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AP MICROECONOMICS (LCCC ECON 152 Credit)
Course Syllabus
INSTRUCTOR CONTACT INFORMATION
Adam Koester, Business Office, Room A119
Office Hours: Fourth Period (10:26-11:50), before or after school, or by appointment
Email:
School phone: 656-7100 x20119 (Business Office)
COURSE DESCRIPTION
AP Microeconomics (LCCC - ECON 152 PRINCIPLES OF MICROECONOMICS)
Explores components of U.S. economy; supply and demand analysis; theories of consumer, firm, and government behavior; market structures; and current economic problems. Prerequisite: None. (PCS 1.1, 3 credit hours: 3 hours lecture, 0 hours lab)
Dual credit through Lewis & Clark CC for this class is available to those who qualify. As this is a class where college credit can be obtained, students will be treated (and expected to act) as such at all times. If a student misses more than ten class periods they can be dropped from the dual credit portion of the course at the discretion of the instructor at any time.
LEARNING OBJECTIVES
Upon successful completion of the course, a student should be able to:
1. Define economic terms and explain fundamental economic concepts
2. Demonstrate techniques of economic analysis and apply them to past and current problems
3. Identify the price-setting mechanisms at work in systems today
4. Explain consumer and government behavior from an economic perspective
5. Predict outcomes based on the history of the firm
6. Discuss alternative methods of solving economic problems
7. Describe various input and output market structures
8. Analyze the dynamics of an emerging global economy
9. Relate current events to economic theory
10. Discuss the limitations of economics as a science
11. Demonstrate the ability to correctly use a vocabulary of microeconomic terms orally
and in writing
MATERIALS OF INSTRUCTION
Textbook:
The Microeconomy Today, Ninth Edition. Schiller, Bradley R. McGraw-Hill, 2003.
Supplemental Material:
Student Problem Set for use with The Economy Today, The Macro Economy Today, The Micro Economy Today, Ninth Edition. Schiller, Bradley R. McGraw-Hill, 2003.
Study Guide for use with The Micro Economy Today. Schiller, Bradley R. prepared by Linda Wilson and Kevin Klein. McGraw-Hill, 2003.
Advanced Placement Economics Microeconomics: Student Activities. Morton, John S. National Council on Economic Education, 1998.
EVALUATION OF STUDENT ACHIEVEMENT
90 – 100 / A / Tests/Assignments / 70%
80 – 89 / B / Projects / 30%
70 – 79 / C
60 – 69 / D
0 – 59 / F
Class attendance and participation are a factor in every aspect of your grade. Projects will include written essays and oral presentations.
The comprehensive semester final will be 20% of your overall semester grade.
Methods of Instruction:
1. Lecture
2. Discussion
3. Class Activities
4. Internet Activities
COURSE CONTENT
The following topics are to be covered during the instructional process:
1. Fundamental economic concepts
a. Definitions of basic economic terms
b. Economic analysis, assumptions, and models
c. Overview of economic systems
d. Using graphs in economics
2. Economic choices and the production possibilities curve
a. Scarcity of resources and opportunity cost
b. Absolute and comparative advantage and trade
c. Specialization and economic efficiency
d. Production possibilities curve
3. Demand and supply
a. Laws of demand and supply and the market model
b. Determinants of demand and supply
c. Market equilibrium and disequilibrium
d. Consumer and producer surplus
4. Application of demand and supply analysis
a. Analyzing shifts of demand and/or supply
b. Predicting changes to market equilibrium
c. Price system and controls
5. The government and the economy
a. Dealing with spillovers or externalities
b. Economic functions of government
c. Major sources and uses of tax funds
d. Public choice
6. Consumer choice
a. Utility theory and total and marginal analysis
b. Diminishing marginal utility
c. Consumer optimization
d. Budget constraints and indifference curve analysis
7. Demand and supply elasticity
a. Price elasticity of demand and total revenues
b. Cross price elasticity of demand
c. Income elasticity of demand
d. Elasticity of supply
8. Rent, interest, profits, and financial environment of business
a. Economic rent and resources allocation
b. Interest rates and time value of money
c. Economic and accounting profits
d. Sources and functions of economic profit
e. Legal organization of firms
f. Corporate financing and securities markets
9. The firm: cost and output determination
a. Revenues, costs and profits
b. Short-run total, average and marginal cost analysis
c. Diminishing marginal returns
d. Long run cost analysis
10. Perfect competition
a. Characteristics and total and marginal analysis of optimal output
b. Short-run profit or loss determination
c. Short-run firm and industry supply curves
d. Long run industry analysis
11. Monopoly
a. Characteristics of monopoly and barriers to entry
b. Monopolist demand curve and revenues
c. Total and marginal analysis of optimal output
d. Monopoly profits
12. Monopolistic competition, oligopoly, and strategic behavior
a. Characteristics, price, and output of monopolistic competition
b. Characteristics, price, and output of oligopoly
c. Industry concentration and game theory
d. Game theory analysis
13. Factor input demand and supply
a. Marginal revenue product and factor cost analysis
b. Firm and market demand for labor
c. Wage determination analysis
d. Profit maximization, cost minimization, and isocost/isoquant analysis
14. Labor market monopoly power and monopsonies
a. American labor movement
b. Union goals strategies
c. Characteristics of a monopsony
d. Marginal factor cost analysis
15. Income, poverty, and healthcare
a. Income and wealth distribution
b. Poverty and strategies for its reduction
c. Economics of healthcare
Student Handbook Clarification
All student rules as listed in the Student Handbook apply in this class. The list of clarifications for this class are as follows.
