AP® Microeconomics
Course details
Duration
18 weeks or less
Lectures
33
Video
None
Level
Advanced
Popular courses
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AP Microeconomics studies the behavior of individuals and businesses as they exchange goods and services in the marketplace. Students will learn why the same product costs different amounts at different stores, in different cities, at different times. They’ll also learn to spot patterns in economic behavior and how to use those patterns to explain buyer and seller behavior under various conditions. Microeconomics studies the economic way of thinking, understanding the nature and function of markets, the role of scarcity and competition, the influence of factors such as interest rates on business decisions, and the role of government in promoting a healthy economy. The equivalent of a 100-level college course, AP Microeconomics prepares students for the AP exam and for further study in business, history, and political science.
This course has been authorized by the College Board® to use the AP designation.
*Advanced Placement® and AP® are registered trademarks and/or owned by the College Board, which was not involved in the production of, and does not endorse this product.
Length: One semester
Course Materials Optional
Unit 1: What is Economics?
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1
Lesson 1: What is Economics?- Practice - Introducing Microeconomics: Go over the format and goals of the course. See how to succeed in the course and what to expect on the AP exam.
- Discuss - Why Study Economics? Before exploring the details of microeconomics, discuss your definition of economics and reasons for studying it with your classmates.
- Study - Introduction to Economics: Explore the basics of economics, including goods, services, markets, and a fundamental concept of economics: scarcity.
- Discuss - Scarcity and Value: Discuss concepts of scarcity and value.
- Study - Economic Tools: Graphs and Equations: Review basic concepts about graphs, equations, slopes and intercepts and see how to apply these skills as you work with income graphs and formulas.
- Study - Economic Systems: Examine the major questions each economic society faces and explore the different ways traditional, command, and mixed economies answer these questions.
- Quiz - Wrap-Up: Answer questions to assess your understanding of the content.
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2
Lesson 2: Wrap-Up
- Review - What Is Economics? Review your studies of basic economic terms.
- Practice - What is Economics? Using common economic terms, complete a crossword puzzle.
- Discuss - Cram Session: Discuss economic terms and other areas about which you are unclear.
- Test (CS) - What Is Economics?
- Test (TS) - What Is Economics?
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3
Lesson 3: Diagnostic
- Diagnostic - What Is Economics? Test your understanding of the key concepts covered.
Unit 2: Basic Economic Concepts
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4
Lesson 1: Costs, Benefits, and PPF
- Study - Costs and Benefits: Examine definitions of costs and benefits and the idea of self-interest. Analyze decision alternatives by considering the opportunity costs.
- Discuss - Weighing Costs and Benefits: Discuss how you would weigh costs and benefits in various situations.
- Study - Production Possibilities Frontier: See how economists use a Production Possibilities Frontier (PPF) graph to analyze the opportunity costs of a decision.
- Brainbuilder - Investigate the PPF: Investigate the PPF curve and factors that affect it.
- Practice - Apply Concepts of Basic Economics: Use the tools of the PPF and marginal analysis to answer questions about production, cost, trade, and value.
- Quiz - Wrap-Up: Answer questions to assess your understanding of the content.
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5
Lesson 2: Production and Trade
- Study - Individual Production and Trade: Look at issues related to specialization and trade. Explore the use absolute advantage and comparative advantage to rank producers' ability to produce goods.
- Brainbuilder - Investigate Absolute and Comparative Advantage: Practice calculating comparative and absolute advantage.
- Discuss - Comparative Advantage: Answer a classmate's question about comparative advantage, and pose a question for another classmate.
- Study - National Production and Trade: Look at the PPF for an entire economy and examine the issues related to trade between countries.
- Practice - Apply Concepts of Production and Trade: Apply the concepts of comparative advantage and specialization to questions about individual and national production.
- Quiz - Wrap-Up: Answer questions to assess your understanding of the content.
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6
Lesson 3: The Scientific Tools of Economics
- Study - The Scientific Method: See how economists, and other scientists, develop theories and test their ideas.
- Discuss - Economics and the Scientific Method: Discuss the particular challenges faced by economists using the scientific method.
