Microeconomics Ultimate Study Guide

Updated 12/21/2017 Jacob Reed
Below you will find resources covering all major aspects of Microeconomics. I send my students these games, videos, and content review at the end of each unit to help them prepare for their unit exams. My students also use these to review and prepare right before AP Microeconomics exam in may. I sincerely hope these resources help you as much as they have my students. If there are resources you think should be added to this list, click on the contact link below and send me a message. Good luck! 
Not sure what to study First?
Start with the Microeconomics 30 Multiple Choice Exam to see where you struggle.
Start with the Microeconomics 30 Multiple Choice Exam to see where you struggle.
General Overview
Make sure you are able to draw, label, shade and manipulate every microeconomics graph. Also, know how to calculate all of the important microeconomics formulas.
Review: Microeconomics Graphs, Microeconomics Formulas, Surplus and Dead Weight Loss, Microeconomics Graph Shading, Microeconomics Important Points, prices and quantities.
Games: Microeconomics Graph Shading (Shade Graphs), Microeconomics Important Points, prices and quantities (P, Q, & Points)
Outside Video: ACDC Leadership
Make sure you are able to draw, label, shade and manipulate every microeconomics graph. Also, know how to calculate all of the important microeconomics formulas.
Review: Microeconomics Graphs, Microeconomics Formulas, Surplus and Dead Weight Loss, Microeconomics Graph Shading, Microeconomics Important Points, prices and quantities.
Games: Microeconomics Graph Shading (Shade Graphs), Microeconomics Important Points, prices and quantities (P, Q, & Points)
Outside Video: ACDC Leadership
Micro Basics
Micro Basics Flashcards (mobile compatible) Micro Basics Multiple Choice Practice (mobile compatible) *Opportunity Cost: Know what opportunity cost is and how to calculate it. Review: Opportunity Cost Review Game: Cost, Profit, and Revenue Activity Outside Video: Paddy Hirsch Video *Production Possibilities Curve: Know how to draw and label it, what makes it shift in or out, and how scarcity, efficiency inefficiency, and changes in production are shown. Review: Production Possibilities Curve Graph Drawing Practice: PPC Graphing Practice Game: Production Possibilities Curve Activity (PPC) Outside Video: 1funkyTeacher 

*Comparative Advantage: Know how to calculate comparative advantage and terms of trade.
Review: Comparative Advantage
Game: Comparative Advantage Activity (Comparative ADV)
Outside Video: Marginal Revolution University Video
*Economic Systems: Know the differences between a centrally planned economy and market economy.
Review: What is economics?
Outside Video: Crash Course
Review: Comparative Advantage
Game: Comparative Advantage Activity (Comparative ADV)
Outside Video: Marginal Revolution University Video
*Economic Systems: Know the differences between a centrally planned economy and market economy.
Review: What is economics?
Outside Video: Crash Course
Supply and Demand (markets)
Supply and Demand Multiple Choice Practice (Mobile Compatible)
*Supply and Demand: Know how to draw and label a competitive market. Understand all of the supply and demand determinants and how shift supply and demand which changed equilibrium price and quantity.
Review: Supply and Demand Determinants, Shifting Equilibrium
Graph Drawing Practice: Competitive Market Graphing
Game: Sorting Determinants Activity (Determinants), Shifting Competitive Markets Activity (Market Shifts)
Outside Video: ACDC Video
*Elasticity: Understand how to calculate and interpret elasticity coefficients (endpoint method and midpoint method are both acceptable) and use the total revenue test to determine price elasticity of demand.
Review: Elasticity Coefficients
Game: Elasticity Coefficient Calculations (Elasticities)
Outside Videos: ACDC Video (Elasticity of Demand, Total Revenue), ACDC Video (Income, CrossPrice)
*Excise Taxes: Know how to draw and understand a competitive market graph with an excise tax including dead weight loss, producer/consumer surplus, and tax burdens.
Review: Excise Taxes Review
Graph Drawing Practice: Competitive Market Graphing
Game: Microeconomics Graph Shading (Shade Graphs)
Outside Video: No Bull Economics
*Price Controls: Be able to draw and understand how price floors and ceiling impact a competitive market including dead weight loss, consumer/producer surplus, shortage, and surplus.
Review: Price Controls
Graph Drawing Practice: Competitive Market Graphing
Games: Microeconomics Graph Shading (Shade Graphs), Microeconomics Important Points, prices and quantities (P, Q, & Points)
Outside Videos: Crash Course Economics, Economics Fun
*Tariffs: Understand how international trade and tariffs impact a competitive market including all where to find prices, quantities, dead weight loss, producer/consumer surplus, etc.
Review: Trade and Tariffs Graph
Games: Microeconomics Graph Shading (Shade Graphs), Microeconomics Important Points, prices and quantities (P, Q, & Points)
Outside Video: Economics Fun
*Utility Maximization: Be able to calculate MU/$ and find utility maximizing combinations.
