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Study sets matching "ap microeconomics"

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Study sets matching "ap microeconomics"

93 terms
AP Microeconomics
Positive Economics vs Normative Econom…
Capital
Production Possibilities Curve
Efficiency means?
The way things are vs the way things should be
Manufactured goods that can be used in the production process
The economy is using all of its resources productively
Positive Economics vs Normative Econom…
The way things are vs the way things should be
Capital
Manufactured goods that can be used in the production process
25 terms
AP Microeconomics: Graphs!
Production Possibilities; U is ineffic…
Production Possibilities; x is impossi…
Production Possibilities; right shift…
market equilibrium
Production Possibilities; U is ineffic…
Production Possibilities; x is impossi…
51 terms
AP Microeconomics
Economics
Microeconomics
Macroeconomics
Normative Economics
The social science that studies the choices that individuals,…
The study of the choices that individuals and businesses make…
The study of the aggregate (or total) effects on the national…
Economics based on assumptions.
Economics
The social science that studies the choices that individuals,…
Microeconomics
The study of the choices that individuals and businesses make…
105 terms
AP Microeconomics
Scarcity
Economics
Micro vs Macro
Theoretical economics
-the fundamental problem of economics... -unlimited wants with l…
social science concerned with efficient use of scarce resourc…
small economic units vs large economy as a whole
use of scientific methods to make generalizations to develop…
Scarcity
-the fundamental problem of economics... -unlimited wants with l…
Economics
social science concerned with efficient use of scarce resourc…
350 terms
AP microeconomics
economics
Macroeconomics
microeconomics
model
the study of how society allocates scarce resources
the branch of economics that studies national and internation…
the branch of economics that studies how people and firms mak…
a simplified representation of a real situation used to bette…
economics
the study of how society allocates scarce resources
Macroeconomics
the branch of economics that studies national and internation…
276 terms
AP Microeconomics
economics
the economy
market economies
command economies
A social science concerned with how individuals, institutions…
A system for coordinating a society's productive and consumpt…
Economies in which the decisions of individual producers and…
Economies in which industry is publicly owned and a central a…
economics
A social science concerned with how individuals, institutions…
the economy
A system for coordinating a society's productive and consumpt…
268 terms
AP Microeconomics
In which type of economy do we see the…
In which type of economy do we see a p…
In which type of economy do we typical…
In which type of economy do we see a g…
command economy
market economy
traditional economy
mixed economy
In which type of economy do we see the…
command economy
In which type of economy do we see a p…
market economy
246 terms
AP Microeconomics Exam Vocabulary
Economics
Factors of Production
Labor
Land or Natural Resources
The study of how people, firms, and societies use their scarc…
Labor, Land, Capital, Entrepreneurial ability
Human effort and talent, physical and mental. This can be aug…
Any resource created by nature. This may be arable land, mine…
Economics
The study of how people, firms, and societies use their scarc…
Factors of Production
Labor, Land, Capital, Entrepreneurial ability
25 terms
AP Microeconomics: Graphs!
Production Possibilities; U is ineffic…
Production Possibilities; x is impossi…
Production Possibilities; right shift…
market equilibrium
Production Possibilities; U is ineffic…
Production Possibilities; x is impossi…
56 terms
AP Microeconomics 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…
276 terms
AP Microeconomics
economics
the economy
market economies
command economies
A social science concerned with how individuals, institutions…
A system for coordinating a society's productive and consumpt…
Economies in which the decisions of individual producers and…
Economies in which industry is publicly owned and a central a…
economics
A social science concerned with how individuals, institutions…
the economy
A system for coordinating a society's productive and consumpt…
25 terms
AP Microeconomics
Change in Demand
Competitive Market
Complements
Demand Curve
The willingness and the ability of consumers to buy goods and…
a market in which there are many buyers and sellers of the sa…
Goods that are consumed together, such as cars and gasoline o…
A downward-sloping curve that illustrates consumers' demand f…
Change in Demand
The willingness and the ability of consumers to buy goods and…
Competitive Market
a market in which there are many buyers and sellers of the sa…
106 terms
AP Microeconomics
Economics
Resources
Scarcity
Opportunity Cost
The study of how people, firms, and societies use their scarc…
Factors of production, 4 categories: labor, capital, land, an…
The imbalance between limited productive resources and unlimi…
The most desirable alternative given up as the result of a de…
Economics
The study of how people, firms, and societies use their scarc…
Resources
Factors of production, 4 categories: labor, capital, land, an…
276 terms
AP Microeconomics
economics
the economy
market economies
command economies
A social science concerned with how individuals, institutions…
A system for coordinating a society's productive and consumpt…
Economies in which the decisions of individual producers and…
Economies in which industry is publicly owned and a central a…
economics
A social science concerned with how individuals, institutions…
the economy
A system for coordinating a society's productive and consumpt…
449 terms
AP Microeconomics
Production Possibilities; U is ineffic…
Production Possibilities; x is impossi…
Production Possibilities; right shift…
market equilibrium
Production Possibilities; U is ineffic…
Production Possibilities; x is impossi…
344 terms
AP Microeconomics
capital
scarcity
trade-offs
opportunity cost
the resources that includes equipment, machinery, buildings,…
the imbalance between limited productive resources and unlimi…
the reality of scare resources implies that individuals, firm…
the value of the sacrifice made to pursue a course of action
capital
the resources that includes equipment, machinery, buildings,…
scarcity
the imbalance between limited productive resources and unlimi…
19 terms
AP Microeconomics Chapter 12
Price-Taking Producer
Price-Taking Consumer
Perfectly Competitive Market
Perfectly Competitive Industry
A producer whose actions have no effect on the market price o…
A consumer whose actions have no effect on the market price o…
A market in which all market participants are price-takers.
