Review AP-Macroeconomics Unit 1

Coal, Corn and paper are associated back to this main resource.

Efficient production exists when the economy is _____

This is the willingness of people to organize & assume risks involved with business ventures

This is the study of how people make decisions & how those decisions affect others in the econ.

increase in an econ. resources & progress in technology, are the two general sources of this.

The study of the economy without any judgement.

The real cost of an item is its __________ or what you must give up in order to get it.

This branch of Economic analysis makes predictions about the way the economy should work.

Someone makes a ________when they give up something to get something else.

Land, Labor, Capital, and Entrepreneurship is known in economics as the_______.

All Resources are ________

Allocative efficiency

Man has never made an ounce of _______.

This is a model of how a competitive market works.

This is the study of the economy as a whole.