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APEX AP Macroeconomics Unit 1 Exam Questions and Answers
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APEX AP Macroeconomics Unit 1 Exam Questions and Answers
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APEX AP Macroeconomics Unit 1 ExamQuestions and Answers
Economics - Answers -the study of human behavior constrained by scarcity
Macroeconomics - Answers -The study of the economy as a whole
Microeconomics - Answers -the study of the economic behavior and decision making of
small units, such as individuals, families, and businesses
Resources (factors of production, inputs) - Answers -land, labor, and capital (sometimes
entrepreneurship)
Land - Answers -all the natural resources that come from the earth
Labor - Answers -all human effort, physical and mental
Capital - Answers -all the machinery, equipment, buildings, and human skills used to
manage and produce goods and services
Physical Capital - Answers -includes machinery, buildings, and equipment
Human Capital - Answers -includes the knowledge and skill used to make goods and
services, but not natural ability
Entrepreneurship - Answers -the process of starting, organizing, managing, and
assuming the responsibility for a business
Market system - Answers -The price of a good or service depends on its scarcity. Items
with high prices are generally more scarce, and items with low prices are generally less
scarce. The US is an example of a market system.
Scarcity depends on... - Answers -availability and value
Free goods - Answers -When the amount of a good available exceeds the amount that
people want, it is a free good. It has a zero price.
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