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Principles of Economics (Micro and Macro) flashcards

3 decks · 207 cards · built into Willys · free samples below

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Written against: Standard two-course principles sequence; OpenStax Principles of Economics 3e, consulted as a reference; no text copied. 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 · 152 cards

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

Core A full college principles of microeconomics course: budget constraints, supply and demand algebra, price controls, elasticity, utility and indifference curves, costs, market structures, antitrust, externalities, public choice, labor and inequality, insurance and trade. 10 free · 80 cards in the app Core A full college principles of macroeconomics course: GDP measurement, growth models, unemployment, inflation, trade balances, AD–AS, Keynesian and neoclassical views, money creation and the multiplier debate, monetary policy, exchange rates, budgets and debt. 10 free · 72 cards in the app

Practice · 1 deck · 55 questions

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

Practice Questions Multiple-choice practice questions, one best answer each, on supply and demand, elasticity, costs and market structures, externalities, GDP, inflation, multipliers and macro policy. 6 free · 55 questions in the app

Study guide

Topics covered

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

  • Scarcity and Choice 9
  • Demand and Supply 10
  • Price Controls and Surplus 7
  • Elasticity 9
  • Consumer Choice and Utility 12
  • Production and Costs 8
  • Perfect Competition 7
  • Monopoly 6
  • Monopolistic Competition and Oligopoly 6
  • Antitrust and Regulation 5
  • Externalities 7
  • Public Goods and Public Choice 6
  • Labor Markets and Inequality 6
  • Information Risk and Insurance 5
  • International Trade 5
  • Measuring the Macroeconomy 11
  • Economic Growth 9
  • Unemployment 7
  • Inflation 8
  • Trade Balances and Capital Flows 5
  • Aggregate Demand and Aggregate Supply 6
  • The Keynesian Perspective 10
  • The Neoclassical Perspective 5
  • Money and Banking 9
  • Monetary Policy 11
  • Exchange Rates 5
  • Budgets and Fiscal Policy 6
  • Government Borrowing 4
  • Macroeconomic Policy Around the World 3

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 Principles of Economics (Micro and Macro) decks (207 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:

  • OpenStax Principles of Economics 3e, consulted as a reference; no text copied.
  • Business-cycle, monetary-policy and money-stock facts also checked against NBER's business-cycle dating pages, the Federal Reserve Board's pages and H.6 money stock data, and 12 U.S.C. 225a (reference only; no text copied).
  • Original questions written for this deck; no official exam, textbook or question-bank items were copied.

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.

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