AP Macroeconomics Unit 1 Questions And
Answers
Demand Schedule The numerical tabulation of the quantity demanded of a good at
different prices.
Disequilibrium A state of either surplus of shortage in a market.
Economic System The way in which society decides to answer key economic questions...
Demand Schedule The numerical tabulation of the quantity demanded of a good at
different prices.
Disequilibrium A state of either surplus of shortage in a market.
Economic System The way in which society decides to answer key economic questions-
in particular those questions that relate to production and trade.
Economics The science of scarcity; the science of how individuals and societies make
choices because of scarcity.
Entrerpreneurship The particular talent that some people have for organizing the resources
of land, labor and capitol to produce goods, seek new business opportunities, and develop new
ways of doing things.
Equilibrium The price-quantity combination from which there is no tendency for buyers
or sellers to move away.
, AP Macroeconomics Unit 1 Questions And
Answers
Equilibrium Price (Market Clearing Price) The price at which quantity demanded of the
good equals quantity shipped.
Equilibrium Quantity The quantity at which the amount of the good that buyers are
willing and able to buy equals the amount that sellers are willing and able to sell, and both equal
the amount actually bought and sold.
Labor The physical and mental talents people contribute to the production process.
Land All natural resources, such as minerals, forests, water, and unimproved land.
Law of Demand As the price of a good rises, the quantity demanded of the good falls, and
as the price of a good falls, the quantity demanded of the good rises, Ceteris Paribus.
Law of Diminishing Marginal Utility For a given time period, the marginal utility or
satisfation gained by consuming equal successive units of a good will decline as the amount
consumed increases, Ceteris Paribus.
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