AP Micro Unit 1

Front

the study of the economic behavior and decision making of small units, such as individuals, families, and businesses

Back

Microeconomics

Front

The study of how people seek to satisfy their needs and wants by making choices

Back

Economics

Front

the study of the economy as a whole, including topics such as inflation, unemployment, and economic growth

Back

Macroeconomics

Front

A situation in which unlimited wants exceed the limited resources available to fulfill those wants

Back

Scarcity

Front

alternative that must be given up when one choice is made rather than another

Back

trade-offs

Front

Cost of the next best alternative use of money, time, or resources when one choice is made rather than another

Back

Opportunity Costs

Front

land, labor, capital, entrepreneurship

Back

Factors of Production

Front

all natural resources used to produce goods and services

Back

Land

Front

Human effort directed toward producing goods and services

Back

Labor

Front

It is the tools and equipment used to produce goods and services

Back

Capital