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A Program of the Virginia Department of Education

2802 Advanced Placement Microeconomics

Note: This course’s material is also covered in 2804 AP Economics, which combines the AP Macroeconomics and AP Microeconomics courses into a single year-long, full-credit course. If a student plans to take both of the half-credit AP Macroeconomics and AP Microeconomics courses in a school year, they may want to consider enrolling in the combined AP Economics course.

Field of Study

AP Microeconomics is a fast-paced, college-level course that focuses on the decision making of individuals, households, firms, and the government.

Material Covered

Students will study a variety of economic theories and analyze their practical applications in the real world. Course topics include the product market (including forces of supply and demand), factor/resource markets (including labor and capital), and competition/market structures.

Student Expectations

Students will complete activities, assignments, and assessments that involve analytical thinking, mathematical reasoning ability, and sketching and interpreting graphs. Timely submission of student work and frequent communication with the instructor are essential for success in the course.

Related Requirements

This course will help prepare students for college and potentially allow them to earn up to 3 university credits upon successful completion of the AP exam. Students are expected to take the AP exam in May, and the course is taught with this expectation in mind. Please note that this is a 0.5 credit course. Students generally combine this course with AP Macroeconomics to earn a full credit toward graduation. This course does not satisfy the Virginia graduation requirement that all students take an Economics and Personal Finance course.

Prerequisites

  • No other courses are required to be taken or complete before beginning study in AP Microeconomics. Strong math reasoning and graphing skills, however, are essential prerequisites for success in the course.

Course Texts and Materials

Required

  • Principles of Microeconomics
    ISBN 1938168240
    Publisher: OpenStax
  • This book is available for free in web view and PDF. You can also choose to purchase on iBooks or get a print version via the campus bookstore or from OpenStax on Amazon. You can use whichever formats you want. Web view is recommended; the responsive design works seamlessly on any device. If you buy on Amazon, make sure you use the link on your book page on openstax.org so you get the official OpenStax print version. (Simple printouts sold by third parties on Amazon are not verifiable and not as high-quality.)

Optional

  • Advanced Placement Economics: Microeconomics: Student Edition (Fourth Edition)
    Authors: John S. Morton and Rae Jean B. Goodman
    ISBN: 978-1-56183-670-3
    Publisher: National Council on Economic Education
  • 5 Steps to a 5: AP Microeconomics 2017
    ISBN: 9781259587887
    Publisher: McGraw-Hill Education
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