Survey
* Your assessment is very important for improving the work of artificial intelligence, which forms the content of this project
Download AP Economics Study Guide. Know these terms
Document related concepts
no text concepts found
Transcript
AP Economics Study Guide. Know these terms and concepts. Utility Scarcity Economics Opportunity Cost Trade off Postive Economics Normative Economics Assymetric Information Economic Perspective Economic Models Ceteris Paribus Microeconomics Macroeconomics normative statements Positive statements demand curve production possibilities curve Budget line maximum efficiency equilibrium Inefficiency resources factors of production Land labor capital Entrepreneurship money functions of money Demand supply determinants of demand Determinants of supply consumption investment Depreciation shift of demand curve movement along a demand curve Optimal output economic systems free market/market system Mixed system command system traditional system Laissez-faire property rights division of labor Specialization consumer sovereignty invisible hand Adam Smith circular flow model household Firm product market resource market Law of demand income effect substitution effect Normal good inferior good Veblen good Giffen good price ceiling price floor Marginal benefit/marginal cost analysis AP Economics Study Guide. Know these terms and concepts. P2 Surplus shortage alternative market Black market reservation price consumer surplus Producer surplus allocative efficiency plant Firm industry conglomerate Perfect competition monopolistic competition oligopoly Pure monopoly regulated monopoly barriers to entry Prisoner’s dilemma legal forms of business sole proprietorship Partnership corporation monetary policy Fiscal policy federal reserve externalities Positive externalities negative externalities public goods Private goods Quasi-public goods social costs Social benefits rivalrous/nonrivalrous excludability/nonexcludability Elasticity price elasticity of demand price elasticity of supply Elastic inelastic perfectly inelastic Unit elastic elasticity coefficient progressive income tax Regressive income tax flat tax inflation Creeping inflation hyper inflation unemployment Structural unemployment income distribution poverty Phillips curve Lorenz curve Gini coefficient Elasticity formula cross elasticity deadweight loss Efficiency loss marginal utility law of diminishing marginal utility Total utility explicit costs implicit costs AP Economics Study Guide. Know these terms and concepts. P3 Total costs marginal costs diminishing marginal returns Profit normal profit accounting profit Economic profit short run long run Law of diminishing returns economies of scale diseconomies of scale Return to scale MR=MC rule MRDARP Variable costs Herfindahl index game theory And of course… KNOW YOUR GRAPHS
Related documents