7 min read
This AP Microeconomics study guide covers the fundamental concepts of scarcity, opportunity cost, and trade-offs. It explains the four factors of production (land, labor, capital, entrepreneurship) and the difference between microeconomics and macroeconomics. The guide includes practice questions, a scoring guide, and final exam tips focusing on high-priority topics and common question types.
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Question 1 of 10
What is the fundamental economic problem that leads to the study of economics? 🤔
Unlimited resources and limited wants
Limited resources and unlimited wants
Efficient allocation of unlimited resources
Balancing the budget of a household