A market in which all producers are price-takers.
Price-Taking Producer
A producer whose actions have no effect on the market price o…
Price-Taking Consumer
A consumer whose actions have no effect on the market price o…
350 terms
AP microeconomics
economics
Macroeconomics
microeconomics
model
the study of how society allocates scarce resources
the branch of economics that studies national and internation…
the branch of economics that studies how people and firms mak…
a simplified representation of a real situation used to bette…
economics
the study of how society allocates scarce resources
Macroeconomics
the branch of economics that studies national and internation…
45 terms
Microeconomics AP
Economics
Microeconomics
Macroeconomics
Scarcity
The study of how limited resources are allocated
The study of how individuals make choices and are influenced…
The study of the economy as a whole, focussing on issues such…
Limited Resources (leads to opportunity costs)
Economics
The study of how limited resources are allocated
Microeconomics
The study of how individuals make choices and are influenced…
115 terms
AP Microeconomics
Economics
Resources
Scarcity
Opportunity Cost
The study of how people, firms, and societies use their scarc…
Factors of production, 4 categories: labor, physical capital,…
The imbalance between limited productive resources and unlimi…
The most desirable alternative given up as the result of a de…
Economics
The study of how people, firms, and societies use their scarc…
Resources
Factors of production, 4 categories: labor, physical capital,…
53 terms
AP Microeconomics
Allocatively Efficient
Productively Efficient
Consumer Surplus
Deadweight loss
P = MC or MSC
Q is at minimum ATC
Below demand, above price paid, and to the left of quantity p…
Found between quantity traded and the allocatively efficient…
Allocatively Efficient
P = MC or MSC
Productively Efficient
Q is at minimum ATC
182 terms
AP Microeconomics
Absolute Advantage
Comparative Advantage
Perfectly Competitive
Normal Profit (Perfectly Competitive)
The ability to produce more of a good or service than another…
The ability to produce a good or service at a lower opportuni…
Few barriers to entry or exit, goods are identical, buyers an…
When economic profit is 0, gives no reason to enter or leave…
Absolute Advantage
The ability to produce more of a good or service than another…
Comparative Advantage
The ability to produce a good or service at a lower opportuni…
127 terms
Microeconomics AP
business cycle
economics
efficiency
incentive
fluctuations in economic activity, such as employment and pro…
the study of how society manages its scarce resources
the property of society getting the most it can from its scar…
something that induces a person to act for their benefit
business cycle
fluctuations in economic activity, such as employment and pro…
economics
the study of how society manages its scarce resources
54 terms
AP Microeconomics
Market Economy
Command Economy
Property Rights
Marginal Analysis
economic system where industry is publicly owned and supply a…
industry is publicly owned and a central authority makes prod…
establish ownership and grant individuals the right to trade…
the study of the costs and benefits of doing a little bit mor…
Market Economy
economic system where industry is publicly owned and supply a…
Command Economy
industry is publicly owned and a central authority makes prod…
153 terms
AP Microeconomics
perfectly elastic
Ed = ∞
public goods
law of supply
In this special case, the demand curve is horizontal meaning…
perfectly elastic
goods that are both nonrival & nonexcludable
All else =, when the price of a good rises, the quantity supp…
perfectly elastic
In this special case, the demand curve is horizontal meaning…
Ed = ∞
perfectly elastic
115 terms
AP Microeconomics study vocab
Economics
Resources
Scarcity
Opportunity Cost
The study of how people, firms, and societies use their scarc…
Factors of production, 4 categories: labor, physical capital,…
The imbalance between limited productive resources and unlimi…
The most desirable alternative given up as the result of a de…
Economics
The study of how people, firms, and societies use their scarc…
Resources
Factors of production, 4 categories: labor, physical capital,…
88 terms
AP Microeconomics
Supply
Law of Supply
Demand
Law of Demand
A schedule or curve showing the possible combinations of pric…
