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AP MICROECONOMICS UNIT #1BASIC ECONOMIC CONCEPTS
GEORGIA STANDARDS OF EXCELLENCE (GSE) IN THIS UNIT
Fundamentals
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I. Basic Economic Concepts . (8–14% of AP Microeconomics Test)
A. Scarcity, choice, and opportunity costB. Production possibilities curveC. Comparative advantage, absolute advantage,
specialization, and tradeD. Economic systemsE. Property rights and the role of incentivesF. Marginal analysis
KEY IDEAS SHEETRefer to sheet given out at start of unit
READING ASSIGNMENTS1. Chapter 1: pp. 3-11.2. Chapter 2: pp. 28-41.3. Chapter 1: pp. 11-18.4. Chapter 5: pp. 84-89.
5. Chapter 5: pp. 96-100.6. Chapter 5: pp. 89-92.7. Chapter 35: pp. 675-682.
LECTURES1. Introduction to Economics.2. Economic Systems and Goals.3. Production Possibilities Curves.
4. Intro to international trade.5. Absolute and Comparative
Advantage and fair trade.
TEXTBOOK STUDY QUESTIONS (for you to practice on your own; see me for answers)
1. Chapter 1 (p. 19-20): 3, 5, 6, 7, 10, 11, 12, 13, 14.
2. Chapter 2 (p. 42-43): 1, 2, 3, 4, 11, 12, 14.
3. Chapter 5 (p. 102-103): 4 a-b, 5.4. Chapter 35 (p. 694-695): 3, 4, 5.
ONLINE QUIZZES FROM TEXTBOOK SITE LINK ON THE BLOG (for your use)
1. Chapter 1: 1-10.2. Chapter 2: 1-10.3. Chapter 37: #s 1, 2, 3, 6 and 8.
UNIT PROBLEM SET: due the day before the test; will be provided to you
UNIT GRAPHS: due the day of the testSee handout on the blog for instructions
QUIZZES1. Economic basics, circular flow, marginal benefit and cost. (1)2. Economic systems and economic goals. (2)
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3. Production possibilities. (3)4. Absolute/Comparative Advantage/Fair Trade. (4)
TEST PRACTICE: will work on in class the day before the test1. Sample Multiple Choice.2. Sample Free Response.
TESTS Unit Test #1 with multiple choice and FRQs
VOCABULARY (be familiar with)
EconomicsMicroeconomicsMacroeconomicsPositive statementNormative statementScarcityTrade-offsOpportunity costIncentivesTraditional economyCommand economyMarket economyMixed economyPrivate propertySelf-interestCompetitionEquityEfficiencyProduction possibilities curve
Factors of productionCapital goodConsumer goodEconomic growthProductive efficiencyAllocative efficiencyMarginal analysisMarginal benefitMarginal costLaw of increasing opportunity costAbsolute advantageComparative advantageSpecializationTerms off tradeTrading possibilities lineGains from tradeCircular flowProduct marketFactor market
GRAPH/CHART/APPLICATION SKILLS (BE ABLE TO DRAW THEM TOO)1. Interpret a production possibilities table and/or chart.2. Solve for opportunity cost using a PPC or table.3. Analyze the circular flow model of goods and services.4. Solve for absolute and comparative advantage in production of two products by
two countries and be able to identify a fair trade.5. Demonstrate how trade increases countries’ consumption beyond their own PPC.6. Interpret a marginal benefit/marginal cost graph.
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