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Study sets matching "ap macroeconomics unit 1"

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Study sets matching "ap macroeconomics unit 1"

48 terms
AP Macroeconomics Unit 1
Economics
Scarcity
Macroeconomics
Microeconomics
The science of scarcity; the science of how individuals and s…
The condition in which our wants are greater than the limited…
The branch of economics that deals with human behavior and ch…
The branch of economics that deals with human behavior and ch…
Economics
The science of scarcity; the science of how individuals and s…
Scarcity
The condition in which our wants are greater than the limited…
40 terms
Unit 1 AP Macroeconomics Vocab
Economizing problem
Utility
Economic resources
Factors of production
The choices we have to make because of the limited resources…
The want satisfying power of a good or service
The land, labor, capital, and entrepreneurial abilities that…
Economic resources - land, capital, labor, entrepreneurial ab…
Economizing problem
The choices we have to make because of the limited resources…
Utility
The want satisfying power of a good or service
13 terms
AP Macroeconomics Unit 1
Scarcity
Economics
Opportunity cost
Trade offs
wants and needs are unlimited but resources are limited, "lac…
Study of how a society allocates it's scarce resources
The thing given up to get something
The part of one thing given up to get a part of another thing
Scarcity
wants and needs are unlimited but resources are limited, "lac…
Economics
Study of how a society allocates it's scarce resources
27 terms
AP Macroeconomics-Unit 1
Basic Economic Problem
Land
Labor
Capital
How to satisfy unlimited wants with limited resources
"Gifts from nature"
Workforce
things that are used to make products more easily and sophist…
Basic Economic Problem
How to satisfy unlimited wants with limited resources
Land
"Gifts from nature"
41 terms
AP Macroeconomics Unit 1
Capital
Ceteris paribus
Circular flow model
Competition
any source of profit, advantage, power
With all other factors remaining the same
shows the flow of goods and services and the interaction amon…
a business relation in which two parties compete to gain cust…
Capital
any source of profit, advantage, power
Ceteris paribus
With all other factors remaining the same
40 terms
AP Macroeconomics Unit 1
Economics
Why study Economics
Positive Economy
Normative Economy
study of man's unlimited desires in a world of limited resour…
Description - what & how much... Analysis - how & why... Explanatio…
What happens in the economy
Ideally what should happen in the Economy
Economics
study of man's unlimited desires in a world of limited resour…
Why study Economics
Description - what & how much... Analysis - how & why... Explanatio…
32 terms
AP Macroeconomics Unit 1
government transfers
financial markets
zero sum game
business cycle
include any payments to households for which no product or se…
where individuals, banks, and other institutions buy stocks,…
the money that flows into and out of each segment is consider…
measures GDP growth. ... recession occurs in contraction.... recove…
government transfers
include any payments to households for which no product or se…
financial markets
where individuals, banks, and other institutions buy stocks,…
AP Macroeconomics Unit 1
Economics
Resources
Scarcity
Trade-Offs
The branch of knowledge concerned with the production, consum…
A stock or supply of money, materials, staff, and other asset…
Lack of something; not having enough of it. ... The basic econo…
A trade-off involves a sacrifice that must be made to get a c…
Economics
The branch of knowledge concerned with the production, consum…
Resources
A stock or supply of money, materials, staff, and other asset…
55 terms
AP Macroeconomics Unit 1
Graph
Direct Relationship
Inverse Relationship
Independent Variable
A visual representation of the relationship between two varia…
A relationship in which one variable increases with an increa…
A relationship in which one variable decreases when another v…
The cause source; variable that changes first
Graph
A visual representation of the relationship between two varia…
Direct Relationship
A relationship in which one variable increases with an increa…
51 terms
AP Macroeconomics Unit One
Scarcity
Utility
Marginal Analysis
Positive Economics
The limits placed on the amounts and types of goods and servi…
The want-satisfying power of a good or service; the satisfact…
The comparison of Marginal benefits and marginal costs, usual…
The analysis of facts or data to establish scientific general…
Scarcity
The limits placed on the amounts and types of goods and servi…
Utility
The want-satisfying power of a good or service; the satisfact…
104 terms
AP Macroeconomics Unit 1
GDP
What is excluded from GDP?
