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Study sets matching "ap economics grissom"

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Study sets matching "ap economics grissom"

18 terms
Grissom's AP Rhetorical Terms Study Set
Amplification
Anadiplosis
Anaphora
Anastrophe
An expansion of detail to clarify a point
Repetition of words, especially located at the end of one phr…
Repetition of one or more words at the head of consecutive ph…
Inversion of word order to mark emphasis
Amplification
An expansion of detail to clarify a point
Anadiplosis
Repetition of words, especially located at the end of one phr…
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.
25 terms
Mrs. Crow Grissom AP English Tone and Style part 1
Abstract
Absurd
Affected
Ambiguous
contrary to logic, but sometimes artisitically viable
Theoretical, without reference to specifics
assuming a false manner or attitude to impress others
having two or more possible meanings
Abstract
contrary to logic, but sometimes artisitically viable
Absurd
Theoretical, without reference to specifics
207 terms
AP Economics (Macroeconomics)
Gross Domestic Product
Inflation
Economics
Economy
The total value of goods and services produced within the bor…
A rise in the general level of prices in an economy.
study of how people and societies use limited resources to sa…
A system for coordinating a society's productive and consumpt…
Gross Domestic Product
The total value of goods and services produced within the bor…
Inflation
A rise in the general level of prices in an economy.
167 terms
AP Economics
Normative Statement
aggregate
Ceteris Paribus
Needs
based on opinion. economic analysis that involves saying how…
denoting the total supply or demand for goods and services in…
have to assume everything is equal with other conditions rema…
require something because its essential and important
Normative Statement
based on opinion. economic analysis that involves saying how…
aggregate
denoting the total supply or demand for goods and services in…
40 terms
AP ECONOMICS :)
Economics
Scarcity
Scarce Good
Free good
social science that examines how people choose among the alte…
condition of having to choose among alternatives
is one for which the choice of one alternative requires that…
one for which the choice of one use does not require that we…
Economics
social science that examines how people choose among the alte…
Scarcity
condition of having to choose among alternatives
54 terms
AP Economics Chapter 8
economic cost
explicit cost
implicit cost
normal profit
A payment that must be made to obtain and retain the services…
The monetary payment a firm must make to an outsider to obtai…
The monetary income a firm sacrifices when it uses a resource…
The payment made by a firm to obtain and retain entrepreneuri…
economic cost
A payment that must be made to obtain and retain the services…
explicit cost
The monetary payment a firm must make to an outsider to obtai…
28 terms
AP Macro Unit 1 - Basic Economic Concepts - AP Economics = SAUSD
Absolute Advantage
Allocative Efficiency
Capital
Ceteris Paribus
The ability to produce more of a good or service than another…
The amount of production that benefits society the most. It i…
The tools, machines, factories, and buildings used to produce…
"Other things being equal." The assumption that all variables…
Absolute Advantage
The ability to produce more of a good or service than another…
Allocative Efficiency
The amount of production that benefits society the most. It i…
57 terms
AP Economics Unit 1
The study of the economic behavior of…
A statement based on opinion or what s…
difference in value from the next best…
A statement that can be proven or disp…
Microeconomics
Normative Statement
Opportunity Cost
Positive Statement
The study of the economic behavior of…
Microeconomics
A statement based on opinion or what s…
Normative Statement
49 terms
AP Economics Unit 1
The study of the economic behavior of…
A statement based on opinion or what s…
difference in value from the next best…
A statement that can be proven or disp…
Microeconomics
Normative Statement
Opportunity Cost
Positive Statement
The study of the economic behavior of…
Microeconomics
A statement based on opinion or what s…
Normative Statement
12 terms
AP Economics
Circular Flow Diagram
Multiplier for G or T
Multiplier for T
Balanced Budget Multiplier
1/MPS
-MPC/MPS
1
Circular Flow Diagram
Multiplier for G or T
1/MPS
147 terms
AP Economics (Microeconomics)
Supply
Demand
Substitution Effect
Income Effect
How much of a good or service a producer is willing and able…
Consumer willingness and ability to buy products
when consumers react to an increase in a good's price by cons…
A change in the quantity demanded of a product that results f…
Supply
How much of a good or service a producer is willing and able…
Demand
Consumer willingness and ability to buy products
52 terms
AP Economics
Scarcity
Choice
Rational Self-interest
Marginal Analysis
Reflects limited quantities of human and property resources
Scarcity necessitates this concept. You can't have everything…
People are assumed to make choices that maximize their satisf…
Comparing marginal benefits and marginal costs. "Marginal" in…
Scarcity
Reflects limited quantities of human and property resources
Choice
Scarcity necessitates this concept. You can't have everything…
52 terms
Ap Economics
Explicit Cost
Implicit Cost
Accounting Profit
Economic Profit
A layout of the costs, shows all expenses
How much you have to pay, expenses not shown.
