Home / Flashcard library / High school & admissions / AP Microeconomics

High school & admissions

AP Microeconomics flashcards

3 decks · 206 cards · built into Willys · free samples below

Get the app Study a free sample

Written against: College Board AP Microeconomics Course and Exam Description (six units). Updated 2026-10-10.

What's in it

Every deck follows the course outline, with tags you can study or suspend topic by topic. Open a deck to study its free sample right here.

Learn · 2 decks · 146 cards

Concepts, mechanisms and the questions a course or exam asks about them.

Markets and Elasticity Units 1–2: scarcity, the PPC, comparative advantage, marginal utility, supply and demand shifts, elasticity and the total revenue test, consumer and producer surplus, taxes, price controls, quotas and tariffs, with calculations in the style of the AP exam. 10 free · 66 cards in the app Firms and Market Failure Units 3–6: production and cost curves, profit maximization, perfect competition, monopoly, price discrimination, monopolistic competition, game theory, labor markets and monopsony, externalities, public goods and government policy, with AP-style graph and payoff-matrix problems. 10 free · 80 cards in the app

Practice · 1 deck · 60 questions

Multiple-choice practice questions, one best answer each, with the reasoning.

Practice Questions Multiple-choice practice questions, one best answer each, on trade, supply and demand, elasticity, surplus, taxes, costs, market structures, game theory, factor markets and externalities. 6 free · 60 questions in the app

Study guide

Topics covered

The decks follow the order of the course outline. Numbers are cards per topic.

  • Basic Economic Concepts 31
    • Comparative Advantage and Trade 9
    • Marginal Analysis and Consumer Choice 8
    • Production Possibilities 7
    • Scarcity and Economic Systems 7
  • Supply and Demand 60
    • Demand and Supply 12
    • Elasticity 16
    • Equilibrium and Surplus 11
    • Government Intervention 14
    • International Trade 7
  • Production Cost and Perfect Competition 37
    • Perfect Competition 13
    • Production and Costs 15
    • Profit Maximization 9
  • Imperfect Competition 39
    • Monopolistic Competition 8
    • Monopoly 15
    • Oligopoly and Game Theory 11
    • Price Discrimination 5
  • Factor Markets 15
  • Market Failure and the Role of Government 24
    • Externalities 10
    • Government Policy and Inequality 8
    • Public Goods 6

A study plan

  • 8 new cards a day covers everything in a month, leaving the last weeks for review.
  • 5 new cards a day covers everything in two months, leaving the last weeks for review.

Willys schedules reviews for you (FSRS spaced repetition), so the daily number above is only for new cards; reviews of what you have learned come back on their own. Study a topic's cards right after you meet it in class, suspend topics you have not reached yet, and use the app's quiz mode in the final two weeks.

How to get these decks

  1. Install Willys on your iPhone, iPad or Mac — App Store. 14-day free trial, then $14.99 a year.
  2. In Willys, tap Exam Library at the top of your Decks (or Browse Exam Library… under the + button), find the exam on its shelf or by search, tick it and tap Add.
  3. Study. The exam comes in as its own collapsible folder, every card scheduled by FSRS spaced repetition. Nothing you already have is changed.

Every deck is built into Willys

All 3 AP Microeconomics decks (206 cards), with FSRS spaced repetition, quizzes and mock tests, on iPhone, iPad and Mac. 14-day free trial, then $14.99 a year.

Get the app

In Willys, tap Exam Library at the top of your Decks (or Browse Exam Library… under the + button), find the exam on its shelf or by search, tick it and tap Add.

About these cards

Review status: Second-reader reviewed, with corrections applied.

Checked against:

  • Topic outline follows the College Board AP Microeconomics Course and Exam Description (effective Fall 2026), Units 1–2 (used as an outline only; no text copied).
  • OpenStax Principles of Economics 3e, consulted as a reference; no text copied.
  • Checked against Mankiw, Principles of Microeconomics (reference only; no text copied).
  • Import-quota rents checked against International Economics: Theory and Policy v1.0 (Saylor Academy, 2012; CC BY-NC-SA 3.0), section 7.14 (reference only; no text copied).
  • Topic outline follows the College Board AP Microeconomics Course and Exam Description (effective Fall 2026), Units 3–6 (used as an outline only; no text copied).
  • Price discrimination, public goods, monopsony, inequality, tax and antitrust facts also checked against Principles of Microeconomics (v. 2.0), section 11.3 (open textbook, CC BY-NC-SA 3.0), CORE Econ's The Economy 2.0: Microeconomics, section 10.7 (CC BY-NC-ND 4.0), the Federal Reserve Bank of Cleveland's 2007 Economic Commentary on the minimum wage and the labor market (CC BY-NC 4.0), the World Bank's Gini index (SI.POV.GINI) indicator metadata (CC BY 4.0), CRS report R41602 and the Clayton Act, 15 U.S.C. 18 (U.S. government works) (reference only; no text copied).
  • Topic outline follows the College Board AP Microeconomics Course and Exam Description (effective Fall 2026), Units 1–6 (used as an outline only; no text copied).
  • Checked against Mankiw, Principles of Microeconomics (reference only; no text copied). Graphs are described in words, and every numerical answer was recomputed by script.

These are independent study notes written for Willys. They are not official exam material, may contain mistakes, and are no substitute for your course, your teacher or the exam owner's own publications. Found an error? Tell us — corrections ship as a new version of the deck.

AP® is a trademark registered by the College Board, which is not affiliated with, and does not endorse, this product.

Use of these pages is covered by our Terms of Use.