm’s short-run production decisions
  • A firm’s long-run decisions to enter or exit a market
  • The perfectly competitive market model
  • Allocative and productive efficiency

 

Module 4: Imperfect Competition

  • Distinguishing imperfect from perfect competition
  • Characteristics of imperfectly competitive markets
  • The monopoly model
  • Basics of the natural monopoly model
  • Price discrimination in a monopoly
  • The monopolistic competition model
  • Oligopoly and game theory
  • Reading and analyzing a payoff matrix

 

Module 5: Factor Markets

  • Defining factor (resource) markets
  • Differentiating input from output markets
  • Identifying changes in factor demand and factor supply and outcomes
  • Profit maximization in a perfectly competitive factor market
  • The monopsony model

 

Module 6: Market Failure and the Role of Government

  • Socially optimal production
  • Defining market failure
  • Efficient versus inefficient market outcomes
  • Externalities
  • Public goods
  • Private goods
  • Effects of government intervention
  • Comparing government intervention in different market structures

Besides engaging students in challenging curriculum, the course guides students to reflect on their learning and evaluate their progress through a variety of assessments. Assessments can be in the form of practice lessons, multiple choice questions, writing assignments, projects, research papers, oral assessments, and discussions. This course will use the state-approved grading scale. Each course contains a mandatory final exam or culminating project that will be weighted at 20% of the student’s overall grade.***

***Proctored exams can be requested by FLVS at any time and for any reason in an effort to ensure academic integrity. When taking the exam to assess a student’s integrity, the exam must be passed with at least a 59.5% in order to earn credit for the course.  

Advanced Placement Policy

Students entering high school grades 9-12 have access to Advanced Placement courses that may result in earning college credit for high school coursework. These courses are used to calculate overall Grade Point Average (GPA) and typically count extra in the calculation. These courses are also available at no charge to Florida public school students, whereas they may have a tuition cost if taken in college. (S. 1003.02, F.S.)

A passing grade in the course will be accepted for high school credit.  Postsecondary institutions determine college credit awarded, based on the AP Exam score earned.  FLVS strongly encourages students who take AP courses to sit for the course AP Exam in May. Florida students shall be exempt from payment of any fees associated with AP Exam participation, with the exception of late test registration fees incurred by the student.