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Advanced Placement Microeconomics Course Syllabus

Mr. Mark Hardy Voice Mail:  632-1600 ext 328 E-mail: mhardy@rocklin.k12.ca.us

Prep/Office Hours:  Available in room L1 from 12:45 to 3:15 on Blue days, and during lunch and after school on Silver days.


Welcome to AP Econ!  I’m very excited about this class and opportunity to explore economics together.  I hope that we will successfully accomplish three main goals this year.  First of all, each student will gain a significant and meaningful education concerning economics and its centrality in our daily lives and the world around us.  My second goal is that every student would attempt and successfully complete the AP exam.  Thirdly, I really want you to enjoy this class.  I firmly believe that all students learn more when they are enjoying themselves.  I will do all I can to make the course interesting and fun, but your enthusiasm is a vital part of achieving this goal.  Let’s have a memorable and successful year!

Course Description
AP Microeconomics satisfies the senior year graduation requirements for social studies.  For most of the year, we will focus on the study of microeconomics, particularly the operation of the free market economy and the theory of the firm.  In doing so, we will prepare for the AP exam in microeconomics.  In addition, the course will include coverage of macroeconomics and American government.

Units/Essential Skills and Concepts
Students will demonstrate mastery of the following essential skills:
1) Ability to communicate clearly in writing
2) Ability to accurately summarize material from a written source.
3) Ability to formulate opinions and clearly express them in writing.
4) Ability to apply abstract economics principles to real-life situations.
5) Ability to think critically, draw reasonable conclusions, and support those conclusions.
6) Ability to research effectively.
7) Ability to effectively analyze and complete multiple choice problems.
8) Ability to effectively combine written explanations and graphical analysis to answer complex economic problems.

           The essential concepts of each unit are listed below.  Students must demonstrate a solid understanding of each essential concept in order to pass the course.

Unit One – Fundamentals of economics (approx. 4 weeks)
Scarcity and a world of trade-offs, opportunity cost, pp curves, cost/benefit analysis, comparative advantage and exchange, marginal thinking, economic systems (market, command, traditional)

Unit Two – Supply and Demand (approx. 5 weeks)
Demand, supply, changes in demand and supply, price effects, equilibrium, surplus and shortage, price ceilings and floors, profit motive and “the invisible hand”, elasticity, utility, consumer choice 

Unit Three – Macroeconomics (approx. 4 weeks)
Functions and characteristics of money, measuring the growth of the economy, aggregate supply and demand, circular flow, inflation, unemployment, poverty, monetary and fiscal policy

Unit Four – Freedom and Democracy (approx. 4 weeks)
Comparative governments, principles of democracy, US Constitution and its application today, judicial philosophies, political ideology, executive powers and responsibilities, legislative process, checks and balances

**Semester Break**

**First Semester Review (approx 1 week)

Unit Five – Theory of the Firm –Part One  (approx. 4 weeks)
Types of firms, profits and costs, diminishing returns, short runs vs. long runs, cost curves, marginal revenue and marginal cost,, economics of scale

Unit Six – Theory of the Firm – Part Two  (approx. 4 weeks)
Output and price determination, perfect competition, monopoly, imperfect markets, price discrimination, government regulation

Unit Seven – Factor Markets  (approx. 3 weeks)
Derived demand, marginal physical product and marginal revenue product, wage determination, unions, rent, interest, profit

Unit Eight – Efficiency, Equity, and Government Intervention (approx. 2 weeks)
Private and public goods, externalities, market failures, taxes, income distribution, poverty and welfare, health care, immigration, environment

** AP Test Review (approx. 3 weeks)

Unit Nine – Personal Finance and Current Economic Issues (approx. 2 weeks)
Financial discipline, budgeting, credit, saving, investment options, world poverty

Grading Policy
*In order to pass AP Economics, students are required to:
1) Demonstrate mastery of all essential skills and concepts. If any skills and concepts have not been mastered when the semester ends, a grade of no credit will be issued, and the student will be transferred out of the course.
2) Earn 70% of the total points in the course.
*Units will include coursework/homework, projects, and tests. The projects and tests will serve as assessments of essential skills and concepts. Coursework/homework is important in helping students to master the concepts and prepare for the AP exam.
*Each category will contribute to the final grade as follows (approximations):
Tests 50%
Projects 20%
Coursework/homework 30%
*Grades will be determined according to the following scale:
90 – 100%     A
80 – 89%     B
70 – 79%     C
Below 70% or missing any
Essential skills and concepts    NC
*All projects/essays must be turned in on the due date regardless of absence.  
*Students absent on the day of a test will be expected to make up that test upon their return.
*Late work on non-essential assignments is accepted for 50 percent credit, until the end of the current unit of study.  Late work may be accepted beyond the end of the unit, at teacher discretion.
*Clearing a No Mark on a test will NOT change the student’s score on that test.  For example, a score of 55% on a test will remain a 55% even once concepts are cleared for that test.  Do your best the first time!

*Social Studies Grade Comment Key
Essential Skill not passing but must be made-up.                NM
Non Essential Skill cannot be made up.                                0      
Not Taken/Not Turned In or No Name                                 Mi  (Missing)
Absent can be made up                                                          Ab
Excused                                                                                  Ex

*Students who are struggling in the course may be transferred out at Mr. Hardy’s discretion.


 Materials
Textbook: Economics Today, The Micro View by Roger L. Miller. You will keep your textbook at home, and bring it to class when required. 
Notebook: It is vital that you keep an organized economics notebook of lecture notes, handouts, and coursework in order to prepare for tests. In addition, your notebook will include a section of “Response Journal” entries, which will be turned in each semester as a required project.
Pens, pencils, paper: Come to class prepared each day to take notes. In addition, you should keep graph paper in your notebook.  I recommend, but do not require, that you bring pencils or pens of three different colors for graphing purposes.  Finally, please also have a functioning dry erase (whiteboard) pen, which we will use for in-class review.


Additional Information
The course may only be dropped in the first three weeks.  Anyone who does not drop during this time must remain in the course, unless Mr. Hardy determines otherwise.
The College Board collects a fee of $89 in order to take the A.P. Exam.  This can be paid any time until February.  Make checks payable to RHS, and turn them in to Mrs. Campbell.  
The AP Microeconomics exam is scheduled for Thursday, May 15th, in the afternoon.  Based on past results, I am highly confident of your ability to pass the exam.


I have read and understand the course syllabus for AP Microeconomics


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Syllabus