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AP Microeconomics Key Terms (Crash Course) Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

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AP Microeconomics Key Terms (Crash Course) Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

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  • June 18, 2024
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  • 2023/2024
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AP Microeconomics Key Terms (Crash
Course)
Absolute Advantage - ✅✅ -The ability to produce more of a good or service
than another person or society with the same number of inputs. Alternativley, it
means one person or society can make more of a good or service with less
inputs than its counterpart.

Allocative Effeciency - ✅✅ -Otherwise known as the Socially Optimal Point, it is
the amount of production that benefits society the most. It is achieved when the
marginal benefit of production is equal to the marginal cost.

Capital - ✅✅ -The tools, machines, factories, and buildings used to produce
goods and services.

The "Capital Building"

Ceteris Peribus -✅✅ -"Other things being equal." The assumption that all other
variables remain constant except those being studies.

Circular Flow - ✅✅ -A model that shows how households and firms interact in
product and resource markets.

Command Economy - ✅✅ -An economic system in which the government
makes most of the choices for the economy.

Comparative Advantage - ✅✅ -The ability to produce a good or service at a
lower oppertunity cost than someone else. The reason why specialization and
trade can benefit two societies.

Complementary Goods - ✅✅-Goods that are consumed together.
Ex: Peanut Butter and Jelly

Consumer Surplus - ✅✅
-The difference between the equilibrium price in the
market and the price consumers are actually willing to pay for a good or service.

, On a graph: Beneath the demand curve, above the price paid and to the left of
the qunatitiy purchased.

Cross-Price Elasticity -✅✅ -Determines whether goods are complements (if the
C-PE is negative) or subsitutes ( if the C-PE is positive)

Deadweight Loss - ✅✅ -The loss of consumer or producer surplus when a
quantity other than the equilibrium quantity prevails in the market. Deadwieght
loss occurs from either over or under production of a good and is associated with
allocative effeciency.

Determinants of Demand - ✅✅
-The factors that either cause demand to
increase or decrease. These factors include, Tastes of consumers, Related
goods price, Income of consumers (change), Buyers (change in number of
buyers) and Expected prices.
TRIBE

Determinants of Supply - ✅✅ -The factors that cause supply to either increase
or decrease. These factors include, Resource cost or problem, Other related
goods price, Technology, Taxes and subsidies, Expected price, Number of
sellers.
ROTTEN

Diminishing Marginal Utility - ✅✅ -Each additional unit of a good consumed
produces less satisfaction (utility) than the previous unit consumed. One reason
why price and quantity demanded have an inverse relationship.

Elastic -✅✅ -Describes the rate of change in quantity that is greater than the
rate of change in price.

✅✅
Elasticity - -The sensitivity to quantity changes relative to changes in other
factors, often prices.

Excise Tax - ✅✅ -A per unit tax on the production of a good or service. Excise
taxes tend to reduce supply, decreasing quantity of a good that is sold and
increasing the price that buyers pay.

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