Advanced Placement Microeconomics

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Advanced Placement Microeconomics
Instructor, Mrs. Peggy Pride Study Notes to accompany

Economics Principles, Problems and Policies, 15th Ed.
Campbell McConnell Stanley Brue

AP MICROECONOMICS SEMESTER PLAN Instructor, Mrs. Peggy Pride
TEXT: Economics, Principles, Problems and Policies, 15th Edition, McConnell and Brue Video: Econ U$A series with discussion Class Activities: APIP workbook activities, reinforcement and writing activities and other teacher-developed materials This semester-long course gives students a thorough understanding of the principles of economics that apply to the function of individual decision-makers, both consumers and producers, within larger economic systems. It places primary emphasis on the nature and
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√ Principles are expressed as the tendencies of typical or average consumers, workers, or business firms √ Generalizations • “Other things equal” assumption—controlling all variables except one • Abstractions—do not mirror the complexity of real world • Graphic Expressions—models used to show theory Policy Economics √ Applied Economics that recognizes the principles and data which can be used to formulate policies. √ Determining a course of action to resolve a problem or to further a nation’s economic goals

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Steps in Policy Economics State the goal Determine the policy options

A clear, specific statement List specific policies to achieve goal with an assessment of possible effects

Implement and Evaluate the policy which was selected

Monitor steps in implementing the policy initiatives taken Principles Are Derived At Two Levels: Macroeconomics: economy as a whole and its basic subdivisions such as government, business and households. Macro looks at totals or aggregates to examine the “big picture”. Microeconomics: looks at specific units or segments of the economy, a particular firm or household. Micro looks at the “trees not the forest”. ECONOMIC GOALS • POSITIVE economics collects and presents facts. It avoids value judgments—”just the facts, madam”! Positive economics concerns WHAT IS—what the economy is really like.

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