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Unit: Basic economics concepts
AP Macro:
MKT (BI)
, MKT‑1 (EU)
, MKT‑2 (EU)
, MOD (BI)
, MOD‑1 (EU)
0
AP Macro:
MOD (BI)
, MOD‑1 (EU)
, MOD‑1.A (LO)
, MOD‑1.A.1 (EK)
Learn
Practice
- Introduction to scarcity and the economic way of thinkingGet 3 of 4 questions to level up!
AP Macro:
MOD (BI)
, MOD‑1 (EU)
, MOD‑1.B (LO)
, MOD‑1.B.1 (EK)
, MOD‑1.B.2 (EK)
, MOD‑1.B.3 (EK)
, MOD‑1.B.4 (EK)
, MOD‑1.B.5 (EK)
Learn
Practice
- Opportunity cost and the PPCGet 3 of 4 questions to level up!
AP Macro:
MKT (BI)
, MKT‑1 (EU)
, MKT‑1.A (LO)
, MKT‑1.A.1 (EK)
, MKT‑1.A.2 (EK)
, MKT‑1.B (LO)
, MKT‑1.B.1 (EK)
, MKT‑1.B.2 (EK)
Learn
Practice
- Comparative advantage and the gains from tradeGet 3 of 4 questions to level up!
AP Macro:
MKT (BI)
, MKT‑2 (EU)
, MKT‑2.A (LO)
, MKT‑2.A.1 (EK)
, MKT‑2.B (LO)
, MKT‑2.B.1 (EK)
Learn
Practice
- DemandGet 3 of 4 questions to level up!
AP Macro:
MKT (BI)
, MKT‑2 (EU)
, MKT‑2.C (LO)
, MKT‑2.C.1 (EK)
, MKT‑2.D (LO)
, MKT‑2.D.1 (EK)
AP Macro:
MKT (BI)
, MKT‑2 (EU)
, MKT‑2.E (LO)
, MKT‑2.E.1 (EK)
, MKT‑2.F (LO)
, MKT‑2.F.1 (EK)
, MKT‑2.G (LO)
, MKT‑2.G.1 (EK)
Learn
Practice
- Market equilibrium and disequilibriumGet 3 of 4 questions to level up!
- Changes in equilibriumGet 3 of 4 questions to level up!
Up next for you:
Level up on all the skills in this unit and collect up to 700 Mastery points!Unit test
About this unit
In this unit, you'll learn fundamental economic concepts like scarcity, opportunity cost, and supply and demand. You will learn things like the distinction between absolute and comparative advantage, how to identify comparative advantage from differences in opportunity costs, and how to apply the principle of comparative advantage to determine the basis on which mutually advantageous trade can take place between individuals and/or countries.AP® is a registered trademark of the College Board, which has not reviewed this resource.