Study sets matching "ap economics chapter 1"

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Study sets matching "ap economics chapter 1"

16 terms
AP Economics Mankiw Chapter 1
business cycle
economics
efficiency
equality
fluctuations in economic activity, such as employment and pro…
the study of how society manages its scarce resources
the property of society getting the most it can from its scar…
the property of distributing economic prosperity uniformly am…
business cycle
fluctuations in economic activity, such as employment and pro…
economics
the study of how society manages its scarce resources
29 terms
AP Economics: Chapter 1
Economics
Economic Perspective
Opportunity Cost
Utility
The social science concerned with how individuals, institutio…
The economic way of thinking
The sacrifices that society makes to acquire certain goods an…
The pleasure, happiness, or satisfaction obtained from consum…
Economics
The social science concerned with how individuals, institutio…
Economic Perspective
The economic way of thinking
AP Economics: Chapter 1
Economics
Economic Perspective
Opportunity Cost
Utility
The social science concerned with how individuals, institutio…
The economic way of thinking
The sacrifices that society makes to acquire certain goods an…
The pleasure, happiness, or satisfaction obtained from consum…
Economics
The social science concerned with how individuals, institutio…
Economic Perspective
The economic way of thinking
32 terms
Chapter 1 Vocabulary: Ap Economics
Economics
Economic Perspective
Marginal Analysis
Scienfic method
The social science concerned with the efficient use of scare…
Economic way of thinking. It includes three elements: Scarcit…
The comparison of marginal (" Extra" or additional" benefits…
The procedure for the systematic pursuit of knowledge involvi…
Economics
The social science concerned with the efficient use of scare…
Economic Perspective
Economic way of thinking. It includes three elements: Scarcit…
AP Economics Chapter 1 Vocab
Scarcity
Economics
Efficiency
Equality
the limited nature of society's resources
the study of how society manages its scarce resources
when society gets the most from its scarce resources.
when prosperity is distributed uniformly among society's memb…
Scarcity
the limited nature of society's resources
Economics
the study of how society manages its scarce resources
16 terms
AP Economics - Chapter 1: Ten Principles of Economics
Scarcity
Economics
Efficiency
Equity
The limited nature of society's resources
The study of how society manages its scarce resources
The property of society getting the most it can from its reso…
The property of distributing economic prosperity fairly among…
Scarcity
The limited nature of society's resources
Economics
The study of how society manages its scarce resources
18 terms
AP Economics Chapter 1
Economic perspective
Marginal analysis
Marginal
Scientific method
The economic way of thinking.
Comparisons of marginal benefits and marginal costs.
Extra; additional; a change in.
Observation of facts; based on facts, formulation of possible…
Economic perspective
The economic way of thinking.
Marginal analysis
Comparisons of marginal benefits and marginal costs.
15 terms
AP Economics: Chapter 1 Vocab
resource
scarce
opportunity cost
trade off
anything that can be used to produce something else
when the quantity of the resource available isnt large enough…
what you lose in order to get something that you want
a comparison of costs and benefits
resource
anything that can be used to produce something else
scarce
when the quantity of the resource available isnt large enough…
19 terms
AP Economics Chapter 1
Scarcity
Economics
Efficiency
Equity
limited resources and unlimited wants
study of how society manages its scarce resources
the property of society getting the most from its scarce reso…
the property of distributing output fairly among society's me…
Scarcity
limited resources and unlimited wants
Economics
study of how society manages its scarce resources
40 terms
Chapter 1- AP Economics
economics
individual choice
economy
market economy
the study of scarcity and choice
decisions by individuals about what to do, which necessarily…
a system for coordinating a society's productive and consumpt…
decisions of individual producers and consumers largely deter…
economics
the study of scarcity and choice
individual choice
decisions by individuals about what to do, which necessarily…
26 terms
AP Economics: Chapter 1
resource
scarce
opportunity cost
trade off
anything that can be used to produce something else
when the quantity of the resource available isnt large enough…
what you lose in order to get something that you want
a comparison of costs and benefits
resource
anything that can be used to produce something else
scarce
when the quantity of the resource available isnt large enough…
18 terms
AP Economics Chapter 1
Economics
Economic Perspective
Utility
Marginal Analysis
Social science concerned with the efficient use of scarce res…
economic way of thinking
pleasure, happiness, or satisfaction
comparison of marginal benefits and marginal costs
Economics
Social science concerned with the efficient use of scarce res…
Economic Perspective
economic way of thinking
27 terms
AP Economics Chapter 1
Opportunity Costs
Economics
Utility
Marginal Analysis
Amount of products that must be forgone/sacrificed to produce…
Social science concerned with how individuals, institutions,…
Pleasure obtained from consuming a good or service
Comparisons of marginal benefits and marginal costs for decis…
Opportunity Costs
