AP Microeconomics
Table of Contents
AP Micro Economics Introduction
The AP Microeconomics course gives students a thorough understanding of the principles of economics. It teaches the functions of individual decision makers, both consumers and producers, within the economic system.
AP Micro Economics Course Goals
According to College Board, the structure for designing a proper AP Microeconomics course should focus on the following topics:
- Economic Concepts: 8-14%
- Nature and Functions of Produce Markets: 55-70%
- Factor Markets: 10-18%
- Market Failure and the Role of Government: 12-18%
AP Micro Economics Exam
The AP Microeconomics exam tests students on each aspect of the course in two sections. Section I is a multiple choice exam testing the students skills on all microeconomic principles. Section II is a free response section having students apply their skills to solve practical problems in the world of economics.
Requirements for enrollment in a distinguished AP Microeconomics course will be dependent on each school, but successful students should be able to demonstrate several in-depth concepts of microeconomics through a series of multiple choice questions and free response questions.
Grading
The AP Microeconomics Exam is graded based on answers in two sections:
- Section I: Weighed â…” of the total exam (1 hour and 20 minutes)
- Section II: one 25 minute essay, two 12.5 minute essays, weighted 1/3 of the total exam score (50 minutes)
AP Microeconomics Notes, Concept and Themes
- Section 1: The Foundation of Economics
- Section 2: Supply and Demand
- Section 3: Elasticity, Surplus, and Taxation
- Section 4: Production and Costs
- Section 5: Perfect Competition and Profit
- Section 6: Monopoly, Mopolistic Competition and Oligopoly
- Section 7: Labor and Factor Market
- Section 8: Externalities, Public Goods, Antitrust Policy and Income Distribution
