Guide to AP® Microeconomics

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Basic Economic Concepts

What decisions can be made by considering costs and benefits? In any economy, the existence of limited resources and unlimited wants results in the human need to make choices. Learn about opportunity costs, trade-offs, and other factors that affect our day-to-day decision making in this theme.

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Your weighted accuracy is based on your most recent attempts compared to everyone else’s first attempts.

Re-answering questions correctly will improve your weighted average status.

Scarcity, Choice, and Opportunity CostsFree

Understand the fundamental principle governing economics: how scarcity forces us to make choices.
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Production Possibilities Curve

Apply the concepts of limited resources and tradeoffs to the production possibilities curve.
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Comparative Advantage and Trade

Determine production priorities through examining and comparing economic advantages.
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Economic Systems

Explore what types of economic systems exist and compare their various advantages and disadvantages.
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Property Rights and the Role of Incentives

Learn about the concept of property rights and how they serve to incentivize decisions.
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Marginal Analysis

Utilize marginal analysis to more precisely make important economic choices.
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Product Markets

What are the different types of competition in our economy? Learn how to analyze market structure in this theme. Review determinants that impact supply and demand, as well as how markets reach equilibrium.

CompletionAccuracy

Accuracy is based on your most recent attempt.

Status

Your status is based on your weighted accuracy which accounts for the difficulty of the questions.

Your weighted accuracy is based on your most recent attempts compared to everyone else’s first attempts.

Re-answering questions correctly will improve your weighted average status.

Supply and Demand

Compare and contrast the two most ubiquitous forces throughout economics and study their interaction.
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Market equilibrium

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Determinants of supply and demand

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Price and quantity controls

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Elasticity

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Consumer and producer surplus

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Tax incidence and deadweight loss

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Consumer Choice Theory

Examine the factors behind what drives consumer choices and apply them to economics.
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Production and Costs

Determine how the factors of production influence supply and producers' choices.
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Firm Behavior and Market Structure

Explore the various types of firms that can exist within the market and how each behaves.
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Profit

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Perfect competition

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Monopoly

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Oligopoly

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Monopolistic competition

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Factor Markets

How do businesses combine resources in optimal ways? How does an economist determine demand? Focus on the determinants that impact supply and demand in resource/factor markets.

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Accuracy is based on your most recent attempt.

Status

Your status is based on your weighted accuracy which accounts for the difficulty of the questions.

Your weighted accuracy is based on your most recent attempts compared to everyone else’s first attempts.

Re-answering questions correctly will improve your weighted average status.

Derived Factor Demand

Learn how demand for certain goods and factors can be influenced by the demand for related goods.
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Marginal Revenue Product

Apply the principle of marginal analysis to determine optimum productivity for firms.
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Hiring Decisions

Apply the marginal product of labor to determine how firms can optimize their hiring choices.
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Perfectly Competitive Factor Markets

Begin your understanding of market behavior in an ideal environment, where firms compete equally.
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Monopsony

Explore the effects of a monopsony, a market with a single buyer.
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Market Distribution of Income

Determine how various factors within the market structure influence the distribution of income in society.
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Elasticity

Apply the concept of elasticity to determine the market's sensitivity to various changes to supply and demand.
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Market Failures and the Role of Government

Why don't markets always achieve efficient outcomes? How can government actions sometimes help markets be more efficient? Why does income inequality happen? How is it measured? What can governments do to equalize income distribution?

CompletionAccuracy

Accuracy is based on your most recent attempt.

Status

Your status is based on your weighted accuracy which accounts for the difficulty of the questions.

Your weighted accuracy is based on your most recent attempts compared to everyone else’s first attempts.

Re-answering questions correctly will improve your weighted average status.

Externalities

Explore the effects of externalities, or consequences of market activity that are not reflected in the direct costs of the goods produced.
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Public Goods

Factor public goods, non-profit resources available to all of society, into your model of the the market.
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Public Policy to Promote Competition

Learn various policies that governments use to promote healthy economic competition.
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Income Distribution

Determine how government influences the distribution of income in the market.
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Information Asymmetry

Discover the effects of how producers and consumers make choices based on different information.
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