Expenditure Approach of GDP
C=
total value of all final goods and services produced in a yea…
Intermediate goods, financial transactions, private and publi…
GDP=C+I+G+(X-M)
personal consumption by household
GDP
total value of all final goods and services produced in a yea…
What is excluded from GDP?
Intermediate goods, financial transactions, private and publi…
35 terms
AP Macroeconomics Unit 1 Vocabulary
Scarcity
Economics
Efficiency
Opportunity Cost
society has limited resources and therefore cannot produce al…
the study of how society manages its scarce resources
the property of society getting the most it can from its scar…
the most desirable outcome that must be given up when making…
Scarcity
society has limited resources and therefore cannot produce al…
Economics
the study of how society manages its scarce resources
46 terms
AP Macroeconomics Unit 1 Vocabulary
absolute advantage
capital
command economy
comparative advantage
The capability to produce more of a given product using less…
human-made resources (buildings, machinery, and equipment) us…
a method of organizing an economy in which property resources…
The ability of a party to produce a particular good or servic…
absolute advantage
The capability to produce more of a given product using less…
capital
human-made resources (buildings, machinery, and equipment) us…
118 terms
AP Macroeconomics UNIT 1
microeconomics
macroeconomics
paradox of thrift
self-regulating
concerned with the production and consumption decisions of in…
focuses on the behavior of the economy as a whole
ex: economic hard times hit businesses and families cut spend…
major issues such as unemployment could be corrected through…
microeconomics
concerned with the production and consumption decisions of in…
macroeconomics
focuses on the behavior of the economy as a whole
35 terms
AP Macroeconomics: Unit 1
scarcity
trade offs
opportunity cost
microeconomics
limited resources for unlimited wants
the insignificant choices
the choice you give up that hurts the most
study of small economic units; ex. individuals, firms, indust…
scarcity
limited resources for unlimited wants
trade offs
the insignificant choices
22 terms
AP Macroeconomics: Unit 1
Definition of Demand
Definition of Supply
The Law of Demand
The Law of Supply
...
...
As price rises, quantity demanded goes down, ceteris paribus
As price rises, quantity supplies goes up, ceteris paribus
Definition of Demand
...
Definition of Supply
...
30 terms
AP Macroeconomics Unit 1
Absolute Advantage
Aggregate
All else equal
Allocative Efficiency
When an individual can make more of a good/service given enou…
A whole created by a combination of (usually) different somet…
Ceteris Paribus. Indicates the effect of one economic variabl…
When producers are providing products that are in high demand…
Absolute Advantage
When an individual can make more of a good/service given enou…
Aggregate
A whole created by a combination of (usually) different somet…
99 terms
AP Macroeconomics: Unit 1
economics
macroeconomics
microeconomics
the United States economic system
-the study of how a society satisfies its unlimited wants wit…
study of economics of the whole (aggregate: nationwide)... ex: F…
study of economics through the behavior of individuals and ma…
mixed; capitalism AND socialism
economics
-the study of how a society satisfies its unlimited wants wit…
macroeconomics
study of economics of the whole (aggregate: nationwide)... ex: F…
17 terms
AP Macroeconomics Unit 1
scarcity
want vs. need
factors of production
opportunity cost
Fundamental economic problem facing all societies that result…
a need is something you must have to survive, a want is usual…
The resources used to create wealth: land, labor, capital, en…
Cost of the next best alternative use of money, time, or reso…
scarcity
Fundamental economic problem facing all societies that result…
want vs. need
a need is something you must have to survive, a want is usual…
40 terms
AP MACROECONOMICS Unit 1
Economics
Scarcity
Positive economics
Normative economics
The science of scarcity; the science of how individuals and s…
The condition in which our wants are greater than the limited…
The study of "what is" in economic matters
The study of "what should be" in economic matters
Economics
The science of scarcity; the science of how individuals and s…
Scarcity
The condition in which our wants are greater than the limited…
144 terms
AP Macroeconomics: Unit 1
economics
economic perspective
marginal analysis
scientific method
The social science concerned with the efficient use of scarce…
A viewpoint that envisions individuals and institutions makin…
Comparisons of marginal benefits & marginal costs
The procedure for the systematic pursuit of knowledge involvi…
economics
The social science concerned with the efficient use of scarce…
economic perspective
