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AP Microeconomics

AP Microeconomics is a college-level course that introduces students to the principles of microeconomics. The course covers topics such as supply demand, market structures, and consumer behavior. Students will learn how to analyze economic data and apply economic concepts to real-world situations. By the end of the course, students will be prepared to take the AP Microeconomics exam and potentially earn college credit.

Tentative schedule: 32 classes:  Prof Lectures+ TA sessions, Free exams

Source

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Unit 1: Basic Economic Concepts

  • Scarcity

  • Resource allocation and economic systems

  • The Production Possibilities Curve

  • Comparative advantage and gains from trade

  • Cost-benefit analysis

  • Marginal analysis and consumer choice

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Unit 2: Supply and Demand

  • Demand

  • Supply

  • Elasticity

  • Market equilibrium, disequilibrium, and changes in equilibrium

  • The effects of government intervention in markets

  • International trade and public policy

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

  • The production function

  • Short- and long-run production costs

  • Types of profit

  • Profit maximization

  • Perfect competition

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Unit 4: Imperfect Competition

  • Monopoly

  • Price discrimination

  • Monopolistic competition

  • Oligopoly and game theory

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Unit 5: Factor Markets

  • Introduction to factor markets

  • Changes in factor demand and factor supply

  • Profit-maximizing behavior in perfectly competitive factor markets

  • Monopsonistic markets

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Unit 6: Market Failure and the Role of Government

  • Socially efficient and inefficient market outcomes

  • Externalities

  • Public and private goods

  • The effects of government intervention in different market structures

  • Income and wealth inequality

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