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AP Macro Unit#1

Key terms for pages 1-107

What is opportunity cost? The cost of any activity measured in terms of the value of the best alternative that is not chosen (that is foregone).
Difference between Macroeconomics and Microeconomics. Microeconomics is generally the study of individuals and business decisions,whereas macroeconomics looks at higher up country and government decision.
What is a PPF? A graph that compares the production rates of two commodities that use the same fixed total of the factors of production.
Name three major parts of a circular flow model Business, households, and governments.
Describe market Any one of a variety of systems, institutions, procedures, social relations and infrastructures where any group or individual can engage in exchange.
What is demand in economic terms? The desire to own anything, the ability to pay for it, and the willingness to pay.
Give some properties of the demand curve The demand curve describes the relationship between price and demand.
What are the Determinants of Demand? Income, consumer preferences, number of buyers, price of related goods, and expectation of the future.
Describe supply. The amount of a product which is available to customers.
Give some properties of the Supply Curve. A graph showing the hypothetical supply of a product or service that would be available at different price points, usually slopes upward.
What are the Determinants of Supply? Production cost, technology, number of sellers, expectation for future prices, taxes or subsidies, and resource supplies.
When can equilibrium be reached? When the demand curve and supply curve intersect, as buyers and sellers agree in a perfect price to buy and perfect cost to sell.
Created by: neond8