AP Microeconomics

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AP Micro Exam Prep 2020 | Reviews + Free Study Help | Fiveable

Build a strong foundation in unit 1 of AP Microeconomics. We cover the important vocabulary, fundamental skills, and basic economic concepts you need to master for the exam, such as the production possibilities curve (aka the PPC). Review and practice with our signature helpful study guides and useful resources.

Unit 1: Basic Economic Concepts 

Basic Economic Concepts 

Master supply and demand in these Unit 2 AP Micro resources. We cover the important vocabulary, skills, and concepts you need to understand for the exam. You'll review elasticity, market equilibrium, and policy. With these useful resources and practice, you'll feel confident and prepared to conquer the test!

Unit 2: Supply and Demand

Supply and Demand

Don't miss out on these useful resources for production, cost, and the perfecet competition model. We cover the important vocabulary, skills, and concepts you need to understand and master for the exam. With these helpful study guides, resources, and practice, you'll feel confident and prepared to ace unit 3 of AP Micro!

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

Production, Cost, and the Perfect Competition Model

Get ready to conquer unit 4 of AP Microeconomics—imperfect competition! Brush up on vocab and concepts relating to monopolies, price discrimination, oligopolies, and game theory, to clear up any weak spots you may have!

Unit 4: Imperfect Competition

Imperfect Competition

Check out these resources for factor markets for unit 5 of AP Microeconomics with guides reviewing vocab and key concepts! Review everything from factor supply and demand and profit-maximizing to monopsony markets.

Unit 5: Factor Markets

Factor Markets

Wrap up your AP Micro studies with unit 6—market failure and role of government! We cover the important vocabulary, skills, and concepts you need to understand and master. With these helpful study guides, useful resources, and practice all about the markets and how government affects them, you'll be prepared to conquer the exam!

Unit 6: Market Failure and Role of Government

Market Failure and Role of Government

This is all you need to know about the AP Microeconomics exam. We'll cover how to manage the multiple choice questions (MCQs) and how to write great FRQs. Review exam logistics, types of questions (such as table questions), how to draw graphs, helpful tips, and practice some sample questions

Exam Skills: FRQ/MCQ

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Worried about your Micro exam? In these comprehensive Question and Answer sessions, we'll be sure to help you feel ready for that test! We'll cover the topics you need us to review so that you can feel confident and prepared to ace the AP Microeconomics exam! 

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1.1: Scarcity

Microeconomics vs. Macroeconomics

Factors of Production

Opportunity Costs and Trade-offs

1.2: Resource Allocation and Economic Systems

Three Economic Questions

Types of Economic Systems

1.3: Production Possibilities Curve (PPC)

Introduction to the Production Possibilities Curve (PPC)

Constant Opportunity Cost vs. Increasing Opportunity Cost

Shifters of the Production Possibilities Curve (PPC)

1.4: Comparative Advantage and Trade

Key Terms

Introduction

Output Problems

Input Problems

1.5: Cost-Benefit Analysis

Two Types of Costs

Sample Questions

1.6: Marginal Analysis and Consumer Choice

The Rules for Utility Maximization

Unit 1: Basic Economic Concepts

Basic Economic Concepts: Scarcity

Centrally-Planned (Command) Economic System

Market Economic System

Mixed Economic System

Resource Allocation and Economic Systems


Introduction to the Production Possibilities Curve (PPC)

Efficiency

Scarcity

Opportunity Costs/Per Unit Opportunity Cost

Economic Growth

Production Possibilities Curve (PPC)