Review: Utility Maximization
Game: First 5 of Utility Maximizing, Profit Maximizing, and Cost Minimizing Combinations (Best Combinations)
Outside Video: Jodi Econ Girl
Supply and Demand Multiple Choice Practice (Mobile Compatible)
*Supply and Demand: Know how to draw and label a competitive market. Understand all of the supply and demand determinants and how shift supply and demand which changed equilibrium price and quantity.
Review: Supply and Demand Determinants, Shifting Equilibrium
Graph Drawing Practice: Competitive Market Graphing
Game: Sorting Determinants Activity (Determinants), Shifting Competitive Markets Activity (Market Shifts)
Outside Video: ACDC Video
*Elasticity: Understand how to calculate and interpret elasticity coefficients (endpoint method and midpoint method are both acceptable) and use the total revenue test to determine price elasticity of demand.
Review: Elasticity Coefficients
Game: Elasticity Coefficient Calculations (Elasticities)
Outside Videos: ACDC Video (Elasticity of Demand, Total Revenue), ACDC Video (Income, CrossPrice)
*Excise Taxes: Know how to draw and understand a competitive market graph with an excise tax including dead weight loss, producer/consumer surplus, and tax burdens.
Review: Excise Taxes Review
Graph Drawing Practice: Competitive Market Graphing
Game: Microeconomics Graph Shading (Shade Graphs)
Outside Video: No Bull Economics
*Price Controls: Be able to draw and understand how price floors and ceiling impact a competitive market including dead weight loss, consumer/producer surplus, shortage, and surplus.
Review: Price Controls
Graph Drawing Practice: Competitive Market Graphing
Games: Microeconomics Graph Shading (Shade Graphs), Microeconomics Important Points, prices and quantities (P, Q, & Points)
Outside Videos: Crash Course Economics, Economics Fun
*Tariffs: Understand how international trade and tariffs impact a competitive market including all where to find prices, quantities, dead weight loss, producer/consumer surplus, etc.
Review: Trade and Tariffs Graph
Games: Microeconomics Graph Shading (Shade Graphs), Microeconomics Important Points, prices and quantities (P, Q, & Points)
Outside Video: Economics Fun
*Utility Maximization: Be able to calculate MU/$ and find utility maximizing combinations.
Review: Utility Maximization
Game: First 5 of Utility Maximizing, Profit Maximizing, and Cost Minimizing Combinations (Best Combinations)
Outside Video: Jodi Econ Girl
Product Market Firms
*Cost, Profit, and Loss: Know the difference between economic profit and accounting profit. Be able to draw and understand Total Cost Curves, Average Cost Curves, Marginal Cost, and LR ATC including economies of scale. Also know what shifts all of these curves.
Review: Cost, Revenue, & Profit
Game: Cost, Revenue, & Profit
Outside Video: Khan Academy Video (Economic vs Accounting Profit), Jodi Econ Girl (Short Run Costs), ACDC Leadership (Long Run Cost and Economies of Scale)
*Cost, Profit, and Loss: Know the difference between economic profit and accounting profit. Be able to draw and understand Total Cost Curves, Average Cost Curves, Marginal Cost, and LR ATC including economies of scale. Also know what shifts all of these curves.
Review: Cost, Revenue, & Profit
Game: Cost, Revenue, & Profit
Outside Video: Khan Academy Video (Economic vs Accounting Profit), Jodi Econ Girl (Short Run Costs), ACDC Leadership (Long Run Cost and Economies of Scale)
*Perfect Competition: Be able to draw perfectly competitive markets and firms using sidebyside graphs, identify different parts of the graph, and the difference between shortrun and longrun.
Review: Perfectly Competitive Firm
Graph Drawing Practice: Perfectly Competitive Market and Firm
Games: Market Structures, Microeconomics Graph Shading (Shade Graphs), Microeconomics Important Points, prices and quantities (P, Q, & Points)
Outside Video: No Bull Economics
*Monopoly: Be able to draw a monopoly, identify different parts of the graph, an know how price ceilings can regulate monopolies.
Review: Monopoly
Graph Drawing Practice: Monopoly and Monopolistic Competition
Games: Market Structures, Microeconomics Graph Shading (Shade Graphs), Microeconomics Important Points, prices and quantities (P, Q, & Points)
Outside Video: ACDC Leadership
*Oligopoly: Understand how to read, solve and redraw a payoff matrix. Know Nash equilibrium and dominant strategy.
Review: Oligopoly/Duopoly and Game Theory
Games: Market Structures, Payoff Matrix Game
Outside Video: Jason Welker
*Monopolistic Competition: Be able to draw a monopolistically competitive firm graph, identify different parts of the graph, and the difference between shortrun and longrun.
