This single-semester course introduces students to the economic principles that apply to consumers and producers in an economic system and focuses on the nature and function of product markets, the study of factor markets and the role of government. Content in each lesson is presented in a variety of formats including a Textbook, videos and other internet resources. Students are given the ability to select from some, or all of these resources, based on their own learning preferences and needs. Regular practice opportunities allow students to gauge their understanding and preparedness before attempting graded quizzes and tests. In order to maintain the integrity of AP standards, all AP course midterm and final exams must be proctored. Prerequisites: Algebra I
Course Objectives: Upon completion of this course, students will be able to...
- Describe basic economic concepts
- Demonstrate understanding of the nature and function of product markets in regard to supply and demand
- Demonstrate understanding of the theory of the consumer, firm production, costs and markets, profit maximization and perfect competition
- Demonstrate understanding of the three types of competition: monopoly, oligopoly, and monopolistic
- Identify the characteristics of factor markets and the reasons for market failure and government involvement
Course Outline:
Unit 1: Basic Economic Concepts
Unit 2: The Nature and Function of Product Markets: Supply and Demand
Unit 3: The Nature and Function of Product Markets: The Theory of the Consumer
Unit 4: The Nature and Function of Product Markets: Firm Production, Costs and Markets
Unit 5: The Nature and Function of Product Markets: Profit Maximization and Perfect Competition
Unit 6: The Nature and Function of Product Markets: Monopoly, Oligopoly, and Monopolistic Competition
Unit 7: Factor Markets Unit 8: Market Failure and the Role of Government
Resources Included: Online lesson instruction and activities, opportunities to engage with a certified, online instructor and classmates, when appropriate, and online assessments to measure student performance of course objectives and readiness for subsequent academic pursuits.
Additional Costs: Required Textbook: Krugman, Paul, David Anderson, Margaret Ray, and Robin Wells (2015). Krugman's Economics for AP®, 2nd Edition. Worth Publishers. Hardcover: ISBN-13: 978-1464122187, eBook: ISBN-13: 978-1464122187.
Scoring System: Michigan Virtual does not assign letter grades, grant credit for courses, nor issue diplomas. A final score out of total points earned will be submitted to your school mentor for conversion to their own letter grading system.
Time Commitment: Semester sessions are 18-weeks long: Students must be able to spend 1 or more hours per day in the course to be successful. Summer sessions are 10 weeks long: Students must be able to spend a minimum of 2 or more hours per day, or about 90 hours during the summer, for the student to be successful in any course. Trimester sessions are 12-weeks long: Students must be able to spend 1.5 or more hours per day in the course to be successful.
Technology Requirements: Students will require a computer device with headphones, a microphone, webcam, up-to-date Chrome Web Browser, and access to YouTube.
Please review the Michigan Virtual Technology Requirements: https://michiganvirtual.org/about/support/knowledge-base/technical-requirements/
Instructor Support System: For technical issues within your course, contact the Customer Care Center by email at [email protected] or by phone at (888) 889-2840.
Instructor Contact Expectations: Students can use email or the private message system within the Student Learning Portal to access highly qualified teachers when they need instructor assistance. Students will also receive feedback on their work inside the learning management system. The Instructor Info area of their course may describe additional communication options.
Academic Support Available: In addition to access to a highly qualified, Michigan certified teacher, students have access to academic videos and outside resources verified by Michigan Virtual. For technical issues within the course, students can contact the Michigan Virtual Customer Care by email at [email protected] or by phone at (888) 889-2840.
Required Assessment: Online assessments consist of formative and summative assessments represented by computer-graded multiple choice, instructor-graded writing assignments including hands-on projects, model building and other forms of authentic assessments.
Technical Skills Needed: Basic technology skills necessary to locate and share information and files as well as interact with others in a Learning Management System (LMS), include the ability to:
- Download, edit, save, convert, and upload files
- Download and install software
- Use a messaging service similar to email
- Communicate with others in online discussion or message boards, following basic rules of netiquette
- Open attachments shared in messages
- Create, save, and submit files in commonly used word processing program formats and as a PDF
- Edit file share settings in cloud-based applications, such as Google Docs, Sheets, or Slides
- Save a file as a .pdf
- Copy and paste and format text using your mouse, keyboard, or an html editor’s toolbar menu
- Insert images or links into a file or html editor
- Search for information within a document using Ctrl+F or Command+F keyboard shortcuts
- Work in multiple browser windows and tabs simultaneously
- Activate a microphone or webcam on your device, and record and upload or link audio and/or video files
- Use presentation and graphics programs
- Follow an online pacing guide or calendar of due dates
- Use spell-check, citation editors, and tools commonly provided in word processing tool menus
- Create and maintain usernames and passwords
Additional Information: The official course descriptions for Advanced Placement courses and information about their exams are located on the College Board site at http://apcentral.collegeboard.com/apc/public/courses/descriptions/index.html.
Michigan Virtual prepares students in AP courses for the AP exam, but does not offer the exam test itself. It is the responsibility of the school or parent to register for a local administration of the AP exam.
There are required due dates in AP courses. The pacing of due dates in AP courses aligns to the completion of all lessons and required assignments and assessments prior to the national AP exam date related to this course title. The calendar of AP exam dates is published by the College Board (Exam Calendar).