AP Microeconomics CRAM - Custom Scholars
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# AP Microeconomics CRAM

question
Vertical Axis
The vertical number line of a graph along which values of the y-variable are measured. y-axis, price.
question
Horizontal Axis
X-axis, quantity horizontal.
question
Slope
Rate of change in y in response to a change in x.
question
Positive Slope
Increase in value (direct relationship) (supply curve).
question
Negative Slope
Decrease in value (inverse relationship) (demand curve).
question
Economics
Is an attempt to overcome scarcity, trade-offs, and opportunity costs.
question
Scarcity
Insufficient resources to satisfy unlimited wants.
question
Opportunity Cost
True cost of something including what is given up to get it; "value lost".
question
Factors of Production
1. Land=naturally occurring resource.
2. Labor=human effort in production process.
3.Capital=value of all assets; including money, equipment, buildings, tools, and inventory.
question
Entrepreneurship
Risk taking by individuals and business firms.
question
Property Rights
System in which valuable items have specific owners who can dispose of them as they choose.
question
Role of incentives
Possibility of personal gain; what motivates people to be involved in the market system and is a major contributor of efficiency in the market economy.
question
Law of Diminishing Marginal Returns
When increasing amounts of a variable factor of production are employed in a production along with a fixed fixed production factor, after some point the amount produced will diminish.
question
Opportunity Cost example
Take a nap and lose out on watching t.v.; The t.v. time is the opportunity cost.
question
4 Factors of Production
1. Land=water, trees, minerals
2. Labor=workers
3.Entrepreneurship=take risks needed to start and maintain a business
4.Capital=financial capital is the money needed to pay for venture, physical capital for buildings and equpment.
question
Role of Incentives
Motivates people to be involved with a market system, ex) spending more time studying certain test material, since my incentive for extra hours of study is a good grade, (Hourly vs. Commission Employees)-incentive to try harder or develop more skill.
question
Production Possibilities Curve (PPC)
Graphical representation of the combination of 2 goods and/or services that can be produced by an economy when using resources efficiently, can shift ONLY because of factors of production or trade.
question
Countries that produce capital goods
Have more growth since capital is a resource.
question
Production Possibilities Frontier (PPF)
*AP exam
Graphical representation of the combination of 2 goods and/or services that can be produced by an economy when using resources efficiently.
question
The act of giving up one thing to have more of another.
question
Economic Growth
Changes in total output of a nation overtime as a result of increased production, income, and wealth.
question
Inefficiency
The waste that stems from unproductive use of resources, ex) unemployment.
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question
Vertical Axis
The vertical number line of a graph along which values of the y-variable are measured. y-axis, price.
question
Horizontal Axis
X-axis, quantity horizontal.
question
Slope
Rate of change in y in response to a change in x.
question
Positive Slope
Increase in value (direct relationship) (supply curve).
question
Negative Slope
Decrease in value (inverse relationship) (demand curve).
question
Economics
Is an attempt to overcome scarcity, trade-offs, and opportunity costs.
question
Scarcity
Insufficient resources to satisfy unlimited wants.
question
Opportunity Cost
True cost of something including what is given up to get it; "value lost".
question
Factors of Production
1. Land=naturally occurring resource.
2. Labor=human effort in production process.
3.Capital=value of all assets; including money, equipment, buildings, tools, and inventory.
question
Entrepreneurship
Risk taking by individuals and business firms.
question
Property Rights
System in which valuable items have specific owners who can dispose of them as they choose.
question
Role of incentives
Possibility of personal gain; what motivates people to be involved in the market system and is a major contributor of efficiency in the market economy.
question
Law of Diminishing Marginal Returns
When increasing amounts of a variable factor of production are employed in a production along with a fixed fixed production factor, after some point the amount produced will diminish.
question
Opportunity Cost example
Take a nap and lose out on watching t.v.; The t.v. time is the opportunity cost.
question
4 Factors of Production
1. Land=water, trees, minerals
2. Labor=workers
3.Entrepreneurship=take risks needed to start and maintain a business
4.Capital=financial capital is the money needed to pay for venture, physical capital for buildings and equpment.
question
Role of Incentives
Motivates people to be involved with a market system, ex) spending more time studying certain test material, since my incentive for extra hours of study is a good grade, (Hourly vs. Commission Employees)-incentive to try harder or develop more skill.
question
Production Possibilities Curve (PPC)
Graphical representation of the combination of 2 goods and/or services that can be produced by an economy when using resources efficiently, can shift ONLY because of factors of production or trade.
question
Countries that produce capital goods
Have more growth since capital is a resource.
question
Production Possibilities Frontier (PPF)
*AP exam
Graphical representation of the combination of 2 goods and/or services that can be produced by an economy when using resources efficiently.
question
The act of giving up one thing to have more of another.
question
Economic Growth
Changes in total output of a nation overtime as a result of increased production, income, and wealth.
question
Inefficiency
The waste that stems from unproductive use of resources, ex) unemployment.

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