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AP Macroeconomics Vocabulary Terms Questions And Answers

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AP Macroeconomics Vocabulary Terms
Questions And Answers

Maringal Benefit the additional benefit received from the consumption of the next unit of

a good or service

Marginal Cost the additional benefit received from the consumption of the next unit of a

good or service

Marginal Analysis making decisions based upon weighing the marginal benefits and costs

of that action. The rational decision maker chooses an action if the MB is greater than or equal to

marginal cost

Production Possibilities different quantities of goods that an economy can produce with a

given amount of scarce resources. Graphically, the trade-off between the production of two

goods is portrayed as a production possibility curve or frontier (PPF)

Production Possibility Frontier a graphical illustration that shows the maximum quantity

of one good that can be produced, given the quantity of the other good being produced

, AP Macroeconomics Vocabulary Terms
Questions And Answers
Law of Increasing Costs the more of a good that is produced, the greater the opportunity

cost of producing the next unit of the good

Absolute Advantage this exists if a producer can produce more of a good than all other

producers

Comparative Advantage a producer has comparative advantage if he can produce a good

at lower opportunity cost than all other producers

Specialize when firms focus their resources on production of goods for which they have

comparative advantage, they are said to be specializing

Productive Efficiency Production of maximum output for a given level of technology and

resources. All points on the PPF are productively efficient

Allocative Efficiency Production of the combination of goods and services that provides

the most net benefit to society. The optimal quantity of a good is achieved when the MB = MC of

the next unit. This only occurs at one point on the PPF

, AP Macroeconomics Vocabulary Terms
Questions And Answers
Economic Growth this occurs when an economy's production possibilities increase. It can

be a result of more resources, better resources, or improvements in technology

Market Economy (Capitalism) An economic system based upon the fundamentals of

private property, freedom, self-interest, and prices

Law of Demand Holding all else equal, when the price of a good rises, consumers

decrease their quantity demanded for that good.

All Else Equal to predict how a change in one variable affects a second, we hold all other

variables constant. This is also referred to as the ceteris ceteris paribus assumption

Absolute (Money) Prices The price of a good measured in units of currency

Relative Prices the number of units of any other good Y that must be sacrificed to acquire

the first good X. Only relative prices matter

, AP Macroeconomics Vocabulary Terms
Questions And Answers
Substitution Effect the change in quantity demanded because of a change in the price of

one good relative to the price of other goods.

Income Effect the change in quantity demanded that results from a change in the

consumer's purchasing power (or real income)

Demand Schedule a graphical depiction of the demand schedule. The demand curve

downward sloping, reflecting the law of the demand.

Determinants of Demand Consumer Income

Price of Substitutes

Price of Complements

Consumer Tastes and Preferences

Consumer Expectations and Preferences

Number of Buyers in the Market

Law of Supply Holding all else equal, when the price of a good rises, suppliers increase

their quantity supplied for that good.

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