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AP Microeconomics
AP MICROECONOMICS
AP Microeconomics studies the behavior of individuals and businesses as they exchange goods and services in the marketplace. Students will learn why the same product costs different amounts at different stores, in different cities, at different times. They’ll also learn to spot patterns in economic behavior and how to use those patterns to explain buyer and seller behavior under various conditions. Microeconomics studies the economic way of thinking, understanding the nature and function of markets, the role of scarcity and competition, the influence of factors such as interest rates on business decisions, and the role of government in promoting a healthy economy. The equivalent of a 100-level college course, AP Microeconomics prepares students for the AP Exam and for further study in business, history, and political science.
The content aligns to the scope and sequence specified by the College Board and to widely used textbooks.
Prerequisites: Algebra I
Recommended Grades: For qualified AP students
Length: One semester
UNIT 1: WHAT IS ECONOMICS?
LESSON 1: WHAT IS ECONOMICS?
Practice: Introducing Microeconomics
Go over the format and goals of the course. See how to succeed in the course and what to expect on the AP exam.
Duration: 0hr 30min
Discuss: Why Study Economics?
Before exploring the details of microeconomics, discuss your definition of economics and reasons for studying it with your classmates.
Duration: 0hr 30min Scoring: 10 points
Study: Introduction to Economics
Explore the basics of economics, including goods, services, markets, and a fundamental concept of economics: scarcity.
Duration: 1hr 15min
Discuss: Scarcity and Value
Discuss concepts of scarcity and value.
Duration: 0hr 30min Scoring: 10 points
Study: Economic Tools: Graphs and Equations
Review basic concepts about graphs, equations, slopes and intercepts and see how to apply these skills as you work with income graphs and formulas.
Duration: 1hr
Study: Economic Systems
Examine the major questions each economic society faces and explore the different ways traditional, command, and mixed economies answer these questions.
Duration: 1hr 15min
Quiz: Wrap-Up
Answer questions to assess your understanding of the content.
Duration: 0hr 45min Scoring: 20 points
LESSON 2: WRAP-UP
Review: What Is Economics?
Review your studies of basic economic terms.
Duration: 2hr
Practice: What is Economics?
Using common economic terms, complete a crossword puzzle.
Duration: 0hr 30min
Discuss: Cram Session
Discuss economic terms and other areas about which you are unclear.
Duration: 0hr 30min Scoring: 10 points
Test (TS): What Is Economics?
Take a test about the main concepts introduced.
Duration: 1hr Scoring: 135 points
LESSON 3: DIAGNOSTIC
Diagnostic: What Is Economics?
Test your understanding of the key concepts covered.
Duration: 0hr 45min Scoring: 26 points
UNIT 2: BASIC ECONOMIC CONCEPTS
LESSON 1: COSTS, BENEFITS, AND PPF
Study: Costs and Benefits
Examine definitions of costs and benefits and the idea of self-interest. Analyze decision alternatives by considering the opportunity costs.
Duration: 1hr 15min
Discuss: Weighing Costs and Benefits
Discuss how you would weigh costs and benefits in various situations.
Duration: 0hr 30min Scoring: 10 points
Study: Production Possibilities Frontier
See how economists use a Production Possibilities Frontier (PPF) graph to analyze the opportunity costs of a decision.
Duration: 1hr 30min
Brainbuilder: Investigate the PPF
Investigate the PPF curve and factors that affect it.
Duration: 0hr 45min
Practice: Apply Concepts of Basic Economics
Use the tools of the PPF and marginal analysis to answer questions about production, cost, trade, and value.
Duration: 1hr Scoring: 60 points
Quiz: Wrap-Up
Answer questions to assess your understanding of the content.
Duration: 0hr 45min Scoring: 20 points
LESSON 2: PRODUCTION AND TRADE
Study: Individual Production and Trade
Look at issues related to specialization and trade. Explore the use absolute advantage and comparative advantage to rank producers' ability to produce goods.
Duration: 1hr 30min
Brainbuilder: Investigate the Absolute and Comparative Advantage
Practice calculating comparative and absolute advantage.
