AP Microeconomics Midyear Review Sheet:



AP Microeconomics Midyear Review Sheet: Mr. Noody

Key terms and concepts:

Individual Choice

Resource

Scarcity

Opportunity Cost

Trade-Off

Marginal Decisions

Marginal Analysis

Specialization

Equilibrium

Efficiency

Equity

Economic Model

Ceteris Paribus

PPF/PPC

Comparative Advantage

Absolute Advantage

Barter

Circular Flow Diagram

Factor market

Factors of Production

Positive economics

Normative economics

Competitive market

Supply and demand model

Demand schedule

Supply schedule

Demand curve shifters

Supply curve shifters

Normal good

Inferior good

Substitutes

Surplus

Shortage

Market-clearing price

Price ceiling

Price floor

Inefficient allocation to consumers

Productive efficiency

Allocative efficiency

Black markets

Minimum wage

Quota

Excise tax

Deadweight loss

Price elasticity of demand

Midpoint method

Perfectly inelastic demand

Perfectly elastic demand

Total revenue

Cross-price elasticity of demand

Income elasticity of demand

Price elasticity of supply

Consumer surplus

Producer surplus

Total surplus

Market failure

Explicit cost

Implicit cost

Accounting profit

Economic profit

Marginal cost

Principle of marginal analysis

Sunk cost

Interest rate

Present value

Fixed cost

Variable cost

Long run cost curves

Short run cost curves

Total product curve

Average cost curves

Economies of scale

Diseconomies of scale

Long run equilibrium

Perfect competition

Market share

Standardized product

Commodity

Free entry and exit

Marginal revenue

Optimal output rule

Shut-down price

Utility/ utils

Marginal utility curve

Principle of diminishing marginal utility

Budget constraint

Marginal utility per dollar

Substitution effect

Income effect

Indifference curve

Marginal rate of substitution

Perfect substitutes (indifference curve)

Perfect compliments (indifference curve)

Physical capital

Human capital

Value of marginal product

Competitive market economy

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