This is an Advanced Placement (AP) course in Microeconomic Theory. The prerequisites for this course is minimally Algebra I with a knowledge of basic geometry (calculations of area). The course is quantitatively oriented demonstrating a synthesis of economic theory and practice. (Good theory predicts and explains behavior.) The course follows a flipped classroom design using asynchronous and synchronized learning sessions. In the synchronized sessions students meet weekly with the instructor for 90 minutes. The asynchronous sessions require independent self-paced learning using the textbook and instructional videos etcetera provide on the class website.
Microeconomics applies to the behaviors of individuals within an economic system. Economic systems vary by degrees and are represented by capitalism, socialism, corporatism, and communism. The student will use graphs, charts and data to analyze, describe, and explain economic concepts. Additionally, students will acquire skill sets that enable them to articulate orally and in writing economic principles. Students will use models to explain and predict economic behavioral outcomes given specific economic situations. Students will be able to explain these economic outcomes using graphs/visual representations. Finally, the course prepares students for the AP Microeconomics examination.
Students should expect to work 2-4 hours outside of class for each hour of instruction per week.
Topical AP required and established units include:
Unit 1: Basic Economic Components
Unit 2: Supply and Demand
Unit 3: Production, Cost, and the Perfect Competition Model
Unit 4: Imperfect Competition
Unit 5: Factor Markets
Unit 6: Market Failure and the Role of Government
The course will have daily and weekly assignments. Daily assignments will consist of watching short, recorded videos, reading selected articles, and researching unit related materials. Additionally, there are weekly quizzes and/or unit tests. Weekly assignments entail assigned readings that incorporate techniques to measure reading comprehension and concept mastery. Finally, lively interactive synchronized meeting that promote discussions will include interactive graphing exercises demonstrating the application of theory and behavioral outcomes.
Weekly assignments put into action a three-step process. The process begins when the instructor demonstrates a concept/activity, then all classmates together demonstrate a collective understanding of the concept/activity, followed by the student independently demonstrating mastery of a concept/activity. The real learning begins with sharing the experiences and results of these activities with all so that we can all learn (instructor included) through shared experiences. Learning by doing is the best way to build topical self-efficacy.
Live classes reinforce microeconomic concepts. A Bayesian approach to the course work helps ensure that learning continuously builds upon prior knowledge gained. As such, the approach enhances student critical thinking and inference into potential outcomes when presented with new concepts and new economic situations.
Live classes include activities such as Jeopardy-type game challenges, sharing of topic related to economic current events that apply theory to the real world, and structured debates where students take an economic system (capitalism to communism) and square off to their respective debate corners😊
Who should enroll?
The ideal student is someone who is seeking to receive college credit in microeconomics while in high school. Advanced Placement courses on high school transcripts bode well with college admissions officers demonstrating the student is ready for college level work. The class lends itself to the student who wants a glimpse of college level work in a less stressful elongated session. This course runs two semesters (a school year) whereas an equivalent college course covers the same material in one semester. Finally, the ideal student is one who realizes that the best way to learn is by emerging oneself in the subject matter. This course is steeped in the learning by doing approach, especially in the synchronized sessions building subject efficacy and critical thinking skills and learning habits for college level work.
- High speed, broadband Internet
- Sound card and microphone and camera for live sessions.
- Streaming video capabilities to watch recorded lectures and or assigned videos.
- Weekly assignments are downloaded as PDF or word doc files into Canvas.
- Homework is uploaded as a PDF or word doc as stated in the assignment.
Evaluation and Feedback
Students will be assessed on homework, participation quizzes and examinations. Submitted student work will be graded with feedback and returned within one week of the due dates. Outside of class times, student may contact the teacher using the Canvas message board with any questions or concerns.
Grades are perpetually available throughout the course and parents may contact me through Canvas messages on the course website. Parents are encouraged to oversee the work of their student for timeliness and completeness. Parents should remember this is an AP level class that is designed to allow the student to successfully pass the AP examination.