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AP Microeconomics-Lecture Series Unit 1: Basic Economic Concepts

Ages 16-18
Live Group Course
This course is the first in a series of six that cover the complete Microeconomics curriculum outlined by the College Board for the AP exam. After completing all six components of this series students are expected to take the AP exam in may

Live video meetings
2x per week, 3 weeks
2-8 learners per class
45 min

What's included

6 live meetings
4 hrs 30 mins in-class hours
Homework
1-2 hours per week. 1-2 per week
Assessment
1 after class completion

Class Experience

US Grade 11 - 12
Advanced Level
This course is the first in a series of six that together cover the complete Microeconomics curriculum outlined by the College Board for the AP exam. By dividing the curriculum into six mini-courses, students have the flexibility to either complete the full AP Microeconomics sequence or focus on specific units where they need additional support (if they are concurrently enrolled in a microeconomics course at their high school and require extra help).

The AP Microeconomics curriculum includes 6 units: 
UNIT 1: Basic Economic Concepts 
UNIT 2: Supply and Demand 
UNIT 3: Production, Cost, and the Perfect Competition Model 
UNIT 4: Imperfect Competition 
UNIT 5: Factor Markets 
UNIT 6: Market Failure and the Role of Government 


This course will focus on Unit 1-Basic Economic Concepts. This unit represents 12–15% AP Exam Weighting.  Throughout this course, students will engage with economic theory and develop the skills to create, interpret, and apply economic models and graphs effectively.

Unit-1 will cover the following topics: 
1.1. Scarcity and choice 
1.2. Resource Allocation and Economic Systems 
1.3 Production Possibilities Curve 
1.4 Comparative Advantage and Trade 
1.5 Marginal Analysis and Consumer Choice 

The learning approach combines a lecture in which the theoretical background of the topic is presented (lesson 1 of the week), followed by applications (lesson 2 of the week) with a focus on problem-solving (practical exercises, case studies, additional readings).

If the available time slots do not fit your schedule, feel free to request an alternative date or time

Learning Goals

Principles and models: Define economic principles and models
Interpretation: Explain given economic outcomes

Syllabus

Curriculum
Follows College Board Advanced Placement Curriculum
Standards
Aligned with Advanced Placement (AP) Standards
6 Lessons
over 3 Weeks
Lesson 1:
The economic problem: Scarcity, choice, and opportunity cost
 In the first week, we discuss the concepts of scarcity, and opportunity cost, and how resource allocation is influenced by the economic system adopted by society. 
We introduce the Production Possibilities Curve as a model to show the trade-offs associated with allocating resources. 
45 mins online live lesson
Lesson 2:
The economic problem: Scarcity, choice, and opportunity cost
 Finish the lecture+ applications 
45 mins online live lesson
Lesson 3:
Comparative advantage and trade
 In week 2 we define absolute advantage and comparative advantage. We explain how specialization according to comparative advantage with appropriate terms of trade can lead to gains from trade. 
45 mins online live lesson
Lesson 4:
Comparative advantage and trade
 Finish the lecture+applications 
45 mins online live lesson

Other Details

External Resources
Learners will not need to use any apps or websites beyond the standard Outschool tools.

Meet the teacher

Joined June, 2024
New on Outschool
Profile
Teacher expertise and credentials
I have been an assistant professor of  Microeconomics and Macroeconomics at the undergraduate level for more than 10 years.

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