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Outlines six units and grading: 80% unit tests and free-response checks, 20% a December semester exam, plus required setup for AP Classroom and Bluebook.",{"@graph":14,"@context":73},[15,34,56],{"@type":16,"itemListElement":17},"BreadcrumbList",[18,23,27,31],{"item":19,"name":20,"@type":21,"position":22},"https://docshare.wps.com","Home","ListItem",1,{"item":24,"name":25,"@type":21,"position":26},"https://docshare.wps.com/document/","Document",2,{"item":28,"name":29,"@type":21,"position":30},"https://docshare.wps.com/document/exam/","Exam",3,{"item":32,"name":10,"@type":21,"position":33},"https://docshare.wps.com/document/ap-economics-microeconomics-semester-1-day-1/452979/",4,{"url":32,"name":10,"@type":35,"image":36,"author":41,"headline":10,"publisher":44,"fileFormat":47,"inLanguage":8,"description":12,"dateModified":48,"datePublished":49,"encodingFormat":47,"isAccessibleForFree":50,"interactionStatistic":51},"DigitalDocument",{"url":37,"@type":38,"width":39,"height":40},"https://docshare.wps.com/thumbnails/ap-economics-microeconomics-semester-1-day-1/452979.png","ImageObject",300,407,{"name":42,"@type":43},"Rainbow Cat","Person",{"url":19,"name":45,"@type":46},"DocShare","Organization","application/pdf","2026-10-23","2026-09-30",true,{"@type":52,"interactionType":53,"userInteractionCount":55},"InteractionCounter",{"@type":54},"ViewAction",6,{"@type":57,"mainEntity":58},"FAQPage",[59,65,69],{"name":60,"@type":61,"acceptedAnswer":62},"What is the core idea of microeconomics in this course?","Question",{"text":63,"@type":64},"Economics studies choice under scarcity. 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UC Berkeley graduate of 2009.  2009-2010-Consultant at PwC Tokyo/Shanghai  \n 2011-12-Bahrain, 2012-14-Honduras, 2014-2024-Korea, 2024-26 Saudi  \n Likes-Soccer, FIFA, economics/finance, potato salad, coffee  \n Dislikes-Oklahoma City Thunder, fermented beans, sandwiches,  Outside of school-MUN/Soccer/Business Club  \nWHERE WE START  \nEconomics is not the study of money.  \nIt is the study of choice.  \nYou want more than exists . So does everyone else . So does every country. That single problem, scarcity, is where every idea in this course begins . By May you will be able to look at a price, a policy, or a decision and explain what it really costs and who really pays .  \nBY MAY YOU CAN ANSWER  \nSix questions  \n1  \nWhy does beef noodle soup triple in price at the airport?  \nelasticity  \n2  \nWhy is there a 7-Eleven on almost every corner?  \nmarket structure  \n3  \nWhy does your money buy less bubble tea every year?  \ninflation  \n4  \nWho decides the interest rate on your parents' mortgage?  \nmonetary policy  \n5  \nWhy can nobody your age afford an apartment in Taipei?  \nsupply and demand  \n6  \nShould scalping a concert ticket be a crime?  \nsurplus and efficiency  \nWHAT WE COVER  \nSix units, seventeen weeks  \n Basic Economic Concepts 12-15% of the exam  \n Supply and Demand 20-25% of the exam  \n Cost and Perfect Competition 22-25% of the exam  \n Imperfect Competition 15-22% of the exam  \n5 Factor Markets 10-13% of the exam  \n Market Failure and Government 8-13% of the exam  \nBEFORE YOU LEAVE TODAY  \nThree things  \n Join AP Classroom (We will do Thursday)  \nJoin code is on the board. You need a College Board account. This is where official practice lives all year, including after this class ends in December.  \n Read the syllabus + Get going with SOME content  \nAll of it, including the policies. Especially the section headed The Gap Between December and May.  \n Install Bluebook (We will do Thursday)  \n[Free from bluebook.collegeboard.org. Deadline is end of September](Free from bluebook.collegeboard.org. Deadline is end of September), but it takes ten minutes.  \nHOW YOU ARE GRADED  \nTwo categories  \n80%  \nUnit tests, quizzes, and free-response checks  \n20%  \nSemester exam in December, run as a full AP mock  \nHomework is not graded. The reading and problem sets are still assigned, and the quizzes are built directly from them.  \nSkipping the practice does not cost you a homework grade. It costs you a quiz grade, and then a test grade.  \nMODULE 1.1  \nScarcity and Choice  \nTHE CORE IDEA  \nScarce is not the same as rare  \nSCARCE  \nWanted in greater quantity than is available .  \nRARE  \nThere is not much of it. That alone is not enough.  \nA cassette tape is rare . Nobody wants one, so it is not scarce . Clean water is common . Everyone wants it, so it is scarce .  \nScarcity forces choice . Choice is what this whole course is about.  \nTHE FOUR RESOURCES  \nRemember them as CELL  \nC Capital Machines, tools, buildings, an oven earns interest  \nE Entrepreneurship Organizing the rest and taking the risk earns profit  \nL Land Anything from nature: water, minerals, soil earns rent  \nL Labor Human effort, physical and mental earns wages","cbCaiahne9ItDyVA","https://ap.wps.com/l/cbCaiahne9ItDyVA","pdf",1483415,27,"English","# FIRST THINGS FIRST\n## Who am I?\n# WHERE WE START\n## Economics is not the study of money\n## By May you can answer\n# BY MAY YOU CAN ANSWER\n## Six questions\n# WHAT WE COVER\n## Six units, seventeen weeks\n# BEFORE YOU LEAVE TODAY\n## Three things\n# HOW YOU ARE GRADED\n## Two categories\n# MODULE 1.1\n## Scarcity and Choice\n### The core idea\n### The four resources","[{\"question\":\"What is the core idea of microeconomics in this course?\",\"answer\":\"Economics studies choice under scarcity. Scarcity forces choice, and the course builds skill in explaining what decisions really cost and who pays.\"},{\"question\":\"What six topics or concepts will students be able to answer by May?\",\"answer\":\"Six areas are covered: elasticity, market structure, inflation, monetary policy, supply and demand, and surplus and efficiency.\"},{\"question\":\"How are students graded and what assessment formats are included?\",\"answer\":\"Grading uses two categories: 80% from unit tests, quizzes, and free-response checks, and 20% from the December semester exam run as a full AP mock.\"}]","AP Economics - Microeconomics - Semester 1 - Day 1 | PDF",1790737999,68]