C.P. Economics Review Sheet: Chapters 1 & 2

A set of vocabulary flashcards covering all 14 topics on the C.P. Economics Chapters 1 & 2 Test Review Sheet.

Positive and Normative Economics

The first topic listed on the C.P. Economics review sheet for the Chapters 1 & 2 test.

Ceteris Paribus

The second key economic concept required for the Chapters 1 & 2 test.

Economic Efficiency

The study of how an economy reaches efficiency.

Allocative Efficiency

The fourth required topic listed on the C.P. Economics review sheet.

Production Possibilities Curves

Economic curves that illustrate how resources in an economy relate to opportunity cost.

PPC Shifts

The inward and outward shifts of a production possibilities curve and the factors that cause them.

Law of Increasing Opportunity Cost

The seventh required concept for the C.P. Economics Chapters 1 & 2 test.

Diminishing Marginal Utility

The eighth topic listed on the C.P. Economics test review sheet.

Change in Quantity Demanded

An economic concept covering what causes a change in quantity demanded and how it is shown on the demand curve.

Change in Demand

An economic concept covering what causes a change in demand and how it is shown on the demand curve.

Change in Quantity Supplied

An economic concept covering what causes a change in quantity supplied and how it is shown on the supply curve.

Change in Supply

An economic concept covering what causes a change in supply and how it is shown on the supply curve.

Equilibrium Price & Quantity

Key economic metrics covering what they mean, how to find them, and how they change.

Surplus and Shortage

Market conditions covering their definitions and how they occur.