Unit 1, AP Micro Econ

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Last updated 12:22 PM on 4/11/26
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5 Terms

1
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pure command economy

  • all economic decisions are made by the government

  • private property does not exist

2
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pure market economy

  • private ownership.

  • individuals make economic decisions.

  • property rights that allow for trades to occur.

3
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mixed economy

  • individuals and govt answer the three basic questions

  • capitalism

4
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what leads to economic growth?

improved technology, better education, and discovery of new resources.

5
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what is the slope of total utility?

marginal utility