AP Unit 1 Introduction and Basic Concepts

  • Basics Economic Concepts
    1)       Scarcity, choice, Property rights and the role of incentives
    2)       Command v Market Economics
    3)       Free Markets and Spontaneous Order
    4)       Production possibilities curve: Opportunity Cost and Limited Resources
    5)       Trade and Comparative Advantage
    6)       Graphs
    Readings: Module 1,3,4 Section 1 Appendix

Class Articles
Article #1 “Slaves, Snakes and Switching: The Role of Incentives”
Article #2 “When Communists Redistribute Private Property”
Article #3 “The Fable of the OC”
Article #4 “Treasure Island: The Power of Trade”

Spontaneous Order
Private Roads: Are they better than government ones?
Do we need traffic lights?
Cost/Benefit of college
One Red Paper Clip 20/20
Emergent Order

Review Videos
Micro v Macro
Positive v Normative
Models and Theories
Graph Review
Individual PPC
Opportunity Cost
Society’s PPC
Resouce Change the PPC and Economic Growth
Comparative Advantage

Practice Questions: here