This course can help prepare students who wish to continue their math or business education after high school, as well as students who wish to perform exceptionally well on the SAT exam. The level of aptitude in this subject will assist students wishing to excel on the SAT and in college courses. Students who wish to take an AP Economics course should have a basic, if not more advanced understanding of mathematic functions. They should also have taken a basic Economics I course to get a solid foundation for their Economics education. Economics can be a particularly tough subject for those with no prior knowledge on the subject, so it’s important to gain as much information as possible before enrolling in the course.
According to the College Board’s website, AP Economics, both Macroeconomics and Microeconomics courses, are designed to give students a thorough understanding of the principles of economics that apply to the functions of individual decision makers, both consumers and producers, within the economic systems.
The AP Economics course is designed to give you a complete understanding of the principles of economics that apply to an economic system as a whole. This course places particular emphasis on the study of national income and price determination, and also develops your familiarity with economic performance measures, economic growth, and international economics.
The purpose of an AP course in Microeconomics is to provide a complete understanding of the principles of economics that apply to the functions of individual decision makers, both consumers and producers, within the larger economic system. It places primary emphasis on the nature and functions of product markets, and includes the study of factor markets and of the role of government in promoting greater efficiency and equity in the economy.
AP Economics is a serious course and includes many course goals. According to the College Board’s website, by the time students take their AP Economics exam (or the SAT exam) they should understand:
- Basic Economic Concepts- The study of economics requires students to understand that in any economy the existence of limited resources along with unlimited wants results in the need to make choices. Students will become acquainted with the system of wants and need as well as other economic systems that govern our economy.
- The Nature and Function of Product Markets- The study of the nature and functions of product markets falls into four areas: supply and demand models, consumer choice, production and costs theory of the firm. AP courses will assist students in understanding the flow of money and other goods throughout the market. Students will also be able to understand the short term and long term consequences of economic choices such as price adjustments and unemployment.
- Factor Markets- Students will apply the concepts of supply and demand to markets for factors such as labor, resources, and property. Students analyze the concept of derived demands as well as how price adjustments affect the allocation of resources across the board.
- Market Failure and the Role of the Government- An AP Economics course will further a student’s knowledge of the government’s ability to control the economy (and lack thereof). It is important for students to understand the consequences of government intervention in economic choices and what can be done to counteract them if they fail.
- Students will also learn to utilize study notes, study guides, and various other study techniques in conjunction with AP Economic textbooks such as Economics: Principles in Action and AP Economics. It is important that students realize that Economics courses will typically include a large amount of reading, and failure to keep up with it could result in a failing grade.
Students considering taking AP Economics or any other AP course should recognize that taking a college course in high school will require both time and energy. Students that choose to excel in these courses will see a huge payoff in their high school GPA as well as in their college exam scores.
Students that wish to get into the college or university of their choice should seriously consider taking an Advanced Placement course (or several) before graduating from high school. Not only will they look excellent on a student’s high school transcript, they will increase their preparedness for the sometimes high-pressure atmosphere that comes with college. Students that wish to get the most out of their education and excel in college should consider visiting their counselor to discuss taking Advance Placement courses.
Here you find AP Economics notes for Macroeconomics, 15th Edition textbook by McConnell and Brue. We are working on adding more AP Economics resources like practice quizzes, essays, free response questions, and vocabulary terms.