Duration: 0hr 45min
Discuss: Comparative Advantage
Answer a classmate's question about comparative advantage, and pose a question for another classmate.
Duration: 0hr 30min Scoring: 10 points
Study: National Production and Trade
Look at the PPF for an entire economy and examine the issues related to trade between countries.
Duration: 1hr 30min
Practice: Apply Concepts of Production and Trade
Apply the concepts of comparative advantage and specialization to questions about individual and national production.
Duration: 1hr Scoring: 60 points
Quiz: Wrap-Up
Answer questions to assess your understanding of the content.
Duration: 0hr 45min Scoring: 15 points
LESSON 3: THE SCIENTIFIC TOOLS OF ECONOMICS
Study: The Scientific Method
See how economists, and other scientists, develop theories and test their ideas.
Duration: 1hr 30min
Discuss: Economics and the Scientific Method
Discuss the particular challenges faced by economists using the scientific method.
Duration: 0hr 30min Scoring: 10 points
Study: Theories and Models
Explore the various ways ideas can be represented as models. Look at four types of models: verbal, numeric, graphic, and algebraic.
Duration: 1hr 15min
Quiz: Wrap-Up
Answer questions to assess your understanding of the content.
Duration: 0hr 45min Scoring: 10 points
LESSON 4: WRAP-UP
Review: Basic Economic Concepts
Review your studies of basic economic concepts.
Duration: 2hr
Practice: Basic Economic Concepts
Using common economic terms and concepts, complete a crossword puzzle.
Duration: 0hr 30min
Discuss: Cram Session
Discuss basic economic concepts and areas about which you are unclear.
Duration: 0hr 30min Scoring: 10 points
Test (TS): Basic Economic Concepts
Take a test about the main concepts introduced in the study of basic economics.
Duration: 1hr Scoring: 135 points
LESSON 5: DIAGNOSTIC
Diagnostic: Basic Economic Concepts
Test your understanding of the key concepts covered.
Duration: 0hr 45min Scoring: 35 points
UNIT 3: DEMAND, SUPPLY, ELASTICITY, AND CHOICE
LESSON 1: DEMAND
Study: Demand
Explore the basics of consumer demand, and see how to make a demand curve.
Duration: 1hr
Brainbuilder: Investigate Demand
Practice using demand schedules and demand curves.
Duration: 0hr 45min
Study: Determinants of Demand
See what affects consumer demand and how those effects are shown on a graph.
Duration: 1hr 15min
Brainbuilder: Investigate Shifts of Demand Curves
Practice shifting demand curves.
Duration: 0hr 45min
Practice: Apply Concepts of Demand and Shifts of Demand Curves
Answer questions on demand and the determinants of demand.
Duration: 1hr Scoring: 60 points
Quiz: Wrap-Up
Answer questions to assess your understanding of the content.
Duration: 0hr 45min Scoring: 10 points
LESSON 2: SUPPLY
Study: Supply
Examine supply curves, and see how to make a supply curve.
Duration: 1hr 15min
Brainbuilder: Investigate Supply
Practice using supply schedules and supply curves.
Duration: 0hr 45min
Study: Determinants of Supply
See what affects suppliers' decisions to make and sell a good or service and how to show the effects graphically.
Duration: 1hr 15min
Discuss: Another Determinant of Supply?
Explain your opinion about a possible addition to the list of determinants of supply—the number of suppliers in the market.
Duration: 0hr 30min Scoring: 10 points
Brainbuilder: Investigate Shifts of Supply Curves
Investigate how to shift supply curves.
Duration: 0hr 45min
Practice: Apply Concepts of Supply and Shifts of Supply Curves
Answer questions on supply and the determinants of supply.
Duration: 1hr Scoring: 60 points
Quiz: Wrap-Up
Answer questions to assess your understanding of the content.
Duration: 0hr 45min Scoring: 10 points
LESSON 3: MARKET EQUILIBRIUM AND PRICE DETERMINATION
Study: Market Equilibrium
Look at supply and demand curves together, and explore the concept of market equilibrium.
