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AP Eco Final

TermDefinition
Scarcity When a resource is not available in sufficient quantities to satisfy all the various ways a society wants to use it.
Law of Supply The "law" that, other things being equal, the price and quantity supplied of a good are positively related.
Law of Demand The "law" that a higher price for a good or service, other things being equal, leads people to demand a smaller quantity of that good or service.
Efficiency Describes a market or economy in which there is no way to make anyone better off without making at least one person worse off.
Quantity Supplied The actual amount of a good or service people are willing to sell at some specific price.
Quantity Demand The actual amount of a good or service consumers are willing and able to buy at some specific price.
Non-price Competition When firms that have a tacit understanding not to compete on price use advertising and other means to try and increase their sales.
Monopoly An industry controlled by monopolist.
Shortage When the quantity of a good or service demanded exceeds the quantity supplied.
Surplus When the quantity of a good or service exceeds the quantity demanded.
Market Economy An economy in which the decisions of individual producers and consumers largely determine what, how, and for whom to produce, with little government involvement in the decisions.
Command Economy An economic system in which the government controls a country's economy.
Traditional Economy Economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services.
Mixed Economy An economic system that combines private and state enterprises.
Price Ceiling The maximum price sellers are allowed to charge for a good or service.
Price Floor The minimum price buyers are required to pay for a good or service.
Unemployment The total number of people who are actively looking for work but aren’t currently employed.
Unemployment Rate The percentage of the total number of people in the labor force who are unemployed; unemployment/(unemployment + employment).
Full Employment The natural rate of unemployment prevails the unemployment rate is greater than zero.
Structural Unemployment Unemployment that results when there are more people seeking jobs in a labor market than there are jobs available at the current wage rate.
Net National Product The total value of goods produced and services provided in a country during one year.
Gross Domestic Product The total value of all final goods and services produced in the economy during a given period, usually a year.
Signaling Theory States that employers are willing to pay more for people with certificates, diplomas, degrees, and other indicators or "signals" of superior ability
Right-to-Work Law A state law making it illegal to force workers to join a union as a condition of employment, even though a union may already exist at the company.
Perfect Competition A market structure in which a large number of firms all produce the same product.
Marginal Analysis The rule for maximizing profit or minimizing losses is that the most profitable output or smallest loss is where marginal revenue (MR)=marginal costs (MC).
Marginal Costs The extra cost of adding one unit.
Fixed Cost Economic costs for inputs that remain fixed at all quantities of output.
Comparative Advantage One person has this advantage over another if his or her opportunity cost of performing a task is lower than the other person's opportunity cost.
Absolute Advantage The ability to produce more of a given product using a given amount of resources.
State Revenues
Federal Revenues
Factors of Production The resources that are used to make goods and services.
Characteristics of Competitive Market 1)Many buyers and many sellers 2)Goods offered by various sellers are largely the same 3) Firms can freely enter or exit the market
Strong Dollars An increase in the value of a currency is called appreciation.
Weak Dollars A decrease in the value of a currency is called depreciation.
Circular Flow Chart
Main principle of Adam Smith’s “The Wealth of Nations”
Externalities in American Economy, positive and negatives
Competitive Market A market with many buyers and sellers trading identical products so that each buyer and seller is a price taker.
Created by: BrendaXiadani
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