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Study sets matching "ap economics"

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Study sets matching "ap economics"

67 terms
AP Economics Unit 2
GDP
What type of goods are not counted in…
What transactions and events are exclu…
What are the two ways to count GDP
the dollar value of all final goods and services produced IN…
intermediate goods and transfer payments
barter, paid in cash, housework, black market
Income and Expenditures methods
GDP
the dollar value of all final goods and services produced IN…
What type of goods are not counted in…
intermediate goods and transfer payments
26 terms
Economics AP
What is the Federal Reserve?
What are the two important measures of…
M1 serves primarly as a medium of exch…
M2 serves as a store of value, what do…
Is the sole issuer of currency which means fed has monopoly c…
M1 and M2
1. Currency and coin ... 2. Demand deposits
1. The M1... 2. Time deposits... 3. Money market mutual funds ... 4. O…
What is the Federal Reserve?
Is the sole issuer of currency which means fed has monopoly c…
What are the two important measures of…
M1 and M2
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.
22 terms
APES Economics
Economy
Sustenance/Subsistence Economy
Barter Economy
Controlled Economy
a system that converts resources into goods, services, and wa…
people get their daily needs directly from nature or their ow…
people exchange goods and services with one another. No real…
communist/socialist economy. Government regulated "invisible…
Economy
a system that converts resources into goods, services, and wa…
Sustenance/Subsistence Economy
people get their daily needs directly from nature or their ow…
17 terms
AP Economics - Section 11
price-taking firm's optimal output rule
break-even price
shut-down price
short-run individual supply curve
says that a price-taking firm's profit is maximized by produc…
market price at which it earns zero profit
equal to minimum average variable cost
shows how an individual firm's profit-maximizing level of out…
price-taking firm's optimal output rule
says that a price-taking firm's profit is maximized by produc…
break-even price
market price at which it earns zero profit
81 terms
AP Economics Section 1 Vocabulary List
Absolute Advantage
Aggregate Output
Allocative Efficiency
Business Cycle
The ability to produce more of a given product using a given…
The economy's total production of goods and services for a gi…
If the economy produces at the point along its production pos…
Alternating periods of economic expansion and economic recess…
Absolute Advantage
The ability to produce more of a given product using a given…
Aggregate Output
The economy's total production of goods and services for a gi…
9 terms
AP Economics - Chapter 32
Fractional Reserve Banking System
Balance Sheet
Vault Cash
Required Reserves
A banking system in which only a portion (fraction) or checka…
Functions for a commercial bank or thrift as a statement of a…
Cash held by a bank
An amount of funds equal to a specific percentage of the bank…
Fractional Reserve Banking System
A banking system in which only a portion (fraction) or checka…
Balance Sheet
Functions for a commercial bank or thrift as a statement of a…
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
10 terms
AP Economics
Law of Demand
Demand
Ceteris Paribus
Substitution effect
Sa pagtaas ng presyo ay ang pagbaba ng demand, sa pagtaas ng…
ay ang pagnanais o pagpapahiwatig na bumili ng partikular na…
Law of Demand
Kaaya-aya ang ibang pangangailangan kung ihahambing sa produk…
Law of Demand
Sa pagtaas ng presyo ay ang pagbaba ng demand, sa pagtaas ng…
Demand
ay ang pagnanais o pagpapahiwatig na bumili ng partikular na…
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
178 terms
Section 5 - AP Economics
interest rate
What are two instrumental sources of e…
human capital
physical capital
The price, calculated as a percentage of the amount borrowed,…
Increases in the skills and knowledge of the workforce (human…
The skills and knowledge gained by a worker through education…
Can also be called just "capital". Goods that make other goods.
