AP Macro Unit 1 Review

Front

__________study of how people (including companies/countries) make choices on buying, selling, using, and distributing goods/services.

Back

Economics

Front

___________ The actual thing you gave up to have something else. Everything has a cost

Back

Opportunity Cost

Front

Individuals who come up with a new idea for a good or service, then they make it a reality

Back

entrepreneur

Front

Something we use from nature

Back

natural resource

Front

The idea that resources are limited; we don't have an unlimited supply of what we want

Back

scarcity

Front

Human-made materials used to produce goods and services.

Back

capital

Front

An economy where the government controls the factors of production resources.

Back

command

Front

Which factor of production would you consider a lawn mower? Options: Land, Labor, Capital, Entrepreneur

Back

Capital

Front

Point D on the graph is a period of: contraction, expansion, recession, decline

Back

expansion

Front

The diagram shows the production possibilities curve for Country Y. Which of the following statements is true? If Country Y is producing at point C, it is using all its resources efficiently, The opportunity cost of producing more machines is constant, Country Y cannot produce at point E, The most efficient point of production is point D

Back

If Country Y is producing at point C, it is using all its resources efficiently