Grades for unexcused absences, truancy, and suspension will be adjusted according to the Student Handbook. Where deference is given to the teacher 50% credit will be given. There will be no student notification of the grade adjustment once I have been notified of your indiscretion other than it’s reflection in TigerView/gradebook.
There will be in-class assignments in this course. If you are present and do not have your book that day you may turn in your assignment late the next day for 50% credit. You will not be permitted to use someone else’s book while they are using it.
Because a tardy that is in excess of five minutes is treated as an unexcused absence, partial credit for that day’s assignments will be given in accordance with procedures for unexcused absences (Student Handbook 5.07). Grades may be changed to reflect excused/unexcused absence as information is available to the instructor.
There will be in-class assignments in this course. If you are present and do not have your book that day you may turn in your assignment late the next day for 50% credit. You will not be permitted to use someone else’s book while they are using it.
Make up work for days missed due to the first two suspensions will be accepted for 50% credit. For subsequent suspensions, no credit will be given. However, it is in the student’s best interest to complete makeup work even though no credit will be granted (Student Handbook 6.02). Grades may be changed to reflect suspensions as information is available to the instructor.
As with any absence, it is YOUR responsibility to find out what you missed and what you need to do to make up any missed material. Not being magically told when you walk into class is no excuse. If you are absent on a day we review you will not be given an additional day to study. You will take the test on the test date.
Other rules from the student handbook
The calculator feature of cellular telephones is not an acceptable calculator. School rules prohibit the use of cellular telephones during the school day; use as a calculator is also prohibited (Student Handbook 6.01).
Not all people are in agreement as to what words are considered profanity. The classroom teacher shall determine what is and is not acceptable in the classroom. If you are in doubt about the use of a word or phrase, chances are it is inappropriate (Student Handbook 6.01).
Classroom expectations
We are here to learn, from the beginning of class until the end of class. Tardiness will be recorded and disciplinary action will be applied according to the Student Handbook. Written passes will be required for late admission into class. Therefore, you are expected to be in your seat and ready to learn when class is scheduled to begin, and you are expected to continue learning until the teacher dismisses you. Do NOT leave your seat until dismissed.
In Consumer Education, many of our learning activities involve moving around the room, talking with classmates, and using varied materials for exploring topics of study. For this type of learning to be successful, your cooperation and participation are required. I guarantee that if you work respectfully with your classmates and me, you will be satisfied with the outcome of your experience in this class.
Due dates
Due dates are not flexible-when something is due. If you are going to be absent, turn in work on or before that date. If a due date is flexible, I will let you know when the assignment is made. Please do not ask for exceptions unless you have encountered a real, unavoidable, and verifiable emergency situation. (You will learn a lot about deadlines, due dates, and the real world in this class.) Additionally, no additional time will be given for your printer’s sudden inability to function.
Computer use
Students MAY NOT use the computers in this classroom for anything other than work for this course. Under normal conditions, computer use is prohibited and may not be turned on without expressed permission of the instructor.
When the computers are allowed on for instructional purposes, there are some additional guidelines that must be followed. Use of personal email at school is prohibited per school rules. Along similar lines, social networking sites (i.e. FaceBook, Twitter Myspace, etc) and IM (any form of Instant Messaging) is not permitted under any circumstances at any time. Failure to comply will result in a non-negotiable zero on the assignment and potential disciplinary action.
Food/drink in the computer lab is prohibited at all times. If any is found, it will be thrown away. No exceptions (including water) will be made.
EHS has the ability to open the following file extensions for word processing: doc, docx, txt. If you do homework that you need to refer to in class please make sure you save it as one of these formats or you will be unable to open it. No additional time will be given because you failed to comply with this restriction.
Guest speakers
Respectful behavior is expected when anyone speaks to the class. This includes classmates, the instructor or substitute teacher, and guest speakers. Do not lay your head down. Do not converse with other students while someone is addressing the class. Give your attention to the speaker. Raise your hand to ask questions or to make observations.
Academic integrity
While it can be tempting to take someone else’s work and call it your own, this practice should be avoided at all costs. The first occurrence of academic dishonesty in my class results in a non-negotiable zero on the assignment, and in the case of any assignment worth 20 points or more, involves a discipline referral and a call to parents. Any subsequent instances of academic dishonesty, regardless of point value of the assignment, will result in a non-negotiable zero, discipline referral, and call to parents.
Further clarification of academic dishonesty, rules of plagiarism, etc. can be found at:
http://www.library.illinois.edu/learn/research/academicintegrity.html
Giving answers to another student is treated in the same manner as taking answers from another student.
Need for Assistance
If you have any condition, such as a physical or learning disability, for which you need extra assistance, please see me immediately. If you have already met with Special Services, please provide me with information regarding your special needs as soon as possible so that appropriate accommodations can be made.