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AP®︎ Macroeconomics Study Guides

Prepare for your quiz, test, or the AP exam with comprehensive study guides that cover everything you need to know. Select a unit or topic to begin.

Unit 1: Basic Economic Concepts

All Topics
Complete Unit Review

Topic 1.1
Scarcity

Topic 1.2
Opportunity Cost and the Production Possibilities Curve (PPC)

Topic 1.3
Comparative Advantage and Gains from Trade

Topic 1.4
Demand

Topic 1.5
Supply

Topic 1.6
Market Equilibrium, Disequilibrium, and Changes in Equilibrium

Unit 2: Economic Indicators and the Business Cycle

All Topics
Complete Unit Review

Topic 2.1
The Circular Flow and GDP

Topic 2.2
Limitations of GDP

Topic 2.3
Unemployment

Topic 2.4
Price Indices and Inflation

Topic 2.5
Costs of Inflation

Topic 2.6
Real v. Nominal GDP

Topic 2.7
Business Cycles

Unit 3: National Income and Price Determination

All Topics
Complete Unit Review

Topic 3.1
Aggregate Demand (AD)

Topic 3.2
Multipliers

Topic 3.3
Short-Run Aggregate Supply (SRAS)

Topic 3.4
Long-Run Aggregate Supply (LRAS)

Topic 3.5
Equilibrium in the Aggregate Demand–Aggregate Supply (AD–AS) Model

Topic 3.6
Changes in the AD–AS Model in the Short Run

Topic 3.7
Long-Run Self-Adjustment

Topic 3.8
Fiscal Policy

Topic 3.9
Automatic Stabilizers

Unit 4: Financial Sector

All Topics
Complete Unit Review

Topic 4.1
Financial Assets

Topic 4.2
Nominal v. Real Interest Rates

Topic 4.3
Definition, Measurement, and Functions of Money

Topic 4.4
Banking and the Expansion of the Money Supply

Topic 4.5
The Money Market

Topic 4.6
Monetary Policy

Topic 4.7
The Loanable Funds Market

Unit 5: Long–Run Consequences of Stabilization Policies

All Topics
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Topic 5.1
Fiscal and Monetary Policy Actions in the Short Run

Topic 5.2
The Phillips Curve

Topic 5.3
Money Growth and Inflation

Topic 5.4
Government Deficits and the National Debt

Topic 5.5
Crowding Out

Topic 5.6
Economic Growth

Topic 5.7
Public Policy and Economic Growth

Unit 6: Open Economy – International Trade and Finance

All Topics
Complete Unit Review

Topic 6.1
Balance of Payments Accounts

Topic 6.2
Exchange Rates

Topic 6.3
The Foreign Exchange Market

Topic 6.4
Effect of Changes in Policies and Economic Conditions on the Foreign Exchange Market

Topic 6.5
Changes in the Foreign Exchange Market and Net Exports

Topic 6.6
Real Interest Rates and International Capital Flows

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