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Study sets matching "ap economics market"

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Study sets matching "ap economics market"

27 terms
Market-AP Micro Economics
scarcity
effitiency
economics
equality
The limited nature of society's resources
the property of society getting the most it can from its scar…
The study of how society manages its scarce resources
the property of distributing economic prosperity uniformily a…
scarcity
The limited nature of society's resources
effitiency
the property of society getting the most it can from its scar…
22 terms
AP Economics Market Failures
private sector
public sector
mixed system
free riders
interactions of buyers and sellers
decisions made by different levels of government
US system of private and public goods and services
nonpurchasers who would be protected just as much as the purc…
private sector
interactions of buyers and sellers
public sector
decisions made by different levels of government
23 terms
AP Economics: Chapter 28 - Market Failure
market failures
demand-side market failures
supply-side market failures
to be an efficiently functioning market
-markets fail to produce right amount of the product... -resourc…
underallocation of resources/not enough of thing... -demand curv…
overallocation of resources/too much of thing... -supply curves…
-demand curves must reflect consumers full willingness to pay…
market failures
-markets fail to produce right amount of the product... -resourc…
demand-side market failures
underallocation of resources/not enough of thing... -demand curv…
29 terms
AP Economics: Chapter 3 - Demand, Supply, and Market Equilibrium
Demand
Demand Schedule
Law of Demand
Diminishing Marginal Utility
A schedule or curve that shows the various amounts of a produ…
A representation of demand in table form
As price falls, the quantity demanded rises, and as price ris…
In any specific time period, each buyer of a product will der…
Demand
A schedule or curve that shows the various amounts of a produ…
Demand Schedule
A representation of demand in table form
29 terms
AP Economics: Demand, Supply, and Market Equilibrium
Demand
Demand Schedule
Law of Demand
Diminishing Marginal Utility
A schedule or curve that shows the various amounts of a produ…
A representation of demand in table form
As price falls, the quantity demanded rises, and as price ris…
In any specific time period, each buyer of a product will der…
Demand
A schedule or curve that shows the various amounts of a produ…
Demand Schedule
A representation of demand in table form
21 terms
AP Economics Unit 6 - Market Failure
Externality
Negative externality
Positive Externality
Command-and-Control Policies
The uncompensated impact of one person's actions on the well-…
If the consequence has an adversive impact on the bystander
If the consequence has a beneficial impact on the bystander
the government can regulate behavior directly
Externality
The uncompensated impact of one person's actions on the well-…
Negative externality
If the consequence has an adversive impact on the bystander
21 terms
AP Economics: Chapter 2 - The Market System and Circular Flow
Economic System
Command System
Market System
Private Property
A particular set of institutional arrangements and a coordina…
An economic system in which government owns most property res…
Capitalism; characterized by the private ownership of resourc…
Private ownership of captial
Economic System
A particular set of institutional arrangements and a coordina…
Command System
An economic system in which government owns most property res…
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.
28 terms
AP Economics Quiz Market Models
factor markets
factor prices
physical capital
human capital
the markets in which factors of production are bought and sold
the prices in factor markets
manufactured resources such as equipment, buildings, and tool…
the improvement in labor created by education and knowledge,…
factor markets
the markets in which factors of production are bought and sold
factor prices
the prices in factor markets
23 terms
AP Economics: How Markets Work
Market
Competitive Market
Monopoly
Quantity Demanded
A group of buyers and sellers of a particular good or service
A market in which there are many buyers and sellers so that e…
A market with only one seller
The amount of a good that buyers are willing and able to purc…
Market
A group of buyers and sellers of a particular good or service
Competitive Market
A market in which there are many buyers and sellers so that e…
21 terms
AP Economics- Unit 4: Oligopoly and Factor/Resource Market
Oligopoly
Herfindohl Index
Concentration Ratio
Mutual Interdependence
-Oligopoly is a market structure in which a small number of f…
-to tell if a market is oligopolistic, calculate the Herfindo…
Percentage of industry that the top four firms control
What one firm does always affects the others in the oligopoly…
Oligopoly
-Oligopoly is a market structure in which a small number of f…
Herfindohl Index
-to tell if a market is oligopolistic, calculate the Herfindo…
26 terms
AP ECONOMICS: Microeconomics: Chapter 2: The Market System and the Circular Flow
Economic system
Command system
Market system
Private property
A particular set of institutional arrangements and a coordina…
A method of organizing an economy in which property resources…
All the product and resource markets of a market economy and…
The right of private persons and firms to obtain, own, contro…
Economic system
A particular set of institutional arrangements and a coordina…
Command system
A method of organizing an economy in which property resources…
25 terms
Ape commerce, economics, market competition
Nobility
It was the first known economic union…
The government regulates the economic…
D
Who benefitted the least from inflationary economy of the six…
What was the significance of zollverein?
