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AP Microeconomics U1-5 Vocab Choice Assignment Flashcards | StudBud
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AP Microeconomics U1-5 Vocab Choice Assignment
AP Microeconomics U1-5 Vocab Choice Assignment
30 terms
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Joo Jin-ECON510-ChoiceAssignment:VocabularyReview-W16D1
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
Imperfect Competition? (U3)
total revenue minus total explicit cost
Imperfect competition? Is someone cheating during the football game?!?!
All market structures except perfect competition; ie monopoly, oligopoly
Total revenue from the sale of a product divided by the quantity sold.
2
product market (U1)
idc, I just get hungry by hearing "market"
market where people gather to make products
A market in which the products are sold by firms and bought by households.
market where people can only buy groceries
3
Opportunity cost? (U1)
how much it costs to take an opportunity
amount of other products forgone/sacrificed to produce one unit of product
4
Economic Cost? (U3)
$$$
The monetary payment a firm must make to an outsider to obtain a resource.
A payment that must be made to obtain and retain the services of a resource
The monetary income a firm sacrifices when it uses a resource it owns
5
Monopsony model? (U4)
market structure in which there is a single buyer of good/service/resource
The price paid for the use of labor
Amount paid to the worker
6
Normal goods? (U2)
goods that are good in quality, making them normal
A good for which a rise in income increases the demand for that good
A good for which a rise in income decreases the demand for the good
A good that people see as normal to other goods
7
Elasticity of product demand? (U4)
elasticity? You mean Elasti-Girl from Incredibles?
greater elasticity of product demand, greater elasticity of resource demand
the rate expressed in terms of current values
demand for a resource depends on the demand for the products it produces
8
Minimum wage? (U5)
the lowest wage permitted by law or by a special agreement
No thank you, I would like MAXIMUM wage $$$
involves combining factors of production to create new products
most important city/town of a country/region, usually seats the government
9
Economic Rent? (U4)
rent?! rent is so expensive nowadays....
profits earned after all cost are paid out(both implicit and explicit cost)
the payment for any resource over and above its opportunity cost.
the payment for the use of any resource over and above its opportunity cost
10
Supply and Demand Model? (U2)
what? model? Gigi Hadid?
a model that shows that demand is always superior to supply
a model that shows that supply is always superior to demand
a model of how competitive markets work
11
resource market (U1)
market where people gather to make resources
market where people can only buy resources
resources? the only resource I need is a dozen donuts and 3 cans of soda!
A market in which households sell and firms buy
12
The Factor Market? (U4)
marketplace where factors of production are purchased and sold
A market in which there is only one buyer of the good
The change in total product/ change in quantity of the resources
the variable resources (labor).
13
Productivity? (U5)
a market situation in which there is only one buyer.
the action of joining or being joined, especially in a political context.
the state or quality of producing something, especially crops.
14
Marginal Cost? (U3)
An oligopoly in which the firms produce a standardized product.
Total revenue from the sale of a product divided by the quantity sold.
The additional benefit of consuming one more unit of some good or service
An oligopoly in which the firms produce a differentiated product.
15
Inferior good? (U2)
A good for which a rise in income decreases the demand for the good
goods that lack in quality, making them inferior
A good that people see as inferior to other goods
A good for which a rise in income increases the demand for the good
16
Resources? (U5)
stock/supply of money/assets/etc that can be drawn to function effectively
the lowest wage permitted by law or by a special agreement
the action of joining or being joined, especially in a political context.
17
Equilibrium quantity? (U2)
When there is a same, equal number of resource and product
The quantity of a good or service bought and sold at the equilibrium price
When someone has exactly the same amount of product as another
18
Average Variable Cost? (U3)
the total output produced per unit of a resource employed.
variable? you mean x?
A firm's total cost divided by output
A firm's total variable cost divided by output.
19
Derived demand? (U5)
prices paid for use of factors of production (wages for labor, etc)
Input factor demand derived from the demand of final product being produced
man-made resources used to produce other goods
Derived..? As in derivatives from Calculus?
20
Marginal Product? (U3)
The additional output when one additional unit of a resource is employed
A firm's total variable cost divided by output.
The total output of a particular good or service produced by a firm.
the total output produced per unit of a resource employed.
21
Real Interest Rate? (U4)
the payment for any resource over and above its opportunity cost.
the rate expressed in terms of constant or inflection adjusted value.
the rate expressed in terms of current values
22
What does PPC stand for? (U1)
power purchasing capital
pineapple pizzas go crazy
product production curve
23
Microeconomics? (U1)
medium scale economics
what is that?
small scale economics
large scale economics
24
Total Revenue? (U2)
The total value of money that it takes to generate a number of product
The quantity of a good or service bought and sold at the equilibrium price
Occurs when a market is not able to sell any unit of product
The total value of sales of a good or service (price * quantity)
25
Capital? (U5)
most important city/town of a country/region, usually seats the government
part of earth's surface not covered by water
work, especially hard physical work.
Isn't the capital of the US Washington DC?
26
Monopsony? (U4)
demand for a resource depends on the demand for the products it produces
greater elasticity of product demand, greater elasticity of resource demand
A market in which there is only one buyer of the good/service/resources
Amount paid to the worker
27
Nash Equilibrium? (U3)
An oligopoly in which the firms produce a differentiated product.
Total revenue from the sale of a product divided by the quantity sold.
Nash finds equilibrium
economic actors choose their best strategy given other actors' strategies
28
Market failure? (U2) choose best definition
When a market fails
the market failed?! that's so sad :((
Occurs when a market is not able to sell any unit of product
Occurs when a market fails to be efficient
29
Scarcity? (U1)
expensive products that people can't buy often
products that are hard to see
the limited amount of a resource there is
excessive competition where products become scarce
30
Entrepreneurship? (U5)
the payment for the use of any resource over and above its opportunity cost
involves combining factors of production to create new products
oooohh an enttrepreneur!!
man-made resources used to produce other goods