interest rate
The price, calculated as a percentage of the amount borrowed,…
What are two instrumental sources of e…
Increases in the skills and knowledge of the workforce (human…
15 terms
AP Economics
Appreciation
Depreciation
Substitute
Complement
An increase in the value of the dollar relative to the curren…
A decrease in the value of the dollar realtive to another cur…
Products or services that can be used in place of each other.…
Products and services that are used together. When the price…
Appreciation
An increase in the value of the dollar relative to the curren…
Depreciation
A decrease in the value of the dollar realtive to another cur…
86 terms
AP Economics terms
efficiency
trade-offs
production possibility curve/productio…
Ceteris paribus
state in which every resource is optimally allocated to serve…
you give up something in order to get something else
a graph that shows the maximum quantity of one good that can…
"Other things being equal"; used as a reminder that all varia…
efficiency
state in which every resource is optimally allocated to serve…
trade-offs
you give up something in order to get something else
32 terms
AP ECONOMICS
appreciation
depreciation
subsitute
complements
an increase in the value of a currency as measured by the amo…
a decrease in the value of a currency as measured by the amou…
two goods for which an increase in the price of one leads to…
two goods for which an increase in the price of one leads to…
appreciation
an increase in the value of a currency as measured by the amo…
depreciation
a decrease in the value of a currency as measured by the amou…
29 terms
AP Economics Chapter 3
Market
Demand
Demand Schedule
Law of Demand
institution or mechanism that brings together buyers ("demand…
schedule or a curve that shows the various amounts of a produ…
table illustrating the various possible prices and correspond…
principle that, other things equal, an increase in a product'…
Market
institution or mechanism that brings together buyers ("demand…
Demand
schedule or a curve that shows the various amounts of a produ…
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…
9 terms
AP Economics
Current account
Financial account
Direct Investment
Portfolio Investment
Funds exchanged for goods and services (imports and exports);…
Investment funds (such as for factories or office buildings=a…
Acquiring significant stake in a foreign business or domestic…
When you buy/sell less than 10% of a company etc.; credit whe…
Current account
Funds exchanged for goods and services (imports and exports);…
Financial account
Investment funds (such as for factories or office buildings=a…
8 terms
AP Economics
Fallacy
Fallacy of Composition
Fallacy of Decomposition
Post HOC of Fallacy
An invalid conclusion drawn from observations or facts
An invalid conclusion based on the assumption that what is tr…
The error of assuming that what is true of a member of a grou…
An invalid conclusion drawn from information or facts
Fallacy
An invalid conclusion drawn from observations or facts
Fallacy of Composition
An invalid conclusion based on the assumption that what is tr…
Ap Economics
Economics
Individuals choice
Economy
Market economy
The study of scarcity and choice
is decisions made by individuals about what to do.
A system for coordinating a society's productive and consumpt…
The decision of individual producers and consumers determine…
Economics
The study of scarcity and choice
Individuals choice
is decisions made by individuals about what to do.
6 terms
AP Economics
Principle of Marginal Analysis
Optimal output rule
Perfectly Competitive Market
Standardized Product
Every activity should continue until marginal benefit equals…
profit is maximized by producing the quantity of output at wh…
a market in which all market participants are price-takers
Consumers regard the products of different forms as the same…
Principle of Marginal Analysis
Every activity should continue until marginal benefit equals…
Optimal output rule
profit is maximized by producing the quantity of output at wh…
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
14 terms
Ap Economics
scarcity
economics
Efficiency
Equity
A situation in which unlimited wants exceed the limited resou…
the study of how society manages it's scares resources
the property of society getting the most it can from its scar…
the property of distributing economics prosperity uniformly a…
scarcity
A situation in which unlimited wants exceed the limited resou…
economics
the study of how society manages it's scares resources
19 terms
AP economics
Gross domestic product
Multiple counting
Personal consumption expenditures
Depreciation
Measure of economic activity in a county
Traditional trade statistics record gross flows of goods and…
Measure of price changes in consumer goods and services
Fall in value of an asset or a currency; opposite of apprecia…
Gross domestic product
Measure of economic activity in a county
Multiple counting
Traditional trade statistics record gross flows of goods and…
145 terms
AP Economics
consumption expenditures
disposable personal income (DPI)
government expenditures
gross domestic product (GDP)
the dollar value of all the goods and services sold to househ…
