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AP Microeconomics Course

Advanced Placement (AP) Microeconomics Course

The College Board

GK Consultants Microeconomics Course

What does this course mean for you?

This course is ideal for those who would like to explore and better understand the world of economics, and the effects of various specific economic situations and outcomes.

About Our Microeconomics Course

In this Microeconomics course you will study the principles of economics and then apply the behaviour of individuals within a certain economic system. Using graphs, charts, and data, you will be able to analyse, describe, and explain various economic concepts.

The skills you will gain

    • The ability to define & understand economic principles and models
    • Be able to explain given economic outcomes
    • Learn how to determine outcomes of specific economic situations
    • The ability to model economic situations via graphs and other visual representations

Course equivalency

    • This is an introductory college level equivalent literature course

Recommended course prerequisites

    • None

In other words, all are welcome to this course and those who pass will have a college course equivalent.

About the Microeconomics Units

All of the course content that is outlined below is organised into the format in which it is most commonly taught. However, your teacher may organise this information differently.

Unit 1 – Basic Economic Concepts

In this unit, you will study the foundations upon which economic thinking is built. You will also learn how to evaluate various decisions based on the constraints and trade-offs which define rational economic decisions.

Topics include:

    • Understanding scarcity
    • Defining resource allocation and economic systems
    • How to define and measure the Production Possibilities Curve
    • Understanding comparative advantage and gains from trade
    • Exploring cost-benefit analysis
    • What is marginal analysis and consumer choice?

This unit will contribute 12%–15% of your overall exam score.

Unit 2 – Supply and Demand

In unit 2 you will learn the basis for understanding how markets work, with a comprehensive introduction to the ‘supply and demand’ model.

Topics include:

    • What is demand?
    • What is supply?
    • Understanding elasticity
    • Exploring market equilibrium, disequilibrium, and changes to equilibrium
    • Learn about the effects of government intervention within markets
    • Define, explore, and understand international trade and public policy

This unit will contribute 20%–25% of your overall exam score.

Unit 3 – Production, Cost, and the Perfect Competition Model

In unit 3 you will begin to explore the various factors that drive the behaviour of companies and learn about the ‘perfect competition’ model.

Topics include:

    • Defining the production function
    • Measuring and understanding short- and long-run production costs
    • Identifying the various types of profit
    • Exploring profit maximization
    • Defining and understanding ‘perfect competition’

This unit will contribute 22%–25% of your overall exam score.

Unit 4 – Imperfect Competition

In this unit you will begin to learn how imperfectly competitive markets work, and the way in which ‘game theory’ applies to various economic models.

Topics include:

    • Understanding monopoly
    • Defining price discrimination
    • Exploring monopolistic competition
    • Exploring the nature of dligopoly and game theory

This unit contributes 15%–22% of your overall exam score.

Unit 5 – Factor Markets

In unit 5 you will begin to explore how concepts such as supply and demand and marginal decision-making, apply in the context of factor markets, and what they can mean for an economy.

Topics include:

    • An introduction to factor markets
    • Understanding how changes in factor demand and factor supply affect an economy
    • Exploring profit-maximizing behaviour in perfectly competitive factor markets
    • Defining and understanding ‘monopsonistic’ markets

This unit contributes 10%–13% of your overall exam score.

Unit 6 – Market Failure and the Role of Government

In the 6th and final unit you will begin to examine the conditions in which markets may fail, and what affect government intervention can have on said markets.

Topics include:

    • Defining socially efficient and inefficient market outcomes
    • Exploring and understanding externalities
    • Defining public and private goods
    • Understanding the effects of government intervention in various market structures
    • Exploring income and wealth inequality

This unit contributes 8%–13% of your overall exam score.

Conclusion

Once you have successfully completed this course, you will possess a deeper and more comprehensive understanding of microeconomics. This will position you better to land your dream job within the economics industry.

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