AP Economy P2
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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| Opportunity Costs | the amount of other products that must be sacrificed to produce a unit of a product; trade-offs
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| Macroeconomics | the part of economics concerned with the economy as a WHOLE or aggregates; ex. measures the beach not the sand and shells
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| Aggregate | a collection of specific economic units treated as if they were one unit; ex. "consumers"
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| 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
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| Circular Plow Model | suggests a complex, interrelated web of decisions making and economics activity involving businesses and households (buyers and sellers)
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| Market | an institution or mechanism that brings together buyers (demanders) and sellers (suppliers) of particular goods, services, or resources
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| 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
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| 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
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| 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
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| Supply | a curve showing the amounts of a product that producers are WILLING AND ABLE TO MAKE AVAILABLE at a certain time and price
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| Supply Curve | upward slope obtained by horizontally adding the supply curves of the individual producers; supply law= as price falls quantity supplied falls
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| 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
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| 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
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