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AP Microeconomics

AP · College BoardMicroeconomics1274 cards

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Flashcards for AP Microeconomics, split into the six units of the Course and Exam Description (effective fall 2026, for exams in 2027) and then by the CED's numbered topics in order. Covers elasticities, surplus, cost curves, market structures, game theory, factor markets, externalities and inequality, with short worked examples and graphs described in words.

Adding it gives you your own copy, with every subdeck below. Each card then comes back just before you would forget it, and every one you get right or wrong counts towards your mastery of its topic. You can delete or suspend the parts you are not studying once it is yours.

What is inside (42 subdecks)

  • Unit 1 Basic Economic Concepts173 cards
    • 1.1 Scarcity25 cards
    • 1.2 Resource Allocation and Economic Systems27 cards
    • 1.3 Production Possibilities Curve30 cards
    • 1.4 Comparative Advantage and Trade30 cards
    • 1.5 Cost-Benefit Analysis29 cards
    • 1.6 Marginal Analysis and Consumer Choice32 cards
  • Unit 2 Supply and Demand337 cards
    • 2.1 Demand38 cards
    • 2.2 Supply31 cards
    • 2.3 Price Elasticity of Demand43 cards
    • 2.4 Price Elasticity of Supply23 cards
    • 2.5 Other Elasticities25 cards
    • 2.6 Market Equilibrium and Consumer and Producer Surplus36 cards
    • 2.7 Market Disequilibrium and Changes in Equilibrium37 cards
    • 2.8 The Effects of Government Intervention in Markets66 cards
    • 2.9 International Trade and Public Policy38 cards
  • Unit 3 Production, Cost, and the Perfect Competition Model256 cards
    • 3.1 The Production Function37 cards
    • 3.2 Short-Run Production Costs52 cards
    • 3.3 Long-Run Production Costs36 cards
    • 3.4 Types of Profit25 cards
    • 3.5 Profit Maximization24 cards
    • 3.6 Firms' Short-Run Decisions to Produce and Long-Run Decisions to Enter or Exit a Market28 cards
    • 3.7 Perfect Competition54 cards
  • Unit 4 Imperfect Competition184 cards
    • 4.1 Introduction to Imperfectly Competitive Markets30 cards
    • 4.2 Monopoly43 cards
    • 4.3 Price Discrimination26 cards
    • 4.4 Monopolistic Competition30 cards
    • 4.5 Oligopoly and Game Theory55 cards
  • Unit 5 Factor Markets121 cards
    • 5.1 Introduction to Factor Markets35 cards
    • 5.2 Changes in Factor Demand and Factor Supply26 cards
    • 5.3 Profit-Maximizing Behavior in Perfectly Competitive Factor Markets33 cards
    • 5.4 Monopsonistic Markets27 cards
  • Unit 6 Market Failure and the Role of Government203 cards
    • 6.1 Socially Efficient and Inefficient Market Outcomes27 cards
    • 6.2 Externalities53 cards
    • 6.3 Public and Private Goods39 cards
    • 6.4 The Effects of Government Intervention in Different Market Structures38 cards
    • 6.5 Inequality46 cards

Some of its cards

  • Total revenue minus explicit costs
    Accounting profit
  • What are the characteristics of a perfectly competitive market?
    Many small buyers and sellers, identical products, free entry and exit, and firms that are price takers
  • Monopsony
    A market with a single buyer of a factor, such as one employer of labor in a town
  • Production function
    The relationship between the quantity of inputs a firm uses and the quantity of output it can make
  • A short-run decision to produce zero output
    Shutdown
  • A legal maximum price that sellers may charge
    Price ceiling
  • Comparing the additional benefit of a small change in an activity with its additional cost
    Marginal analysis
  • A good that one person's use reduces the amount available to others
    Rival good
  • What do per-unit taxes and subsidies affect?
    The price consumers pay, the net price firms receive, equilibrium quantity, consumer and producer surplus, deadweight loss, and government revenue or cost
  • The flow of money a person or household receives over a period, such as wages, rent, interest and profit
    Income

And 1264 more once you add the deck.