Amount of products that must be forgone/sacrificed to produce…
Economics
Social science concerned with how individuals, institutions,…
17 terms
AP Economics Chapter 1
Economics
Utility
Marginal Analysis
Theoretical Economics
The social science concerned with the efficient use of scarce…
Pleasure, happiness, or satisfaction
Comparisons of marginal benefits, and marginal costs
The process of deriving theories and principles
Economics
The social science concerned with the efficient use of scarce…
Utility
Pleasure, happiness, or satisfaction
29 terms
AP Economics: Chapter 1 - Limits, Alternatives, and Choices
Economics
Economic Perspective
Opportunity Cost
Utility
The social science concerned with how individuals, institutio…
The economic way of thinking
The sacrifices that society makes to acquire certain goods an…
The pleasure, happiness, or satisfaction obtained from consum…
Economics
The social science concerned with how individuals, institutio…
Economic Perspective
The economic way of thinking
29 terms
AP Economics Chapter 1
macroeconomics
microeconomics
aggregates
positive economics
entire economy
specific economy
total or components
focus on facts... (what is actually is)
macroeconomics
entire economy
microeconomics
specific economy
AP Economics Chapter 1
Scarcity
Economics
Efficiency
Equality or equity
The limited nature of society's resources
The study of how society manages its scarce resources
The property of society getting the most it can from its scar…
The property of distributing economic prosperity uniformly am…
Scarcity
The limited nature of society's resources
Economics
The study of how society manages its scarce resources
17 terms
AP Economics Chapter 1
Opportunity Cost
Scarcity
Marginal Analysis
Other things equal assumption
Cost of the next best alternative use of money, time, or reso…
A situation in which unlimited wants exceed the limited resou…
focuses on the changes in total revenue and total cost from s…
in the development of a model, the assumption that all releva…
Opportunity Cost
Cost of the next best alternative use of money, time, or reso…
Scarcity
A situation in which unlimited wants exceed the limited resou…
27 terms
AP Economics Chapter 1
Opportunity Costs
Economics
Utility
Marginal Analysis
Amount of products that must be forgone/sacrificed to produce…
Social science concerned with how individuals, institutions,…
Pleasure obtained from consuming a good or service
Comparisons of marginal benefits and marginal costs for decis…
Opportunity Costs
Amount of products that must be forgone/sacrificed to produce…
Economics
Social science concerned with how individuals, institutions,…
22 terms
Chapter 1: AP Economics
Economics
Economic perspective
Scarcity
Opportunity costs
The social science concerned with how individuals, institutio…
Economic way of thinking
Limited supply/resources; restricts options and demands choices
To obtain more of one thing, society forgoes the opportunity…
Economics
The social science concerned with how individuals, institutio…
Economic perspective
Economic way of thinking
17 terms
AP Economics (Chapter 1)
scarcity
economics
goods and services
self-interest
The condition that arises because wants exceed the ability of…
The social science that studies the choices that individual ,…
The objects and the actions that people value and produce to…
The choices that are best for the individual who makes them.
scarcity
The condition that arises because wants exceed the ability of…
economics
The social science that studies the choices that individual ,…
25 terms
AP Economics Chapter 1 Vocabulary
scarcity
economics
goods and services
self-interest
the condition that arises because wants exceed the ability of…
the social science that studies the choices that individuals,…
the objects (goods) and the actions (services) that people va…
the choices that are best for the individual who makes them
scarcity
the condition that arises because wants exceed the ability of…
economics
the social science that studies the choices that individuals,…
AP Economics Chapter 1 Test
3 shifters of production possibilities…
theoretic vs. policy economics
marginal analysis
trade-offs
change in quality/quantity of resources... trade... technology
theoretic- scientific method used to make generalizations a…
"thinking on the margin," making decisions based on additiona…
all the alternatives that we give up whenever we choose one c…
3 shifters of production possibilities…
change in quality/quantity of resources... trade... technology
theoretic vs. policy economics
theoretic- scientific method used to make generalizations a…
27 terms
AP Economics Chapter 1 Vocabulary
economics
economic perspective
opportunity cost
utility
the social science concerned with how individuals, institutio…
a viewpoint that envisions individuals and institutions makin…
the amount of other products that must be forgone or sacrific…
the want-satisfying power of a good or service; the satisfact…
economics
the social science concerned with how individuals, institutio…
economic perspective
a viewpoint that envisions individuals and institutions makin…
15 terms
Ap Economics Chapter 1
Scarce
Trade-Off
Opportunity Cost
efficient
a resource is not available in sufficient quantities to satis…
When you give off something in order to have something else.
The real cost of the item; what you have to give up for what…
describes a market or economy in which there is no way to mak…
Scarce
a resource is not available in sufficient quantities to satis…
Trade-Off
When you give off something in order to have something else.
