AP Macroeconomics Unit 1 Vocab Questions And Answers
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AP Macroeconomics
Institution
AP Macroeconomics
AP Macroeconomics Unit 1 Vocab Questions
And Answers
constant costs Costs that are paid consistently and can be expected before they are paid
demand A schedule showing the amounts of a good service that buyers (or a buyer) wish
to purchase at various prices during some time period
economic g...
AP Macroeconomics Unit 1 Vocab Questions
And Answers
constant costs Costs that are paid consistently and can be expected before they are paid
demand A schedule showing the amounts of a good service that buyers (or a buyer) wish
to purchase at various prices during some time period
economic growth An increase in the capacity of an economy to produce goods and
services, compared from one period of time to another
economics The social science concerned with how individuals, institutions, and society
make best choices under conditions of scarcity
equilibrium price The price in a competitive market at which the quantity demanded and
the quantity supplied are equal, there is neither a shortage nor a surplus, and there is no tendency
for price to rise or fall
equilibrium quantity The quantity at which the intentions of buyers and sellers in a
particular market match at a particular price such that the quantity demanded and the quantity
supplied are equal; the profit maximizing output of a firm
, AP Macroeconomics Unit 1 Vocab Questions
And Answers
factors of production Economic resources: land, capital, labor, and entrepreneurial ability
fallacy of composition The false notion that what is true for the individual (or part) is
necessarily true for the group (or whole)
inferior goods A good or service whose consumption declines as income rises, prices held
constant
inflation A rise in the general level of prices in an economy
inputs Raw materials of a good or product
law of demand The principle that, other things equal, an increase in a product's price will
reduce the quantity of it demanded, and conversely for a decrease in price
law of increasing opportunity cost The principle that as the production of a good
increases, the opportunity cost of producing an additional unit rises
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