AP®︎ Microeconomics Flashcards

Master key terms and definitions for every unit and topic to help you prep for quizzes and the AP exam. Select a unit or topic to begin.

Unit 1: Basic Econimics Concepts

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Topic 1.1
Scarcity

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Topic 1.2
Resource Allocation and Economic Systems

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Topic 1.3
Production Possibilities Curve

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Topic 1.4
Comparative Advantage and Trade

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Topic 1.5
Cost-Benefit Analysis

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Topic 1.6
Marginal Analysis and Consumer Choice

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Unit 2: Supply and Demand

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Topic 2.1
Demand

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Topic 2.2
Supply

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Topic 2.3
Price Elasticity of Demand

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Topic 2.4
Price Elasticity of Supply

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Topic 2.5
Other Elasticities

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Topic 2.6
Market Equilibrium and Consumer and Producer Surplus

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Topic 2.7
Market Disequilibrium and Changes in Equilibrium

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Topic 2.8
The Effects of Government Intervention in Markets

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Topic 2.9
International Trade and Public Policy

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Unit 3: Production, Cost, and the Perfect Competition Model

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Topic 3.1
The Production Function

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Topic 3.2
Short-Run Production Costs

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Topic 3.3
Long-Run Production Costs

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Topic 3.4
Types of Profit

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Topic 3.5
Profit Maximization

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Topic 3.6
Firms’ Short-Run Decisions to Produce and Long-Run Decisions to Enter or Exit a Market

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Topic 3.7
Perfect Competition

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Unit 4: Imperfect Competition

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Topic 4.1
Introduction to Imperfectly Competitive Markets

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Topic 4.2
Monopoly

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Topic 4.3
Price Discrimination

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Topic 4.4
Monopolistic Competition

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Topic 4.5
Oligopoly and Game Theory

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Unit 5: Factor Markets

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Topic 5.1
Introduction to Factor Markets

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Topic 5.2
Changes in Factor Demand and Factor Supply

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Topic 5.3
Profit-Maximizing Behavior in Perfectly Competitive Factor Markets

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Topic 5.4
Monopsonistic Markets

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Unit 6: Market Failure and the Role of Government

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Topic 6.1
Socially Efficient and Inefficient Market Outcomes

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Topic 6.2
Externalities

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Topic 6.3
Public and Private Goods

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Topic 6.4
The Effects of Government Intervention in Different Market Structures

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Topic 6.5
Inequality

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