17 terms
AP Economics Chapter 1
Opportunity Cost
Scarcity
Marginal Analysis
Other-Things-Equal Assumption
The amounts of other products that must be forgone or sacrifi…
Limited quantities of land, capital, labour, and entrepreneur…
The comparison of marginal ("extra" or "additional") benefits…
The assumption that factors other than those being considered…
Opportunity Cost
The amounts of other products that must be forgone or sacrifi…
Scarcity
Limited quantities of land, capital, labour, and entrepreneur…
37 terms
AP Economics chapter 1
Economics
Individual choice
Economy
Market evonomy
Study if scarcity and choice
Decisions by undivided about what to do and what not to do
System that coordinated choices about production with choices…
Production and consumption are the result of decentralized de…
Economics
Study if scarcity and choice
Individual choice
Decisions by undivided about what to do and what not to do
AP Economics Chapter 1 Vocabulary
Economics
Economic Perspective
Marginal Analysis
Scientific Method
Social Science concerned with the efficient use of scarce res…
Viewpoint that envisions individuals and institutions making…
Comparisons of additional benefits and additional costs
Procedure to systematically gain knowledge using observations…
Economics
Social Science concerned with the efficient use of scarce res…
Economic Perspective
Viewpoint that envisions individuals and institutions making…
AP Economics Chapter 1
Economics
Individual Choice
Economy
Market Economy
the study of scarcity and choice
decisions by individuals about what to do, which necessarily…
a system for coordinating a society's productive and consumpt…
the decisions of individual producers and consumers largely d…
Economics
the study of scarcity and choice
Individual Choice
decisions by individuals about what to do, which necessarily…
35 terms
AP Economics Chapter 1-2
Scarcity
Economics
Principle #1
Efficiency
society has limited resources and cannot produce all the good…
the study of how society manages its scarce resources
People Face Trade Off: to get something we like, we have to g…
The property of society getting the most it can from scarce r…
Scarcity
society has limited resources and cannot produce all the good…
Economics
the study of how society manages its scarce resources
18 terms
AP Economics Chapter 1 Vocabulary
Scarcity
Economics
Efficiency
Equity
The limited nature of society's resources.
The study of how society manages its scarce resources.
The property of society getting the most it can from its scar…
The property of distributing economic prosperity fairly among…
Scarcity
The limited nature of society's resources.
Economics
The study of how society manages its scarce resources.
14 terms
AP Economics: Chapter 1
individual choice
resources are scarce
resource
opportunity cost
decision by an individual on what to do and what not to do
there is not enough available resources to satisfy all the wa…
anything that can be used to produce something else
the real cost of an item is what you must give up in order to…
individual choice
decision by an individual on what to do and what not to do
resources are scarce
there is not enough available resources to satisfy all the wa…
27 terms
AP Economics Chapter 1
economics
scarcity
resources
factors of production (4)
studies how scarce resources are used to fulfill societies wa…
condition where wants are greater than resources.
anything that helps produce a good or service.
land, labor, capital, entrepreneur.
economics
studies how scarce resources are used to fulfill societies wa…
scarcity
condition where wants are greater than resources.
24 terms
AP Economics Vocabulary Chapter 1
economics
opportunity cost
scarce
marginalism
The study of how individuals and societies choose to use the…
The best alternative that we forgo, or give up, when we make…
Limited.
