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AP® Microeconomics

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142 terms, in plain words. Each one links to the page that teaches it.

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Unit

A B C D E F G H IJKL M N O P Q R S T UVWXYZ

A

absolute advantage
accounting profit
allocative efficiency
area of a triangle
average product
average total cost

B

barriers to entry
best response
budget constraint

C

ceteris paribus
club good
collusion
common resource
comparative advantage
constant-cost industry
consumer surplus
corrective tax
cross-price elasticity of demand

D

deadweight loss
demand
derived demand
determinants of demand
determinants of elasticity
determinants of labor demand
determinants of supply
diminishing marginal returns
direct relationship
dominant strategy

E

economic growth
economic profit
economic system
economies of scale
entry and exit
excess capacity
excludable good
explicit cost
externality

F

factor market
factors of production
firm demand curve
free-rider problem

G

game theory
Gini coefficient

H

horizontal axis

I

import quota
imports
incentive
income effect
income elasticity of demand
income inequality
increasing opportunity cost
intersection

L

labor supply
law of demand
law of supply
least-cost rule
long-run average total cost
long-run equilibrium
Lorenz curve
lump-sum tax

M

marginal analysis
marginal cost
marginal product
marginal resource cost
marginal revenue
marginal revenue curve
marginal revenue product
marginal social benefit
marginal utility
marginal utility per dollar
market demand
market economy
market equilibrium
market failure
market power
market supply
midpoint method
minimum efficient scale
minimum wage
monopolistic competition
monopoly
monopoly deadweight loss
monopsony
monopsony wage
movement along a curve

N

Nash equilibrium
natural monopoly
negative externality
normal profit

O

oligopoly
opportunity cost
ordered pair

P

payoff matrix
per-unit subsidy
per-unit tax
perfect competition
positive externality
price ceiling
price discrimination
price elasticity of demand
price elasticity of supply
price floor
prisoner's dilemma
producer surplus
production function
production possibilities curve
productive efficiency
profit-maximizing hiring rule
profit-maximizing rule
progressive tax
property rights
public good

Q

quantity control

R

regulation of market power
returns to scale
rival good

S

scarcity
shift of a curve
shortage
shutdown rule
simultaneous shifts
slope
specialization
sunk cost
supply
surplus (of a good)

T

tariff
tax incidence
terms of trade
total benefit
total cost
total fixed cost
total product
total revenue
total surplus
total variable cost
trade-off
transfer payment

U

U-shaped curve
utility

W

wage taker
world price

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