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Unit: Basic economics concepts
AP Macro: MKT (BI), MKT‑1 (EU), MKT‑2 (EU), MOD (BI), MOD‑1 (EU)
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AP Macro: MOD (BI), MOD‑1 (EU), MOD‑1.A (LO), MOD‑1.A.1 (EK)
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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)
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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)
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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)
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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)
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Market equilibrium and disequilibriumGet 3 of 4 questions to level up!
Changes in equilibriumGet 3 of 4 questions to level up!
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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.