the income of households after taxes have been paid
the dollar value of goods and services sold to governments
dollar value of production within a nation's border
consumption expenditures
the dollar value of all the goods and services sold to househ…
disposable personal income (DPI)
the income of households after taxes have been paid
13 terms
Ap economic
Marginal Utility
Total Utility
Utility Maximization
Total product of labor
The measure of utility (usefulness or satisfaction) from one…
Total utility is the total satisfaction received from consumi…
The theory of consumer behavior uses the law of diminishing m…
The total product (TP) curve represents the total amount of o…
Marginal Utility
The measure of utility (usefulness or satisfaction) from one…
Total Utility
Total utility is the total satisfaction received from consumi…
64 terms
AP Economics
wants
needs
scarcity
economics
are desires that can be satisfied by consuming a good or a se…
things that are necessary for survival
exists when there are not enough resources to satisfy human w…
the study of how individuals and societies satisfy their unli…
wants
are desires that can be satisfied by consuming a good or a se…
needs
things that are necessary for survival
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…
42 terms
AP MacroEconomics UNIT 1
Scarcity
Choice
Trade Offs
Private Property
Limited nature of society's resources. Example: OIL
Human behavior to choose how to spend/use the world's scarce…
1st Principle of Economics-the fact that people's choice resu…
Goods or Services owned by a person for exclusive use
Scarcity
Limited nature of society's resources. Example: OIL
Choice
Human behavior to choose how to spend/use the world's scarce…
16 terms
AP Economics
Coarse theorem
Transaction costs
Corrective Tax
Tragedy of the Commons
The proposition that if private parties can bargain without c…
The costs that parties incur in the process of agreeing to an…
A tax designed to induce private decision makers to take acco…
A parable that illustrated why common resources get used more…
Coarse theorem
The proposition that if private parties can bargain without c…
Transaction costs
The costs that parties incur in the process of agreeing to an…
24 terms
AP economics
Five shifters of demand
Normal goods
Inferior goods
Supply
Tastes and preferences... Number of consumers... Price of related g…
As income increases demand increases vice versa
Income increases demand decreases
The different quantities of a good that sellers are willing a…
Five shifters of demand
Tastes and preferences... Number of consumers... Price of related g…
Normal goods
As income increases demand increases vice versa
19 terms
AP Economics
Total Fixed Cost (TFC)
Total Variable Cost (TVC)
Total Cost (TC)
Average Fixed Cost (AFC)
All costs that do not change when output changes. TFC is a co…
All costs that do change when output changes. TVC gets bigger…
All costs at a given output level. TC is the sum of TFC and T…
Fixed cost (capital cost) per unit of output. AFC always fall…
Total Fixed Cost (TFC)
All costs that do not change when output changes. TFC is a co…
Total Variable Cost (TVC)
All costs that do change when output changes. TVC gets bigger…
22 terms
AP Economics`
Real Investment
Insurance
Incentives
Decision Making
Component of aggregate demand that refers to the decisions by…
a practice or arrangement whereby a company provides a guaran…
costs and benefits that motivate a decision or action by cons…
- rational consumers seeking their own happiness or utility w…
Real Investment
Component of aggregate demand that refers to the decisions by…
Insurance
a practice or arrangement whereby a company provides a guaran…
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
54 terms
Economics AP Unit 1A
economics
scarcity
microeconomics
macroeconomics
science of scarcity, study of choices and efficient use of li…
we have unlimited wants but limited resources
small economic units (individuals/industries)
large economy as a whole (economic aggregates)
economics
science of scarcity, study of choices and efficient use of li…
scarcity
we have unlimited wants but limited resources
31 terms
AP Economics
Capitalism
Change in demand
Change in quantity demand
Command System
An economic system based on private property and free enterpr…
consumers demand different amounts at every price, causing th…
movement along the demand curve that shows a change in the qu…
The government controls all markets determining what to produ…
Capitalism
An economic system based on private property and free enterpr…
Change in demand
consumers demand different amounts at every price, causing th…
30 terms
AP Economics
Economics
Scarcity
Positive economics
Normative economics
Study of how we allocate scarce resources among competing ends
Condition that arises because wants exceed the ability of res…
Describes the way things are
Addresses the way things should be
Economics
Study of how we allocate scarce resources among competing ends
Scarcity
Condition that arises because wants exceed the ability of res…
20 terms
Ap Economics Module 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…
188 terms
AP MacroEconomics
Absolute Advantage
