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AP Macroeconomics
Unit 1 Micro Lesson Notes
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Macroeconomics
AP Macroeconomics
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25 Terms
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1
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Scarcity
________- society has less to offer than people wish to have.
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Physical plants
________, machinery, and equipment used to produce other goods or services.
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maximum satisfaction
Economics- the efficient use or management of limited productive resources to achieve ________ (utility) of human material wants.
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Businesses
________ buy the resources to produce goods and services that are then sold in the products market to households.
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Unemployment
________- when we fail to realize our full production.
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Households
________ are the ones who buy the goods and services in the products market.
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test of a theory
The ________ is its ability to predict correctly.
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opportunity cost
The amount of other products that must be forgone or sacrificed to obtain some amount of a specific product called ________ of that good.
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Inverse Relationship
________- down- sloping line that depicts a change in opposite directions of the variables in question.
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Households
________ are the owners of the resources (selling their resources in the resource market) and income flows into the ________.
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Lesson 1
The Economic Way of Thinking
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Lesson 2
Intro to Economic Terms
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Economics
the efficient use or management of limited productive resources to achieve maximum satisfaction (utility) of human material wants
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Scarcity
society has less to offer than people wish to have
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Resources
anything people can use to obtain what they want (factors of production)
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Facts tan avoids values judgment
inflation or unemployment number
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Direct Relationships
up-sloping line that depicts a direct relationship between two variables
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Inverse Relationship
down-sloping line that depicts a change in opposite directions of the variables in question
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Lesson 3
Production Possibilities Curve or Frontier
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Unemployment
when we fail to realize our full production
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Fixed Resources in the short run
today it is what it is and tomorrow it can be changed
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Means that the graph of the PPC curve will be CONCAVE
bowed out from the origin
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Lesson 5
Basic Economic Systems
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Planned economy
socialism
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Lesson 6
Circular Flow Diagram
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