Comparative Advantage and Trade

Marginal Benefit vs. Marginal Cost

Question 1

Question 2


Question 3

Question 4

Cost-Benefit Analysis

Rules for Utility Maximization

Steps for working these problems

Question 2


Question 3

Law of Diminishing Marginal Utility








Marginal Analysis and Consumer Choice

2.1: Demand

Demand

2.2: Supply

Supply

2.3: Price Elasticity of Demand

Price Elasticity of Demand

2.4: Price Elasticity of Supply

Price Elasticity of Supply

2.5: Other Elasticities

Other Elasticities

2.6: Market Equilibrium and Consumer and Producer Surplus

Market Equilibrium and Consumer and Producer Surplus

2.7: Market Disequilibrium and Changes in Equilibrium

Market Disequilibrium and Changes in Equilibrium

2.8: The Effects of Government Intervention in Markets

The Effects of Government Intervention in Markets

2.9: International Trade and Public Policy

International Trade and Public Policy

Important Vocabulary

The Production Function

Short-Run Production Costs

Resources in the Long-Run

Long-Run Production Costs

3 Types of Profit

Sample Question

Types of Profit

MR = MC

Profit Maximization

Shut-Down Rule

Long-Run Decisions to Enter or Exit the Market

Firms' Short-Run Decisions to Produce and Long-Run Decisions to Enter or Exit a Market

Characteristics of Perfect Competition

Side by Side Graphs in Perfect Competition

Different Types of Short Run Perfectly Competitive Graphs

Long-Run Perfectly Competitive Graph

Shift from Short-Run to Long-Run Equilibrium in a Perfectly Competitive Market

Shift from Long-Run to Short-Run back to Long-Run

Perfect Competition

Characteristics of Imperfectly Competitive Firms

Barriers to Entry

Geography 🌍

Government 🇺🇸

Common Use

Economies of Scale 🏭

Introduction to Imperfectly Competitive Markets

Characteristics of Monopolies

Graphing Monopolies

Profit and Loss on a Monopoly Graph

Monopoly and Efficiency

Key Points on a Monopoly Graph

Monopolies

Graph of a Price Discriminating Monopoly

Price Discrimination

Characteristics of Monopolistic Competition

Characteristics Compared to Other Market Structures

Graphing Monopolistic Competition

Monopolistic Competition

Characteristics of Oligopolies

Key Terms Regarding Oligopolies

Game Theory

Sample Free Response Question (FRQ): 2007 Question #3

Comparison on All Market Structures

Oligopoly and Game Theory

5.1: Introduction to Factor Markets

Introduction to Factor Markets

5.2: Changes in Factor Demand and Factor Supply

Changes in Factor Demand and Factor Supply

5.3: Profit-Maximizing Behavior in Perfectly Competitive Factor Markets

Profit-Maximizing Behavior in Perfectly Competitive Factor Markets

5.4: Monopsonistic Markets

monopsony Markets

Unit 6: Market Failure and the Role of Government

6.1: Socially Efficient and Inefficient Market Outcomes

Socially Efficient and Inefficient Market Outcomes

6.2: Externalities

Externalities 😵☢️💩

6.3: Public and Private Goods

Public and Private Goods

6.4: The Effects of Government Intervention in Different Market Structures

The Effects of Government Intervention in Different Market Structures

6.5: Inequality

Inequality

Exam Logistics 🤑

Section 1: Multiple-Choice Questions 🤓

Strategies for Multiple-Choice Questions

Sample Multiple-Choice Questions 

AP Microeconomics Exam Guide

Your guide to the 2021 AP Microeconomics exam

Format of the 2021 AP Microeconomics exam

When is the 2021 AP Microeconomics exam and how do I take it?

How should I prepare for the exam?

Pre-work: set up your study environment

AP Microeconomics 2021 Study Plan

💸 Unit 1: Basic Economic Concepts

📈 Unit 2: Supply and Demand

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

📊 Unit 4: Imperfect Competition

💰 Unit 5: Factor Markets

🏛 Unit 6: Market Failure and Role of Government

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2021 AP Microeconomics Exam Guide

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💵AP Microeconomics - Q and A Sessions

Exam Dates:

may 12, 2021

, may 28, 2021

, june 8, 2021

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