AP Microeconomics study guides

Unit overviews and topic breakdowns with timelines, key figures, and vocabulary.

Unit 1: Basic Economic Concepts

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1.1Scarcity1.2Opportunity Cost and the Production Possibilities Curve1.3Comparative Advantage and Gains from Trade1.4Demand1.5Supply1.6Market Equilibrium, Disequilibrium, and Changes in Equilibrium

Unit 2: Supply and Demand

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2.1Changes in Demand2.10Tax Incidence and Deadweight Loss2.11Price Controls: Ceilings and Floors2.12International Trade and Public Policy2.2Changes in Supply2.3Price Elasticity of Demand2.4Price Elasticity of Supply2.5Cross-Price Elasticity of Demand2.6Income Elasticity of Demand2.7Consumer Surplus2.8Producer Surplus2.9Market Equilibrium and Efficiency

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

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3.1The Production Function3.2Short-Run Production Costs3.3Long-Run Production Costs3.4Types of Profit3.5Profit Maximization3.6Firms' Short-Run Decisions to Produce and Long-Run Decisions to Enter or Exit3.7Perfect Competition3.8Long-Run Equilibrium and Efficiency in Perfect Competition

Unit 4: Imperfect Competition

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4.1Introduction to Imperfectly Competitive Markets4.2Monopoly4.3Price Discrimination4.4Monopolistic Competition4.5Oligopoly and Game Theory

Unit 5: Factor Markets

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5.1Introduction to Factor Markets5.2Changes in Factor Demand and Factor Supply5.3Profit-Maximizing Behavior in Perfectly Competitive Factor Markets5.4Monopsony5.5The Minimum Wage and Labor Markets

Unit 6: Market Failure and the Role of Government

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6.1Socially Efficient and Inefficient Market Outcomes6.2Externalities6.3Public and Private Goods6.4The Effects of Government Intervention in Markets6.5Income Inequality and the Lorenz Curve6.6Tax Policy and Income Distribution6.7Market Failure and Government Failure

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