Description and Objectives

Economics, in one sense, is the study of taking what you have around you and putting it to its best use, having already taken into account all the other possible uses of that resource. Using this simple idea, students can begin to use the principles learned in this class and apply them to their school, family, job, country, environment, friendships, and faith… the possibilities are endless. This class aims to help students recognize: 1) the resources around them, 2) all alternative uses for those resources, 3) how to quantify costs and benefits, and 4) how to attain the maximum utility at all times using the most efficient means of production at the lowest cost. The class will be taught in an AP format, and successful completion of the course will prepare the student to take the AP Microeconomics exam in May. Macroeconomics is taught in the first semester, and it is a prerequisite for taking this Microeconomics class.

Textbooks

The primary text is Economics, McConnell and Brue ISBN 0-07-281935-9

In addition, we will use newspaper articles and documentaries to review both historical and current events.

Outline of Topics Covered:

Part I. Fundamentals of Economics

1. Definition of Economics/Basic Economic Terms
2. Macroeconomics vs. Microeconomics
3. Supply and Demand
4. The Market System
5. The U.S. Economy: Private vs. Public sectors

Part II. Microeconomics of Product Markets

1. Price Elasticity
2. Government Set Prices
3. Consumer Behavior and Utility Maximization
4. The Costs of Production
5. Competition, Monopolies and Oligopolies

Part III. Microeconomics of Resource Markets 

1. Demand for Resources
2. Wage Determination
3. Rent, Interest, and Profit

Part IV. Microeconomics of Government

1. Government and Market Failure
2. Public Choice Theory
3. Economics of Taxation

Part V. Microeconomic Issues and Policies

1. Antitrust Policy and Regulation
2. Agricultural Policy
3. Income Inequality and Poverty
4. Unions
5. Discrimination
6. Immigration
7. Health Care

Course Requirements

Students are expected to bring their book, notebook and homework to every class. Quizzes are assigned on a daily basis and will take place during the first five minutes of each class. Quizzes and Tests will be based primarily on the AP format.

Successful Students

• Review old notes on a daily basis
• Ask questions in class when they do not understand
• Read the news daily
• Read each chapter more than once
• Get the assignment from their teacher or fellow classmates if they miss a class
• Keep all handouts in a folder that they can review at any time necessary