Mercantilism is best described as the system where ________
The influx of Spanish gold and silver from the new world into…
Nobility
Who benefitted the least from inflationary economy of the six…
It was the first known economic union…
What was the significance of zollverein?
28 terms
AP Economics: Demand, Supply, and Market Equilibriu
Demand Schedule
Law of Demand
Diminishing Marginal Utility
Income Effect
A representation of demand in table form
As price falls, the quantity demanded rises, and as price ris…
In any specific time period, each buyer of a product will der…
A lower price increases the purchasing power of a buyer's mon…
Demand Schedule
A representation of demand in table form
Law of Demand
As price falls, the quantity demanded rises, and as price ris…
27 terms
AP ECONOMICS: Microeconomics: Chapter 3: Demand, Supply, and Market Equilibrium
Demand
Law of demand
Diminishing marginal utility
Income effect
A schedule showing the amounts of a good or service that buye…
The principle that, other things equal, an increase in a prod…
The principle that as a consumer increases the consumption of…
A change in the quantity demanded of a product that results f…
Demand
A schedule showing the amounts of a good or service that buye…
Law of demand
The principle that, other things equal, an increase in a prod…
14 terms
PreAP Economics Market Structures Study Guide
Barrier to Entry
Cartel
Deregulation
Market Structure
obstacles that limit the ability of new companies to enter th…
a pure monopoly and are rare
reduction of government oversight and control of business
economic models that allows economists to examine competition…
Barrier to Entry
obstacles that limit the ability of new companies to enter th…
Cartel
a pure monopoly and are rare
27 terms
AP/IB Economics: Government Intervention and Market Failure
Public goods
When do negative externalities occur?
How are public goods different from pr…
What are some examples of a public good?
Available to all and cannot be denied to anyone
When firms fail to achieve productive efficiency
Public goods have benefits available to all, including nonpay…
Weather warning system... Roads... Traffic lights... Stoplights ... Signs…
Public goods
Available to all and cannot be denied to anyone
When do negative externalities occur?