Duration: 1hr 15min
Brainbuilder: Investigate Market Equilibrium
Practice finding and indicating market equilibrium.
Duration: 0hr 45min
Study: Changes in Equilibrium
See how changes in supply and demand affect market equilibrium, and investigate price floors and price ceilings.
Duration: 1hr 30min
Brainbuilder: Investigate Changes in Equilibrium
Practice shifting supply and demand curves, and notice how the shifts affect market equilibrium.
Duration: 0hr 45min
Practice: Apply Concepts of Market Equilibrium
Answer questions about market equilibrium, focusing on issues of price floors and ceilings and the adjustment to equilibrium.
Duration: 1hr Scoring: 60 points
Quiz: Wrap-Up
Answer questions to assess your understanding of the content.
Duration: 0hr 45min Scoring: 10 points
LESSON 4: ELASTICITY AND CONSUMER CHOICE
Study: Price Elasticity of Demand
See how to measure consumer sensitivity to price changes.
Duration: 1hr 30min
Brainbuilder: Investigate Elasticity of Demand
Investigate elasticity of demand, and examine the relationship between elasticity and total revenue.
Duration: 0hr 45min
Study: Price Elasticity of Supply and Other Elasticities
Examine producer sensitivity to price changes, and consumer sensitivity to income and the prices of related goods.
Duration: 1hr 15min
Brainbuilder: Investigate Elasticity of Supply and Other Elasticities
Practice calculating price elasticity of supply, and examine income and cross-price elasticity.
Duration: 0hr 45min
Practice: Apply Concepts of All Elasticities
Answer questions about price elasticity of supply and demand, income elasticity of demand, and cross-price elasticity of demand.
Duration: 1hr Scoring: 60 points
Study: Utility
Examine the concepts behind the economic definition of consumer satisfaction.
Duration: 1hr 30min
Brainbuilder: Investigate Utility and Consumer Surplus
Practice using the ideas of utility, and explore consumer surplus on a graph.
Duration: 0hr 45min
Quiz: Wrap-Up
Answer questions to assess your understanding of the content.
Duration: 0hr 45min Scoring: 10 points
LESSON 5: WRAP-UP
Review: Demand, Supply, Elasticity, and Consumer Choice
Review your studies of demand, supply, elasticity, and consumer choice.
Duration: 2hr
Practice: Demand, Supply, Elasticity, and Consumer Choice
Using common terms (referring to demand, supply, elasticity, and consumer choice) complete a crossword puzzle.
Duration: 0hr 30min
Discuss: Cram Session
Discuss demand, supply, elasticity, and consumer choice and any areas about which you are unclear.
Duration: 0hr 30min Scoring: 10 points
Test (TS): Demand, Supply, Elasticity, and Consumer Choice
Take a test about the main concepts introduced.
Duration: 1hr Scoring: 135 points
LESSON 6: DIAGNOSTIC
Diagnostic: Demand, Supply, Elasticity, and Consumer Choice
Test your understanding of the key concepts covered.
Duration: 0hr 45min Scoring: 36 points
UNIT 4: FIRM PRODUCTION, COSTS, AND REVENUE
LESSON 1: FIRM PRODUCTION
Study: Business Organization
Examine the main types of business organizations.
Duration: 1hr 15min
Study: Costs and Profits
Examine the concepts behind the economic definition of costs and profits.
Duration: 1hr 15min
Discuss: Costs and Profits of Your Own Business
Choose a type of organization for your own business and discuss issues of cost and profit.
Duration: 0hr 30min Scoring: 10 points
Study: Production in the Short Run
See graphs of the production of a firm when one or more inputs are fixed in size.
Duration: 1hr 30min
Brainbuilder: Investigate Production in Short Run
Practice creating marginal product curves, and answer questions about the production of a firm in the short run.
Duration: 0hr 45min
Quiz: Wrap-Up
Answer questions to assess your understanding of the content.
Duration: 0hr 45min Scoring: 10 points
LESSON 2: COSTS IN THE SHORT RUN AND LONG RUN
Study: Costs in the Short Run
See graphs of the cost curves of a firm when one or more inputs are fixed in size.
