AP Econ Summer Packet Review

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21 Terms

1

Economics

The social science concerned with how individuals and societies maximize their satisfaction for needs and wants

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2

Resource

A service or asset used to produce goods and services that meet human needs

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3

Land

A natural resource that is used in the production of goods and services

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4

Labor

A force of production that refers to the work people do to produce goods and services

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5

Capital

The physical or financial resources used to produce value in an economy

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6

Entrepreneurship

The Process of starting and running a business. Includes maintaining it and taking business risks.

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7

Scarcity

The demand for a good or service that is greater than the availability or the goods or services

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8

Opportunity Cost

The loss of any type of gain by choosing to engage in another activity

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9

Microeconomics

The part of economics concerned with single factors and the effects of individual decisions

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10

Macroeconomics

The part of economics concerned with large scale or general economic factors

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11

Tradeoff

the act of giving up one thing for another

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12

Marginal Analysis

The examination of the costs and benefits of a marginal change in the production of goods

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13

marginal benefit

The additional benefit arising from a unit increase in a particular activity

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14

Marginal Cost

The change in total production cost that comes from making or producing one additional unit

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15

Market Economy

An economic system where two forces, supply and demand, direct the production of goods and services

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16

Command Economy

One in which a centralized government controls he means of production and determines output levels.

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17

Traditional Economy

A system that relies on customs, history, and time-honored beliefs

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18

Mixed Economy

An economic system that combines the elements of a market economy and the elements of a planned economy

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19

Private Property Rights

Legal rules that define how individuals or private groups own and use property

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20

Self-Interest/ Incentives

The idea that people act in their own best interest. Can be beneficial to society

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21

Competition

The rivalry between two or more businesses striving for the same customer or market

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