Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
AP Macro Unit 1
Unit One Terms
| Question | Answer |
|---|---|
| Opportunity Costs | The amount of goods or services that must be sacrificed to obtain one unit of a specific good or service |
| Macroeconomics | Examines economy as a whole or its basic subdivision or aggregates |
| Aggregate | Collection of specific economic units treated as if they were one unit |
| Production Possibilities Frontier (PPF) | A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources, labor, etc.) |
| Circular Flow Model | a summary of the operation of a market economy, that is the flow between production factors (firms) and households. |
| Market | All situations that link potential buyers with potential sellers |
| Demand | Consumers are willing and able to purchase at each of a series of possible prices during a specified period of time |
| Demand Curve | A curve that shows various amounts of a product that consumers are willing and able to purchase at each of a series of possible prices during a specified period of time |
| Determinants of Demand | Tastes,number of buyers, income, price of related goods, substitute goods, complementary goods, unrelated goods, and price expectations |
| Supply | The amounts of a product that producers are willing and able to make available for sale at each of a series of possible prices during a specific period |
| Supply Curve | A curve that shows the amounts of a product that producers are willing and able to make available for sale at each of a series of possible prices during a specific period |
| Determinants of Supply | Resource prices,technology,taxes/subsidies,prices of other goods,price expectations,and the number of sellers in a market |
| Equilibrium | Point in the graph wher the price and quantity are a rest |
Created by:
Huayucaltia
Popular American Government sets