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AP Microeconomics
micro: basic economic concepts vocab
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22 Terms
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Scarcity
Condition where wants exceed the ability of resources to satisfy them.
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Trade-off
Giving up something to have something else.
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Factors of Production
Scarce resources including land, labor, capital, and entrepreneurial ability.
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Land
All natural resources used in producing goods and services.
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Labor
Effort a person devotes to a task for which they are paid.
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Capital
Human-made resource used to create other goods and services.
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Entrepreneurial Ability
Leaders combining factors of production to create goods and services.
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Economic System
Method a society uses to produce and distribute goods and services.
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Command Economy
Government owns resources and answers basic economic questions.
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Market Economy
Individuals and firms answer economic questions with private property.
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Resource (Factor) Market
Where resources are sold to firms.
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Product Market
Where goods and services produced by businesses are sold to households.
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Opportunity Cost
Loss of benefit from choosing an alternative.
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Production Possibilities Curve
Model showing alternative uses of scarce resources.
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Absolute Advantage
Ability to produce more than another with the same resources.
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Comparative Advantage
Ability to produce at a lower opportunity cost than another.
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Specialization
Focusing production on select goods to increase efficiency.
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Terms of Trade
Agreed conditions benefiting both countries in trade.
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Explicit Costs
Costs involving actual money outlay.
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Implicit Costs
Costs not requiring money outlay, measured by foregone benefits' value.
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Marginal Analysis
Making decisions based on incremental changes.
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Utility
Measure of personal satisfaction for a consumer.
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