There is a direct relationship between price and quantity sup…
A schedule or curve showing the possible combinations of pric…
There is an indirect relationship between price and quantity…
Supply
A schedule or curve showing the possible combinations of pric…
Law of Supply
There is a direct relationship between price and quantity sup…
14 terms
AP Microeconomics
Opportunity Cost
Laissez-faire Capitalism
Command Economy
Traditional economy
The amount of other products that must be forgone or sacrific…
a type of economic system that has little to no government in…
also known as socialism or communism. In this system, governm…
A traditional economy is an original economic system in which…
Opportunity Cost
The amount of other products that must be forgone or sacrific…
Laissez-faire Capitalism
a type of economic system that has little to no government in…
62 terms
AP Microeconomics
scarcity
positive economics
normative economics
factors of production
the condition that arises because want exceeds the ability of…
describes the way things are
addresses the way things should be
resources that act as inputs to production: labor, human capi…
scarcity
the condition that arises because want exceeds the ability of…
positive economics
describes the way things are
46 terms
Ap microeconomics
economics
microeconomics
macroeconomics
invisible hand
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…
the price mechanism, the rise and fall of prices, that guides…
economics
the study of scarcity and choice
microeconomics
the branch of economics that studies how people make decision…
25 terms
AP Microeconomics
Scarcity
Marginal Benefit (MB)
Marginal Cost (MC)
Marginal Analysis
The imbalance between limited productive resources and unlimi…
The additional benefit received from the consumption of the n…
The additional cost incurred from the consumption of the next…
The rational decision maker chooses an action if MB ≥ MC
Scarcity
The imbalance between limited productive resources and unlimi…
Marginal Benefit (MB)
The additional benefit received from the consumption of the n…
194 terms
AP Microeconomics
Substitution Effect
Income Effect
Price Elasticity of Demand
Midpoint Method
The change in the quantity of that good demanded as the consu…
The change in the quantity of that good demanded that results…
The ratio of yhe percent change in the quantity demanded to t…
A technique for calculating the percent change by calculating…
Substitution Effect
The change in the quantity of that good demanded as the consu…
Income Effect
The change in the quantity of that good demanded that results…
154 terms
AP Microeconomics Terms 2014
Absolute Advantage
Absolute(or money) prices
accounting profit
all else equal
The ability to produce more of a good than all other producers.
The price of a good measured in units of currency
The difference between total revenue and total explicit cosy
The assumption that all other variables are held constant so…
Absolute Advantage
The ability to produce more of a good than all other producers.
Absolute(or money) prices
The price of a good measured in units of currency
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
13 terms
AP Microeconomics
What is Economics?
What is Scarcity?
What is the Problem?
What is Microeconomics?
The study of how to manage society's resources
Limited nature of society's resources
unlimited wants but limited resources
Individual economic activities
What is Economics?
The study of how to manage society's resources
What is Scarcity?
Limited nature of society's resources
171 terms
AP Microeconomics
fundamental problem of econ
scarcity
Diamond-water paradox
Rational Actor Model
scarcity
something is scarce if there is not enough of it to satisfy e…
water is more essential to life but diamonds cost more becaus…
when making decisions, people will choose what they believe t…
fundamental problem of econ
scarcity
scarcity
something is scarce if there is not enough of it to satisfy e…
68 terms
AP Microeconomics
What is economics?
What is a positive statement?
What is a normative statement?
What is a resource
The study of how we distribute limited resources across unlim…
Based on scientific evidence/facts.
Involves values and judgements (might happen, opinions)
Land, Labor, Capital.
What is economics?
The study of how we distribute limited resources across unlim…
What is a positive statement?
Based on scientific evidence/facts.
