Main content

# Unit 1: Basic Economic Concepts

900 possible mastery points

Mastered

Proficient

Familiar

Attempted

Not started

Quiz

Unit test

## 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.

### Learn

### Practice

- ScarcityGet 3 of 4 questions to level up!

### Practice

- Resource allocation and economic systemsGet 3 of 4 questions to level up!

Level up on the above skills and collect up to 160 Mastery points

### 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!

### 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!

Level up on the above skills and collect up to 320 Mastery points

### Learn

### Practice

- Total Utility and Marginal UtilityGet 3 of 4 questions to level up!
- Utility MaximizationGet 3 of 4 questions to level up!

Level up on the above skills and collect up to 240 Mastery points

Up next for you:

Level up on all the skills in this unit and collect up to 900 Mastery points!#### Unit test

AP® is a registered trademark of the College Board, which has not reviewed this resource.