Microeconomics+Syllabus

// **Questions? Email cynthia_tong@notes.k12.hi.us or mrscindytong@gmail.com** // ** COURSE: Advanced Placement (AP) Microeconomics ** ** SCHOOL: Mililani High School **

** INSTRUCTOR: Mrs. Cynthia Tong ** ** CLASSROOM: P-20 **

The school’'s vision is **// to develop a community of compassionate lifelong learners who experience positive personal growth and who will contribute to society. //** The Hawaii State Department of Education’s General Learner Outcomes **//(GLOs) are: 1) Self-Directed Learner; 2) Community Contributor; 3) Complex Thinker; 4) Quality Producer; 5) Effective Communicator; and 6) Effective and Ethical User of Technology.//**
 * SCHOOL VISION AND STATE GLOs **

AP Microeconomics is a college level survey course. By the end of the course, students will be able to: demonstrate economic questioning and analysis skills, interpret a variety of graphical models and paraphrase economic concepts, analyze the development of modern economic theory, explain the basic connections between economics and calculus, use and interpret the language of business and basic measurements of economics performance, and apply economic skills and concept knowledge to higher college-level economic courses. The course is intended to prepare students to take the AP Microeconomics exam on Thursday, May 17, 2012 from 11:45 to 4:00 p.m.
 * COURSE DESCRIPTION **

Reading material (provided by the teacher) will come from economic and various other sources throughout the year.
 * TEXTBOOKS **
 * GENERAL COURSE CONTENT PLAN **
 * First Quarter || Second Quarter ||
 * Unit 1 Basic Concepts: Scarcity, Choice, Opportunity Cost, Basic Marginal Benefit/ Marginal Cost Analysis

Unit 2 Supply and Demand: Demand, Law of Diminishing Marginal Benefits, Supply, Consumer and Producer Surplus, Consumer Choice/ Optima Purchase Rule, Allocative Efficiency, Deadweight Loss, Elasticity, Total Revenue Test, Price Discrimination, Price Floors and Ceiling, Efficiency versus Equity

Unit 3 Costs and Revenues: Law of Diminishing Marginal Returns, Economies of Scale, Costs (fixed, variable, marginal), Cost Curves (relationship between curves), Total and Marginal Revenues, Profit and Loss, Break-Even, Shut Down, Economic Profit versus Normal Profit || Unit 4 Perfect Competition: Assumptions, Relationship between Industry and Firm, Profit Maximization, Long-Run Equilibriums, Short-Run Equilibriums, and the Adjustment Mechanism, Allocative Efficiency (for a firm)

Unit 5 Imperfect Competition: Relationships, Barriers to Entry, Profit Maximization, Monopoly, Regulation, Natural Monopoly, Oligopoly and Duopoly Game Theory with Game Tree and Payoff Matrix (dominant strategy, Nash Equilibrium, collusion, prisoner’s dilemma, interdependence), Collusive Oligopoly, Monopolistic Competition (long run and short run)

Unit 6 Factor Markets: Factors of Production, Derived Demand, Marginal Revenue Product Analysis, Optimal Purchase Rule, Perfectly Competitive Factor Markets, Profit Maximization/ Cost Minimizations Rules, Economic Rent, Distribution Income Among Factors, Unions

Unit 7 Role of Government: Role of Government, Public versus Private Goods, Marginal Social Cost/ Marginal Social Benefit Analysis, Market Failures, Positive and Negative Externalities, Taxes, Free Riders, “Tragedy of the Commons” ||

The standards for this course include (but are not limited to):
 * Hawaii State Department Of Education STANDARDS**

Describe how individuals, families, communities, and/or nations use marginal costs and marginal benefits to make economic decisions v //__ Productivity (12.E. 1.2) __// Identify the factors of production (e.g. land, labor, capital) and explain how these factors influence the production of goods and services
 * Standard 1: Economics: Understand that scarcity and choice impact economic activity of individuals, families, communities, and nations **
 * v **//__ Opportunity Costs and Trade-offs (12.E. 1.1) __//

Explain the laws of supply and demand and illustrate how their determinants affect the supply or demand curve (e.g., how changes in technology or price of inputs affect supply; how consumer income, tastes, and preferences affect demand) v //__ Role and Function of Markets (12.3.2.2) __// Explain how money makes it easier for countries to borrow, save, invest, and compare the value of goods and services
 * Standard 2: Economics: Understand markets and the role of supply and demand in determining price and resource allocation **
 * v **//__ Role and Function of Markets (12.E.2.1) __//