Accounting profit, which firms calculate for the purposes of…
Firms use capital and their owners' time, so firms should bas…
Explicit Cost
A layout of the costs, shows all expenses
Implicit Cost
How much you have to pay, expenses not shown.
77 terms
AP Economic
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…
32 terms
Krugman's AP Economics: Section 2
normal goods
inferior goods
substitutes
complements
Demand for them increases as income increases.
Demand for them decreases as income increases.
As price of a substitute increases, demand for the product in…
As price of a complement increases, demand for the product de…
normal goods
Demand for them increases as income increases.
inferior goods
Demand for them decreases as income increases.
32 terms
AP Economics
Opportunity cost
Scarcity
Resources
Cost benefit analysis
What you must give up in order to get.
Unlimited wants and limited resources (scarce or of short sup…
Anything to be used to produce something else. ex. Land
Approach to estimating the strengths and weaknesses of altern…
Opportunity cost
What you must give up in order to get.
Scarcity
Unlimited wants and limited resources (scarce or of short sup…
33 terms
AP Economics
Economics
Macroeconomics
Microeconomics
Scarcity
the study of how people try to satisfy seemingly unlimited an…
the branch of economic theory dealing theory dealing with the…
branch of economic theory that deals with behavior and decisi…
the condition that results from society not having enough res…
Economics
the study of how people try to satisfy seemingly unlimited an…
Macroeconomics
the branch of economic theory dealing theory dealing with the…
105 terms
AP Economics
False
False
True
True
Scarcity exists when demand is greater than supply.
The production possibilities curve shows how much profit a co…
Economists build economic models to try to understand the way…
Temporary workers are an example of labor
False
Scarcity exists when demand is greater than supply.
False
The production possibilities curve shows how much profit a co…
112 terms
AP Economics Unit 1 Vocab
economics
scarcity
coercion
mircoeconomics
study of how human beings coordinate their wants and desires,…
not enough goods to satisfy an individuals desires
limiting people's wants and increasing the amount of work ind…
study of individual choice, and how choice is influenced by e…
economics
study of how human beings coordinate their wants and desires,…
scarcity
not enough goods to satisfy an individuals desires
53 terms
AP Economics
Economics
Scarcity
Microeconomics
Macroeconomics
is the science of scarcity, the study of choices
we have unlimited wants but limited resources
the study of small units ex: products
the study of the large economy as a whole
Economics
is the science of scarcity, the study of choices
Scarcity
we have unlimited wants but limited resources
35 terms
AP Economics
Economics
Individual choice
An economy
A market economy
is 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
is the study of scarcity and choice
Individual choice
decisions by individuals about what to do, which necessarily…
18 terms
AP Economics
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 economic prosperity fairly among…
Scarcity
Limited resources and unlimited wants
Economics
Study of how society manages its scarce resources
95 terms
AP Economics
Regan grows flowers and makes ceramic…
Consider a shoemaker and a vegetable f…
Without trade,
A production possibilities frontier wi…
Benefit both Jayson and Regan
All of the above are correct
A country's production possibilities frontier is also it's co…
Increasing the production of one good by x United entails a c…
Regan grows flowers and makes ceramic…
Benefit both Jayson and Regan
Consider a shoemaker and a vegetable f…
All of the above are correct
30 terms
Ap Economics
inventories
what year are the goods in inventories…
what do firms stockpile in the product…
labor force definition
produced goods held storage in anticipation of later sales
they are counted for the year produced not the year sold
raw materials and intermediate goods
americans who have jobs or seeking a job, are at least 16 yea…
inventories
produced goods held storage in anticipation of later sales
what year are the goods in inventories…
they are counted for the year produced not the year sold
29 terms
AP Economics
Economics
Opportunity cost
Limited Resources
Abstraction
science of scarcity/ the study of choices people make in an e…
what you have to give up once you've made a chance
Land (rent), Labor (wages), Capitol (interest), Entrepreneur…
focusing on 2 variables
Economics
science of scarcity/ the study of choices people make in an e…
Opportunity cost
what you have to give up once you've made a chance
28 terms
Ap(economics)
John maynard keynes
General theory of employment,interest…
Karl marx
Mercantilismo
Father of modern theory of employment
Isinulat ni john maynard keynes
Ama ng komunismo at naniniwala sa pantay pantay sa lipunan
Paglikom ng yaman sa paggamit ng likas na yaman sa paraan na…
John maynard keynes
Father of modern theory of employment
General theory of employment,interest…
Isinulat ni john maynard keynes
99 terms
AP Economics
The three basic economic questions
Command economy
Market economy
Traditional economy
1. What goods will be produced?... 2. How will resources be used…
Economy where the government makes all of the decisions
The force of supply and demand determine how economic questio…
An economy in which economic decisions are made based on trad…
The three basic economic questions
1. What goods will be produced?... 2. How will resources be used…
Command economy
Economy where the government makes all of the decisions
47 terms
Pre AP Economics
Economist
Natural Resources
Capital
Needs
A person who studies systems of production and consumption (W…
A valuable, limited material found in nature used in manufact…
Money, tools and technology that is required to operate busin…
Things humans must have to survive (EX: Food, water, clothing…
Economist
A person who studies systems of production and consumption (W…
Natural Resources
A valuable, limited material found in nature used in manufact…
56 terms
Krugman's AP Economics: Section 9
elasticity
substitution effect
income effect
price elasticity of demand
How much one variable changes compared to another.
