AP Economics: Review by Unit
Both AP Economics courses are organized into six official units. Pick the unit your class is on, each review covers exactly what the College Board tests, how much of the exam it is worth, and the interactive lessons, graphs, and practice questions that cover it.
AP Microeconomics
Scarcity · Resource allocation and economic systems · Production possibilities curve (PPC)
Demand and the law of demand · Supply and the law of supply · Price elasticity of demand (and the total revenue test)
The production function and diminishing marginal returns · Short-run production costs (MC, ATC, AVC, AFC) · Long-run production costs and economies of scale
Introduction to imperfectly competitive markets · Monopoly (graph, deadweight loss, and regulation) · Price discrimination
Introduction to factor markets (derived demand) · Changes in factor demand and factor supply · Profit-maximizing behavior in perfectly competitive factor markets (MRP = MFC)
Socially efficient and inefficient market outcomes · Positive and negative externalities (MSB, MSC, MPB, MPC) · Public goods (non-rival, non-excludable) and the free-rider problem
AP Macroeconomics
Scarcity · Opportunity cost and the production possibilities curve · Comparative advantage and gains from trade
Circular flow and GDP (expenditure and income approaches) · Limitations of GDP · Unemployment (types, and the unemployment rate)
Aggregate demand and its components (C + I + G + Xn) · Spending and tax multipliers (MPC and MPS) · Short-run aggregate supply (SRAS)
Financial assets (money vs bonds; prices and interest rates) · Nominal vs real interest rates (Fisher equation) · Definition, measurement, and functions of money
Fiscal and monetary policy actions in the short run · The Phillips curve (short-run and long-run) · Money growth and inflation (quantity theory)
Balance of payments accounts (current account and capital/financial account) · Exchange rates (appreciation and depreciation) · The foreign exchange market