Duration: 1hr 30min
Brainbuilder: Investigate Costs in the Short Run
Practice using tables and graphs with the different short-run cost information for a firm.
Duration: 0hr 45min
Study: Costs in the Long Run
Watch the short-run cost curves be enveloped by the long-run cost curve.
Duration: 1hr 30min
Brainbuilder: Investigate Costs in the Long Run
Practice identifying economies of scale, and use short-run cost curves to create a long-run cost curve.
Duration: 0hr 45min
Practice: Apply Concepts of Short-Run Costs, Long-Run Costs, and Profit
Answer questions about the production and costs faced by a firm in the long and short run.
Duration: 1hr Scoring: 60 points
Quiz: Wrap-Up
Answer questions to assess your understanding of the content.
Duration: 0hr 45min Scoring: 10 points
LESSON 3: WRAP-UP
Review: Firm Production, Costs, and Revenue
Review your studies of production and costs.
Duration: 2hr
Practice: Firm Production, Costs, and Revenue
Using common terms (referring to production and costs) complete a crossword puzzle.
Duration: 0hr 30min
Discuss: Cram Session
Discuss production and costs and any areas about which you are unclear.
Duration: 0hr 30min Scoring: 10 points
Test (TS): Firm Production, Costs, and Revenue
Take a test about the main concepts introduced.
Duration: 1hr Scoring: 135 points
LESSON 4: DIAGNOSTIC
Diagnostic: Firm Production, Costs, and Revenue
Test your understanding of the key concepts covered.
Duration: 0hr 45min Scoring: 33 points
UNIT 5: MARKET STRUCTURE
LESSON 1: PERFECT COMPETITION
Study: Perfect Competition, Part 1
Explore the characteristics of perfectly competitive markets.
Duration: 1hr 45min
Brainbuilder: Investigate Perfect Competition, Part 1
Investigate the characteristics of the perfect competition market structure, and practice calculating profit maximization.
Duration: 0hr 45min
Study: Perfect Competition, Part 2
Building on your knowledge of the basics, learn more about perfectly competitive markets, including the question of efficiency.
Duration: 1hr 45min
Brainbuilder: Investigate Perfect Competition, Part 2
Practice working with the perfect competition graphs, including the long-run situation and the issue of efficiency.
Duration: 0hr 45min
Practice: Apply Concepts of Perfect Competition
Answer questions about perfect competition.
Duration: 1hr Scoring: 60 points
Quiz: Wrap-Up
Answer questions to assess your understanding of the content.
Duration: 0hr 45min Scoring: 10 points
LESSON 2: MONOPOLY AND MONOPOLISTIC COMPETITION
Study: Monopoly
See how to determine the profit-maximizing level of output and price the monopolist will choose, and find out about efficiency in a monopoly market.
Duration: 1hr 45min
Brainbuilder: Investigate Monopoly
Practice drawing marginal-revenue curves, and find the profit-maximizing level of output for a monopolist.
Duration: 0hr 45min
Study: Monopolies: Special Cases
Examine the basics of price discrimination, and see which firms are natural monopolies.
Duration: 1hr 45min
Brainbuilder: Investigate Natural and Price-Discriminating Monopolies
Investigate the cost curves of a natural monopoly, and work on profit maximization when the monopolist can price discriminate.
Duration: 0hr 45min
Practice: Apply Concepts of Monopolies
Answer questions about monopolies.
Duration: 1hr Scoring: 60 points
Study: Monopolistic Competition
Examine the monopolistic competition market, and find out about product differentiation.
Duration: 1hr 45min
Brainbuilder: Investigate Monopolistic Competition
Practice finding the profit-maximizing level of output for a monopolistic competitor, and answer questions about that market structure.
Duration: 0hr 45min
Quiz: Wrap-Up
Answer questions to assess your understanding of the content.
Duration: 0hr 45min Scoring: 10 points
LESSON 3: OLIGOPOLY
Study: Oligopoly
See the main characteristics of an oligopoly market, and find out about profit maximization in an oligopoly.
