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unit 1 vocab macro
ap macroeconomics
| Question | Answer |
|---|---|
| What is opportunity cost? | the amount of other products that must be foregone or sacrificed to produce a unit of a product |
| what is macroeconomics? | the part of economics concerned with the economy as a whole; with such major aggregates as the household, business, and government sectors; and with measures of the total economy BIG picture |
| what is aggregate? | the combining of individual units or data into one unit or number |
| what is a ppf? | a curve showing the different combinations of two goods or services that can be produced in a full-employment, full-production economy where the available supplies of resources and technology are fixed |
| what the circular flow model? | the flow of resources from households to firms and of products from the firms to households. these flows are accompanied by reverse flows of money from firms to households and from households to firms |
| what is a market? | any institution or mechanism that brings together buyers(demanders) and sellers(suppliers) of a particular good and service |
| what is demand? | a schedule showing the amounts of a good or service that buyers (or a buyer) wish to purchase at various prices during some time period |
| what is a demand curve? | a curve illustrating demand |
| what are the determinants of demand? | these determinants will cause a shift in the demand curve 1. tastes and preference 2. number of consumers 3. price of related goods 4. income 5. future expectations |
| what is supply? | a schedule showing the amounts of a good or service that sellers (or a seller) will offer at various prices during some period |
| what is a supply curve? | a curve illustrating supply |
| what are the determinants of supply? | these determinants will cause a shift on the supply curve 1. price/availability of input(resources) 2. number of sellers 3. technology 4. government action: taxes and subsidies 5. opportunity cost of a alternative product 6. expectations of future |
| what is equilibrium price? | the price in the competitive market at which the quantity demanded and the quantity supplied are equal, there is neither a shortages nor a surplus, and there is no tendency for price to rise or fall |
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