AP Microeconomics
Overview
By taking on the role of a leader at a fictitious company, you will learn fundamental economic concepts, including scarcity, opportunity costs and trade-offs, productivity, economic systems and institutions, exchange, money, and interdependence.
Major 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
- 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
- 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
- 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
- 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
- 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
Fee Details
S.No. | Program Name | Fee Component | Amount (USD) | Description |
---|---|---|---|---|
1. | Regular | Course Fee | $ 200 | To be paid by the student at the time of Registration. |
Grade Level
Grade 10, 11, 12
Duration
Semester
Requirements
Household items for lab experiments
Prerequisites
Algebra 1 recommended