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Microeconomics compatible with AP®

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Thinkwell's Microeconomics compatible with AP®

Thinkwell's Microeconomics compatible with AP® follows the AP® topics outline and is typically taught in one semester. Taught by acclaimed Professor Steven Tomlinson, one of America's most talented professors, it's a great way to learn the economics of markets and countries, and how they interact.

Thinkwell's Microeconomics compatible with AP® is the same course as Thinkwell's Honors Microeconomics: we've branded this way to bring it to the attention of those looking to take the AP® exam, as many students have had great success using this course in preparation.

The Printed Notes (optional) are the Thinkwell Microeconomics course notes from the Online Subscription printed in a color, on-the-go format. 

*(AP® is a registered trademark of the College Board, which was not involved in the production of this product. This course is designed for self-study preparation for the AP® exam and has not been audited by the College Board.)

Course Features

Video Lessons

130 engaging 5-20 minute lesson videos

Lesson Plan

Detailed, 31-week lesson plan and schedule
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Assessments

Automatically graded exercises and tests with step-by-step feedback
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Notes

Illustrated course notes
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What Parents Are Saying. . .
"Thinkwell Economics was a great course for my 10th grade son. Starting in August, I planned a schedule for him to complete the course by mid-April, so that he could review for the AP exams using Barron's guides and the previous years' questions on the College Board website. He listened to the lectures, took notes and did the homework on his own. I had intended to discuss the concepts with him and keep up with the course, but I wasn't able to do so after the first month. We were very pleased to just get his AP scores - 5's on both the Macroeconomics and Microeconomics tests. If your child is a strong, independent learner, Thinkwell Economics will prepare him well!”
– Karen W
"I purchased Thinkwell-Macroeconomics after much research and deliberation and am very satisfied with my decision. My daughter is a senior in high school and would like to pursue International Affairs in college. Macroeconomics, Microeconomics, and American Government are all courses she will take at University next year and since she was not able to attend a community college this school year, she is hoping to take the AP Exams; we believe that Thinkwell is an excellent way to help prepare her for her college goals."
– Melinda D
"I am using Thinkwell's Economics for the sixth time. It is one of very few courses that has been worth buying and re-buying for all of my kids. Of the various video courses we have used, this is the most engaging, and Steve Tomlinson is everyone's favorite lecturer. Learning economics has been interesting and useful to my kids; it provides a way to analyze many decisions and also sparks lots of discussions of human nature, choice, how to compare different kinds of value, etc. Plus, it has immediate practical benefits: on the basis of this course, my kids have taken the AP exams in both Macroeconomics and Microeconomics, thereby earning 6 college credits for less than $200 in exam fees. Highly recommended!" - Anne-Marie
– Mary Anne
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– M K
Course Overview

what you get

  • 12-month, online subscription to our complete Microeconomics compatible with AP®course
  • 35-week, day-by-day course lesson plan
  • 140+ course lessons with streaming videos
  • Illustrated notes
  • Automatically graded drill-and-practice exercises with step-by-step answer feedback
  • Chapter & Practice tests, a Midterm & Final Exam....and more!

how it works

  • Purchase Thinkwell's Microeconomics compatible with AP® through our online store
  • Create an account username and password which will give you access to the online Microeconomics compatible with AP® course section
  • Activate your 12-month subscription when you're ready
  • Login to the course website to access the online course materials, including streaming video lessons, notes, exercises, tests and more
  • Access your course anytime, anywhere, from any device
  • Your work is automatically tracked and updated in real-time
  • Grade reports and certificates of completion are available at request
Steven Tomlinson, Author of Thinkwell's Microeconomics compatible with AP®

Learn from award-winning economist and Ph.D. Steven Tomlinson

It's like having a world-class college professor right by your side.

  • Founding Master Teacher at the Acton School of Business for Entrepreneurship
  • Recipient of the Texas Excellence Teaching Award from the University of Texas Alumni Association
  • Adjunct Professor of Pastoral Ministry at the Seminary of the Southwest
Thinkwell's Microeconomics compatible with AP® Table of Contents
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1. Introduction to Economics

1.1 The Basics of Economics
1.1.1 Defining Economics
1.1.2 What Economists Do
1.1.3 Macroeconomics and Microeconomics
1.1.4 An Overview of Economic Systems
1.1.5 Case Study: The Work of Adam Smith
1.2 Graphs in Economics
1.2.1 Using Graphs to Understand Direct Relationships
1.2.2 Plotting a Linear Relationship between Two Variables
1.2.3 Changing the Intercept of a Linear Function
1.2.4 Understanding the Slope of a Linear Function
1.3 Demand
1.3.1 Determining the Components of Demand
1.3.2 Understanding the Basics of a Demand Curve
1.3.3 Analyzing Shifts in the Demand Curve
1.3.4 Understanding Changes in Other Demand Variables
1.3.5 Deriving a Market Demand Curve
1.4 Supply
1.4.1 Determining the Components of Supply
1.4.2 Deriving a Supply Curve
1.4.3 Understanding a Change in Supply versus a Change in Quantity Supplied
1.4.4 Analyzing Changes in Other Supply Variables
1.4.5 Deriving a Market Supply Curve
1.5 Competitive Equilibrium
1.5.1 Determining a Competitive Equilibrium
1.5.2 Defining Comparative Statics
1.5.3 Classifying Comparative Statics
1.6 Elasticity
1.6.1 Defining Elasticity
1.6.2 Calculating Elasticity
1.6.3 Applying the Concept of Elasticity

