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AP Eco Final
Revue for AP economics test
| Question | Answer |
|---|---|
| Scarcity | In short supply;when a resource is not available in sufficient quantities to satisfy all the various ways a society wants to use it. |
| Factors of productions | •Land(including timber, water, and minerals) •Labor •Capital •Entrepreneurship |
| Chacteristics of competitive market | The Demand Curve The Supply Curve Factors for demand curve and factors for supply curve Market equilibrium The way Market equilibrium changes when supply curve or demand curve shifts. |
| Law of Supply | Other things being equal, the price and quantity supplied of a good or service are positively related. |
| Law of Demand | A higher price from a good or service, all things being equal, leads people to demand a smaller quantity of that good or service. |
| Efficiency | Once the market has produced its gains from trade, there is no way to make some people better off without making other people worse off. |
| Strong Dollars | If the dollar is strong you can purchase more(purchasing power) |
| Weak Dollars | When the dollars are weak and you purchase less |
| Quantity demanded | The actual amount of a good or service consumers are willing and able to buy at some specific price. |
| Quantity supplied | The actual amount of a good or service people are willing to sell at some specific price. |
Created by:
Aja.Stewart
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