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Introductory AP® Microeconomics (edX)

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An overview of introductory microeconomics. Learn the key principles of economics and how to apply them to the real world - and the AP® exam! Want to learn how individuals and businesses make the decisions that drive our economy - and use those skills to ace the Microeconomics AP® exam? This is the course for you!

This economics course is an introduction to basic microeconomic principles. You will learn how individuals make decisions ranging from what type of goods to buy to how many hours to work, and how firms make decisions ranging from how many workers to hire to what prices to charge. You will study how to evaluate economic outcomes from the perspective of efficiency and fairness, and discuss the proper role of the government in determining these outcomes.




This course will cover all material that is required for the Microeconomics AP® exam. It will cover this material through a mix of intuitive explanations, real-world applications, and graphical and mathematical supplements that explore the content in more depth. By the end of the course, not only will you have an understanding of the most important principles of microeconomics, but you’ll be able to use these principles to better understand the workings of the real world around you!

*Advanced Placement® and AP® are trademarks registered and/or owned by the College Board, which was not involved in the production of, and does not endorse, these offerings.


What you'll learn

- Consumer theory: How do consumers make decisions to maximize happiness?

- Producer theory: How do firms make decisions to maximize profit?

- Market structures: How does the structure of a market affect economic efficiency?

- Market failures: How do markets fail and what is the role of government to respond to these failures?

- Economic fairness: How do we strike the balance between economic efficiency and fairness?


Course Syllabus


Week 1: Welcome and Introduction (Units 1-2)

Introduction

Supply and Demand


Week 2: Consumer Theory I (Units 3-6)

Consumer Preferences

Utility Functions

Budget Constraints

Utility Maximization


Week 3: Consumer Theory II (Units 7-8)

Deriving Demand

Income and Substitution Effects


Week 4: Producer Theory I (Units 9-12)

Intro to Production

Short-Run Production

Short-Run Costs

Long-Run Production


Week 5: Producer Theory II (Units 13-16)

Perfect Competition

Profit Maximization

Short-Run Supply Curve

Long-Run Supply Curve


Week 6: Competitive Equilibrium and Welfare (Units 17-21)

Shifts in Supply and Demand

Individual Surplus

Market Surplus

Competition and Maximizing Welfare

Taxes in Competitive Markets


Week 7: Other Market Structures I (Units 22-24)

Intro to Monopolies

Welfare Effects of Monopoly

Origins of Monopoly


Week 8: Other Market Structures II (Units 25-27)

Intro to Oligopolies

Game Theory

Oligopolistic Competition


Week 9: Factor Markets (Units 28-32)

Modeling Preferences for Work

Labor Supply

Labor Demand

Labor Market Equilibrium

Capital Markets


Week 10: International Trade (Units 33-35)

Intro to Trade

Productions Possibilities Frontier and Comparative Advantage

International Trade and Welfare


Week 11: Role of Government I (Units 36-39)

Redistribution

Deadweight Loss of Redistribution

Externalities

Government Solutions to Externalities


Week 12: Role of Government II (Units 40-42)

Public Goods

Uncertainty

Information Asymmetry


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