AP Microeconomics – Scheme of Work

Course Duration: One Academic Year (40 Weeks)

Level: Grade 11 or 12 | Prerequisite: Basic Economics

Term 1: Introduction & Basic Concepts (Weeks 1–10)

Weeks 1–2 – Introduction to Economics

  • Scarcity, choice, and opportunity cost
  • Production possibilities curve
  • Economic systems and goals

Weeks 3–4 – Basic Economic Tools

  • Supply and demand basics
  • Determinants of demand and supply
  • Equilibrium and price changes

Weeks 5–6 – Elasticity

  • Price elasticity of demand and supply
  • Income and cross elasticity
  • Applications to real markets

Weeks 7–8 – Production & Costs

  • Production functions
  • Short-run and long-run costs
  • Economies and diseconomies of scale

Weeks 9–10 – Market Structures Introduction

  • Perfect competition overview
  • Monopoly, monopolistic competition, oligopoly basics

Term 2: Market Structures & Labor (Weeks 11–20)

Weeks 11–12 – Perfect Competition

  • Profit maximization
  • Short-run vs long-run equilibrium

Weeks 13–14 – Monopoly & Monopolistic Competition

  • Pricing and output decisions
  • Efficiency and deadweight loss

Weeks 15–16 – Oligopoly & Game Theory

  • Strategic behavior
  • Collusion vs competition

Weeks 17–18 – Labor Markets

  • Demand and supply of labor
  • Wages determination
  • Unions and minimum wage

Weeks 19–20 – Review & Application

  • Case studies
  • Practice FRQs
  • Mini-assessment

Term 3: Advanced Micro Concepts (Weeks 21–30)

Weeks 21–22 – Market Efficiency & Welfare

  • Consumer and producer surplus
  • Deadweight loss from taxes and subsidies

Weeks 23–24 – Government Intervention

  • Price ceilings and floors
  • Regulations and taxes

Weeks 25–26 – Externalities & Public Goods

  • Positive and negative externalities
  • Public goods and free-rider problem

Weeks 27–28 – International Microeconomics Basics

  • Comparative advantage
  • Trade gains and restrictions

Weeks 29–30 – Review & Practice

  • Mock FRQs
  • Problem-solving sessions
  • Preparation for Term 4 projects

Term 4: Synthesis & AP Exam Preparation (Weeks 31–40)

Weeks 31–34 – Comprehensive Review

  • All major units revision
  • Practice FRQs and MCQs
  • Identifying common mistakes

Weeks 35–38 – Mock Exams & Analysis

  • Timed practice tests
  • Feedback and improvement strategies

Weeks 39–40 – AP Exam Readiness

  • Final review sessions
  • Exam strategies
  • Confidence building & Q&A