AP宏观经济学1.pptxVIP

AP ECONOMICS Cherie Shanc.shan@FinancialAnalyst EconomicsWhy AP? College level courseGrant student creditHigher chances for college enrollmentAbout the test?% of GradeNumber of QuestionsTime AllottedReading PeriodSection I66 2/36070 minutes?Section II33 1/31 long + 2 short50 minutes10 minutes About the testAP Score Qualification5 Extremely well qualified4 Well qualified3 Qualified2 Possibly qualified1 No recommendation 1. Basics of Micro-econEconomics defined Economics studies how resources are used and how can be used to their fullest potential.Macroeconomics: involves economic problems concerned by the nation.Microeconomics: concerns the economic problems faced by individuals, or firms.实物流货币流产品需求产品供给产品市场消费支出销售收入企 业家 庭要素收入成本支出要素市场要素供给要素需求Microeconomics Positive vs. normative economics Positive economics: is based on the scientific methods, Normative economics: involves one’s value judgments, personal opinions, and not based on a scientific investigation.Neither of these two has superiority.Resources A resource is anything that can be used to produce a good or service. It includes:Land: all natural resources.Labor: all human attributes that are productive, eg. labor force, labor time, intellectual capability, etc.Capital: productive equipment or machinery, eg. factory, computers, paper clips, etc.Opportunity cost Op cost is what must be sacrificed to obtain something.In the macroeconomics, op cost is: if a nation decides to produce one more unit of product A, how many units of product B will have to be sacrificed?E.g. opp cost of guns = 1.67 pounds butter/gunOr opp cost of butter = 0.6 guns/butterProduction possibilities frontier All the points along the frontier are equal: A, B, CPoints inside the frontier, D: resources are not fully used.Points outside the frontier, E: cannot be reached.GunsA18EBDC30ButterProduction possibilities frontier shifts Two factors cause the frontier to shift: Changes in the amount of resources:Land: new territory found, oil exploi