When firms fail to achieve productive efficiency
61 terms
AP Economics Unit 2: Nature and Functions of Market Systems
Reading 1... Quiz 1... Markets
Demand
Law of Demand
Income Effect
Large numbers of independently acting sellers and buyers of s…
A schedule or curve that shows the various amounts of a produ…
All else equal, as the price falls, the quantity of demand ri…
A lower price increases the purchasing power of a buyers mone…
Reading 1... Quiz 1... Markets
Large numbers of independently acting sellers and buyers of s…
Demand
A schedule or curve that shows the various amounts of a produ…
30 terms
AP Economics Unit 1, Chapter 3: Demand, Supply, and Market Equilibrium
demand
demand schedule
law of demand
diminishing marginal utility
a schedule or curve showing various amounts of a product that…
shows what a single consumer is willing to pay for a product…
for consumers, there is an inverse relationship between quant…
with each successive unit of a particular product, the margin…
demand
a schedule or curve showing various amounts of a product that…
demand schedule
shows what a single consumer is willing to pay for a product…
20 terms
AP Economics - Chapter 4: The Market Forces of Supply and Demand
Market
Competitive market
Quantity demanded
Law of demand
A group of buyers and sellers of a particular good or service
A market in which there are many buyers and many sellers so t…
The amount of a good that buyers are willing and able to prod…
The claim that, other things equal, the quantity demanded of…
Market
A group of buyers and sellers of a particular good or service
Competitive market
A market in which there are many buyers and many sellers so t…
16 terms
AP Economics The Resource Market Perfect Competition
Characteristics of Perfect Competition
Demand (for labor)
Law of Demand
Supply for labor
-Many Small firms hiring workers... -No one firm is large enough…
The different quantities of workers that businesses are willi…
INVERSE relationship between wage and quantity of labor deman…
the different quantities of individuals that are willing and…
Characteristics of Perfect Competition
-Many Small firms hiring workers... -No one firm is large enough…
Demand (for labor)
The different quantities of workers that businesses are willi…
27 terms
AP Economics: The Market Forces of Supply and Demand (4)
market
competitive market
perfectly competitive markets
monopoly
a group of buyers and sellers of a particular good or service…
a market in which there are many buyers and many sellers so t…
goods being offered for sale are all the same, buyers/sellers…
one seller sets market price (local TV)
market
a group of buyers and sellers of a particular good or service…
competitive market
a market in which there are many buyers and many sellers so t…
19 terms
AP Economics (money market and monetary policy)
required reserve ratio
what do t-charts do?
When do you use the money multiplier?
What are the 3 function of the FEDs?
The percentage of deposits that banks are required o keep on…
balance assets and liabilities
when you need to know how much money you can possibly make wi…
makes monetary policy (controlling the money supply)... bank of…
required reserve ratio
The percentage of deposits that banks are required o keep on…
what do t-charts do?
balance assets and liabilities
12 terms
AP Economics: Market Structures (Mod 57)
# of firms in Perfect Competition? Size?
# of firms in Monopolistic Competition…
# of firms in an Oligopoly? Size?
# of firms in a Monopoly? Size?
hundreds of thousands, smaller firms
hundreds, large or small
dozens, large
one, huge
# of firms in Perfect Competition? Size?
hundreds of thousands, smaller firms
# of firms in Monopolistic Competition…
hundreds, large or small
21 terms
AP Macro Economics: Ch. 2 Vocab: The Market System and the Circular Flow
Economic System
Command System
Market System
Private Property
A particular set of institutional arrangements & coordinating…
A method of organizing an economy in which property resources…
All the product and resource markets of a market economy and…
The right of private persons and firms to obtain, own, contro…
Economic System
A particular set of institutional arrangements & coordinating…
Command System
A method of organizing an economy in which property resources…
8 terms
AP Economics Chapter 10: Factor Markets
Marginal Revenue Product (MRP)
Marginal Resource Cost
Profit-Maximizing Resource Employment
Demand for Labor
Measures the value of what the next unit of a resource brings…
Measures the cost the firm incrs from using a additonal unit…
The firm hires the profit maximizing amount of a resource at…
Labor demaned for the firm is the MRPL Curve. The labor deman…
Marginal Revenue Product (MRP)
Measures the value of what the next unit of a resource brings…
Marginal Resource Cost
