Course ID: 04023AF16
Credits: 0.5
Term: Fall 2016
Prerequisites:

Economics highly recommended.

Student must be approved by the department head prior to enrollment.



Note: It is the expectation of VTVLC that students take the Advanced Placement Exam (AP® Exam) to receive Advanced Placement credit. Students need to be approved by the department head by completing and returning this AP Course Recommendation Letter Form.

Course Description:

Students must take the Advanced Placement Exam (AP® Exam ) in order to receive Advanced Placement credit. You traveled to the Macro Islands to assist the leader in winning re-election. You came for a job, but you realized as you were working that you loved the islands and wanted to make your home there. Because you are adept at giving economic advice to the leader, you have been appointed as the new President of the Sunny Seas Shell Company. As part of your role in assuming the leadership duties of the company, you will need to brush up on microeconomics. The Board of Directors has appointed Ms. Equilibrium to act as your personal assistant and advisor as you transition into your new role. You will be learning all you can about microeconomics and will be required to exhibit your knowledge in May at the annual Board of Directors’ meeting (the AP Exam).



Topics & Concepts:
  • Economic Basics
  • Production Possibilities Frontier
  • Types of Economic Systems
  • Economic Reasoning Activity
  • Absolute vs. Comparative Advantage
  • Understanding Economic Basics
  • Equilibrium
  • Shifts in Supply and Demand
  • Models of Consumer Demand
  • Excise Tax
  • Production Costs
  • Production Curve Graph
  • Perfect Competition
  • Short and Long Run
  • Consumer and Producer Surplus
  • Monopolies
  • Monopolistic Competition
  • Oligopoly
  • Market Structure
  • Circular Flow
  • Marginal Productivity Theory
  • Determinants of Demand and Resources
  • Wages
  • Outsourcing
  • Private vs. Public Goods
  • Externalities
  • Economic Situations: Environment and Government
  • Introduction to Taxes
  • Income Distribution
  • Guided Review


Offerings and courses subject to change. Please refer to the VTVLC Student Information System as the most up-to-date resource of current offerings and required materials for courses.