Review: Monopolistically Competitive firm
Graph Drawing Practice: Monopoly and Monopolistic Competition
Games: Market Structures, Microeconomics Graph Shading (Shade Graphs), Microeconomics Important Points, prices and quantities (P, Q, & Points)
Outside Video: ACDC Leadership
Review: Perfectly Competitive Firm
Graph Drawing Practice: Perfectly Competitive Market and Firm
Games: Market Structures, Microeconomics Graph Shading (Shade Graphs), Microeconomics Important Points, prices and quantities (P, Q, & Points)
Outside Video: No Bull Economics
*Monopoly: Be able to draw a monopoly, identify different parts of the graph, an know how price ceilings can regulate monopolies.
Review: Monopoly
Graph Drawing Practice: Monopoly and Monopolistic Competition
Games: Market Structures, Microeconomics Graph Shading (Shade Graphs), Microeconomics Important Points, prices and quantities (P, Q, & Points)
Outside Video: ACDC Leadership
*Oligopoly: Understand how to read, solve and redraw a payoff matrix. Know Nash equilibrium and dominant strategy.
Review: Oligopoly/Duopoly and Game Theory
Games: Market Structures, Payoff Matrix Game
Outside Video: Jason Welker
*Monopolistic Competition: Be able to draw a monopolistically competitive firm graph, identify different parts of the graph, and the difference between shortrun and longrun.
Review: Monopolistically Competitive firm
Graph Drawing Practice: Monopoly and Monopolistic Competition
Games: Market Structures, Microeconomics Graph Shading (Shade Graphs), Microeconomics Important Points, prices and quantities (P, Q, & Points)
Outside Video: ACDC Leadership
Failures and Factors
*Factor Markets: Understand the qualities of perfectly competitive and monopsony resource markets. Be able to draw, label and manipulate both graphs. Know how resource demand curves are derived from Marginal Revenue Product.
Review: Monopsony and Perfectly Competitive Factor Markets
Graph Drawing Practice: Market Failures and Factor Markets
Games: MRP/MRC Calculations (Resource Calculations) and Points, Prices, and Quantities (P, P, & Q)
Outside Video: mjmfoodie (Perfectly Competitive Factor Market), mjmfoodie(Monopsony)
*Resource Combinations: Know how to calculate profit maximizing and cost minimizing combinations of resources.
Review: Resource Combinations
Game: Product and Resource Combinations (Best Combinations)
Outside Video: jsercysfc
*Externalities: Know what negative and positive externalities are. Be able to graph both the externality as well as how to correct for the externality through perunit taxes and subsidies.
Review: Positive and Negative Externalities
Graph Drawing Practice: Market Failures and Factor Markets
Games: Microeconomics Graph Shading (Shade Graphs), Microeconomics Important Points, prices and quantities (P, Q, & Points)
Outside Video: No Bull Economics (Positive), ACDC Leadership (Negative)
*Lorenz Curve: Know how to decipher a Lorenz curve and use it to measure wealth and income inequality. Know what a Gini ratio is and how to compare different values to measure wealth and income inequality. Also understand how taxes and transfer payments impact the Lorenz curve and Gini ratio.
Review: Income and Wealth Distribution
Outside Video: EconPlusDal
*Factor Markets: Understand the qualities of perfectly competitive and monopsony resource markets. Be able to draw, label and manipulate both graphs. Know how resource demand curves are derived from Marginal Revenue Product.
Review: Monopsony and Perfectly Competitive Factor Markets
Graph Drawing Practice: Market Failures and Factor Markets
Games: MRP/MRC Calculations (Resource Calculations) and Points, Prices, and Quantities (P, P, & Q)
Outside Video: mjmfoodie (Perfectly Competitive Factor Market), mjmfoodie(Monopsony)
*Resource Combinations: Know how to calculate profit maximizing and cost minimizing combinations of resources.
Review: Resource Combinations
Game: Product and Resource Combinations (Best Combinations)
Outside Video: jsercysfc
*Externalities: Know what negative and positive externalities are. Be able to graph both the externality as well as how to correct for the externality through perunit taxes and subsidies.
Review: Positive and Negative Externalities
Graph Drawing Practice: Market Failures and Factor Markets
Games: Microeconomics Graph Shading (Shade Graphs), Microeconomics Important Points, prices and quantities (P, Q, & Points)
Outside Video: No Bull Economics (Positive), ACDC Leadership (Negative)
*Lorenz Curve: Know how to decipher a Lorenz curve and use it to measure wealth and income inequality. Know what a Gini ratio is and how to compare different values to measure wealth and income inequality. Also understand how taxes and transfer payments impact the Lorenz curve and Gini ratio.
Review: Income and Wealth Distribution
Outside Video: EconPlusDal