Duration: 1hr 15min
Brainbuilder: Investigate Oligopoly
Answer questions about oligopolies.
Duration: 0hr 45min
Study: Oligopoly Models
Examine how to categorize the main types of oligopoly interaction.
Duration: 1hr 45min
Brainbuilder: Investigate Oligopoly Models
While examining the different oligopoly models, practice working with graphs and tables.
Duration: 0hr 45min
Practice: Apply Concepts of Oligopoly and Oligopoly Models
Answer questions about the oligopoly market structure.
Duration: 1hr Scoring: 60 points
Quiz: Wrap-Up
Answer questions to assess your understanding of the content.
Duration: 0hr 45min Scoring: 10 points
LESSON 4: COMPARING MARKETS AND IMPERFECT COMPETITION
Study: Market Structures and Mergers
See the main types of market structures, and explore the role of mergers in market structures.
Duration: 1hr 15min
Brainbuilder: Investigate the Different Market Structures
Work with graphs showing all the market structures and investigate their similarities and differences.
Duration: 0hr 45min
Study: Government and Imperfect Competition
See what actions the government takes to limit anti-competitive practices in the market.
Duration: 2hr
Discuss: Market Structures
Discuss issues related to the main types of market structures.
Duration: 0hr 30min Scoring: 10 points
Quiz: Wrap-Up
Answer questions to assess your understanding of the content.
Duration: 0hr 45min Scoring: 10 points
LESSON 5: WRAP-UP
Review: Market Structure
Review your studies of perfect competition, monopoly, and oligopoly.
Duration: 3hr
Practice: Market Structure
Using common terms (referring to market structure) complete a crossword puzzle.
Duration: 0hr 30min
Discuss: Cram Session
Discuss market structure and any areas about which you are unclear.
Duration: 0hr 30min Scoring: 10 points
Discuss: You Be the Teacher!
Make suggestions for completing a correctly answered but incomplete AP-style question about a perfectly competitive market.
Duration: 0hr 30min Scoring: 10 points
Test (TS): Market Structure
Take a test about the main concepts introduced.
Duration: 1hr Scoring: 135 points
LESSON 6: DIAGNOSTIC
Diagnostic: Market Structure
Test your understanding of the key concepts covered.
Duration: 0hr 45min Scoring: 35 points
UNIT 6: FACTOR MARKETS
LESSON 1: DERIVED FACTOR DEMAND
Study: Factor Demand, Part 1
Examine the derived factor demand curve.
Duration: 1hr 15min
Brainbuilder: Investigate Factor Demand
Practice deriving a factor demand curve.
Duration: 0hr 45min
Study: Factor Demand, Part 2
Explore the determinants of factor demand and the determinants of the elasticity of factor demand.
Duration: 1hr 15min
Brainbuilder: Investigate Shifts in Factor-Demand Curves
Draw shifts in the factor demand curve, and calculate elasticity of factor demand.
Duration: 0hr 45min
Practice: Apply Concepts of Factor Demand
Answer questions on derived factor demand.
Duration: 1hr Scoring: 60 points
Quiz: Wrap-Up
Answer questions to assess your understanding of the content.
Duration: 0hr 45min Scoring: 10 points
LESSON 2: SPECIAL TOPICS IN FACTOR DEMAND
Study: Labor
See the main issues regarding the demand for labor, including labor unions and monopsonistic labor markets.
Duration: 1hr 45min
Brainbuilder: Investigate Labor Markets
Compare the outcomes of a regular labor market with a monopsonistic labor market, and answer questions about labor unions.
Duration: 0hr 45min
Study: Rent, Interest, and Profit
See the main issues regarding the non-labor factors of production in the factor market.
Duration: 1hr 15min
Practice: Apply Concepts of Factor Demand
Answer questions about the demand for the factors of production.
Duration: 1hr Scoring: 60 points
Quiz: Wrap-Up
Answer questions to assess your understanding of the content.
Duration: 0hr 45min Scoring: 10 points
LESSON 3: WRAP-UP
Review: Factor Markets
Review your studies of factor demand.