Describe the characteristics of an entrepreneur (e.g., how he or she accepts business risks for profit) and explain the role of entrepreneurs in a market-based economy (e.g., how they introduce new products and production methods) v //__ Economic Growth (12.E.3.2) __// Explain how stock markets function, what influences their performance, and how they impact national economies
 * Standard 3: Economics: Understand the sources of income and growth in a market-based economy **
 * v **//__ Economic Growth (12.E. 3.1) __//

Analyze the types of personal economic decisions and choices that individuals make (e.g., determining how to budget money; establishing short-and long-term financial goals and plans related to income, saving, and spending; utilizing loans and credit cards; considering investment options v //__ Economic Reasoning (12E. 4.2) __// Indentify how economic reasoning is used to make personal decisions
 * Standard 4: Economics: Understand how to use personal economic decision-making to maximize the net benefits of personal income **
 * v **//__ Personal Economic Decisions (12.E. 4.1) __//

Explain the significance of economic institutions (e.g. the banking system and its interaction with business firms and consumers; the function of financial and securities markets; the impact of labor unions on the American economy) in a market-based economy v //__ Competition (12E.5.2) __// Explain the nature and role of competition in a market-based economy (e.g., the determination of market price through competition among buyers and sellers; conditions that make industries more or less competitive; the effect of domestic and international competition in a market-based economy)
 * Standard 5: Economics: Understand the various economic institutions of a market-based economy **
 * v **//__ Economic Institutions (12E.5.1) __//

Explain various measures of economic health (e.g., the Gross Domestic Product, consumer price indexes, personal income, disposable income, rates of inflation and deflation, unemployment rates) v //__ Economic Policies (12.E.6.2) __// Explain the various roles government plays in a market-based economy, including monetary policy, market regulation and oversight, and fiscal policy v //__ Revenue (12E.7.3) __// Explain major sources of government revenue (e.g., personal income and payroll taxes, sales taxes, property taxes) at the federal, state, and local level
 * Standard 6: Economics: Understand the national economy and economic policies **
 * v **//__ National Economy (12.E. 6.1) __//

Explain the characteristics of global trade (e.g., tariffs, foreign exchange market, trade agreements, balance of payments, specialization) v //__ Economic Development (12E.7.2) __// Explain how global trade affects a nation’s economic development (e.g. increases in consumer choice, standards of living production efficiencies) v //__ Economic Development (12E.7.3) __// Compare the advantages and disadvantages of economic systems (i.e., traditional, command, market-based)
 * Standard 7: Economics: Understand the principals of global trade and economic development **
 * v **//__ Characteristics of Global Trade (12E.7.1) __//

The material requirements for this course include: a 1” binder to store all completed assignments in preparation for quarter examinations; two ink pens (blue or black); folder paper; one set of colored pencils, two highlighters of different colors, and a 2GB or larger flashdrive. Student binders and colored pencils will be stored in the classroom. __All students are expected to bring the supplies to class **each day** unless notified otherwise by the instructor.__
 * SCHOOL SUPPLIES **

Upon completion of the required consent and permission forms and the Acceptable Use/Internet Certification forms, students will be issued an Apple iPad for use during the course. Students agree to use the tablet computer in accordance with the established school and DOE policies for computer use and to take reasonable care of the unit. By signing the consent and permission forms, parents agree to be financially responsible for damage to or loss of the issued iPad and accessories. The unit and any issued accessories must be returned to Mililani High School in working order at the end of the course.

1. Regular class attendance 2. Participation in all class activities 3. Abide by Four Agreements, Classroom Rules, and all school rules at all times 4. Required school supplies 5. Pass this course with a C or better.
 * EXPECTATIONS/ REQUIREMENTS **

C. **Assignments** (Class work and Homework): Class activities (group work, etc.), text questions/problems, worksheets/maps/papers/projects/blogs, materials D. **Tests:** Quizzes, Chapter Tests, quarterly examination **//. //**
 * BASIC ACTIVITIES **
 * A. Class work: ** Discussion/lectures, group work (simulations, problems, projects, etc.), in-class assignments
 * B. Planner: ** daily use of planner to record assignments and facilitate communication with parents

The grades for this course will be determined by student performance on State standards and benchmarks on:
 * GRADING SCHEME **
 * 1) Homework/Class work assignments and projects
 * 2) Research papers and projects
 * 3) Input on wikis and blogs
 * 4) Quizzes, tests, and quarterly examinations

