Ap Micro
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10 Terms
Supply and Demand
Fundamental economic model determining price and quantity in a market.
Elasticity
Measures responsiveness of quantity demanded or supplied to price changes.
Market Structures
Includes perfect competition, monopoly, oligopoly, and monopolistic competition.
Consumer and Producer Surplus
Areas representing benefits in a market.
Analytical thinking and problem-solving skills
Developed in AP Microeconomics.
Understanding of economic models
Key skill with real-world applications.
Interpretation of graphs and data
Essential for economic concepts.
Exam Format
Consists of multiple-choice and free-response questions.
Preparation
Practice with past questions, review key concepts, graphs, and formulas.
Benefits
Potential college credit, critical thinking enhancement, and proficiency in microeconomic principles.
