AP MICROECONOMICS provides students with a thorough understanding of the economic policies that apply to individual decision-makers, including consumers and producers, within the economic system. The course also covers the operation of product and factor markets, distributions of income, market failure, and the role of government in promoting greater efficiency and equity in an economy. All coursework aligns with College Board's AP Exam, this year held on May 5,2023. All relevant assignments and materials can be found in our Google Classroom .

GOOGLE CLASSROOM LINK:

https://classroom.google.com/c/NzEwMjk2MzIxNzc2

WHAT WE COVER

Basic Economic Concepts

1. Scarcity
2. Resource Allocation and Economic Systems
3. Production Possibilities Curve
4. Comparative Advantage and Trade
5. Cost-Benefit Analysis
6. Marginal Analysis and Consumer Choice

Supply and Demand

1. Demand and Price (and other) Elasticity of Demand
2. Supply and Price (and other) Elasticity of Supply
3. Market Equilibrium, Disequilibrium and Consumer/Producer Surplus
4. Government Intervention, International Trade, and Public Policy impacts to S/D

Production, Costs, and Perfect Competition

1. Production Function
2. Short- and Long-Run Production Costs
3. Profit and Profit Maximization
4. Production Decisions
5. Perfect Competition

Imperfect Competition

1. Imperfectly Competitive Markets
2. Monopoly
3. Price Discrimination
4. Monopolistic Competition
5. Oligopoly and Game Theory

Factor Markets

1. Changes in Factor Demand and Factor Supply
2. Profit-maximizing behavior in Perfectly Competitive Factor Markets
3. Monopsonistic Markets

Market Failure and the Role of Government

1. Socially Efficient and Inefficient Market Outcomes
2. Externalities
3. Public and Private Goods
4. Effect of Government Intervention
5. Inequality