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AP Microecon Kinjo
AP Microeconmics Summer Assignment
| Question | Answer |
|---|---|
| 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. |
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