- Study - Theories and Models: Explore the various ways ideas can be represented as models. Look at four types of models: verbal, numeric, graphic, and algebraic.
- Quiz - Wrap-Up: Answer questions to assess your understanding of the content.
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7
Lesson 4: Wrap-Up
- Review - Basic Economic Concepts: Review your studies of basic economic concepts.
- Practice - Basic Economic Concepts: Using common economic terms and concepts, complete a crossword puzzle.
- Discuss - Cram Session: Discuss basic economic concepts and areas about which you are unclear.
- Test (CS) - Basic Economic Concepts
- Test (TS) - Basic Economic Concepts
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8
Lesson 5: Diagnostic
- Diagnostic - Basic Economic Concepts: Test your understanding of the key concepts covered.
Unit 3: Demand, Supply, Elasticity, and Consumer Choice
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9
Lesson 1: Demand
- Study - Demand: Explore the basics of consumer demand, and see how to make a demand curve.
- Brainbuilder - Investigate Demand: Practice using demand schedules and demand curves.
- Study - Determinants of Demand: See what affects consumer demand and how those effects are shown on a graph.
- Brainbuilder - Investigate Shifts of Demand Curves: Practice shifting demand curves.
- Practice - Apply Concepts of Demand and Shifts of Demand Curves: Answer questions on demand and the determinants of demand.
- Quiz - Wrap-Up: Answer questions to assess your understanding of the content.
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10
Lesson 2: Supply
- Study - Supply: Examine supply curves, and see how to make a supply curve.
- Brainbuilder - Investigate Supply: Practice using supply schedules and supply curves.
- Study - Determinants of Supply: See what affects suppliers' decisions to make and sell a good or service and how to show the effects graphically.
- Discuss - Another Determinant of Supply? Explain your opinion about a possible addition to the list of determinants of supply—the number of suppliers in the market.
- Brainbuilder - Investigate Shifts of Supply Curves: Investigate how to shift supply curves.
- Practice - Apply Concepts of Supply and Shifts of Supply Curves: Answer questions on supply and the determinants of supply.
- Quiz - Wrap-Up: Answer questions to assess your understanding of the content.
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11
Lesson 3: Market Equilibrium and Price Determination
- Study - Market Equilibrium: Look at supply and demand curves together, and explore the concept of market equilibrium.
- Brainbuilder - Investigate Market Equilibrium: Practice finding and indicating market equilibrium.
- Study - Changes in Equilibrium: See how changes in supply and demand affect market equilibrium, and investigate price floors and price ceilings.
- Brainbuilder - Investigate Changes in Equilibrium: Practice shifting supply and demand curves, and notice how the shifts affect market equilibrium.
- Practice - Apply Concepts of Market Equilibrium: Answer questions about market equilibrium, focusing on issues of price floors and ceilings and the adjustment to equilibrium.
- Quiz - Wrap-Up: Answer questions to assess your understanding of the content.
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12
Lesson 4: Elasticity and Consumer Choice
- Study - Price Elasticity of Demand: See how to measure consumer sensitivity to price changes.
- Brainbuilder - Investigate Elasticity of Demand: Practice shifting supply and demand curves, and notice how the shifts affect market equilibrium.
- Study - Price Elasticity of Supply and Other Elasticities: Examine producer sensitivity to price changes, and consumer sensitivity to income and the prices of related goods.
- Brainbuilder - Investigate Elasticity of Supply and Other Elasticities: Practice calculating price elasticity of supply, and examine income and cross-price elasticity.
- Practice - Apply Concepts of All Elasticities: Answer questions about price elasticity of supply and demand, income elasticity of demand, and cross-price elasticity of demand.
- Study - Utility: Examine the concepts behind the economic definition of consumer satisfaction.
- Brainbuilder - Investigate Utility and Consumer Surplus: Practice using the ideas of utility, and explore consumer surplus on a graph.
- Quiz - Wrap-Up: Answer questions to assess your understanding of the content.
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13
Lesson 5: Wrap-Up
- Review - Demand, Supply, Elasticity, and Consumer Choice: Review your studies of demand, supply, elasticity, and consumer choice.
