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Factors of Production
Key Concepts
Circular Flow Model
Graph
Economic Systems
100
effort people devote to tasks for which they are paid.
What is labor
100
the principle that limited amounts of goods and services are available to meet unlimited wants
What is Scarcity
100
the arena of exchange in which firms purchase the factors of production from households
What is factor market
100
graph that shows alternative ways to use an economy’s productive resources
What is Production Possibilities Curve
100
an economic system in which the government makes all decisions on the three key economic questions
What is centrally planned economy
200
any human-made resource that is used to produce other goods and services
What is capital
200
comparing the costs and benefits of doing a little bit more of an activity versus doing a little bit less
What is "Thinking at the margin"
200
the arena of exchange in which households purchase goods and services from firms
What is product market
200
3 shifters of the PPC
What is 1. Change in resource quantity or quality 2. Change in Technology 3. Change in Trade
200
a term coined by Adam Smith to describe the self-regulating nature of the marketplace
What is invisible hand
300
innovators, use all three sometimes to create business
What is Entrepreneurship
300
the most desirable alternative given up as the result of a decision
What is Opportunity Cost
300
who are on both sides of the circular flow model
What is individuals/households and businesses
300
products are being produced in the least costly way. This is any point ON the Production Possibilities Curve
What is Productive efficiency
300
1.What goods and services should be produced? 2. How should these goods and services be produced? 3. Who consumes these goods and services?
What is The Three Economic Questions
400
all natural resources used to produce goods and services
What is land
400
statements based on facts (what is)
What is Positive Statements
400
When is the AP Econ Test
What is May
400
What is Mr. Jacobs favorite drink in the morning
What is coffee
400
an economic system in which decisions on the three key economic questions are based on the voluntary exchange in markets
What is free market economy
500
the resources that are used to make goods and services
What is Factors of Production
500
statements based on value judgments (what ought to be)
What is Normative Statements
500
what moves around in the circular flow model
What is goods and services, resources, costs, income, spending, revenue
500
helps explain the production possibilities curve. As we move along the curve, we trade off more and more for less and less output
What is law of increasing costs or increasing opportunity costs
500
a market-based economic system in which the government is involved to some extent
What is mixed economy