85 terms
AP Microeconomics Review
Buyer
Competition
Demand
Demand Curve
Someone who purchases goods and services from a seller for mo…
Occurs between large numbers of buyers and sellers who vie fo…
The amount of goods and services that buyers are willing to p…
The graphical representation of the relationship between quan…
Buyer
Someone who purchases goods and services from a seller for mo…
Competition
Occurs between large numbers of buyers and sellers who vie fo…
8 terms
Microeconomics AP
cross price elasticity of demand
elastic demand
income elasticity of demand
inelastic demand
the percentage change in the amount of an item demanded (hold…
a demand relationship in which a given percentage change in t…
the percentage change in the amount of good demanded, holding…
a demand relationship in which a given percentage change in p…
cross price elasticity of demand
the percentage change in the amount of an item demanded (hold…
elastic demand
a demand relationship in which a given percentage change in t…
33 terms
AP Microeconomics
scarcity
opportunity costs
Economics
ceteris paribus
Limited economic resources available
What you are giving up when you choose to produce the other p…
the study of how limited resources are distributed to satisfy…
others are equal. freezes graph in time.
scarcity
Limited economic resources available
opportunity costs
What you are giving up when you choose to produce the other p…
49 terms
AP Microeconomics
Law of Demand
The Substitution Effect
The Income Effect
Law of Diminishing Marginal Utility
There is an inverse or negative relationship between price an…
Price goes up for a product, consumers buy less of that produ…
Price goes down for a product the purchasing power increases…
As you consume more units of any good or service, the additio…
Law of Demand
There is an inverse or negative relationship between price an…
The Substitution Effect
Price goes up for a product, consumers buy less of that produ…
109 terms
Ap Microeconomics
Economics
Microeconomics
Macroeconomics
Normative Economics
Social science that studies the choice we make as we cope wit…
Study of economic behaviour in individual units.
Study of the behaviour of the whole economy.
Perspective of economics based on judgement and opinion.
Economics
Social science that studies the choice we make as we cope wit…
Microeconomics
Study of economic behaviour in individual units.
16 terms
AP Microeconomics
Buisness cycle
Depression
Recession
Expansion
The short-run alternation between economic downturn's, known…
A very deep and prolonged downturn.
A period of economic downturn went output and unemployment ar…
Period of economic up turn in which output and employment are…
Buisness cycle
The short-run alternation between economic downturn's, known…
Depression
A very deep and prolonged downturn.
23 terms
AP Microeconomics
productions possibilities curve
trade-off
scarcity
opportunity costs
illustrates the trade-offs facing an econo- my that produces…
when you give up something in order to have something else
in short supply; a resource is scarce when there is not enoug…
the real cost of an item: what you must give up in order to g…
productions possibilities curve
illustrates the trade-offs facing an econo- my that produces…
trade-off
when you give up something in order to have something else
14 terms
AP Microeconomics
positive economics
normative economics
factors of production
physical capital
...
...
land, labor, capital, entrepreneurship
...
positive economics
...
normative economics
...
11 terms
AP Microeconomics
Economics
Scarcity
Positive economics
Normative economics
The study of how we allocate scarce resources amoung competing
The condition that arises because wants exceed the ability of…
Describes the way things are
Addresses the way things should be
Economics
The study of how we allocate scarce resources amoung competing
Scarcity
The condition that arises because wants exceed the ability of…
25 terms
AP Microeconomics
supply
law of supply
demand
law of demand
a schedule or cure showing the possible combinations of price…
direct relationship between price and quantity supplied
schedule or curer showing the possible combinations of price…
indirect relationship between price and quantity demanded
supply
a schedule or cure showing the possible combinations of price…
law of supply
direct relationship between price and quantity supplied
115 terms
AP Microeconomics
Economics
Resources
Scarcity
Opportunity Cost
The study of how people, firms, and societies use their scarc…
Factors of production, 4 categories: labor, physical capital,…
The imbalance between limited productive resources and unlimi…
The most desirable alternative given up as the result of a de…
Economics
The study of how people, firms, and societies use their scarc…
Resources
Factors of production, 4 categories: labor, physical capital,…
115 terms
AP Microeconomics
Economics
Resources
Scarcity
Opportunity Cost
The study of how people, firms, and societies use their scarc…
Factors of production, 4 categories: labor, physical capital,…
The imbalance between limited productive resources and unlimi…
The most desirable alternative given up as the result of a de…
Economics
The study of how people, firms, and societies use their scarc…
Resources
Factors of production, 4 categories: labor, physical capital,…
116 terms
AP Microeconomics
Economics
Resources
Scarcity
Opportunity Cost
The study of how people, firms, and societies use their scarc…
Factors of production, 4 categories: labor, physical capital,…
The imbalance between limited productive resources and unlimi…
The most desirable alternative given up as the result of a de…
Economics
The study of how people, firms, and societies use their scarc…
Resources
Factors of production, 4 categories: labor, physical capital,…
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