AP Microeconomics

Understand core economic principles such as scarcity, opportunity cost, and marginal analysis. Analyze supply, demand, market equilibrium, and the effects of government interventions. Interpret and construct key economic graphs, including cost curves and production possibilities. Compare different market structures, including perfect competition, monopoly, monopolistic competition, and oligopoly. Apply game theory concepts such as payoff matrices and Nash equilibrium. Examine how labor, capital, and land markets determine wages and resource prices. Evaluate market failures, externalities, and the economic rationale for government policies. Develop the ability to think like an economist using models, data interpretation, and real-world applications.