If price increases, people buy other items instead that they…
Changes in quantity demanded based on a change in purchasing…
How much a change in price affects a change in quantity deman…
elasticity
How much one variable changes compared to another.
substitution effect
If price increases, people buy other items instead that they…
16 terms
APES--Economics
Regulations
Standards
Taxes
Subsidies
limits/laws
control equipment requirements
fee on pollution
target specific activities with loans and tax breaks
Regulations
limits/laws
Standards
control equipment requirements
15 terms
Economics in APES
Neoclassical economics
Cost-benefit analysis
External costs
Discounting
Examines psychological factors behind consumer decisions
Evaluating benefits or disadvantages before making a decision
Costs of transaction that affect people other than buyer and…
Reflects how humans care more about present than future
Neoclassical economics
Examines psychological factors behind consumer decisions
Cost-benefit analysis
Evaluating benefits or disadvantages before making a decision
45 terms
AP Economics - Section 9
substitution effect
income effect
price elasticity of demand
midpoint method
the effect of a change in the price of a good is the change i…
the effect of a change in the price of a good is the change i…
ratio of the percent change in the quanitty demanded to the p…
a technique for calculating the percent change by dividing th…
substitution effect
the effect of a change in the price of a good is the change i…
income effect
the effect of a change in the price of a good is the change i…
61 terms
AP Economics Unit 1
Resources
Marginal Analysis
Fallacy of Competition
Resource Market
Land ... Labor ... Capital... Entrepreneurship
Analyze the effects of a little more or a little less
Suggests characteristics that belong to individuals also belo…
Consumers sell to businesses
Resources
Land ... Labor ... Capital... Entrepreneurship
Marginal Analysis
Analyze the effects of a little more or a little less
73 terms
AP Economics Unit 3
Economic Costs
Explicit Costs
Implicit Costs
Normal Profit as a Cost
aka opportunity cost- value or worth the resource would have…
Monetary payments/ cash expenditures made for resources owned…
Opportunity costs of using self owned, self employed resource…
-implicit cost of entrepreneurial ability aka the payment you…
Economic Costs
aka opportunity cost- value or worth the resource would have…
Explicit Costs
Monetary payments/ cash expenditures made for resources owned…
24 terms
AP Economics - Section 12
interdependent
duopoly
duopolist
collusion
when the outcome (profit) of each firm depends on the actions…
oligopoly consisting of two firms
a firm in a duopoly
when they cooperate to raise their joint profits
interdependent
when the outcome (profit) of each firm depends on the actions…
duopoly
oligopoly consisting of two firms
20 terms
AP Economics Unit 2
Macroeconomics/Goals
Political Stability Equals...
Expectations can have...
Flexible Values
Began out of Great Depression... Growth, Unemployment, and Unemp…
Economic Stability
Positive and Negative Effects
Values that fluctuate... Examples: Technology, Food, Clothes
Macroeconomics/Goals
Began out of Great Depression... Growth, Unemployment, and Unemp…
Political Stability Equals...
Economic Stability
44 terms
AP Economics - Section 2
competitive market
supply and demand model
demand schedule
quantity demanded
a market in which there are many buyers and sellers of the sa…
model of how a competitive market works
shows how much of a good or service consumers will be willing…
is the actual amount of a good or service consumers are willi…
competitive market
a market in which there are many buyers and sellers of the sa…
supply and demand model
model of how a competitive market works
71 terms
AP Economics - Section 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…
an economy where the decisions of individual producers and co…
economics
the study of scarcity and choice
individual choice
decisions by individuals about what to do, which necessarily…
51 terms
Krugman's AP Economics: Section 10
explicit cost
implicit cost
accounting profit
economic profit
Money spent on something.
