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AP ECONOMICS SUMMER ASSIGNMENT
For each vocabulary term a note card must be created that includes (45 note cards total):
 Term - front
 Definition of term – back
 Graph (For ALL terms in BOLD) – back
 Examples to represent term – back
Example:
System where buyers and sellers exchange
goods, services and resources.
(definition)
Market
(term)
Grocery Store
(example)
1. Economics
2. Opportunity cost
3. Marginal Analysis
4. Macroeconomics
5. Microeconomics
6. Positive Economics
7. Normative Economics
8. Scarcity
9. Economic Resources
10. Land
11. Labor
12. Capital
13. Entrepreneurial Ability
14. Consumer Goods
15. Capital Goods
16. Production Possibilities Curve
17. Law of Increasing Opportunity
18. Costs
19. Economic Growth
20. Command Economy
21. Market Economy
22. Market
23. Specialization
24. Consumer Sovereignty
25. Invisible Hand
26. Circular Flow Diagram
(graph)
27. Resource Market
28. Product market
29. Demand
(
30. Law
of Demand
31. Diminishing Marginal Utility
32. Income Effect
33. Determinants of Demand
34. Normal Goods
35. Inferior Goods
36. Substitute Good
37. Complementary Good
38. Supply
39. Determinants of Supply
40. Equilibrium Price
41. Equilibrium Quantity
42. Surplus
43. Shortage
44. Price Floor
45. Price Ceiling
46. Productive Efficiency
47. Allocative Efficiency
48. Total Revenue
49. Expenditures
50. Economic Profit