AP Eco Final
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | the state of being scarce or in short supply; shortage.
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| Factors of Production | show 🗑
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| Characteristics of Competitive Market | show 🗑
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| show | the principle that other things equal an increase in the price of a product will increase the quantity of it supplied
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| Law of Demand | show 🗑
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| Efficiency | show 🗑
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| Strong Dollars | show 🗑
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| Weak Dollars | show 🗑
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| show | actual amount of a good or service people are willing to sell at one specific price
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| Quantity Demanded | show 🗑
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| Fundamental questions of Economics | show 🗑
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| show | competition in areas other than price to increase sales, such as new product features and advertising; especially engaged in by firms that have a tacit understanding not to compete on price.
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| show | the exclusive possession or control of the supply or trade in a commodity or service. an industry controlled by a monopolist
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| Main Principle of Adam Smith's "The Wealth of Nations" | show 🗑
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| show | a state or situation in which something needed cannot be obtained in sufficient amounts
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| show | an amount of something left over when requirements have been met; an excess of production or supply over demand.
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| Externalities in American Economy, Positive and Negatives | show 🗑
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| Market Economy | show 🗑
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| Command Economy | show 🗑
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| show | economic decisions made based on what has always been done. traditions.
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| Mixed Economy | show 🗑
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| Price Ceiling | show 🗑
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| show | the minimum price buyers are required to pay for a good or service; a form of price control.
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| Unemployment | show 🗑
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| Unemployment rate | show 🗑
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| show | the condition in which virtually all who are able and willing to work are employed.
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| Structural Unemployment | show 🗑
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| show | people who work part time because they cannot find fulltime
jobs.
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| Seasonal Employment | show 🗑
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| Net National Product | show 🗑
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| Gross Domestic Product | show 🗑
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| Signaling Theory | show 🗑
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| show | prohibit union security agreements, or agreements between labor unions and employers, that govern the extent to which an established union can require employees' membership, payment of union dues, or fees as a condition of employment, ...
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| show | an increase in the number of producers.
a decrease in the costs of production (such as higher prices for oil, labor, or other factors of production).
weather (e.g., ideal weather may increase agricultural production)
technology (Technological innovatio
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| show | an increase in the number of consumers.
an increase in income (for normal products) or a decrease in income (for inferior products, such as Ramen noodles).
an increase in the price of a substitute product.
a decrease in the price of a complementary pro
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| Market Equilibrium | show 🗑
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| Perfect Competition | show 🗑
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| show | on average, households with higher incomes pay a larger share of their income in federal tax than do those with lower incomes.
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| show | An examination of the additional benefits of an activity compared to the additional costs of that activity
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| Marginal Cost | show 🗑
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| show | expenses that do not change as a function of the activity of a business, within the relevant period.
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| show | the ability of an individual or group to carry out a particular economic activity (such as making a specific product) more efficiently than another activity
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| Absolute Advantage | show 🗑
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