AP Microeconomics Unit 3 Review

Front

Represents how goods, services, and money move through our economy.

Back

Circular Flow Diagram

Front

Consumers will buy more of a good when its price is lower and less when its price is higher.

Back

Law of Demand

Front

Producers offer more of a good or service as its price increases and less as its price falls.

Back

Law of Supply

Front

The point at which the quantity demanded for a product or service is equal to the quantity supplied of that product or service.

Back

Equilibrium

Front

A minimum price consumers are required to pay for a good or service.

Back

Price Floor

Front

A maximum price consumers are required to pay for a good or service.

Back

Price Ceiling

Front

A market in which a single seller dominates.

Back

Monopoly

Front

A market structure in which a few large firms dominate a market.

Back

Oligopoly

Front

A market structure in which many companies sell products that are similar but not identical.

Back

Monopolistic Competition

Front

A market structure in which a large number of firms all produce the same product and no single seller controls supply or prices.

Back

Perfect Competition