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AP Macroeconomics Exam Study Guide.

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AP Macroeconomics Exam Study Guide. Economics - answerThe social science that studies how individuals, institutions, and society make the optimal best choices under conditions of scarcity Microeconomics - answerSpecific units in the economy (ex: how prices and output are determined for products...

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  • October 15, 2024
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  • Exam (elaborations)
  • Questions & answers
  • AP Macroeconomics
  • AP Macroeconomics
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©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM



AP Macroeconomics Exam Study Guide.


Economics - answer✔The social science that studies how individuals, institutions, and society

make the optimal best choices under conditions of scarcity


Microeconomics - answer✔Specific units in the economy (ex: how prices and output are

determined for products and how customers react to price changes)d


Macroeconomics - answer✔the study of economy-wide phenomena, including inflation,

unemployment, and economic growth


Positive Economics - answer✔Investigates facts or cause-and-effect relationships; the right

answer


Normative Economics - answer✔Objective views of what ought to be or what policies should be

used to address an economic issue


Production Possibilities Curve (PPC) - answer✔A graph that shows the various combinations of

output that the economy can produce of two products, given the available factors of production

and the available production technology.

, ©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM


Budget Line - answer✔A line that shows the different combinations of two products a consumer

can purchase with a specific money income, given the products' prices.


Land - answer✔Natural resources


Labor - answer✔The contributed time and abilities of people who are producing goods and

services


Capital - answer✔The machines, tools, and equipment used to make other goods and services


Laizzez-Faire Economics - answer✔An economic system where government should not interfere

in the marketplace


Command System - answer✔A method of organizing an economy in which property resources

are publicly owned and government uses central economic planning to direct and coordinate

economic activities; command economy; communism


Market System - answer✔All the product and resource markets of a market economy and the

relationships among them; a method that allows the prices determined in those markets to

allocate the economy's scarce resources and to communicate and coordinate the decisions made

by consumers, firms, and resource suppliers


Circular Flow Diagram - answer✔


Economic System - answer✔A set of institutions and a coordinating mechanism to respond to

the economizing problem for an economy

, ©SIRJOEL EXAM SOLUTIONS
12/3/2024 11:27AM


Competition - answer✔The struggle among producers for the dollars of consumers


Market - answer✔Any arrangement that allows buyers and sellers to exchange things


Division of Labor/Specialization - answer✔When workers devote themselves to doing what

they're best at, increasing the efficiency of the firm and of the economy


Money - answer✔Anything that serves as a medium of exchange, a unit of account, and a store

of value


"Invisible Hand" - answer✔The term economists use to describe the self-regulating nature of the

marketplace


Households - answer✔One or more persons occupying a housing unit


Businesses - answer✔Economic entities (firms) that purchase resources and provide goods and

services to the economy.


Sole Proprietorship - answer✔Business owned and operated by a single person


Corporation - answer✔A business owned by stockholders who share in its profits but are not

personally responsible for its debts


Product Market - answer✔The market in which households purchase the goods and services that

firms produce

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