12–15% of the AP exam. Key topics: Scarcity, choice, and resource allocation, Opportunity cost and trade-offs, Production possibilities curve (PPC): efficiency, opportunity cost, growth, Absolute advantage vs. comparative advantage, Gains from specialization and trade, Marginal analysis and the cost-benefit principle, Economic systems and property rights.
Study guide content for this unit is being prepared. Check back soon for complete lesson notes, formula sheets, and worked examples.