Duration: 2hr
Practice: Factor Markets
Using common terms (referring to factor markets) complete a crossword puzzle.
Duration: 0hr 30min
Discuss: Cram Session
Discuss factor markets and any areas about which you are unclear.
Duration: 0hr 30min Scoring: 10 points
Discuss: You Be the Teacher!
Make suggestions for completing a correctly answered but incomplete AP-style question about the labor market.
Duration: 0hr 30min Scoring: 10 points
Test (TS): Factor Markets
Take a test about the main concepts introduced.
Duration: 1hr Scoring: 135 points
LESSON 4: DIAGNOSTIC
Diagnostic: Factor Markets
Test your understanding of the key concepts covered.
Duration: 0hr 45min Scoring: 33 points
UNIT 7: EFFICIENCY, EQUITY, AND THE GOVERNMENT
LESSON 1: MARKET FAILURES
Study: Externalities and Public Goods
Examine externalities, such as pollution, and public goods, such as national defense.
Duration: 2hr
Brainbuilder: Investigate Externalities and Public Goods
Investigate and answer questions about the role and definition of externalities and public goods.
Duration: 0hr 45min
Practice: Bring Together Externalities and Public Goods
Answer in-depth questions on externalities and the role of government in providing public goods.
Duration: 1hr Scoring: 60 points
Quiz: Wrap-Up
Answer questions to assess your understanding of the content.
Duration: 0hr 45min Scoring: 10 points
LESSON 2: DISTRIBUTION OF INCOME
Study: Income Distribution and Taxes
See how income is spread through the U.S. economy, and find out about the different types of taxation.
Duration: 2hr
Brainbuilder: Investigate Taxes and Income Distribution
Practice working on a graph of the Lorenz curve, answer questions about the different types of taxes, and consider issues of redistribution and equity.
Duration: 0hr 45min
Practice: Apply Concepts of Taxes and Income Distribution
Answer questions on taxes and income distribution.
Duration: 1hr Scoring: 60 points
Discuss: Your Opinion Counts: The Government and the Economy
Defend your opinions about the role of government in the economy or about the distribution of income.
Duration: 0hr 30min Scoring: 10 points
Quiz: Wrap-Up
Answer questions to assess your understanding of the content.
Duration: 0hr 45min Scoring: 10 points
LESSON 3: WRAP-UP
Review: Efficiency, Equity, and the Role of Government
Review your studies of efficiency, equity, and the role of government.
Duration: 2hr
Practice: Efficiency, Equity, and the Role of Government
Using common terms (referring to efficiency, equity, and the role of government) complete a crossword puzzle.
Duration: 0hr 30min
Discuss: Cram Session
Discuss efficiency, equity, the role of government, and any areas about which you are unclear.
Duration: 0hr 30min Scoring: 10 points
Discuss: You Be the Teacher!
Make suggestions for completing a correctly answered but incomplete AP-style question about the labor market.
Duration: 0hr 30min Scoring: 10 points
Test (TS): Efficiency, Equity, and the Role of Government
Take a test about the main concepts introduced.
Duration: 1hr Scoring: 135 points
LESSON 4: DIAGNOSTIC
Diagnostic: Efficiency, Equity, and the Role of Government
Test your understanding of the key concepts covered.
Duration: 0hr 45min Scoring: 31 points
UNIT 8: PREPARING FOR THE AP EXAM
LESSON 1: COMPREHENSIVE MICROECONOMICS REVIEW AND AP EXAM PRACTICE
Study: AP Exam Preparation
Discover some tips and hints for preparing for the AP Exam.
Duration: 1hr
Review: Microeconomics
Review your studies of microeconomics in preparation for the AP Exam.
Duration: 7hr
Quiz: Practice Multiple-Choice Questions
Answer multiple-choice questions covering material about microeconomics.
Duration: 1hr Scoring: 20 points
Discuss: Any Questions?
Is there something you don't understand from this course? Raise any questions you have before taking the Final Exam.
Duration: 0hr 30min Scoring: 10 points
Final Exam: Microeconomics
Take the Final Exam about microeconomics.
Duration: 2hr 15min Scoring: 300 points
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