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AP Macro Unit#1
Key terms for pages 1-107
| Question | Answer |
|---|---|
| What is opportunity cost? | The cost of any activity measured in terms of the value of the best alternative that is not chosen (that is foregone). |
| Difference between Macroeconomics and Microeconomics. | Microeconomics is generally the study of individuals and business decisions,whereas macroeconomics looks at higher up country and government decision. |
| What is a PPF? | A graph that compares the production rates of two commodities that use the same fixed total of the factors of production. |
| Name three major parts of a circular flow model | Business, households, and governments. |
| Describe market | Any one of a variety of systems, institutions, procedures, social relations and infrastructures where any group or individual can engage in exchange. |
| What is demand in economic terms? | The desire to own anything, the ability to pay for it, and the willingness to pay. |
| Give some properties of the demand curve | The demand curve describes the relationship between price and demand. |
| What are the Determinants of Demand? | Income, consumer preferences, number of buyers, price of related goods, and expectation of the future. |
| Describe supply. | The amount of a product which is available to customers. |
| Give some properties of the Supply Curve. | A graph showing the hypothetical supply of a product or service that would be available at different price points, usually slopes upward. |
| What are the Determinants of Supply? | Production cost, technology, number of sellers, expectation for future prices, taxes or subsidies, and resource supplies. |
| When can equilibrium be reached? | When the demand curve and supply curve intersect, as buyers and sellers agree in a perfect price to buy and perfect cost to sell. |
Created by:
neond8
on 2011-09-29