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AP Microecon Kinjo

AP Microeconmics Summer Assignment

QuestionAnswer
Scarcity A pervasive condition of human existence that exists because society has unlimited wants and needs, but limited resources used for their satisfaction.
Opportunity Cost The highest valued alternative foregone in the pursuit of an activity.
Capital Wealth used in the process of production, which includes wealth in the course of exchange.
Supply The willingness and ability to sell a range of quantities of a good at a range of prices, during a given time period.
Demand The willingness and ability to buy a range of quantities of a good at a range of prices, during a given time period.
Market The organized exchange of commodities (goods, services, or resources) between buyers and sellers within a specific geographic area and during a given period of time.
Competition In general, the actions of two or more rivals in pursuit of the same objective.
Needs This is often thought of as a physiological or biological requirement for maintaining life, such as the need for air, water, food, shelter, and sleep.
Wants This is often thought of as a psychological desire which makes life just a little more enjoyable, but which is not physiological necessary to life.
Goods When used without an adjective modifier (like "final" goods or "intermediate" goods), this generically means physical, tangible products used to satisfy people's wants and needs.
Services An activity that provides direct satisfaction of wants and needs without the production of a tangible product or good.
Consumers A broad term for people when they are engaged in the use of goods and services to satisfy wants and needs.
Budget A statement of the financial position of an entity--especially household, business, or government--based on estimates of anticipated revenues and expenditures.
Profit As a generic term, this is the difference between revenue and cost.
Cost Best referred to as opportunity cost, this is the highest valued alternative foregone in the pursuit of an activity.
Created by: keilamk
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