| Steven M. Reff Economics Lecturer University of Arizona (2007 - 2016) The 2015 University of Arizona Five-Star Faculty Award Steven Reff's Resume |
Unit 5: Factor Markets
• Topic 4.5 Oligopoly REVIEW
• Topic 5.1 Introduction to Factor Markets
• Topic 5.2 Change in Factor Demand and Factor Supply
• Topic 5.3 Profit-Maximizing Behavior in Perfectly Competitive Factor Market
• Topic 5.4 Monopsonistic Market
• Topic 4.5 Oligopoly REVIEW
• Topic 5.1 Introduction to Factor Markets
• Topic 5.2 Change in Factor Demand and Factor Supply
• Topic 5.3 Profit-Maximizing Behavior in Perfectly Competitive Factor Market
• Topic 5.4 Monopsonistic Market
| (10% – 13% of the exam) |
| 6 - 8 class periods |
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
| Unit 5 Factor Markets |
| Week 11 |
Below are lessons for Unit 5: Topics review 4.5, 5.1 - 5.2 aligned to the AP® Microeconomics CED.
You will have textbook readings, short videos with 3 multiple choice questions, workbook
assignments, multiple choice questions, "free" response questions and much more.
These resources can be displayed on the instructor's projection system inside the classroom,
or the instructor can copy the links and give to the students as homework.
Link to the AP® Microeconomics CED (Course and Exam Description) to see in-depth
coverage on each of the topics listed below for Unit 5: Factor Markets
You will have textbook readings, short videos with 3 multiple choice questions, workbook
assignments, multiple choice questions, "free" response questions and much more.
These resources can be displayed on the instructor's projection system inside the classroom,
or the instructor can copy the links and give to the students as homework.
Link to the AP® Microeconomics CED (Course and Exam Description) to see in-depth
coverage on each of the topics listed below for Unit 5: Factor Markets
| Principles of Microeconomics |
| Remember, you still have all of the resources and assessments that The College Board® provides for you and your students. |
4.5 Oligopoly Review 1
| eTEST Your Knowledge -- Units 6.1 - 6.3 |
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
| Day 1: Week 11 |
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
| REVIEW -- Monopoly |
| FRQ Oligopoly |
| Day 2: Week 11 |
Topic 4.5 Oligopoly Review 2
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
| Short Questions |
| Short Questions |
| Day 3: Week 11 |
| Day 4: Week 11 |
| eTextbook Reading: |
| eVideos -- Short Videos: |
| eWorkbook Activities Interactive: |
| eWorkbook Activities Interactive: |
| Long Question |
Topic 5.1 Introduction to Factors Market
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
| Day 5: Week 11 |
Topic 5.2 Change in Factor Demand and Factor Supply
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Factors of production (labor, capital, and land) respond to factor prices
(wages, interest, and rent).
Employers’ (firms’) decision to hire is based on the productivity of the factors
(output price and cost of the factor).
The quantity of labor demanded is negatively related to the wage rate, while the quantity
of labor supplied is positively related to the wage rate in a given labor market, other
things constant.
(wages, interest, and rent).
Employers’ (firms’) decision to hire is based on the productivity of the factors
(output price and cost of the factor).
The quantity of labor demanded is negatively related to the wage rate, while the quantity
of labor supplied is positively related to the wage rate in a given labor market, other
things constant.
Changes in the determinants of labor demand, such as the output price and the productivity
of the worker, cause the labor demand curve to shift.
Changes in the determinants of labor supply (such as immigration, education, working
conditions, age distribution, availability of alternative options, preferences for leisure, and
cultural expectations).
of the worker, cause the labor demand curve to shift.
Changes in the determinants of labor supply (such as immigration, education, working
conditions, age distribution, availability of alternative options, preferences for leisure, and
cultural expectations).
| eVideos -- Short Videos: |
Onside the link below you will see an activity where you
can teach your students about what is covered in
Topic 5.2 CHANGES in Factor Demand and Factor Supply
as shown in the CED narrative above.
can teach your students about what is covered in
Topic 5.2 CHANGES in Factor Demand and Factor Supply
as shown in the CED narrative above.
| (3 min. or less, along with 3 multiple choice questions) |
| (3 min. or less, along with 3 multiple choice questions) |
| Short FRQ Factors Market |