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AP Macroeconomics Test Review Flashcards | StudBud
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AP Macroeconomics Test Review
AP Macroeconomics Test Review
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3 weeks worth of content on basic economic terms, PPC, Factors of Production, and Business Cycle.
Flashcards
14 cards
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Practice quiz
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Questions
14
Answers
1
Change in price...
Shifts the curve.
Moves along the curve
2
Business cycle?
The circular flow of money in a nations economy.
The overall fluctuations/trends of a nations GDP.
A cycle in which the business rely on to supply.
The downfall of a nations GDP.
3
Land, Labour, Capital, Entrepreneurship in Resource Terms.
Natural goods, Working resources, Capital ownership,markets.
Resource of place, resource of hands, money, and leader.
Natural resources, Human resources, Capital goods, leader.
4
What is a
market economy?
Economy largely reliant on traditions and customs.
Economy guided by business; little govt intervention.
Economy that is mainly controlled by the govt.
Economy guided by the super markets.
5
Trade-Off
Giving something up for something else.
Giving things away for free without anything in return.
Sending off your things.
Being a trader.
6
Change in determinants...
Moves along the curve.
Shifts curve.
7
What is a
traditional economy?
Based on production input/output, little govt' regulation.
Economy that follows ethical customs.
Economy largely centrally planned by the govt´.
Economy that is largely based on traditions/customs.
8
Opportunity Cost?
Value of the next best thing.
The cost of an opportunity.
Opportunity to buy a good/service.
Goods in exchange for an opportunity.
9
What is the PPC?
Represents the extent of production.
A factor of production.
A curve visualized by graph.
A curve that represents the possibilities of production.
10
The Four Factors of Production?
Land, Work, Money, Leadership
Land, Labour, Capital, Friends.
One, Two, Three, Four.
Land, Labour, Capital, Entrepreneurship.
11
Economic Growth?
Expansion in national/business output.
The gradual increase of money in a certain company.
A rapid increase; sometimes boom in production.
A decrease in GDP.
12
Determinants of Demand?
Inputs,govt policy,tech,weather,expections, # of firms prod.
Prices/related good,income,tastes, expctions, #/cnsumrs.
13
What is a
command economy?
Economy guided by business w little govt control.
Economy mainly controlled by the govt´.
Economy that relies on traditions/customs.
Economy is based on military command
14
Scarcity is...
Unlimited wants/demand, limited resources.
When people get scared.
No resources and no demands.
Limited wants/demand, unlimited resources.
