HST530: AP Microeconomics

This list is representative of the materials provided or used in this course. Keep in mind that the actual materials used may vary, depending on the school in which you are enrolled, and whether you are taking the course as Independent Study.

For a complete list of the materials to be used in this course by your enrolled student, please visit MyInfo. All lists are subject to change at any time.

Scope & Sequence : Scope & Sequence documents describe what is covered in a course (the scope) and also the order in which topics are covered (the sequence). These documents list instructional objectives and skills to be mastered. K12 Scope & Sequence documents for each course include:

Course Overview

This course is the equivalent of an introductory college-level course. Students explore the behavior of individuals and businesses as they exchange goods and services in the marketplace. Students learn why the same product can cost different amounts at different stores, in different cities, and at different times. Students also learn to spot patterns in economic behavior and how to use those patterns to explain buyer and seller behavior under various conditions. Lessons promote an understanding of 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 the economy. Students prepare for the AP Exam and for further study in business, history, and political science.

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Course Length

One Semester

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Prerequisites

Success in MTH304: Honors Algebra II (or equivalent) and a teacher/counselor recommendation

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Course Outline

Unit 1: What Is Economics?

Students are introduced to the field of economics, what economists study, and the different types of economic systems used throughout the world. They explore graphs and equations, two key tools economists use to present their data and illustrate basic economic concepts. In the College Board's topic outline, the content in this unit maps to Topic I: Basic Economic Concepts (Scarcity: the nature of economic systems; The functions of any economic system).

  • What Is Economics?

Unit 2: Basic Economic Concepts

Students are introduced to the Production Possibilities Frontier—a tool economists use to study the opportunity costs of production decisions. They learn about absolute and comparative advantage, specialization, and the scientific method. In the College Board's topic outline, the content in this unit maps to Topic I: Basic Economic Concepts (Opportunity costs and production possibilities; Specialization and comparative advantage).

  • Costs, Benefits, and PPF
  • Production and Trade
  • The Scientific Tools of Economics

Unit 3: Demand, Supply, Elasticity, and Choice

Students learn about the law of demand, examining demand schedules, demand curves, change in quantity demanded, and change in demand. Then they are introduced to the law of supply. They look at market equilibrium and the concept of elasticity. Finally, they explore the utility, or satisfaction, consumers expect to receive from using a particular good or service, consumer equilibrium, and the law of diminishing marginal utility. In the College Board's topic outline, the content in this unit maps to Topic II: The Nature and Functions of Product Markets (Supply and demand; Models of consumer choice).

  • Demand
  • Supply
  • Market Equilibrium and Price Determination
  • Elasticity and Consumer Choice

Unit 4: Firm Production, Costs, and Revenue

Students learn three different ways firms can be organized and two major economic ideas: costs and profits. They learn how cost relates to diminishing marginal product, the relationship between marginal cost and marginal returns, and economies and diseconomies of scale. In the College Board's topic outline, the content in this unit maps to Topic II: The Nature and Functions of Product Markets (Firm production, costs, revenues).

  • Firm Production
  • Costs in the Short Run and Long Run

Unit 5: Market Structure

Students are introduced to four separate market structures: perfect competition, monopolistic competition, oligopoly, and monopoly. They examine different types of mergers and explore why governments regulate some industries, deregulate others, and leave still others unregulated. In the College Board's topic outline, the content in this unit maps to Topic II: The Nature and Functions of Product Markets (Product pricing and outputs, both in the individual firm and in the market).

  • Perfect Competition
  • Monopoly and Monopolistic Competition
  • Oligopoly
  • Comparing Markets and Imperfect Competition

Unit 6: Factor Markets

Students learn the structure of factor markets, and two ways that firms decide how much of each resource to use in production—the least-cost method and the maximum-profit method. Students examine issues specific to different factor markets, the role of unions, and other factors of production including land, capital, and entrepreneurial talent. Finally, they look at interest rates, inflation, economic rent, and measures of profit. In the College Board's topic outline, the content in this unit maps to Topic II: The Nature and Functions of Product Markets (Firm production, costs, revenues; Factor markets).

  • Derived Factor Demand
  • Special Topics in Factor Demand

Unit 7: Efficiency, Equity, and the Government

Students learn about types of market failures not related to non-competitive behavior, and how the government tries to correct these types of market failures. They explore the distribution of income in the United States, poverty and the government's attempts to alleviate it, and taxes, including the advantages and disadvantages of different tax regimes. In the College Board's topic outline, the content in this unit maps to Topic II: The Nature and Functions of Product Markets (Efficiency and government policy toward imperfect competition) and Topic IV: Efficiency, Equity, and the Role of Government (Externalities; Public goods; Distribution of income).

  • Market Failures
  • Distribution of Income

Unit 8: Preparing for the AP Exam

Students review what they have learned and take the final exam.

  • Comprehensive Microeconomics Review and AP Exam Practice
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Lesson Scheduling

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K12 Scope & Sequence documents for each course include:

  • Course Overview (as seen above)
  • Course Outline
  • Lesson Time and Scheduling