Microeconomics

• Course Overview

Course Description:

This economics course is designed to introduce students to fundamental economic concepts and develop critical thinking skills. Students will analyze real-world and hypothetical situations, apply quantitative and mathematical skills, and explore the interconnectedness of economic systems. The course is equivalent to college-level microeconomics and macroeconomics principles courses and prepares students for the AP Economics Examinations.

Course Objectives:

• Understand basic economic concepts, including scarcity, opportunity cost, supply and demand, market equilibrium, and economic systems.
• Analyze the behavior of individuals, firms, and markets.
• Apply economic principles to real-world issues and policy decisions.
• Develop critical thinking and problem-solving skills.
• Prepare for the AP Economics Examinations.

Course Topics:

• Fundamental Economic Concepts: Scarcity, opportunity cost, production possibilities frontier, economic systems (market, command, mixed), economic indicators (GDP, inflation, unemployment).
• Supply and Demand: Supply and demand curves, market equilibrium, price elasticity of demand and supply, consumer and producer surplus.
• Market Structure: Perfect competition, monopoly, monopolistic competition, oligopoly, market power, and efficiency.
• Resource Markets: Factor markets, labor market, wage determination, income distribution, and inequality.
• Externalities and Public Goods: Externalities, public goods, market failure, and government intervention.
• Macroeconomics: Aggregate demand and supply, economic fluctuations (business cycles), monetary and fiscal policy, international trade and finance.

Assessment:

• Regular quizzes and exams
• Homework assignments
• Class participation and discussions
• Research projects
• AP Economics practice exams