The standards in this unit are pulled directly from the AP Microeconomics Course Description. There are skill standards and content standards. Below is a list of the skill standards achieved in this unit.
1.D Describe the similarities, differences, and limitations of economic concepts, principles, or models.
2.A Using economic concepts, principles, or models, explain how a specific economic outcome occurs or what action should be taken in order to achieve a specific economic outcome.
2.B Using economic concepts, principles, or models, explain how a specific economic outcome occurs when there are multiple contributing variables or what multiple actions should be taken in order to achieve a specific economic outcome.
2.C Interpret a specific economic outcome using quantitative data or calculations.
Below is a list of content standards that come directly from the AP Microeconomics Course Description. Each of these standards is achieved through the six activities described in the unit. MKT standards refer to standards about scarcity and markets. PRD standards refer to standards about production choices and behavior. POL standards refer to market inefficiency and public policy.
MKT-1.B Define how resource allocation is influenced by the economic system adopted by society.
MKT-2.A
- Define absolute advantage and comparative advantage.
- Determine (using data from PPCs or tables as appropriate) absolute and comparative advantage.
POL-1.A
- Define forms of government price and quantity intervention.
- Explain (using graphs where appropriate) how government policies alter consumer and producer behaviors that influence incentives and therefore affect outcomes.
PRD-3.C
- Define (using tables as appropriate) key terms, strategies, and concepts relating to oligopolies and simple games.
- Explain (using tables as appropriate) strategies and equilibria in simple games and the connections to theoretical behaviors in various oligopoly market and non-market settings.
- Calculate (using tables as appropriate) the incentive sufficient to alter a player’s dominant strategy.
PRD-4.A
- Define (using graphs where appropriate) key terms and concepts relating to factor markets.
- Explain (using graphs where appropriate) the relationship between factors of production, firms, and factor prices.
PRD-4.C
- Define (using graphs as appropriate) the characteristics of perfectly competitive factor markets.
- Explain (using graphs where appropriate) the profit-maximizing behavior of firms buying labor (with other inputs fixed) in perfectly competitive markets.
POL-2.Aa Define social efficiency.
POL-2.B Explain (using graphs where appropriate) how private incentives can lead to actions by rational agents that are socially undesirable (inefficient) market outcomes.
POL-2.Ca. Explain equilibrium allocations in imperfect markets relative to efficient allocations (using graphs where appropriate) and why these markets are inefficient.
POL-4.A
- Define government policy interventions in imperfect markets.
- Explain (using graphs where appropriate) how government policies can alter market outcomes in perfectly and imperfectly competitive markets.
- Calculate (using data from a graph or table as appropriate) changes in market outcomes resulting from government policies in perfectly competitive and imperfectly competitive markets.
POL-5.B Explain sources of income and wealth inequality.