Extra credit assignments are occasionally available to ALL students. Individual extra credit work is not an option. Extra credit points are added to a student's total points at the end of a quarter to determine the quarter grade, however, a raise in grade by extra credit points is limited to one letter grade higher than the original letter grade based on the first total. The letter grade for the quarter and semester will be determined from the total possible points earned or maximum possible points. The grades will be assigned according to the following grading scale:
 * ** A = Consistently “Advanced” ratings on DOE rubrics for applicable standards and 93% or better of total points. **
 * ** B = Primarily “Proficient” ratings with some “Advanced” ratings on DOE rubrics for applicable standards and 83-92% of total points. **
 * ** C = Usually “Proficient” ratings with 1-2 “Novice” ratings on DOE rubrics for applicable standards and 73-82% of total points. **
 * ** D = Sometimes “Proficient” ratings with 3-4 “Novice” ratings on DOE rubrics for applicable standards and 65-72% of total points **
 * ** F = Primarily “Novice” ratings on DOE rubrics for applicable standards and less than 1-64% of total points **


 * ABSENCES AND TARDIES **
 * __ All students are required to attend announced class sessions and be present on time __** . To be counted present, you must be in your seat or log in online before the class session begins. Students and parents must be advised that co-curricular activities such as sports, music practices, class/club tasks, or tutoring will __not__ routinely be accepted as excuses to be tardy or absent from class. Students are cautioned NOT to schedule activities that interfere with scheduled classes as all students and the instructor will have participated in collaborative scheduling for this hybrid course. To be excused, please refer to school policies in your planner. An excused absence is required for any makeup work missed. It is the responsibility of the student to see me within three days from the day he/she returns to class for any work missed. The teacher and student will agree upon a reasonable amount of time to complete the missed work.

Students are encouraged to ask for assistance if needed. Mrs. Tong is usually available for assistance before school from 7:30-8:00 a.m. and during morning and lunch recesses Mondays through Fridays in P-20. After school assistance is available **only by appointment**. Students are also encouraged to discuss with the instructor on the course online sites during the school week and during the weekends and intercessions.
 * ACADEMIC ASSISTANCE **

Online testing is provided as preparation for college and student mastery of the standards. You are required to take the online tests __when scheduled__ and without any assistance while the test is in progress. You may NOT have notes, test copies, texts, or human assistance while taking a test.
 * ONLINE TESTING POLICY **

It is our belief that homework assignments are primarily for a student's individual independent practice. Cooperation and collaboration are required in most group assignments, however, when you are writing your reflections, dialectical journals, discussions, or solving problems, you are expected to **do your own work.** Thus, homework will generally be graded for correctness, but the quality of the critical thinking displayed in the work has greater weight. ** Late work will NOT be accepted. ** Assignments are generally due at the __beginning of each class period__ of the date due. Students who do not turn in assignments on time may hold those assignments and submit them on Amnesty Day each quarter for consideration of full credit. Students may also submit revisions of work graded "C" or lower on Amnesty Day for consideration of a higher grade. Make up work may be obtained //for those students with excused absences.// It is the student's responsibility to request make-up assignments for the work missed. Make-up tests must be made within one week of the absence. Two (2) homework assignments per quarter may be excused with a Homework Waiver. Homework waivers are earned by students for exemplary GLO and Five Pillars behavior. Homework Waivers do not hurt or help your overall grade; you are simply excused from submitting the assignment on the due date. You will still be expected to do the assignment, perform the skill, and be assessed on the material. Project and group assignments, tests, quizzes, and exams are NOT eligible for Homework Waivers. Unexcused absences will result in a zero for the day and will be considered the same as a cut. It is important to realize that unexcused absences and unexcused tardies will severely hamper your chances for success in this course. When you are tardy without an excuse, there is no make up time for any work started at the beginning of class and no assignments collected while you are late will be accepted. By Mililani High School policy, two unexcused tardies equal one unexcused absence and six unexcused absences in a quarter will result in a failing quarter grade.
 * HOMEWORK POLICY **

All materials used in this course (digital, video, text, audio, et al) are the intellectual property of the instructors and the State of Hawaii. You may NOT reproduce any materials, link or post them to any Internet site, or share them in person without the expressed and/or written permission of the instructors.
 * INSTRUCTIONAL MATERIALS POLICY **