2. Macroeconomic Measurements

2.1 Aggregate Output and Income
2.1.1 The Production Possibilities Frontier: Macroeconomic Applications
2.1.2 The Circular Flow Model
2.1.3 Real GDP
2.1.4 The BEA Procedure for Calculating Real GDP
2.1.5 Limitations of GDP and Alternative Indexes
2.1.6 The Growth of China as a Superpower
2.2 Approaches to Calculating GDP
2.2.1 The Expenditures Approach
2.2.2 The Income Approach
2.3 Cost of Living
2.3.1 Changes in the Cost of Living and the CPI
2.3.2 Calculating the Rate of Inflation
2.3.3 Comparing the CPI and the GDP Deflator
2.3.4 Hot Topic: Income Distribution in the United States

3. Economic Fluctuations: Unemployment and Inflation

3.1 The Business Cycle
3.1.1 Recessions, Depressions, and Booms
3.1.2 Theoretical Explanations for Cycles
3.2 Measuring Unemployment
3.2.1 Measuring the Labor Force and Unemployment
3.2.2 Types of Unemployment
3.3 The Natural Rate of Unemployment
3.3.1 Understanding the Natural Rate of Unemployment
3.4 Causes of Unemployment
3.4.1 Minimum Wage Laws
3.4.2 An Analysis of Labor Unions and Unemployment
3.4.3 Case Study: "La Causa": The United Farm Workers
3.4.4 The Theory of Efficiency Wages
3.4.5 Unemployment Insurance
3.5 Inflation
3.5.1 Inflation, Deflation, Stagflation, and Hyperinflation
3.5.2 Inflation and Purchasing Power
3.5.3 Short-Run Causes: Demand-Pull and Cost-Push Inflation
3.5.4 The Quantity Theory of Money
3.5.5 The Costs of Inflation
3.5.6 Case Study: Behavior during Hyperinflation

4. Aggregate Expenditures Model

4.1 Historical Background
4.1.1 Say's Law and Keynes: An Overview
4.2 Components of Aggregate Expenditures
4.2.1 The Aggregate Expenditures Identity
4.2.2 Average and Marginal Propensities to Consume and Save
4.2.3 The Aggregate Expenditures Model
4.2.4 Case Study: The Paradox of Thrift
4.2.5 Autonomous Investment
4.3 Equilibrium GDP
4.3.1 The Expenditures Approach and the Savings Approach
4.4 The Multipliers
4.4.1 Applications of the Multipliers
4.5 Comparative Statics: The AE Model
4.5.1 Changes in Aggregate Expenditures
4.5.2 Changes in Taxes
4.5.3 Changes in Net Exports
4.5.4 Hot Topic: Does Social Security Need to Be "Saved"?
4.6 Keynes and the Aggregate Expenditures Model
4.6.1 Relating the Keynesian Model to the AD/AS Model
4.7 The Multipliers
4.7.1 Deriving the Multiplier
4.7.2 Case Study: The Paradox of Thrift
4.7.3 Hot Topic: Does Social Security Need to Be "Saved"?

5. Money: Banking, Spending, Saving, and Investing

5.1 Money in the Economy
5.1.1 The Money Supply
5.1.2 Determinants of Money Demand
5.1.3 The Money Market
5.2 Financial Markets
5.2.1 Financial Markets and Intermediaries
5.2.2 Stocks and Bonds
5.2.3 The Price of Bonds and the Interest Rate
5.3 The Fed
5.3.1 The Federal Reserve System
5.3.2 Hot Topic: Are Reserve Requirements Necessary?
5.3.3 The Fed's Tools of Monetary Policy
5.3.4 Case Study: The Greenspan Era
5.4 The Creation of Money
5.4.1 How Goldsmiths Created Money
5.4.2 Case Study: Cigarettes As Money
5.4.3 How Banks Create Money
5.4.4 How the Fed Changes the Money Supply
5.5 Saving and Investment
5.5.1 Investment Demand
5.5.2 The Market for Loanable Funds and Crowding Out
5.5.3 Equilibrium in the Money Market

6. Aggregate Demand/Aggregate Supply Model

6.1 Aggregate Demand
6.1.1 Deriving the Aggregate Demand Curve
6.1.2 Movement along the Aggregate Demand Curve
6.1.3 Shifts in Aggregate Demand
6.2 Aggregate Supply
6.2.1 The Short-Run Aggregate Supply Curve
6.2.2 The Labor Market
6.2.3 The Long-Run Aggregate Supply Curve
6.3 Differences in the Long Run and the Short Run
6.3.1 The Classical View
6.3.2 Equilibrium in the Short Run
6.3.3 Equilibrium in the Long Run
6.3.4 Expectations in the Long Run and the Short Run
6.3.5 Long-Run Macroeconomic Equilibrium
6.3.6 Case Study: The U.S. National Debt
6.3.7 Hot Topic: Oil Shocks
6.4 The Phillips Curve
6.4.1 Definitions and the Historical Record
6.4.2 Expectations and the Phillips Curve