- Practice - Demand, Supply, Elasticity, and Consumer Choice: Using common terms (referring to demand, supply, elasticity, and consumer choice) complete a crossword puzzle.
- Discuss - Cram Session: Discuss demand, supply, elasticity, and consumer choice and any areas about which you are unclear.
- Test (CS) - Demand, Supply, Elasticity, and Consumer Choice
- Test (TS) - Demand, Supply, Elasticity, and Consumer Choice
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14
Lesson 6: Diagnostic
- Diagnostic - Demand, Supply, Elasticity, and Consumer Choice: Test your understanding of the key concepts covered.
Unit 4: Firm Production, Costs, and Revenue
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15
Lesson 1: Firm Production
- Study - Business Organization: Examine the main types of business organizations.
- Study - Costs and Profits: Examine the concepts behind the economic definition of costs and profits.
- Discuss - Costs and Profits of Your Own Business: Choose a type of organization for your own business and discuss issues of cost and profit.
- Study - Production in the Short Run: See graphs of the production of a firm when one or more inputs are fixed in size.
- Brainbuilder - Investigate Production in the Short Run: Practice creating marginal product curves, and answer questions about the production of a firm in the short run.
- Quiz - Wrap-Up: Answer questions to assess your understanding of the content.
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16
Lesson 2: Costs in the Short Run and Long Run
- Study - Costs in the Short Run: See graphs of the cost curves of a firm when one or more inputs are fixed in size.
- Brainbuilder - Investigate Costs in the Short Run: Practice using tables and graphs with the different short-run cost information for a firm.
- Study - Costs in the Long Run: Watch the short-run cost curves be enveloped by the long-run cost curve.
- Brainbuilder - Investigate Costs in the Long Run: Practice identifying economies of scale, and use short-run cost curves to create a long-run cost curve.
- Practice - Apply Concepts of Short-Run Costs, Long-Run Costs, and Profit: Answer questions about the production and costs faced by a firm in the long and short run.
- Quiz - Wrap-Up: Answer questions to assess your understanding of the content.
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17
Lesson 3: Wrap-Up
- Review - Firm Production, Costs, and Revenue: Review your studies of production and costs.
- Practice - Firm Production, Costs, and Revenue: Using common terms (referring to production and costs) complete a crossword puzzle.
- Discuss - Cram Session: Discuss production and costs and any areas about which you are unclear.
- Test (CS) - Firm Production, Costs, and Revenue
- Test (TS) - Firm Production, Costs, and Revenue
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18
Lesson 4: Diagnostic
- Diagnostic - Firm Production, Costs, and Revenue: Test your understanding of the key concepts covered.
Unit 5: Market Structure
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19
Lesson 1: Perfect Competition
- Study - Perfect Competition, Part 1: Explore the characteristics of perfectly competitive markets.
- Brainbuilder - Investigate Perfect Competition, Part 1: Investigate the characteristics of the perfect competition market structure, and practice calculating profit maximization.
- Study - Perfect Competition, Part 2: Building on your knowledge of the basics, learn more about perfectly competitive markets, including the question of efficiency.
- Brainbuilder - Investigate Perfect Competition, Part 2: Practice working with the perfect competition graphs, including the long-run situation and the issue of efficiency.
- Practice - Apply Concepts of Perfect Competition: Answer questions about perfect competition.
- Quiz - Wrap-Up: Answer questions to assess your understanding of the content.
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20
Lesson 2: Monopoly and Monopolistic Competition
- Study - Monopoly: See how to determine the profit-maximizing level of output and price the monopolist will choose, and find out about efficiency in a monopoly market.
- Brainbuilder - Investigate Monopoly: Practice drawing marginal-revenue curves, and find the profit-maximizing level of output for a monopolist.
- Study - Monopolies: Special Cases: Examine the basics of price discrimination, and see which firms are natural monopolies.
- Brainbuilder - Investigate Natural and Price-Discriminating Monopolies: Investigate the cost curves of a natural monopoly, and work on profit maximization when the monopolist can price discriminate.
- Practice - Apply Concepts of Monopolies: Answer questions about monopolies.
- Study - Monopolistic Competition: Examine the monopolistic competition market, and find out about product differentiation.
