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AP Econ (Unit 1)

An intro to Economics and the Economy

QuestionAnswer
Opportunity Costs Cost of what you get is the value of that which is sacrificed to obtain it
Macroeconomics Examines either the economy as a whole or its basic subdivisions or aggregates, such as the government, households, and business sectors
Aggregate Collection of specific economic units treated as if they were one unit
Production Possibilities Frontier or Curve (PPF) Hypothetical representation of the amount of two different goods that can be obtained by shifting resources from the production of one, to the production of the other.
Circular Flow Model Resources flow from households to businesses through the resource market, and products flow from businesses to households through the product market.
Market An institution or mechanism that brings together buyers and sellers of particular goods, services, or resources
Demand Schedule or a curve that shows the various amounts of a product that consumers are willing and able to purchase at each of a series of possible prices during a specified period of time.
Demand Curve Its downward slope reflects the law of demand- people buy more of a produce, service, or resource as its price falls. The relationship between price and quantity demand is inverse.
Determinants of Demand 1) Consumer's tastes 2) number of consumers in the market 3) consumer's incomes 4) prices of related goods 5) consumers expectations about future prices and incomes
Supply A schedule or curve showing the amounts of a product that producers are willing and able to make available for sale at each of a series of possible prices during a specific period
Supply Curve Horizontally adding the supply curves of the individual producers
Determinants of Supply 1) Resource prices 2) Tech 3) taxes and subsidies 4) prices of other goods 5) price expectations 6) number of sellers in the market
Equilibrium "in balance" or "at rest"
Created by: bryanttxD
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