AP Economics - Unit 1-2 Definitions

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Last updated 2:18 PM on 9/18/26
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4 Terms

1
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Factors of Production

Resources used to produce goods and services.

2
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Microeconomics

The study of how individuals, businesses, and markets make economic decisions.

3
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Macroeconomics

The study of the economy as a whole, including inflation, unemployment, and economic growth.

4
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Positive Economic Statement

A statement about the economy that is based on facts and can be tested as true or false.