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AP Macroeconomics Module 1 Exam Questions and Answers
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AP Macroeconomics Module 1 Exam Questions and Answers
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AP Macroeconomics Module 1 ExamQuestions and Answers
Command iiEconomy ii- iiAnswers ii---an iieconomy iiwhere iithe iigovernment iimakes iiall
iieconomic iidecisions iiabout iihow iithe iifactors iiof iiproduction iiare iiused.
--ex: iiCuba
--no iiincentive iito iitake iirisks iib/c iithe iigov't iicontrols iithe iieconomy
--market iiforces iido iinot iifactor iiinto iidecisions iimade iiby iiindividuals
Market iiEconomy ii- iiAnswers ii---the iiforces iiof iisupply iiand iidemand iidetermine iihow
iieconomic iiquestions iiwill iibe iianswered.
--indiv.s iiown iifactors iiof iiproduction, iihave iifreedom iito iibuy/sell iiresources iiin iireturn iifor
iiprofit/other iiincentives
Traditional iiEconomy ii- iiAnswers ii---an iieconomy iiin iiwhich iieconomic iidecisions iiare
iimade iibased iion iitraditions
--market iiforces iido iinot iifactor iiinto iidecisions iimade iiby iiindividuals
Factors iiof iiProduction ii- iiAnswers ii---land, iilabor, iicapital, iientrepreneurial iiability
(aka iiresources)
Resources ii- iiAnswers ii---land, iilabor, iicapital, iientrepreneurial iiability ii(aka iifactors iiof
iiproduction)
Capital ii- iiAnswers ii---person-produced iitools iiof iithe iitrade
--ex: iibuildings, iiequipment, iitools, iimachines
Entrepreneurship ii- iiAnswers ii---the iiintelligence, iiimagination, iiand iiability iito iitake iirisks
iithat iiare iineeded iito iistart iiup iiand iimaintain iia iibusiness
--ex:Ted iiTurner, iiBill iiGates, iiOprah iiWinfrey
Positive iiEconomists ii- iiAnswers ii---look iiat iistatements iiof iifact
--ex: iiconsumer iispending iion iidurable iigoods iihas iidecreased ii5%
Normative iiEconomists ii- iiAnswers ii---look iiat iihow iithings iishould iibe
--ex: iimanufacturers iishould iicut iiback iion iiproduction iiof iidurable iigoods.
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