# Microeconomics Complete Study Guide

Updated 6/4/2020 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.

__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 Deadweight Loss, Microeconomics Graph Shading, Microeconomics Important Points, prices and quantities, Microeconomics Graphs Labels

**Games:**Microeconomics Graph Shading (Shade Graphs), Microeconomics Important Points, prices and quantities (P, Q, & Points)

**Outside Video:**ACDC Leadership

__Micro Basics__

Micro Basics Multiple Choice Practice**Micro Basics Flashcards **

***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

***Marginal Analysis: **Understand the difference between total and marginal. Marginal cost increases with quantity, and marginal benefit decreases with quantity. The benefit maximizing quantity is where MB=MC. Especially focus on utility maximizing combination calculations.**Review: **Marginal Analysis Review

Game: First 5 of Utility Maximizing, Profit Maximizing, and Cost Minimizing Combinations

Outside Video: Jodi Econ Girl

*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

__Supply and Demand (markets)__

Supply and Demand Multiple Choice Practice **Supply and Demand Flashcards**

***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, Market Equilibrium**Graph Drawing Practice: **Competitive Markets**Games**: Changes in Supply and Demand (shifts vs movement along the curve), Sorting Determinants Activity** (**Determinants), Shifting Competitive Markets Activity (Market Shifts)

**Outside Video: **ACDC Video

***Surplus and Deadweight Loss:** Be able to locate and calculate consumer surplus, producer surplus, and deadweight loss in all of the micro graphs.**Review:** Surplus and Deadweight Loss**Game: **Microeconomics Graph Shading (Shade Graphs)**Outside Video:** ACDC Video

***Price Controls:** Be able to draw and understand how price floors and ceiling impact a competitive market including deadweight 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

*Elasticity: Understand how to calculate and interpret elasticity coefficients (end-point method and mid-point 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, Cross-Price)

*Excise Taxes: Know how to draw and understand a competitive market graph with an excise tax including deadweight 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

***Tariffs:** Understand how international trade and tariffs impact a competitive market including all where to find prices, quantities, deadweight 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

__Product Market Firms__

Market Structures Multiple Choice Practice

Market Structures Flashcards

***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, Cost Curves**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 side-by-side graphs, identify different parts of the graph, and the difference between short-run and long-run.**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, and 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 pay-off matrix. Know Nash equilibrium and dominant strategy.**Review:** Oligopoly/Duopoly and Game Theory**Games:** Market Structures, Pay-off Matrix Game**Outside ****Video:** Jason Welker***Monopolistic Competition:** Be able to draw a monopolistically competitive firm graph, identify different parts of the graph, and fully understand the difference between short-run and long-run.**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__**Failures and Factors Multiple Choice PracticeFailures and Factors Flashcards**

***Factor Markets:** Understand the qualities of perfectly competitive and monopsony resource markets. Be able to draw, label and manipulate both graphs, and know how resource demand curves are derived from Marginal Revenue Product.**Review:** MRP and MRC, Perfectly Competitive Factor Markets, Monopsony**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 per-unit 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)

*Public Goods: Understand that public goods are both non-rival and non-excludable as well as the fact that non-rival goods suffer from the free rider problem.

Review: Classifying Types of Goods**Game: **Types of Goods Sorting**Outside Video: **MR University

***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