AP Microeconomics Reading and Writing Workshop
Fundamentals and Supply & Demand in AP Macroeconomics
Objective: Students will engage with foundational economic principles through public domain works and apply their understanding to Free Response Questions (FRQs) aligned with AP Macroeconomics standards.
Session 1: Introduction to Economic Thinking
Reading Selection:
Session 2: Supply and Demand in Action
Reading Selection:
Session 3: AP FRQ Practice
FRQ 1: Basic Economic Concepts
Final Reflection: Students will write a two-page reflection discussing how historical economic thought has shaped modern supply and demand analysis, using evidence from the readings and FRQs.
Assessment:
Objective: Students will engage with foundational economic principles through public domain works and apply their understanding to Free Response Questions (FRQs) aligned with AP Macroeconomics standards.
Session 1: Introduction to Economic Thinking
Reading Selection:
- Adam Smith, The Wealth of Nations (1776) – Excerpts on division of labor and the invisible hand
- Alfred Marshall, Principles of Economics (1890) – Selections on supply and demand
- How does Adam Smith’s concept of the invisible hand relate to the free market economy?
- What role does specialization play in economic growth according to Smith?
- How do Marshall’s explanations of supply and demand apply to modern markets?
- In a one-page response, analyze how Smith and Marshall’s ideas form the basis of contemporary economic policy.
Session 2: Supply and Demand in Action
Reading Selection:
- Henry George, Progress and Poverty (1879) – Excerpts on economic cycles and market fluctuations
- John Stuart Mill, Principles of Political Economy (1848) – Selections on price determination
- What factors contribute to price fluctuations in markets?
- How do George’s views on economic cycles relate to modern recessions and booms?
- How does Mill’s analysis of demand elasticity compare to modern economic theory?
- Write a comparative essay discussing the views of George and Mill on price determination and market fluctuations.
Session 3: AP FRQ Practice
FRQ 1: Basic Economic Concepts
- Explain how scarcity and opportunity cost influence decision-making in an economy.
- Using a production possibilities curve, illustrate and explain the effects of a technological advancement in a key industry.
- Define the law of demand and the law of supply and provide a real-world example of each.
- Explain how price ceilings and price floors create surpluses and shortages in a market, using a graph to support your response.
- Assume the market for electric cars experiences a surge in consumer interest due to environmental policies. Illustrate and explain the short-run effects on equilibrium price and quantity.
- Discuss how external factors such as government subsidies or taxation might impact this market in the long run.
Final Reflection: Students will write a two-page reflection discussing how historical economic thought has shaped modern supply and demand analysis, using evidence from the readings and FRQs.
Assessment:
- Participation in discussions
- Quality of written responses
- Performance on FRQs, graded using the AP rubric