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unit 1 ap econ Flashcards Set
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39 Terms
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1
Scarcity
The limited nature of society's resources, meaning there are not enough resources to satisfy all desires.
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2
Opportunity Cost
The next best alternative that is given up when making a choice.
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3
Marginal Thinking
Analyzing the additional benefits of an action compared to its additional costs.
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4
MB=MC
A principle stating that optimal decisions are made when marginal benefits equal marginal costs.
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5
Positive Economics
The branch of economics that deals with objective analysis and facts.
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6
Normative Economics
The branch of economics that involves value judgments and opinions about economic policies.
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7
Circular Flow Model
A visual model that shows how money and products flow through the economy.
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8
Factors of Production
Resources used in the production of goods and services: land, labor, capital, and entrepreneurship.
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9
Law of Increasing Opportunity Cost
As production of one good increases, the opportunity cost of producing an additional unit of this good increases.
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10
Demand Schedule
A table that shows the relationship between the price of a good and the quantity demanded.
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11
Supply Schedule
A table that shows the relationship between the price of a good and the quantity supplied.
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12
Market Equilibrium
The situation where quantity supplied equals quantity demanded at a particular price.
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13
Consumer Surplus
The difference between what consumers are willing to pay and what they actually pay.
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14
Producer Surplus
The difference between what producers are willing to accept for a good and the actual price they receive.
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15
Deadweight Loss
The loss of economic efficiency that occurs when equilibrium for a good or service is not achieved.
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16
Price Ceiling
A maximum price set by the government that can be charged for a good or service.
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17
Price Floor
A minimum price set by the government that must be paid for a good or service.
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18
Substitutes
Goods that can be used in place of each other.
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19
Complements
Goods that are often used together, where an increase in the price of one decreases the demand for the other.
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20
Normal Goods
Goods for which demand increases as consumer income rises.
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21
Inferior Goods
Goods for which demand decreases as consumer income rises.
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22
Total Surplus
The sum of consumer surplus and producer surplus in a market.
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23
International Trade
The exchange of goods and services between countries.
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24
Government Tax Revenue
The income earned by the government from taxing goods and services.
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25
Production Possibilities Frontier
A graph that shows the maximum possible production of two goods given available resources.
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26
Efficient Allocation
A distribution of resources that maximizes the total surplus of the economy.
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27
Price Shift
Changes in the price of a good that can lead to shifts in supply or demand curves.
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28
Supply Shift
A change in the quantity supplied at every price, represented by a new supply curve.
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29
Demand Shift
A change in the quantity demanded at every price, represented by a new demand curve.
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