A viewpoint that envisions individuals and institutions makin…
55 terms
AP Macroeconomics Vocabulary- Unit 1
demand
law of demand
diminishing marginal utility
demand curve
a schedule or curve that shows the various amounts of a produ…
the negative, or inverse, relationship between price and quan…
because successive units of a particular product yield less a…
downward sloping curve that reflects the law of demand; peopl…
demand
a schedule or curve that shows the various amounts of a produ…
law of demand
the negative, or inverse, relationship between price and quan…
23 terms
AP Macroeconomics Unit 1 Vocab
Voluntary Exchange
Consumer Sovereignty
Needs
Wants
the act of buyers and sellers freely and willingly engaging i…
consumers to decide what gets produced
things that are required in order to live
things that people would like to have
Voluntary Exchange
the act of buyers and sellers freely and willingly engaging i…
Consumer Sovereignty
consumers to decide what gets produced
AP Macroeconomics Unit 1 Review
A decrease in the quality of human cap…
Choice, scarcity, and opportunity cost
Bowed outward
Resources are not available to achieve…
What would best explain an inward shift of the production pos…
Which concepts can be illustrated using the production possib…
If producing each additional unit of good X required giving u…
If a certain combination of goods or services lies outside th…
A decrease in the quality of human cap…
What would best explain an inward shift of the production pos…
Choice, scarcity, and opportunity cost
Which concepts can be illustrated using the production possib…
65 terms
AP Macroeconomics Vocab: Unit 1
Economics
Microeconomics
Macroeconomics
Theoretical Economics
The study of choices; study of how individuals deal with scar…
The study of small economics like those of individuals, firms…
Looks at the economy as a whole or economic aggregate. Looks…
Uses the scientific method to make generalizations and abstra…
Economics
The study of choices; study of how individuals deal with scar…
Microeconomics
The study of small economics like those of individuals, firms…
57 terms
AP Macroeconomics: Unit 1 Review
Absolute Advantage
Business Cycle
Business-Cycle Peak
Business-Cycle Trough
Created by Adam Smith, it is the ability of a party to create…
Movement of the economic activity or the real GDP.... -A short-r…
The point in a business cycle at which business activity has…
The point in a business cycle at which business activity has…
Absolute Advantage
Created by Adam Smith, it is the ability of a party to create…
Business Cycle
Movement of the economic activity or the real GDP.... -A short-r…
35 terms
AP Macroeconomics Unit 1 Vocab
Economics
Individual Choice
Market Economy
Command Economy
A system that coordinates choices about production with choic…
Decisions made by individuals about what to do and what not t…
Production and consumption result from decentralized decision…
A system where the government, rather than the free market, d…
Economics
A system that coordinates choices about production with choic…
Individual Choice
Decisions made by individuals about what to do and what not t…
71 terms
AP Macroeconomics Unit 1 Terms
Economics
Economy
Market Economy
Command Economy
study of scarcity and choice
a system that coordinates choice about production and consump…
Resources are privately owned. Prices are the main driver for…
Resources are owned by the government. Government makes decis…
Economics
study of scarcity and choice
Economy
a system that coordinates choice about production and consump…
29 terms
AP Macroeconomics Unit 1 Vocab
scarcity
equity
market economy
externality
the limited nature of society's resources
The situation in an economy in which the apportionment of res…
an economic system in which prices are based on competition a…
the uncompensated impact of one person's actions on the well-…
scarcity
the limited nature of society's resources
equity
The situation in an economy in which the apportionment of res…
36 terms
AP Macroeconomics Unit 1 Jargon
Income quintile
Merit Good
Market Mechanism
Free Rider
a fifth (portion) of the population identified by their relat…
A good or service that society deems all people are deserving…
The process by which buyers and sellers of a good or service…
One who benefits from another's consumption of a good or serv…
Income quintile
a fifth (portion) of the population identified by their relat…
Merit Good
A good or service that society deems all people are deserving…
48 terms
AP Macroeconomics Unit 1
economics
economic perspective
opportunity cost
utility
the social science concerned with how individuals, institutio…
a view point that envisions individuals and institutions maki…
the amount of other products that must be sacrificed to produ…
the want-satisfying power of a good or service.
