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AP Economy P2

Opportunity Costs the amount of other products that must be sacrificed to produce a unit of a product; trade-offs
Macroeconomics the part of economics concerned with the economy as a WHOLE or aggregates; ex. measures the beach not the sand and shells
Aggregate a collection of specific economic units treated as if they were one unit; ex. "consumers"
PPF v-axis rep. output of capital goods, h-axis rep. output of consumer goods; points on curve rep. max. combination of 2 products that can be produced if resources are efficiently employed; points outside curve unattainable, inside points undesirable
Circular Plow Model suggests a complex, interrelated web of decisions making and economics activity involving businesses and households (buyers and sellers)
Market an institution or mechanism that brings together buyers (demanders) and sellers (suppliers) of particular goods, services, or resources
Demand a curve that shows the various amounts of a product that consumers are WILLING AND ABLE TO PURCHASE at a certain time and price
Demand Curve downward slope reflects the law of demand= the relationship b/t price and quantity demanded in inverse; ex. as price falls demand rises
Determinants of Demand taste & preferences, number of consumers, income, price of related goods, expectations; shifters of demand curve, increase in demand shifts to the right, decrease in demand shifts to the left
Supply a curve showing the amounts of a product that producers are WILLING AND ABLE TO MAKE AVAILABLE at a certain time and price
Supply Curve upward slope obtained by horizontally adding the supply curves of the individual producers; supply law= as price falls quantity supplied falls
Determinants of Supply resource prices, technology, taxes and subsides, prices of other goods, price expectations, number of sellers; increase in supply shifts to the right, decrease in supply shifts to the left
Equilibrium when quantity of products that sellers are willing to produce and supply is identical with the quantity consumers are willing and able to buy
Created by: 100000723325266