Measures the cost the firm incrs from using a additonal unit…
38 terms
AP MicroEconomics - Unit 5 (Resource Markets)
derived demand
strength of demand
marginal product (MP)
marginal revenue product (MRP)
the demand for a resource that depends on the demand for the…
(1) productivity of the resource (2) market value or price of…
additional output resulting from using each additional unit o…
the change in total revenue resulting from the use of each ad…
derived demand
the demand for a resource that depends on the demand for the…
strength of demand
(1) productivity of the resource (2) market value or price of…
30 terms
AP Economics Unit 1, Chapter 3: Demand, Supply, and Market Equilibrium
demand
demand schedule
law of demand
diminishing marginal utility
a schedule or curve showing various amounts of a product that…
shows what a single consumer is willing to pay for a product…
for consumers, there is an inverse relationship between quant…
with each successive unit of a particular product, the margin…
demand
a schedule or curve showing various amounts of a product that…
demand schedule
shows what a single consumer is willing to pay for a product…
27 terms
Chapter 7 Market Structures (Economics)
Perfect Competition
Commodity
Barrier to Entry
Imperfect Competition
A market structure in which a large number of firms all produ…
A product that is the same no matter who produces it, such as…
Any factor that makes it difficult for a new firm to enter a…
A market structure that does not meet the conditions of perfe…
Perfect Competition
A market structure in which a large number of firms all produ…
Commodity
A product that is the same no matter who produces it, such as…
30 terms
the market system and the circular flow: AP Economics Unit 2
economic system
laissez-faire capitalism
command system
market system
a particular set of institutional arrangements and a coordina…
"pure capitalism"; the government's role is limited to protec…
socialism or communism; a central planning board appointed by…
"capitalism", "mixed economy"; characterized by a mixture of…
economic system
a particular set of institutional arrangements and a coordina…
laissez-faire capitalism
"pure capitalism"; the government's role is limited to protec…
27 terms
AP Macro Economics: Ch. 2 Vocab: The Market System and the Circular Flow
Economic System
Laissez Capitalism
Command System
Market System
A particular set of institutional arrangements & coordinating…
French for "leave alone" which means that the government leav…
A method of organizing an economy in which property resources…
All the product and resource markets of a market economy and…
Economic System
A particular set of institutional arrangements & coordinating…
Laissez Capitalism
French for "leave alone" which means that the government leav…
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.
30 terms
AP Economics Unit 1, Chapter 3: Demand, Supply, and Market Equilibrium
demand
demand schedule
law of demand
diminishing marginal utility
a schedule or curve showing various amounts of a product that…
shows what a single consumer is willing to pay for a product…
for consumers, there is an inverse relationship between quant…
with each successive unit of a particular product, the margin…
demand
a schedule or curve showing various amounts of a product that…
demand schedule
shows what a single consumer is willing to pay for a product…
30 terms
AP Economics Unit 1, Chapter 3: Demand, Supply, and Market Equilibrium
demand
demand schedule
law of demand
diminishing marginal utility
a schedule or curve showing various amounts of a product that…
shows what a single consumer is willing to pay for a product…
for consumers, there is an inverse relationship between quant…
with each successive unit of a particular product, the margin…
demand
a schedule or curve showing various amounts of a product that…
demand schedule
shows what a single consumer is willing to pay for a product…
8 terms
Economics Market
Consumers
Producers
Law of Supply
Law of Demand
People who BUY and use GOODS and services
Are the people and BUISINESSES that provide these GOODS and S…
The PRICE of an ITEM will go DOWN if the supply increases or…
The PRICE of an ITEM will go up if the SUPPLY DECRESES or the…
Consumers
People who BUY and use GOODS and services
Producers
Are the people and BUISINESSES that provide these GOODS and S…
Market-Economics
Market
Examples of markets
Market supply
Market demand
Any place or situation where buyers and sellers interact to e…
Retail shop, online shopping, auction, tender, roadside stall.
The horizontal sum of all individuals supply in the market.
The horizontal sum of all individuals demand in the market.
Market
Any place or situation where buyers and sellers interact to e…
Examples of markets
Retail shop, online shopping, auction, tender, roadside stall.
