AP Macroeconomics: Unit 1

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Last updated 11:12 PM on 4/25/26
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7 Terms

1
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Factors of Production

Land, Labor, Capital, Entrepreneurship

2
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What does the PPC compare?

The production of two goods or services

3
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Shifters of the PPC

Change in Technology, Change in Trade, Change in Resource Quality or Quantity

4
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Shifters of Demand

Change in Disposable Income, Change in Price/Availability of Resources, Changes in Tastes/Preferences, Change in Expectations, Change in Number of Consumers

5
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What does the Demand Curve compare?

Price and quantity demanded

6
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Shifters of Supply

Change in Price of Related Goods or Services, Change in Technology, Change in Price/Availability of Resources, Change in the Number of Producers, Change in Expectations of Future Prices/Profits, Change in Government Policies

7
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What does the Supply Curve compare?

Price and quantity supplied