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Text-Based Cheatsheets
The whole AP Microeconomics course on one page, plus one page per unit, reviewed every year. Made and checked by the Fiveable Content Team.
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AP Microeconomics Cheatsheets
Download the text-based cheatsheet we write and review every year, or make a visual cheatsheet for any topic in the format you study best with.
AP Microeconomics, unit by unit
What each unit's one-page cheatsheet covers. Open a unit to read the start of its sheet.
Unit 1: Basic Economic Concepts
Scarcity & Resource Allocation · Production Possibilities Curve (PPC) · Opportunity Cost & Comparative Advantage · PPC Shifts & Growth · Cost-Benefit Analysis: Total vs. Marginal · Calculating Opportunity Cost · Consumer Choice & Marginal Utility · Gains from Trade & Specialization · Marginal Analysis Decision Framework
Law of Demand & Movements vs. Shifts · Disequilibrium, Shortage & Surplus · Taxes, Subsidies & International Trade · Law of Supply & Market Supply · Price Elasticity of Demand (PED) · Market Equilibrium & Surplus · Incentives & Constraints · Price Elasticity of Supply (PES) & Other Elasticities · Government Intervention: Price Controls & Quantity Regulation
Unit 3: Production, Cost, and the Perfect Competition Model
Production Function & Marginal/Average Product · Short-Run Cost Structure · Accounting vs. Economic Profit · Long-Run Costs & Returns to Scale · Profit Maximization Rule · Perfect Competition: Long-Run Equilibrium · Perfect Competition: Market Structure · Perfect Competition: Short-Run Equilibrium · Solving Test Questions: Key Moves
Factor Markets & Pricing Fundamentals · Shifts in Labor Demand · Cost Minimization & Input Allocation · Marginal Revenue Product (MRP) Calculation · Shifts in Labor Supply · Common Confusions & Test Traps · Perfect Competition: Hiring Rule · Monopsony: Single Buyer of Labor · Monopsony: Hiring Decision & MFC