The process of analyzing the additional or incremental costs…
economics
The study of how individuals and societies choose to use the…
opportunity cost
The best alternative that we forgo, or give up, when we make…
27 terms
AP Economics Chapter 1
economics
economic perspective
opportunity cost
utility
the study of how individuals and nations make choices about w…
economic way of thinking (needs, wants, resources)
what you give up when you make a decision
Ability or capacity of a good or service to be useful and giv…
economics
the study of how individuals and nations make choices about w…
economic perspective
economic way of thinking (needs, wants, resources)
27 terms
AP Economics Chapter 1
economics
economic perspective
opportunity cost
utility
the study of how individuals and nations make choices about w…
economic way of thinking (needs, wants, resources)
what you give up when you make a decision
Ability or capacity of a good or service to be useful and giv…
economics
the study of how individuals and nations make choices about w…
economic perspective
economic way of thinking (needs, wants, resources)
16 terms
AP Economics Vocabulary, Chapter 1
Scarcity
Economics
Efficiency
Equity
the limited nature of society's resources
the study of how society manages its scarce resources
the property of society getting the most it can from its scar…
the property of distributing economic prosperity fairly among…
Scarcity
the limited nature of society's resources
Economics
the study of how society manages its scarce resources
AP Economics Vocab Chapter 1
economics
economic perspective
opportunity cost
utility
the social science concerned with how individuals, institutio…
economic way of thinking
To obtain more of one thing, society forgoes the opportunity…
the pleasure, happiness, or satisfaction obtained from consum…
economics
the social science concerned with how individuals, institutio…
economic perspective
economic way of thinking
AP Economic Chapter 1
Opportunity cost
Abstraction
Theory
Correlate
A decisions cost is the value of the next best alternative
Ignoring many details so as to focus on the most important el…
Deliberate simplification of relationship used to explain how…
Tend to go up or down together
Opportunity cost
A decisions cost is the value of the next best alternative
Abstraction
Ignoring many details so as to focus on the most important el…
10 terms
AP Economics Chapter 1
Economics
Scarcity
Incentives
Opportunity Cost
The study of how people choose to use scarce resources to ... sa…
The condition that arises because our wants exceed the ... abili…
A reward (carrot) or a penalty (stick) that encourages or ... di…
The value of the next best alternative that the decision ... for…
Economics
The study of how people choose to use scarce resources to ... sa…
Scarcity
The condition that arises because our wants exceed the ... abili…
17 terms
AP Economics Chapter 1
Opportunity cost
Scarcity
Marginal analysis
Other things equal assumption
The value/cost of the next best alternative choice, which is…
A situation when the available resources cannot match the dem…
A tool which compares the additional revenue/profit compared…
An assumption in a model that all factors and conditions rele…
Opportunity cost
The value/cost of the next best alternative choice, which is…
Scarcity
A situation when the available resources cannot match the dem…
22 terms
AP ECONOMICS CHAPTER 1
scarcity
economics
microeconomics
macroeconomics
our inability to satisfy all of our wants
the social science that studies the choices that individuals,…
the study of the choices that individuals and businesses make…
the study of the aggregate (or total) effects of the national…
scarcity
our inability to satisfy all of our wants
economics
the social science that studies the choices that individuals,…
51 terms
AP Economics Chapter 1
Economics
Economics Application
Economics Analysis
Entrepreneurship
The production, consumption, and transfer of wealth.
Study of the stock market.
Economic and government growth are linked because a governmen…
The putting together of useful things to create new innovatio…
Economics
The production, consumption, and transfer of wealth.
Economics Application
Study of the stock market.
37 terms
economics assesment
demand
law of demand
3 factors that influence demand
substitution effect
the willingness and ability to buy or consume something
as price goes up, quantity demanded goes down.
sustitution effect, real income effect, diminishing marginal…
as the price of one good or service goes up, quantity demande…
demand
the willingness and ability to buy or consume something
law of demand
as price goes up, quantity demanded goes down.
Ap Economics Chapter 1 Terms
Need
Want
Economics
Goods
Necessary for survival
Things we desire but it's not essential to survival
Study how people seek to satisfy their needs and wants by mak…
Physical objects such as clothes or shoes
Need
Necessary for survival
Want
Things we desire but it's not essential to survival
45 terms
AP Economics Chapter 1 and 2
_____________ is the situation in whic…
____________ is the study of how peopl…
In an economy desiring to maximize pro…
Economic interactions occur in _______…
Scarcity
Economics
Purposeful choices
Markets, Organizations (families, firms, universities, govern…
_____________ is the situation in whic…
Scarcity
____________ is the study of how peopl…
Economics
15 terms
AP economics chapter 1
Scarcity
Equity
Productivity
Microeconomics
refers to the limitations or insufficient resources, goods or…
economic equality is the idea of fairness in economics, speci…
an economic measure of output per unit of input. can be measu…
the part of economics concerned with single factors and the e…
Scarcity
refers to the limitations or insufficient resources, goods or…
Equity
economic equality is the idea of fairness in economics, speci…
18 terms
AP Economics Chapter 1
Economics
Economic Perspective
Utility
Marginal Analysis
Social science concerned with the efficient use of scarce res…
economic way of thinking
pleasure, happiness, or satisfaction
comparison of marginal benefits and marginal costs
Economics
Social science concerned with the efficient use of scarce res…
Economic Perspective
economic way of thinking
24 terms
Ap Economics chapter 1
Economy
Economics
Market economy
Invisible Hand
A system for coordinating society's productive activities.
Social science that studies the production, distribution, and…
An economy where decisions about production and consumption a…
When the individual pursuit for self interest can lead to goo…
Economy
A system for coordinating society's productive activities.
Economics
Social science that studies the production, distribution, and…
50 terms
AP Economics Chapter 1
Positive Statements
Normative Statements
Trade-offs
Opportunity Cost
Based on facts
Includes value judgments
All the alternatives that we give up whenever we choose one t…
The most desirable alternative given up as the result of a de…
Positive Statements
Based on facts
Normative Statements
Includes value judgments
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