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AP Macroeconomics Vocabulary Terms with Definitions
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AP Macroeconomics Vocabulary Terms with Definitions Economics - Answer-the study of how people, firms and societies use their scarce productive resources to best satisfy their unlimited material wants Resources - Answer-called factors of production, these are commonly grouped into the 4 categor...

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  • 15 oktober 2024
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EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED. FIRST PUBLISH OCTOBER 2024.




AP Macroeconomics Vocabulary Terms
with Definitions

Economics - Answer✔✔-the study of how people, firms and societies use their scarce productive

resources to best satisfy their unlimited material wants


Resources - Answer✔✔-called factors of production, these are commonly grouped into the 4 categories

of labor, physical capital, land or natural resources, and entrepreneurial ability


Scarcity - Answer✔✔-the imbalance between limited productive resources and unlimited human wants.

Because economic resources are scarce, the goods and services a society can produce are also scarce


Trade Offs - Answer✔✔-scarce resources imply that individuals, firms, and governments are constantly

faced with difficult choices that involve benefits and costs


Opportunity Cost - Answer✔✔-the value of the sacrifice made to pursue a course of action


Maringal - Answer✔✔-the next unit or increment of an action


Maringal Benefit - Answer✔✔-the additional benefit received from the consumption of the next unit of a

good or service


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

good or service


Marginal Analysis - Answer✔✔-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

Page 1/21

,EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED. FIRST PUBLISH OCTOBER 2024.



Production Possibilities - Answer✔✔-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 - Answer✔✔-a graphical illustration that shows the maximum quantity of

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


Law of Increasing Costs - Answer✔✔-the more of a good that is produced, the greater the opportunity

cost of producing the next unit of the good


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

producers


Comparative Advantage - Answer✔✔-a producer has comparative advantage if he can produce a good at

lower opportunity cost than all other producers


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

comparative advantage, they are said to be specializing


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

resources. All points on the PPF are productively efficient


Allocative Efficiency - Answer✔✔-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


Economic Growth - Answer✔✔-this occurs when an economy's production possibilities increase. It can

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




Page 2/21

, EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED. FIRST PUBLISH OCTOBER 2024.



Market Economy (Capitalism) - Answer✔✔-An economic system based upon the fundamentals of private

property, freedom, self-interest, and prices


Law of Demand - Answer✔✔-Holding all else equal, when the price of a good rises, consumers decrease

their quantity demanded for that good.


All Else Equal - Answer✔✔-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 - Answer✔✔-The price of a good measured in units of currency


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

the first good X. Only relative prices matter


Substitution Effect - Answer✔✔-the change in quantity demanded because of a change in the price of

one good relative to the price of other goods.


Income Effect - Answer✔✔-the change in quantity demanded that results from a change in the

consumer's purchasing power (or real income)


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

downward sloping, reflecting the law of the demand.


Determinants of Demand - Answer✔✔-Consumer Income


Price of Substitutes


Price of Complements


Consumer Tastes and Preferences


Consumer Expectations and Preferences

Page 3/21

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