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All Key Terms
AP Microeconomics
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AP Microeconomics
Key Terms
594 essential vocabulary terms and definitions to know for your AP Microeconomics exam
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AP Microeconomics
Key Terms by Unit
Unit 1 – Basic Economic Concepts
1.1 Basic Economic Concepts
1.2 Resource Allocation and Economic Systems
1.3 Production Possibilities Curve (PPC)
1.4 Comparative Advantage and Trade
1.5 Cost-Benefit Analysis
1.6 Marginal Analysis and Consumer Choice
Unit 2 – Supply and Demand
2.1 Demand
2.2 Supply
2.3 Price Elasticity of Demand
2.4 Price Elasticity of Supply
2.5 Other Elasticities
2.6 Market Equilibrium and Consumer and Producer Surplus
2.7 Market Disequilibrium and Changes in Equilibrium
2.8 The Effects of Government Intervention in Markets
2.9 International Trade and Public Policy
Unit 3 – Production, Cost, and the Perfect Competition Model
3.1 The Production Function
3.2 Short-Run Production Costs
3.3 Long-Run Production Costs
3.4 Types of Profit
3.5 Profit Maximization
3.6 Firms' Short-Run Decisions to Produce and Long-Run Decisions to Enter or Exit a Market
3.7 Perfect Competition
Unit 4 – Imperfect Competition
4.1 Introduction to Imperfectly Competitive Markets
4.2 Monopolies
4.3 Price Discrimination
4.4 Monopolistic Competition
4.5 Oligopoly and Game Theory
Unit 5 – Factor Markets
5.1 Introduction to Factor Markets
5.2 Changes in Factor Demand and Factor Supply
5.3 Perfectly Competitive Labor Markets
5.4 Monopsony Markets
Unit 6 – Market Failure and the Role of Government
6.1 Socially Efficient and Inefficient Market Outcomes
6.2 Externalities 😵☢️💩
6.3 Public and Private Goods
6.4 The Effects of Government Intervention in Different Market Structures
6.5 Inequality
Browse All A-Z
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%ΔI (percentage change in income)
A
Absolute Advantage
Absolute Value
Accounting Costs
Accounting Profit
Advertising Jingles
Agricultural crops
AI Headset Product
Allocative Efficiency
Allocatively Efficient Level of Output
Allocatively efficient market
Allocatively Efficient Quantity
AP Microeconomics exam
Arbitrage
ATC (Average Total Cost)
Average Fixed Cost
Average Fixed Cost (AFC)
Average product
Average Product (AP)
Average Total Cost
Average Total Cost (ATC)
Average Variable Cost
Average Variable Cost (AVC)
B
Barrier to Entry
Barriers to Entry
Barriers to Entry and Exit
Benefiting
Benefits
Brand Name
Budget
C
Calculating Price Elasticity of Supply
Capital
Central Planning
Circular Flow diagram
Club Good
Club Goods
Coefficient
Collusive Oligopoly
Combination
Command Economic System
Command Economy
Common resource
Commons Good
Comparative Advantage
Competition
Competitive Advantage
Competitive Market
Complementary Goods
Complementary resource
Congestible Public Good
Constant Opportunity Cost
Constant Returns to Scale
Consumer Choice
Consumer Surplus
Consumer Theory
Consumer Welfare
Control Over Price
Cost
Cost curves
Cost of resources
Cost-Benefit Analysis
Cost-Benefit Maximizing Principle
Cross-Price Elasticity
Cross-Price Elasticity of Demand
Cultural Norms
D
DARP (Demand, Average Revenue, Price)
Deadweight Loss
Deadweight Loss (DWL)
Decision-making
Decrease in Demand
Decrease in Supply
Decreasing Average Total Costs
Decreasing Returns to Scale
Demand
Demand (D)
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