- Brainbuilder - Investigate Monopolistic Competition: Practice finding the profit-maximizing level of output for a monopolistic competitor, and answer questions about that market structure.
- Quiz - Wrap-Up: Answer questions to assess your understanding of the content.
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21
Lesson 3: Oligopoly
- Study - Oligopoly: See the main characteristics of an oligopoly market, and find out about profit maximization in an oligopoly.
- Brainbuilder - Investigate Oligopoly: Answer questions about oligopolies.
- Study - Oligopoly Models: Examine how to categorize the main types of oligopoly interaction.
- Brainbuilder - Investigate Oligopoly Models: While examining the different oligopoly models, practice working with graphs and tables.
- Practice - Apply Concepts of Oligopoly and Oligopoly Models: Answer questions about the oligopoly market structure.
- Quiz - Wrap-Up: Answer questions to assess your understanding of the content.
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22
Lesson 4: Comparing Markets and Imperfect Competition
- Study - Market Structures and Mergers: See the main types of market structures, and explore the role of mergers in market structures.
- Brainbuilder - Investigate the Different Market Structures: Work with graphs showing all the market structures and investigate their similarities and differences.
- Study - Government and Imperfect Competition: See what actions the government takes to limit anti-competitive practices in the market.
- Discuss - Market Structures: Discuss issues related to the main types of market structures.
- Quiz - Wrap-Up: Answer questions to assess your understanding of the content.
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23
Lesson 5: Wrap-Up
- Review - Market Structure: Review your studies of perfect competition, monopoly, and oligopoly.
- Practice - Market Structure: Using common terms (referring to market structure) complete a crossword puzzle.
- Discuss - Cram Session: Discuss market structure and any areas about which you are unclear.
- Discuss - You Be the Teacher! Make suggestions for completing a correctly answered but incomplete AP-style question about a perfectly competitive market.
- Test (CS) - Market Structure
- Test (TS) - Market Structure
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24
Lesson 6: Diagnostic
- Diagnostic - Market Structure: Test your understanding of the key concepts covered.
Unit 6: Factor Markets
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25
Lesson 1: Derived Factor Demand
- Study - Factor Demand, Part 1: Examine the derived factor demand curve.
- Brainbuilder - Investigate Factor Demand: Practice deriving a factor demand curve.
- Study - Factor Demand, Part 2: Explore the determinants of factor demand and the determinants of the elasticity of factor demand.
- Brainbuilder - Investigate Shifts in Factor-Demand Curves: Draw shifts in the factor demand curve, and calculate elasticity of factor demand.
- Practice - Apply Concepts of Factor Demand: Answer questions on derived factor demand.
- Quiz - Wrap-Up: Answer questions to assess your understanding of the content.
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26
Lesson 2: Special Topics in Factor Demand
- Study - Labor: See the main issues regarding the demand for labor, including labor unions and monopsonistic labor markets.
- Brainbuilder - Investigate Labor Markets: Compare the outcomes of a regular labor market with a monopsonistic labor market, and answer questions about labor unions.
- Study - Rent, Interest, and Profit: See the main issues regarding the non-labor factors of production in the factor market.
- Practice - Apply Concepts of Factor Demand: Answer questions about the demand for the factors of production.
- Quiz - Wrap-Up: Answer questions to assess your understanding of the content.
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27
Lesson 3: Wrap-Up
- Review - Factor Markets: Review your studies of factor demand.
- Practice - Factor Markets: Using common terms (referring to factor markets) complete a crossword puzzle.
- Discuss - Cram Session: Discuss factor markets and any areas about which you are unclear.
- Discuss - You Be the Teacher! Make suggestions for completing a correctly answered but incomplete AP-style question about the labor market.
- Test (CS) - Factor Markets
- Test (TS) - Factor Markets
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28
Lesson 4: Diagnostic
- Diagnostic - Factor Markets: Test your understanding of the key concepts covered.
Unit 7: Efficiency, Equity, and the Government
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29
Lesson 1: Market Failures
- Study - Externalities and Public Goods: Examine externalities, such as pollution, and public goods, such as national defense.
- Brainbuilder - Investigate Externalities and Public Goods: Investigate and answer questions about the role and definition of externalities and public goods.