Benefits foregone by a production choice; opportunity cost.
Total revenue - explicit costs - depreciation
Total revenue - explicit and implicit costs
explicit cost
Money spent on something.
implicit cost
Benefits foregone by a production choice; opportunity cost.
14 terms
ap economics
What are the ten principles of economi…
How does the circular flow diagram work?
What is a capital?
what is the production possibilities c…
-ppl face trade offs... -"opportunity cost"... -ppl think at the ma…
SO it starts off with firms producing goods and services. The…
things that are produced in order to produce other goods and…
shows you a combination of production possibilities given a s…
What are the ten principles of economi…
-ppl face trade offs... -"opportunity cost"... -ppl think at the ma…
How does the circular flow diagram work?
SO it starts off with firms producing goods and services. The…
171 terms
AP Economics Review
macroeconomics
parts of macroeconomics
ceteris paribus
post hoc fallacy
examines the economy as a whole or its basic aggregates
government, consumers, businesses, international trade
everything else held constant
A precedes B so A is the cause of B (not always true)
macroeconomics
examines the economy as a whole or its basic aggregates
parts of macroeconomics
government, consumers, businesses, international trade
58 terms
AP Economics - Section 10
explicit cost
implicit cost
accounting profit
economic profit
a cost that involves actually laying out money
does not require an outlay of money; measured by the value, i…
the business's total revenue minus the explicit cost and depr…
the business's total revenue minus the opportunity cost of it…
explicit cost
a cost that involves actually laying out money
implicit cost
does not require an outlay of money; measured by the value, i…
57 terms
AP Economics Unit 1
The study of the economic behavior of…
A statement based on opinion or what s…
difference in value from the next best…
A statement that can be proven or disp…
Microeconomics
Normative Statement
Opportunity Cost
Positive Statement
The study of the economic behavior of…
Microeconomics
A statement based on opinion or what s…
Normative Statement
32 terms
AP Economics: Chapter 7 - Economic Growth and Instability
economic growth
Real GDP per capita
rule of 70... *approximate number of yea…
productivity
either an increase in real GDP occuring over some time period…
found by dividing real GDP by the size of the population
provides a quantitative grasp of the effet of economic growth…
real output per unit of input
economic growth
either an increase in real GDP occuring over some time period…
Real GDP per capita
found by dividing real GDP by the size of the population
45 terms
AP Economics: International Economics
Military Self Sufficiency Argument
National Sovereignty Argument
Diversification for Stability Argument
Homogenization Argument
Protective tariffs are needed to preserve or strengthen indus…
Foreign nations will have more influence over your country, s…
Countries that become too specialized on just one/two product…
Increased trade will destroy local culture and identity and c…
Military Self Sufficiency Argument
Protective tariffs are needed to preserve or strengthen indus…
National Sovereignty Argument
Foreign nations will have more influence over your country, s…
28 terms
AP Economics Chapter 2 Test
utility
total utility
marginal utility
law of diminishing marginal utility (i…
satisfaction one gets from consuming a good or service
total amount of satisfaction
extra satisfaction form an additional unit of the good ... MU =…
What explains the downward sloping demand curve?
utility
satisfaction one gets from consuming a good or service
total utility
total amount of satisfaction
34 terms
AP Economics
Competitive market
Supply and demand
Demand schedule
Quantity Demand
A market in which there are many buyers and sellers of the sa…
Model of how competitive market works
A table showing how much of a good or service consumers will…
The actual amount of good or service consumers are willing an…
Competitive market
A market in which there are many buyers and sellers of the sa…
Supply and demand
Model of how competitive market works
8 terms
AP Economics
infrastructure
leader countries
economics of scale
human capital
capital goods usually provided by the public sector for the u…
countries that develop and use advanced technologies, which t…
reductions in the average total cost of producing a product a…
knowledge and skills that make a person productive
infrastructure
capital goods usually provided by the public sector for the u…
leader countries
countries that develop and use advanced technologies, which t…
30 terms
AP Economics
Economics
Scarcity
Factors of Production
Command Economy
Study of scarcity and choice
Limited resources and unlimited wants
Land, Labor, Capital, Entrepreneurship
Only gives needs, not wants
Economics
Study of scarcity and choice
Scarcity
Limited resources and unlimited wants
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