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Unit: Basic Economic Concepts
AP Micro:
CBA (BI)
, MKT (BI)
0
AP Micro:
MKT (BI)
, MKT‑1 (EU)
, MKT‑1.A (LO)
, MKT‑1.A.1 (EK)
, MKT‑1.A.2 (EK)
Learn
Practice
- ScarcityGet 3 of 4 questions to level up!
AP Micro:
MKT (BI)
, MKT‑1 (EU)
, MKT‑1.B (LO)
, MKT‑1.B.1 (EK)
, MKT‑1.B.2 (EK)
Practice
- Resource allocation and economic systemsGet 3 of 4 questions to level up!
AP Micro:
MKT (BI)
, MKT‑1 (EU)
, MKT‑1.C (LO)
, MKT‑1.C.1 (EK)
, MKT‑1.C.2 (EK)
, MKT‑1.C.3 (EK)
, MKT‑1.C.4 (EK)
, MKT‑1.C.5 (EK)
Learn
Practice
- Interpreting graphs of the production possibilities curve (PPC)Get 3 of 4 questions to level up!
- Calculating opportunity costs from a production possibilities curve (PPC)Get 3 of 4 questions to level up!
AP Micro:
MKT (BI)
, MKT‑2 (EU)
, MKT‑2.A (LO)
, MKT‑2.A.1 (EK)
, MKT‑2.A.2 (EK)
, MKT‑2.B (LO)
, MKT‑2.B.1 (EK)
, MKT‑2.B.2 (EK)
Learn
Practice
- Comparative advantage and absolute advantageGet 3 of 4 questions to level up!
- The terms of tradeGet 3 of 4 questions to level up!
AP Micro:
CBA (BI)
, CBA‑1 (EU)
, CBA‑1.A (LO)
, CBA‑1.A.1 (EK)
, CBA‑1.A.2 (EK)
, CBA‑1.B (LO)
, CBA‑1.B.1 (EK)
, CBA‑1.B.2 (EK)
Learn
Practice
- Cost-benefit analysisGet 3 of 4 questions to level up!
AP Micro:
CBA (BI)
, CBA‑2 (EU)
, CBA‑2.A (LO)
, CBA‑2.A.1 (EK)
, CBA‑2.A.2 (EK)
, CBA‑2.A.3 (EK)
, CBA‑2.A.4 (EK)
, CBA‑2.B (LO)
, CBA‑2.B.1 (EK)
, CBA‑2.B.2 (EK)
, CBA‑2.B.3 (EK)
Learn
Practice
- Total Utility and Marginal UtilityGet 3 of 4 questions to level up!
- Utility MaximizationGet 3 of 4 questions to level up!
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About this unit
Learn how different types of economies make decisions about what to produce and how to distribute resources. We'll introduce key concepts like opportunity costs, trade-offs, and production possibilities. We'll also dive into why specialization and exchange are so important, and how property rights and incentives help keep free markets functioning.AP® is a registered trademark of the College Board, which has not reviewed this resource.