34 terms
Economics - Stock Market
investment
financial market
mutual fund
risk
the use of income today that allows for a future benefit
where buyers and sellers exchange financial assets
a group of a wide range of stocks
the possibility for loss on an investment
investment
the use of income today that allows for a future benefit
financial market
where buyers and sellers exchange financial assets
10 terms
Economics in Marketing
Economic utilities
Traditional economic system
Market economy
Mixed economy
Utilities are the attributes of a product or service that mak…
An economic system in which resources are allocated by inheri…
(also called a free market economy or a free enterprise econo…
When elements of different economies are present
Economic utilities
Utilities are the attributes of a product or service that mak…
Traditional economic system
An economic system in which resources are allocated by inheri…
10 terms
Economics - Market Failure
Allocative efficiency
Ceteris paribus
Externality
Imperfect competition
When a firm produces the level of output where price is equal…
Latin for 'all things being equal' An assumption that variabl…
A by-product of a production process, or consuming something…
Any market structure where there is not perfect competition.…
Allocative efficiency
When a firm produces the level of output where price is equal…
Ceteris paribus
Latin for 'all things being equal' An assumption that variabl…
7 terms
AP Economics - Chapter 7: Consumers, Producers, And The Efficiency of Markets
welfare economics
willingness to pay
consumer surplus
cost
the study of how the allocation of resources affects economic…
the maximum amount that a buyer will pay for a good
the amount a buyer is willing to pay for a good minus the amo…
the value of everything a seller must give up to produce a good
welfare economics
the study of how the allocation of resources affects economic…
willingness to pay
the maximum amount that a buyer will pay for a good
32 terms
Economics Chapter 7: Market Structures
market structure
perfect competition
standardized product
price taker
an economic model of competition among businesses in the same…
the ideal model of a market economy; the market structure in…
a product that consumers consider identical in all essential…
a firm that must accept the market price set by the interacti…
market structure
an economic model of competition among businesses in the same…
perfect competition
the ideal model of a market economy; the market structure in…
38 terms
Marketing: Economics
economy
resources
scarcity
land (factor of production)
a system for producing and distributing goods; services to fu…
used in producing goods and services
having a short supply (business owners determine how to best…
everything found on earth (water, oil)
economy
a system for producing and distributing goods; services to fu…
resources
used in producing goods and services
12 terms
Economics - Ch 7 Market Structure
antitrust activity
barriers to entry
cartel
commodity
Government efforts aimed at preventing monopoly and promoting…
Restrictions on the entry of new firms into an industry
a group of firms that agree to act as a single monopolist to…
a product that is identical across sellers, such as a bushel…
antitrust activity
Government efforts aimed at preventing monopoly and promoting…
barriers to entry
Restrictions on the entry of new firms into an industry
32 terms
Economics Chapter 7: Market Structures
market structure
perfect competition
standardized product
price taker
an economic model of competition among businesses in the same…
the ideal model of a market economy; the market structure in…
a product that consumers consider identical in all essential…
a firm that must accept the market price set by the interacti…
market structure
an economic model of competition among businesses in the same…
perfect competition
the ideal model of a market economy; the market structure in…
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…
17 terms
Economics - Ch 6 Market Forces
allocative efficiency
behavioral economics
bounded rationality
consumer surplus
Occurs when a firm produces the output most valued by consumers
an approach that borrows insights from psychology to help exp…
There are limits to the amount of information that people can…
The difference between the most that consumers are willing an…
allocative efficiency
Occurs when a firm produces the output most valued by consumers
behavioral economics
an approach that borrows insights from psychology to help exp…
44 terms
Economics - The Market System 1
Exporters
Price
Market
Demand
Firms that sell overseas
The amount of money that goods or services are exchanged for…
A set of arrangements allowing buyers and sellers to communic…
the quantity of a good or service individuals are willing to…
Exporters
Firms that sell overseas
Price
The amount of money that goods or services are exchanged for…
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…
24 terms
AP Econ - Unit 5 - Market Failure
Public Goods
Private Goods
Exclusion
Non-Exclusion
Goods provided by the government.
Goods not provided by the government
any good were people can be denied use ( Disneyland)
Any good that is free for anyone to use use. (public park)
Public Goods
Goods provided by the government.
Private Goods
Goods not provided by the government
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
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