economics
the social science concerned with how individuals, institutio…
economic perspective
a view point that envisions individuals and institutions maki…
AP Macroeconomics Unit 1
Scarcity
Economics
Microeconomics
Macroeconomics
In short supply- a resource is scarce when there is not enoug…
The study of scarcity and choice
The branch of economics that studies how people make decision…
the branch of economics that is concerned with the overall up…
Scarcity
In short supply- a resource is scarce when there is not enoug…
Economics
The study of scarcity and choice
21 terms
Unit 1 AP Macroeconomics
Normative Statement
Positive Statement
Economic Goals
Scarcity
statement of opinion based on a standard
statement of fact
growth, full employment, efficiency, price stability, freedom…
limited resources pursue unlimited want; permanent condition…
Normative Statement
statement of opinion based on a standard
Positive Statement
statement of fact
15 terms
AP Macroeconomics Unit 1
GDP
(C)+I+G+X
C+(I)+G+X
C+I+(G)+X
C+I+G+X or W+R+I+P+S
Personal consumption expenditures
Gross Private Domestic Investment or Net Private Domestic Inv…
Government Purchases
GDP
C+I+G+X or W+R+I+P+S
(C)+I+G+X
Personal consumption expenditures
43 terms
AP Macroeconomics Vocabulary Unit 1
Economics
Individual Choice
Economy
Market Economy
The study of scarcity and choice.
Making a choice from among a limited number of alternatives.
A system that coordinates choices about producers and consume…
Production and consumption are result of decentralized decisi…
Economics
The study of scarcity and choice.
Individual Choice
Making a choice from among a limited number of alternatives.
50 terms
AP Macroeconomics Unit 1
economics
individual choice
economy
market economy
the study of scarcity and choice
decisions of 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 of individuals about what to do, which necessarily…
144 terms
AP Macroeconomics: Unit 1
economics
economic perspective
marginal analysis
scientific method
The social science concerned with the efficient use of scarce…
A viewpoint that envisions individuals and institutions makin…
Comparisons of marginal benefits & marginal costs
The procedure for the systematic pursuit of knowledge involvi…
economics
The social science concerned with the efficient use of scarce…
economic perspective
A viewpoint that envisions individuals and institutions makin…
144 terms
AP Macroeconomics: Unit 1
economics
economic perspective
marginal analysis
scientific method
The social science concerned with the efficient use of scarce…
A viewpoint that envisions individuals and institutions makin…
Comparisons of marginal benefits & marginal costs
The procedure for the systematic pursuit of knowledge involvi…
economics
The social science concerned with the efficient use of scarce…
economic perspective
A viewpoint that envisions individuals and institutions makin…
119 terms
AP Macroeconomics Unit 1
Microeconomics
Macroeconomics
Paradox of thrift
Self-regulating
The part of economics concerned with decision making by indiv…
The part of economics concerned with the economy as a whole
economic hard times hit businesses and families cut spending…
the idea that major issues such as unemployment can be correc…
Microeconomics
The part of economics concerned with decision making by indiv…
Macroeconomics
The part of economics concerned with the economy as a whole
41 terms
AP Macroeconomics Unit 1
Capital
Ceteris paribus
Circular flow model
Competition
any source of profit, advantage, power
With all other factors remaining the same
shows the flow of goods and services and the interaction amon…
a business relation in which two parties compete to gain cust…
Capital
any source of profit, advantage, power
Ceteris paribus
With all other factors remaining the same
144 terms
AP Macroeconomics: Unit 1
economics
economic perspective
marginal analysis
scientific method
The social science concerned with the efficient use of scarce…
A viewpoint that envisions individuals and institutions makin…
Comparisons of marginal benefits & marginal costs
The procedure for the systematic pursuit of knowledge involvi…
economics
The social science concerned with the efficient use of scarce…
economic perspective
A viewpoint that envisions individuals and institutions makin…