- Practice - Bring Together Externalities and Public Goods: Answer in-depth questions on externalities and the role of government in providing public goods.
- Quiz - Wrap-Up: Answer questions to assess your understanding of the content.
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30
Lesson 2: Distribution of Income
- Study - Income Distribution and Taxes: See how income is spread through the U.S. economy, and find out about the different types of taxation.
- Brainbuilder - Investigate Taxes and Income Distribution: Practice working on a graph of the Lorenz curve, answer questions about the different types of taxes, and consider issues of redistribution and equity.
- Practice - Apply Concepts of Taxes and Income Distribution: Answer questions on taxes and income distribution.
- Discuss - Your Opinion Counts: The Government and the Economy: Defend your opinions about the role of government in the economy or about the distribution of income.
- Quiz - Wrap-Up: Answer questions to assess your understanding of the content.
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31
Lesson 3: Wrap-Up
- Review - Efficiency, Equity, and the Role of Government: Review your studies of efficiency, equity, and the role of government.
- Practice - Efficiency, Equity, and the Role of Government: Using common terms (referring to efficiency, equity, and the role of government) complete a crossword puzzle.
- Discuss - Cram Session: Discuss efficiency, equity, the role of government, and any areas about which you are unclear.
- Discuss - You Be the Teacher! Make suggestions for completing a correctly answered but incomplete AP-style question about the labor market.
- Test (CS) - Efficiency, Equity, and the Government
- Test (TS) - Efficiency, Equity, and the Government
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32
Lesson 4: Diagnostic
- Diagnostic - Efficiency, Equity, and the Role of Government: Test your understanding of the key concepts covered.
When will this course begin?
Processing time is 1-2 business days. Courses begin each week on Mondays, except for holidays.
Will this class give high school credit?
Yes! Our high school courses are accredited.
Is this course recognized by universities?
Yes! The transcript you receive will come from a fully accredited online school.
Will this class end up on my high school transcript?
Yes, it can! You will need to speak with your academic counselor to get an outside approval request. We will work with you and your school to make sure your high school recognizes our accredited course for placement on your high school transcript.
What if my high school doesn’t give outside credit approval but I still want to take courses that my school doesn’t have to stand out?
No problem! You can still self-report to universities that you took this high school credit course and shine like the shining star that you are.
Will I get support from a live teacher?
Yes! This course comes with support from a certified, experienced teacher available for personalized feedback and assistance Monday-Friday via email and Zoom.
How long does it take to have coursework graded and returned?
Teachers return assignments graded with personalized feedback within 3 business days.
How long will I have to complete this course?
A semester course is scheduled for 9 weeks of access in the summer (May – July) and 18 weeks during the school year (August – April). When you purchase semester 1 and semester 2 courses together, the course is scheduled for 18 weeks in the summer term and 36 weeks during the school year. Students are always welcome to work ahead or add additional time to summer courses (up to 18 weeks for a semester or 36 weeks when semester 1 and semester 2 are purchased together).
Can I finish this course early?
You can complete this course at your pace; so if you get through the coursework quickly, then you can finish early.
What if I need more time to complete this course?
All of our courses are available year-round, and the course content is the same for summer school. Our summer school course duration is set to 9 weeks for semester courses and 18 weeks when semester 1 and semester 2 are purchased together; however, this duration can be extended several weeks upon request.
How can I order my transcript?
All transcripts are available through Parchment, the industry leader in education credentials technology. Parchment is used widely by high schools, colleges, and other academic institutions such as the NCAA. It is a secure service for sending credentials. Transcripts take 1 to 2 business days to process, and you can check online to view the progress of the transaction.
You can use Parchment to order transcripts for multiple institutions at once (including the NCAA). You will automatically receive an unofficial copy for your personal records, and you can track your official transcript. Each Parchment electronic (emailed) transcript costs $5.40, and hard copies sent by mail cost $7.90.
You can use Parchment to order transcripts for multiple institutions at once (including the NCAA). You will automatically receive an unofficial copy for your personal records, and you can track your official transcript. Each Parchment electronic (emailed) transcript costs $5.40, and hard copies sent by mail cost $7.90.
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