APEX AP Macroeconomics Unit 1 Exam Questions With Certified Answers
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APEX AP Macroeconomics Unit 1
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APEX AP Macroeconomics Unit 1
APEX AP Macroeconomics Unit 1 Exam Questions With Certified Answers
Economics - Answer-the study of human behavior constrained by scarcity
/.Macroeconomics - Answer-The study of the economy as a whole
/.Microeconomics - Answer-the study of the economic behavior and decision making of small...
Economics - Answer-the study of human behavior constrained by scarcity
/.Macroeconomics - Answer-The study of the economy as a whole
/.Microeconomics - Answer-the study of the economic behavior and decision making of
small units, such as individuals, families, and businesses
/.Resources (factors of production, inputs) - Answer-land, labor, and capital (sometimes
entrepreneurship)
/.Land - Answer-all the natural resources that come from the earth
/.Labor - Answer-all human effort, physical and mental
/.Capital - Answer-all the machinery, equipment, buildings, and human skills used to
manage and produce goods and services
/.Physical Capital - Answer-includes machinery, buildings, and equipment
/.Human Capital - Answer-includes the knowledge and skill used to make goods and
services, but not natural ability
/.Entrepreneurship - Answer-the process of starting, organizing, managing, and
assuming the responsibility for a business
/.Market system - Answer-The price of a good or service depends on its scarcity. Items
with high prices are generally more scarce, and items with low prices are generally less
scarce. The US is an example of a market system.
/.Scarcity depends on... - Answer-availability and value
/.Free goods - Answer-When the amount of a good available exceeds the amount that
people want, it is a free good. It has a zero price.
/.Market - Answer-"A place where buyers and sellers exchange goods or services for a
price they agree on." For economists, a market exists whenever and wherever an
exchange takes place.
/.Factor Markets (Resource Market) - Answer-Resources and semi-finished products
are exchanged in the factor market. Resource owners receive rent for their land, wages
for their labor, and interest for their capital.
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