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Catherine Zulueta1.2.5 Test
AP Microeconomics
1. Scarcity and Economic Systems
● Define scarcity. (3 points)
Scarcity is when the world does not have enough resources to satisfy the amount of demand.
Thus, we have to make decisions. The individual study of behavior when faced by scarcity is
microeconomics. When items and goods become scarce, they become more valuable.
● What are the three questions that every society must face because scarcity
exists? (3 points)
The three questions every society must face because scarcity exists are: What goods and
services will be produced? How will the goods and services be produced? Who will get the
goods and services that are produced?
● Briefly describe the three main categories of economic systems that answer the
three questions that arise from scarcity. (6 points)
The three main categories of economic systems that answer the three questions above are the
market, command, and traditional economies. The market economy states the market decides
what goods and services will be produced; the producers decide how the goods and services
will be produced; whoever can pay for them will get the goods and services. The command
economy states the government decides the answers to all three questions. The traditional
economy states society’s traditions and values determine what goods and services will be
produced, and the answer varies for the other two questions.
● What are the four goals of most economic systems? (4 points)
The foul goals of most economic systems are using resources as efficiently as possible,
maintaining stable price levels, full employment, and growth.
● Explain how economists define capital. What are two types of capital? (4 points)
Economists define capital as the machinery, equipment, buildings, and human skills used to
manage and produce goods and services. There are two types of capital- physical and human.
Physical capital includes machinery, equipment, and buildings. Human capital includes the
knowledge and skill used to make goods and services (not natural ability).
● How is the price of a good or service determined in a market system? (2 points)
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