The purpose of AP Microeconomics is to provide students a thorough understanding of the principles of economics that apply to the functions of individual decision makers, both consumers and producers, within the economic system. It places primary emphasis on the nature and functions of product markets, and includes the study of factor markets and of the role of government in promoting greater efficiency and equity in the
economy. You will learn to create, interpret, label, and analyze graphs, charts, and additional data to describe and explain various economic concepts.
Main topics include:
- Introduction to Economics and basic concepts: scarcity, needs, wants, goods, services, opportunity costs, production possibility frontiers
- Microeconomics of Product Markets: supply and demand, pricing, costs of production, types of competition(perfect, monopoly, monopolistic, oligopolistic)
- Microeconomics of Factor Markets: demand for resources, wages, profit, interest, rent
- Microeconomics of Government: market failure, taxation
- Microeconomic Issues: regulation, income inequality, poverty, labor (unions, discrimination, immigration), health care