AP课程名词解释.docVIP

AP课程名词解释 　　AP 课程名词解释 　　据 360教育集团介绍:以下是 360教育集团给大家分享的 AP 课程微观经济学名词解释, 希望对各位有 所帮助。 　　Please highlight critical terms; 　　*=not important for exam but you should know 　　Chapter One Basic Concepts 　　economics -the study of choices people make in a world of limits *choice- the act of selecting one of many alternative things to do or consume scarcity- people cannot have everything they want; resources and goods are limited compared to desires. *resources- things that are used to make goods. Sometimes called factors or inputs. These include land, labor, skills, capital, and natural resources. *land- the resource of space, especially when used to produce food. Generally, land can usually be used over and over without vanishing. *labor- the time of people as they work to produce things. *skills- ability, talents, and training enabling people to produce things. *capital- a man-made resource, such as machines, tools, and equipment. Capital usually lasts a long time, and can be used without being used up. *natural resources- resources such as oil, coal, minerals, lumber, and water which can be extracted from nature or produced in time with its help. *products- goods or services which have been produced. Sometimes called output. ceteris paribus- examining the effects of one event or circumstance in isolation from everything else by assuming that nothing else is changing. The term is Latin for “ everything else being the same. ” normative economics- subjective judgments about what ought to be or what should happen. These cannot be tested or proven scientifically, as they are only opinion. microeconomics- the study of small-scale decisions and their results. These include the production, consumption, and trade decisions made by individuals, households, business firms, and industries. Government regulation of trade, production, and consumption is also studied. private sector - businesses and individuals macroeconomics- the study of large scale decisions and their results. These inc