7. Monetary and Fiscal Policy

7.1 Recessions and Booms
7.1.1 Unanticipated Changes in Aggregate Demand
7.1.2 Unanticipated Changes in Aggregate Supply
7.2 Fiscal Policy : The Mainstream
7.2.1 Fiscal Policy Using the AD/AS Model
7.2.2 The Market for Loanable Funds and Government Policy
7.2.3 Timing Problems and the AD/AS Model
7.2.4 Automatic Stabilizers
7.2.5 Hot Topic: The Political Business Cycle
7.3 Fiscal Policy: Alternative Approaches
7.3.1 New Keynesian and New Classical Approaches to Fiscal Policy
7.3.2 Supply-Side Policy
7.4 Monetary Policy: The Mainstream
7.4.1 The Quantity Theory of Money (review)
7.4.2 Monetary Policy Using the AD/AS Model
7.4.3 Monetary Responses to Changes in the Economy
7.4.4 Monetary Policy: Accommodation
7.4.5 Hot Topic: Should Monetary Policy Be Made by Rule or Discretion?
7.5 Monetary Policy: Alternative Approaches
7.5.1 New Keynesians versus Monetarists
7.5.2 New Classical Macroeconomics
7.5.3 Case Study: Policy in the Great Depression

8. Productivity and Growth

8.1 The Elements of Productivity and Growth
8.1.1 The Rule of 70, Compounding, and Growth
8.1.2 The PPF, the AD/AS Model, and Long-Run Growth
8.1.3 The Production Function and Growth
8.1.4 The Definition of Productivity and Factors Affecting It
8.2 Policy and Growth
8.2.1 Investment
8.2.2 Other Policies to Encourage Growth
8.2.3 Hot Topic: Women's Roles in Rural Economic Growth
8.3 Emerging Economies
8.3.1 Growth in Emerging Economies
8.3.2 Policies to Promote Growth
8.3.3 Hot Topic: The Myth of Exploding Populations

9. International Focus

9.1 Microeconomics Background
9.1.1 Determining the Difference between a Closed Economy and an Open Economy
9.1.2 Understanding Exports in an Open Economy
9.1.3 Analyzing a Change in Equilibrium in an Open Economy
9.1.4 Analyzing International Trade Using Comparative Advantage
9.2 Exports, Imports, and Accounting
9.2.1 The International Flow of Goods and Services
9.2.2 Balance of Payments
9.2.3 Balance of Payments: An Example
9.2.4 Trade Balances
9.3 Exchange Rates
9.3.1 Nominal Exchange Rates
9.3.2 Real Exchange Rates
9.3.3 Purchasing Power Parity
9.3.4 Determination of Exchange Rates
9.3.5 Floating and Fixed Systems
9.3.6 The Managed Float
9.4 Government Policies
9.4.1 Government Budget Deficits and Trade
9.4.2 Trade Policy
9.4.3 Hot Topic: Winners and Losers in NAFTA
9.4.4 Political Instability and Trade
9.4.5 Hot Topic: Is the World Trade Organization a Conspiracy?
9.5 Transition Economies
9.5.1 Centrally Planned Economies
9.5.2 Policies to Change to Market Systems
9.5.3 Comparative Economic Performance
Frequently Asked Questions for Thinkwell's Microeconomics compatible with AP®Macroeconomics

How do Thinkwell courses work?

Your student watches a 5-10 minute online video lesson, completes the automatically graded exercises for the topic with instant correct-answer feedback, then moves on to the next lesson! The courses are self-paced, or you can use the daily lesson plans. Just like a textbook, you can choose where to start and end, or follow the entire course.

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Is Microeconomics compatible with AP®a college course?

Yes, Thinkwell Microeconomics is a college course and is also taught in high school. The main difference between college Microeconomics and high school Microeconomics is the depth of topic coverage and the pace.

Is Thinkwell's Microeconomics compatible with AP® appropriate for my accelerated student?

Yes, especially for college-bound students.

Does my student get school credit for Thinkwell's Microeconomics compatible with AP®?

No, only schools are accredited and Thinkwell is not a school, though many accredited schools use Thinkwell.

Does Thinkwell's Microeconomics compatible with AP® meet state standards?

Some states set standards for what topics should be taught in a particular course. Thinkwell does not have a course version for each state. Instead, the course is built to national standards to be inclusive of all states. Websites such as www.achieve.org can help you determine your state's standards.

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The pace of your course is up to you, but most students will schedule one semester.

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The course grade is calculated this way: Chapter Tests 33.3%, Midterm: 33.3%, Final: 33.3%.

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