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