15 terms
AP Macroeconomics: Unit 1
economics
macroeconomics
microeconomics
positive economics
the social science concerned with the efficient use of scarce…
examines the economy as a whole
looks at the decision making by individuals - the smaller ind…
statement of fact - something you can prove (what it is)
economics
the social science concerned with the efficient use of scarce…
macroeconomics
examines the economy as a whole
118 terms
AP Macroeconomics Unit 1
Microeconomics
macroeconomics
Paradox of thrift
self-regulating
the production and consumption decisions of individual consum…
the behavior of the economy as a whole
individuals try to save more during an economic recession, wh…
major issues such as unemployment could be corrected through…
Microeconomics
the production and consumption decisions of individual consum…
macroeconomics
the behavior of the economy as a whole
50 terms
AP Macroeconomics Unit 1
"economic way of thinking"
"invisible hand"
absolute advantage
allocation of resources
thinking of better ways to help our economy
A phrase coined by Adam Smith to describe the process that tu…
the ability of an individual or group to carry out a particul…
Determining how money, time, and personnel are to be distribu…
"economic way of thinking"
thinking of better ways to help our economy
"invisible hand"
A phrase coined by Adam Smith to describe the process that tu…
37 terms
AP Macroeconomics Unit 1
Economics
Incentives
Marginal Analysis
Scarcity
The study of how society uses its scarce resources.
Economic incentives are offered to encourage people to make c…
Marginal analysis is an examination of the additional benefit…
Unlimited wants with limited resources.
Economics
The study of how society uses its scarce resources.
Incentives
Economic incentives are offered to encourage people to make c…
31 terms
AP Macroeconomics Unit 1
Scarcity
Macroeconomics
Microeconomics
Opportunity Cost
How limited resources are
the study of economy-wide phenomena, including inflation, une…
the study of how households and firms make decisions and how…
Cost of the next best alternative use of money, time, or reso…
Scarcity
How limited resources are
Macroeconomics
the study of economy-wide phenomena, including inflation, une…
18 terms
Ap Macroeconomics Unit 1
scarcity
economics
efficiency
equity
society has limited resources and therefore cannot produce al…
the study of how society manages its scarce resources
society gets the maximum benefits from its scarce resources
maximum benefits are distributed fairly among society`s members
scarcity
society has limited resources and therefore cannot produce al…
economics
the study of how society manages its scarce resources
11 terms
AP Macroeconomics Unit 1
Macroeconomics
Gross Domestic Product
Not Included in the GDP
National INcome
The branch of economics that deals with the whole economy and…
Total value of all final goods and services produced in a yea…
Intermediate Goods (materials that go into the production of…
Sum of income earned by the factors of production owned by a…
Macroeconomics
The branch of economics that deals with the whole economy and…
Gross Domestic Product
Total value of all final goods and services produced in a yea…
144 terms
AP Macroeconomics: Unit 1
economics
economic perspective
marginal analysis
scientific method
The social science concerned with the efficient use of scarce…
A viewpoint that envisions individuals and institutions makin…
Comparisons of marginal benefits & marginal costs
The procedure for the systematic pursuit of knowledge involvi…
economics
The social science concerned with the efficient use of scarce…
economic perspective
A viewpoint that envisions individuals and institutions makin…
46 terms
AP Macroeconomics Unit 1
Macroeconomics
The Three Major (Macro) Economic Goals
Gross Domestic Product
Dollar Value
Study of the large economy as a whole (the big picture). Inst…
1. Promote economic growth.... 2. Full employment.... 3. Keep price…
The dollar value of all final goods & services produced withi…
GDP is measured in dollars.
Macroeconomics
Study of the large economy as a whole (the big picture). Inst…
The Three Major (Macro) Economic Goals
1. Promote economic growth.... 2. Full employment.... 3. Keep price…
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