AP MICRO
AP MICRO UNIT 1
Central Idea: Introduction to Microeconomics
Main Branch 1: Basic Economic Concepts
Sub-branch 1: Scarcity and Choice
Sub-branch 1.1: Definition of Scarcity
Sub-branch 1.2: Opportunity Cost
Sub-branch 2: Factors of Production
Sub-branch 2.1: Land
Sub-branch 2.2: Labor
Sub-branch 2.3: Capital
Sub-branch 2.4: Entrepreneurship
Sub-branch 3: Production Possibilities Curve
Sub-branch 3.1: Definition and Graphical Representation
Sub-branch 3.2: Efficiency and Inefficiency
Sub-branch 3.3: Trade-offs and Opportunity Cost
Main Branch 2: Supply and Demand
Sub-branch 1: Law of Demand
Sub-branch 1.1: Definition and Graphical Representation
Sub-branch 1.2: Determinants of Demand
Sub-branch 2: Law of Supply
Sub-branch 2.1: Definition and Graphical Representation
Sub-branch 2.2: Determinants of Supply
Sub-branch 3: Market Equilibrium
Sub-branch 3.1: Definition and Graphical Representation
Sub-branch 3.2: Surplus and Shortage
Sub-branch 3.3: Shifts in Supply and Demand
Main Branch 3: Elasticity
Sub-branch 1: Price Elasticity of Demand
Sub-branch 1.1: Definition and Formula
Sub-branch 1.2: Determinants of Price Elasticity
Sub-branch 1.3: Interpreting Elasticity Values
Sub-branch 2: Price Elasticity of Supply
Sub-branch 2.1: Definition and Formula
Sub-branch 2.2: Determinants of Price Elasticity
Sub-branch 2.3: Interpreting Elasticity Values
Sub-branch 3: Cross Elasticity of Demand
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