Exam (elaborations)
AP Microeconomics Unit 1 ;Basic Economic Concepts questions with 100% accurate answers
- Course
- Institution
AP Microeconomics Unit 1 ;Basic Economic Concepts Exam
[Show more]
Seller
Follow
Content preview
AP Microeconomics Unit 1 BasicEconomic Concepts
Economics - answersThe study of choices
Scarcity - answersA situation in which unlimited wants exceed the limited resources
available to fulfill those wants
Microeconomics - answersthe study of how households and firms make decisions and
how they interact in markets
Macroeconomics - answersthe study of the economy as a whole, including topics such
as inflation, unemployment, and economic growth
Positive Statements - answersclaims that attempt to describe the world as it is (without
judgement)
Normative Statements - answersclaims that attempt to prescribe how the world should
be
Utility - answersthe capacity to be useful and provide satisfaction
Marginal - answersOne additional unit of something
Allocate - answersto distribute
Factors of Production - answersland, labor, capital, entrepreneurship
Land - answersall natural resources used to produce goods and services
labor - answersHuman effort directed toward producing goods and services
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller SALVADO. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.79. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
74735 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now