Actual Reserves
Aggregate Demand Curve
Aggregate Supply Curve
When some individual, group, or country has the ability to pr…
The money a bank has on deposit with the Federal Reserve plus…
The negative relationship between all spending on output (RGD…
The positive relationship between all spending on output (RGD…
Absolute Advantage
When some individual, group, or country has the ability to pr…
Actual Reserves
The money a bank has on deposit with the Federal Reserve plus…
18 terms
AP Economics
Total revenue
Total cost
Profit
Explicit costs
The amount a firm recieves for the sale of its output
The market value of the inputs a firm uses in production
Total revenue - total cost
Input costs that require an outlay of money by the firm
Total revenue
The amount a firm recieves for the sale of its output
Total cost
The market value of the inputs a firm uses in production
89 terms
AP Economics
Economics
Individual choice
Economy
Command 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…
Industry is publicly owned and a central authority makes prod…
Economics
The study of scarcity and choice
Individual choice
Decisions by individuals about what to do, which necessarily…
19 terms
AP Economic
Total Fixed Cost(TFC)
Total Variable Cost(TVC)
Total Cost(TC)
Average Fixed Cost(AFC)
All costs that do not change output changes. TFC is a constan…
All costs that do change when, output changes. TVC gets bigge…
All costs at a given output level. TC is the sum of TFC and T…
Fixed cost (capital cost) per unit of output. AFC always fall…
Total Fixed Cost(TFC)
All costs that do not change output changes. TFC is a constan…
Total Variable Cost(TVC)
All costs that do change when, output changes. TVC gets bigge…
62 terms
AP Economics
Economics
Scarcity
Coercion
Deduction
study of how human beings coordinate wants and desires, given…
goods available are too few to satisfy individual's desire
limiting people's wants and increasing amount of work individ…
method of reasoning in which one deduces a theory based on a…
Economics
study of how human beings coordinate wants and desires, given…
Scarcity
goods available are too few to satisfy individual's desire
96 terms
AP Economics
T
R
I
B
Tastes & preferences of consumers (advertising)
The price of Related goods (substitutes and complements)
The Income of buyers
The number of Buyers (population)
T
Tastes & preferences of consumers (advertising)
R
The price of Related goods (substitutes and complements)
33 terms
AP Economics
scarcity
rational behavior
marginal analysis
ceteris paribus assumption
is the fundamental economic problem of having seemingly unlim…
is based on making choices that result in the most optimal le…
is an examination of the additional benefits of an activity c…
Ceteris paribus, a Latin phrase, roughly means "holding other…
scarcity
is the fundamental economic problem of having seemingly unlim…
rational behavior
is based on making choices that result in the most optimal le…
33 terms
AP Economics
The law of Diminishing Marginal Utility
MICRO economics
MACRO economics
Positive statements
The more units of good you consume, the more the satisfaction…
The study of small economic decisions. Look at the individual…
The study of the large economic decisions. The government res…
Based on facts. Avoids value judgment. Needs to be proved or…
The law of Diminishing Marginal Utility
The more units of good you consume, the more the satisfaction…
MICRO economics
The study of small economic decisions. Look at the individual…
17 terms
Economics AP
GDP
Equilibrium
Consumption
Income
is the total value of, all final goods and services produced…
an economic situation when no individual would be better off…
the use of goods and services by households.
money received, especially on a regular basis, for work or th…
GDP
is the total value of, all final goods and services produced…
Equilibrium
an economic situation when no individual would be better off…
48 terms
AP Economics
Economics
Microeconomics
Macroeconomics
Invisible Hand
The study of scarify and choice.
The branch of economics that studies how people makes decisio…
The branch of economics that is concerned with the overall up…
First coined by the economist Adam Smith, used by economist A…
Economics
The study of scarify and choice.
Microeconomics
The branch of economics that studies how people makes decisio…
42 terms
AP Economics
Economics
Individual Choice
Economy
Market economy
is the study of scarcity and choice
is decisions by individuals about what to do, which necessari…
is a system for coordinating a society's productive and consu…
The decisions of individual producers and consumers largely d…
Economics
is the study of scarcity and choice
Individual Choice
is decisions by individuals about what to do, which necessari…
29 terms
AP economics
Economics is the science of scarcity a…
We have unlimited wants but limited re…
Study of small economic units such as…
Study of large economy as a whole or e…
What is economics?
What is scarcity?
What is micro economic?
What is macro economic?
Economics is the science of scarcity a…
What is economics?
We have unlimited wants but limited re…
What is scarcity?
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